EX-99.2 4 ped_ex992.htm 2025 RESERVE REPORT PREPARED EXHIBIT 99.2 | | | Proved | Proved | | | | | --- | --- | --- | --- | --- | --- | --- | | | | Developed | Developed | Proved | Proved | Total | | | | | Non | | | | | | | Producing | Producing | Developed | Undeveloped | Proved | | Net Reserves | | | | | | | | Oil | - Mbbl | 11,871.9 | 372.0 | 12,243.9 | 10,742.4 | 22,986.3 | | Gas | - MMcf | 12,675.1 | 395.1 | 13,070.2 | 15,713.3 | 28,783.5 | | NGL | - Mbbl | 1,895.1 | 64.5 | 1,959.6 | 2,381.0 | 4,340.6 | ...

Total Proved Reserves of 32.1 MMBoe with PV-10 of $357.7 Million at SEC Pricing as of Year-End 2025Year-End 2025 Reserves Reflect Full Post-Combination Asset Base HOUSTON, Feb. 25, 2026 (GLOBE NEWSWIRE) -- PEDEVCO Corp. (NYSE American: PED) (“PEDEVCO” or the “Company”) today reported the results of its independent year-end 2025 proved reserves evaluation for all of the Company’s oil and gas properties in Wyoming, Colorado and New Mexico. These include properties from its recently completed transformative me ...

Core Insights - The energy sector has several oversold stocks that present potential buying opportunities for investors [1] Group 1: Oversold Stocks - Pedevco Corp (NYSE:PED) has an RSI of 29.8, with a stock price decline of approximately 27% over the past month, closing at $0.45 [3][7] - Geospace Technologies Corp (NASDAQ:GEOS) has an RSI of 29, with a stock price drop of around 50% over the past month, closing at $13.17 [4][7] - Houston American Energy Corporation (NYSE:HUSA) has an RSI of 23.2, with a stock price decrease of about 59% over the past month, closing at $2.20 [5][7] Group 2: Company Performance and Outlook - Pedevco's CEO expressed optimism about future growth due to upcoming wells and a merger that is expected to enhance production and development opportunities [7] - Geospace Technologies reported a loss of 71 cents per share for the fourth quarter, emphasizing the need for diversification and innovation [7] - Houston American Energy completed an $8 million direct offering to institutional investors, indicating ongoing capital-raising efforts despite recent stock performance [7]

Core Insights - The energy sector has several oversold stocks that present potential buying opportunities for investors [1] Group 1: Oversold Stocks - Pedevco Corp (NYSE:PED) has an RSI of 29.8, with a stock price decline of approximately 27% over the past month, closing at $0.45 [3][7] - Geospace Technologies Corp (NASDAQ:GEOS) has an RSI of 29, experiencing a 50% stock price drop in the last month, closing at $13.17 after an 18.4% increase on the last trading day [4][7] - Houston American Energy Corporation (NYSE:HUSA) has an RSI of 23.2, with a significant 59% decline in stock price over the past month, closing at $2.20 [5][7]

Financial Performance - PEDEVCO reported a net loss of $0.3 million for Q3 2025, compared to a net income of $2.9 million in Q3 2024, marking a decrease of $3.2 million[5]. - Q3 2025 revenue was $7.0 million, down $2.1 million or 23% from $9.1 million in Q3 2024[11]. - Adjusted EBITDA decreased by 24% to $4.3 million in Q3 2025, compared to $5.7 million in Q3 2024[8]. - The company reported a net loss of $1,834,000 for the three months ended September 30, 2025, compared to a net income of $735,000 for the same period in 2024[33]. - Net loss for the nine months ended September 30, 2025, was $1,861,000 compared to a net income of $6,369,000 for the same period in 2024[36]. - Operating income for the current period was a loss of $834,000, while the previous period reported an operating income of $2,831,000[34]. - EBITDA for the nine months ended September 30, 2025, was $8,876,000, down from $17,151,000 in 2024[38]. - Total other income for the current period was $345,000, compared to $489,000 in the previous period[34]. Production and Sales - Average production for Q3 2025 was 1,471 BOEPD, a decrease of 13% from 1,698 BOEPD in Q3 2024[5]. - The company’s current production stands at over 6,500 BOEPD, with over 88% being oil and liquids[22]. - Oil and gas sales for the three months ended September 30, 2025, were $6,961,000, a decrease of 23.1% compared to $9,050,000 for the same period in 2024[33]. - The average realized sales price for crude oil in Q3 2025 was $63.76 per barrel, a decrease of 11% from $57.97 per BOE in Q3 2024[10]. Expenses and Liabilities - Total operating expenses for Q3 2025 were $7.8 million, an increase of 12% from Q3 2024[5]. - Total operating expenses for the nine months ended September 30, 2025, were $25,240,000, an increase of 6.8% from $23,638,000 for the same period in 2024[33]. - Current liabilities rose to $14,636,000 as of September 30, 2025, from $6,908,000 as of December 31, 2024, indicating an increase of 112.5%[31]. - Share-based compensation expense increased to $1,486,000 for the nine months ended September 30, 2025, from $1,401,000 in 2024[36]. Cash and Assets - Cash and cash equivalents as of September 30, 2025, were $13.7 million, an increase from $6.6 million as of December 31, 2024[8]. - Cash and cash equivalents increased to $10,922,000 as of September 30, 2025, from $4,010,000 as of December 31, 2024, representing a significant increase of 172.5%[31]. - Cash and restricted cash at the end of the period was $13,669,000, compared to $7,164,000 at the end of the previous year[37]. - As of September 30, 2025, total assets increased to $135,888,000 from $128,349,000 as of December 31, 2024, reflecting a growth of approximately 5.4%[30]. Strategic Initiatives - The company participated in the drilling of eight non-operated wells in the D-J Basin, with first production expected in Q4 2025[20]. - On October 31, 2025, PEDEVCO announced a transformative merger with portfolio companies controlled by Juniper Capital Advisors, significantly increasing its production capacity and acreage[22]. - The company plans to integrate Juniper assets into its operations following the recent transaction, which includes a $35 million private placement of preferred stock[29]. - The company anticipates future production and cash flow improvements, contingent on oil and natural gas price stability and operational efficiencies[27]. Financial Metrics - PEDEVCO emphasizes the importance of EBITDA and Adjusted EBITDA as financial metrics, although they are not recognized under GAAP, to provide additional insights into operational performance[26]. - The company experienced an impairment of oil and gas properties amounting to $907,000 in the current period, with no impairment reported in the previous period[36]. - The company reported a gain on the sale of oil and gas properties of $2,923,000 for the current period, compared to $1,115,000 in the previous period[36]. - The weighted average number of common shares outstanding for the current period was 92,161,635, compared to 89,428,310 in the previous period[34].

Core Viewpoint - PEDEVCO Corp. announced its financial results for Q3 2025 and provided an operations update, noting that these results do not account for the upcoming transformative merger with Juniper Capital Advisors' portfolio companies scheduled for October 31, 2025 [1] Financial Results - The financial results pertain to the three months ending September 30, 2025, but specific figures and performance metrics were not disclosed in the announcement [1] Operations Update - The company is focused on acquiring and developing high-growth energy projects in the United States, particularly in the Rocky Mountain region [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 001-35922 PEDEVCO Corp. (Exact name of registrant as specified in its charter) | Texas | 22-3755993 | | --- | - ...

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may be blocked from proceeding if an ad-blocker is enabled [1]

Summary of PEDEVCO's Investor Conference Call Company and Industry - **Company**: PEDEVCO Corp (NYSEAM: PED) - **Industry**: Oil and Gas, specifically focused on the Rockies region including the DJ Basin and Powder River Basin Key Points and Arguments 1. **Merger Announcement**: PEDEVCO announced a transformative merger with Juniper Capital's Rockies portfolio, enhancing its position as a premier operator in the Rockies region [4][5][21] 2. **Increased Scale and Diversification**: The merger significantly increases PEDEVCO's scale and diversification, controlling over 328,000 net acres, with approximately 95% located in the Rockies [6][13] 3. **Production and Cash Flow**: The combined company is expected to generate substantial free cash flow, with current production exceeding 6,500 barrels of oil equivalent per day and projected EBITDA contributions in 2025 and beyond [5][21] 4. **Operational Synergies**: The merger allows for operational synergies, optimizing drilling and services, and leveraging PEDEVCO's disciplined development approach [5][22] 5. **Ownership Structure**: Juniper affiliates will own 53% of the combined company post-merger, ensuring alignment of interests and commitment to growth [7][22] 6. **Financial Position**: PEDEVCO has reinforced its balance sheet, increasing its borrowing base from $20 million to $120 million and drawing $87 million to fund the merger [9][18] 7. **Management Team**: The combined management team brings extensive operational and financial expertise, enhancing PEDEVCO's capacity for growth [11][12] 8. **Future Development Plans**: The company plans to focus on the DJ Basin for immediate development while considering the Powder River Basin for future growth opportunities [15][46] 9. **Consolidation Strategy**: PEDEVCO aims to consolidate small operators in the Rockies region, evaluating potential acquisitions for strategic fit and cash flow accretion [17][30] 10. **Long-term Growth Strategy**: The company is committed to a disciplined return-focused strategy, maximizing margins while maintaining a lean cost structure [20][23] Other Important Content - **Production Metrics**: The last twelve months combined production was approximately 8,500 barrels of oil equivalent per day, generating $96 million in EBITDA [6][21] - **Asset Quality**: The combined portfolio includes hundreds of delineated locations across multiple stacked formations, providing over a decade of low-risk drilling inventory [23][24] - **Market Positioning**: The merger positions PEDEVCO to capitalize on the fragmented operator landscape in the Rockies, aiming to become a leading publicly traded oil and gas company [17][22] - **Liquidity and Debt Management**: The company maintains a conservative credit profile with approximately $77 million in net debt and $43 million in liquidity available for future developments [18][19] This summary encapsulates the key aspects of PEDEVCO's investor conference call, highlighting the strategic significance of the merger and the company's future direction in the oil and gas industry.

Transaction Overview - PEDEVCO and Juniper have merged, creating a Rockies-focused company poised for growth [11, 26] - Juniper and its affiliates will own approximately 53% of the pro forma shares after conversion, while existing PEDEVCO shareholders will own about 47% [15] - The merger is funded via an expanded $250 million reserve-based lending (RBL) facility, with an initial $120 million borrowing base [15] Pro Forma Company Highlights - The combined company boasts over 328,000 net acres, primarily in the DJ Basin and Powder River Basin [14] - Second quarter of 2025 net production reached 7,404 Boepd, a roughly 388% increase compared to PEDEVCO alone [13] - Liquids account for approximately 88% of the pro forma company's production [13] - Last Twelve Months (LTM) EBITDA is approximately $96 million [13] Financial Position - Pro forma net leverage is approximately 0.8x LTM EBITDA [14] - The company has $87 million in debt and $43 million in liquidity [47] - $35 million in new equity was provided by existing and new members of PEDEVCO management and Juniper [15]