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Here are 1-3 brief analogies for PEDEVCO (PED):

• A smaller, independent ConocoPhillips (COP) focused on oil and natural gas exploration and production.
• An independent oil and gas producer focused on the Permian Basin, akin to a scaled-down Devon Energy (DVN).
• A micro-cap oil and gas company, similar to a smaller Occidental Petroleum (OXY) operating in the Permian.

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• Crude Oil and Natural Gas Production: PEDEVCO primarily produces and sells crude oil and natural gas extracted from its various properties.
• Upstream Oil and Gas Exploration & Development: The company engages in the acquisition, exploration, development, and operation of oil and natural gas properties within the energy sector.

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PEDEVCO (symbol: PED) primarily sells crude oil and natural gas to other companies, rather than directly to individuals.

Based on their most recent annual report (10-K filing for the fiscal year ended December 31, 2023), PEDEVCO's major customers include:

• Phillips 66 Company: This company, a subsidiary of Phillips 66 (symbol: PSX), was the purchaser for approximately 85% of PEDEVCO's crude oil sales in 2023.
• Symmetry Energy Solutions, LLC: This company, a subsidiary of Energy Transfer LP (symbol: ET), was the purchaser for approximately 93% of PEDEVCO's natural gas sales in 2023.

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J. Douglas Schick - President & CEO

Mr. Schick has over twenty-five years of experience in the energy industry. He co-founded American Resources, Inc., a privately held oil and gas investment, development, and operating company, where he served as CEO from August 2017 and previously as CFO and Vice President of Business Development from August 2013 to August 2017. Prior to that, he founded and was principal of J. Douglas Enterprises, an energy industry-focused business development and financial consulting firm, from June 2011 to August 2013. Mr. Schick also served as Vice President of Finance for Highland Oil and Gas, a private equity-backed exploration and production company, from January 2011 until its sale in June 2011. He also held roles at Mariner Energy, Inc. until its merger with Apache Corp. in December 2010, and at The Houston Exploration Company, ConocoPhillips, and Shell Oil Company from 1998 to 2006.

Robert J. Long - Chief Financial Officer

Mr. Long possesses nearly 25 years of financial experience in management, corporate finance, and principal investing within the energy industry. Before joining PEDEVCO in October 2025, he served as the Chief Financial Officer of Century Natural Resources, LLC, a privately held Houston, Texas-based oil and gas exploration and production company, from February 2022 to October 2025. Century Natural Resources, LLC managed certain assets that were subsequently acquired by PEDEVCO in October 2025. His prior experience includes roles at CIBC Capital Markets, Partner at Rivington Holdings, LLC (a capital advisory firm specializing in the oil and gas industry), and Vice President at BNP Paribas, Global Energy Group. He began his professional career as an Analyst at JP Morgan Chase & Co.

Reagan Tuck (R.T.) Dukes - Chief Operating Officer

Mr. Dukes has nearly 20 years of experience in the oil and gas industry, encompassing investing, finance, research, and consulting. Prior to joining PEDEVCO in October 2025, he was the Chief Executive Officer of Century Natural Resources, LLC from June 2021 to October 2025, and its Chief Financial Officer from October 2019 to May 2021. He also served as a Research Director and Director of North American Supply at Wood Mackenzie Limited from June 2014 to September 2019, and as a Manager at KED Interests, LLC, a mineral investing firm, from May 2011 to May 2014.

Jody Crook - Chief Commercial Officer

Mr. Crook has over twenty-five years of experience in the energy industry. He co-founded Tenet Advisory Group LLC, a Houston-based consulting firm, in 2015. From 2017 to 2018, he co-founded and was principal of Bronze Four Resources, LLC, an Austin, Texas-based contract operating company. Earlier in his career, he held various leadership roles at Jones Energy, Ltd., a public oil and gas company, including Land Manager, Senior Vice President of Land, Senior Vice President for the Arkoma Region, and Senior Vice President of Acquisitions & Exploration, from June 2004 to December 2014.

Clark Moore - EVP & General Counsel

Mr. Moore has over fifteen years of experience in the oil and gas industry. He commenced his career in 2000 as a corporate attorney at Venture Law Group, which subsequently merged into Heller Ehrman LLP in 2003.

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The key risks to PEDEVCO's business are primarily linked to the volatile nature of the oil and natural gas industry, operational challenges inherent in exploration and production, and recent issues with financial reporting and internal controls.

1. Volatility of Oil and Natural Gas Prices: PEDEVCO's financial performance is heavily dependent on the prices of crude oil and natural gas, which are subject to significant volatility and are outside the company's control. Such price fluctuations can directly impact the company's revenues and profitability.
2. Speculative Nature of Oil and Gas Operations and Production Risks: Drilling for and producing oil and natural gas are inherently speculative activities that involve a high degree of risk and many uncertainties. There is no guarantee that drilled areas will yield oil or natural gas in commercial quantities. Furthermore, production volumes can be erratic due to factors such as well completions, natural declines in existing wells, and operational issues, leading to inconsistent revenues and costs.
3. Internal Control Weaknesses and Financial Reporting Errors: PEDEVCO has identified material weaknesses in its internal control over financial reporting and disclosure controls. This was evidenced by the need to restate audited financial statements for fiscal year 2024 to correct errors related to the accounting for prior-period net operating losses, which had overstated tax benefits and deferred tax balances. These weaknesses raise concerns about the reliability of the company's financial information and its compliance with regulatory standards.

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PEDEVCO (PED) is an oil and natural gas company primarily engaged in the acquisition, development, and production of crude oil and natural gas assets in the United States. The company's principal assets are located in two key regions: the Permian Basin (West Texas and eastern New Mexico) and the Denver-Julesburg (D-J) Basin (Colorado and Wyoming).

The addressable markets for PEDEVCO's main products (crude oil and natural gas) can be characterized by the production volumes within these basins:

• Permian Basin (United States):

  • In 2023, crude oil production in the Permian Basin was 5,790 thousand barrels of oil per day (mbd), and natural gas production was 19,315 million cubic feet per day (mmcfd).
  • Forecasts for 2025 predict Permian Basin crude oil output to rise by 430,000 barrels per day, reaching 6.6 million barrels per day, while natural gas production is expected to reach 25.8 billion cubic feet per day.
  • The Permian Basin is recognized as the largest petroleum-producing basin in the United States.

• Denver-Julesburg (D-J) Basin (United States):

  • In September 2023, the D-J Basin's oil production alone reached approximately 516,000 barrels per day.
  • In 2020, the D-J Basin's crude oil and condensate production was 491.4 thousand barrels per day (mbd), with natural gas production at 5,058 million cubic feet per day (mmcfd).
  • In 2023, the Niobrara region within the D-J Basin recorded a daily average output of 670,000 barrels of oil and 1,534,000 barrels of oil equivalent.

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PEDEVCO (PED) is expected to drive future revenue growth over the next 2-3 years through a combination of increased production from new and existing wells, strategic asset development leveraging modern drilling techniques, and expansion through a recent transformative merger. Here are the key drivers: * Increased Production from New Drilling and Well Completions: PEDEVCO has demonstrated a focus on increasing its production volumes. In Q1 2025, the company achieved a 15% year-over-year production increase to 1,707 barrels of oil equivalent per day (BOEPD). New horizontal San Andres wells in the Permian Basin's Chaveroo Field, brought online in mid-Q2 2025, have reportedly exceeded initial expectations and are anticipated to contribute to stronger operational results in the upcoming quarters. Furthermore, a significant number of wells are slated for completion in the near future, with 32 wells expected to be completed in Q4 2025 and early Q1 2026, which is projected to generate material production growth for the company over the next several months. The company is also participating in 18 non-operated wells in the D-J Basin that are under various stages of development, with completion expected in mid-August 2025 and initial production in early Q4 2025. Another four non-operated wells are planned for late Q4 2025 in the D-J Basin. * Strategic Development of Permian and D-J Basin Assets: The company is strategically focused on maximizing the value of its core assets in the Permian and D-J Basins. In the Permian Basin, PEDEVCO is pursuing growth in reserves and production through low-risk horizontal San Andres infill drilling. In the D-J Basin, the strategy involves leveraging improving completion techniques with larger fracs, which offset operators have successfully used to achieve strong initial production rates and estimated ultimate recovery growth. This targeted application of modern drilling and completion technologies to proven conventional properties is a key part of their growth strategy. * Expansion through Transformative Merger and Future Acquisitions: A significant driver of future revenue growth is the recent "transformative merger" with portfolio companies controlled by Juniper Capital Advisors, L.P., which closed in November 2025. This merger has positioned PEDEVCO as a "Premier Rockies-Focused Operator" with over 6,500 BOEPD of current production (more than 80% oil) and a substantial net acreage position of approximately 328,000 acres across the Northern D-J Basin and Powder River Basin. This expanded footprint provides significant opportunities for both organic growth and strategic consolidation through the acquisition of additional assets in the Rockies region. * Favorable Commodity Price Environment: While not directly controlled by the company, a supportive commodity price environment, particularly for oil, is a crucial external driver for PEDEVCO's revenue. The company's production is heavily weighted towards liquids (82% in Q1 2025), which insulates it somewhat from natural gas price volatility. A rebound in crude prices, as observed in May 2025, can directly boost revenue, and the company's efficient production aims to capitalize on such market dynamics.

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Share Issuance

• On November 3, 2025, PEDEVCO issued 10,650,000 Series A convertible preferred shares to Juniper Capital portfolio companies as consideration for a merger, convertible into 106.5 million common shares.
• Concurrently, a private placement of 6,363,637 convertible preferred shares raised $35 million in gross cash proceeds on November 3, 2025.
• As of August 13, 2025, the company had 92 million common shares outstanding, with approximately 266 million common shares expected outstanding after the Juniper merger and conversion of preferred shares.

Inbound Investments

• PEDEVCO completed a transformative merger with Juniper Capital portfolio companies on November 3, 2025, resulting in Juniper and its affiliates expected to own approximately 53% of the combined entity upon conversion of preferred shares.
• The company closed a new $250 million reserve-based lending facility with Citibank, N.A. on September 11, 2024, with an initial borrowing base of $20 million, which was undrawn as of October 29, 2025.
• Following the Juniper merger, the borrowing base on the credit facility was increased to $120 million, with approximately $87 million drawn.

Capital Expenditures

• Estimated capital expenditures for 2025 range from $27 million to $33 million, with 70% to 75% primarily allocated to development in the D-J Basin under joint development agreements.
• For the quarter ended September 30, 2024, cash used in investing activities was $22,098,000, primarily attributed to drilling and completion costs.
• As of June 30, 2025, approximately $7.8 million had been incurred for drilling and completion costs on Permian Basin and D-J Basin Assets out of an estimated $24.5 million to $30.5 million for the year.

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