11 Aug 2016quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $3.4 million for the period ended 2016-06-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 July 2016director interest notice● Neutral
PEDEVCO CORP President and CEO Michael L Peterson disposed of 268,565 shares.
11 July 2016director interest notice● Neutral
PEDEVCO CORP Executive Vice President Moore Clark sold 253,950 shares.
5 July 2016director interest notice● Neutral
PEDEVCO CORP Chief Financial Officer Gregory L Overholtzer sold 26,000 shares.
23 June 2016substantial holder notice● Neutral
SENIOR HEALTH INSURANCE COMPANY OF PENNSYLVANIA, BRE BCLIC SUB, BRE WNIC, BBLN-PEDCO CORP, BHLN-PEDCO CORP, B ASSET MANAGER, LP disclosed a new substantial PEDEVCO CORP shareholding (9.99% of votes).
19 May 2016quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $6.6 million for the period ended 2016-03-31.
17 May 2016capital raising announcement▼ BadMajor
Restructured roughly $39 million of senior debt (capitalizing accrued interest, extending maturities to 2019, and creating a new $26 million Tranche A facility at 15% interest) while the pending GOM Holdings merger — announced the prior December — remained unclosed; management called it 'weathering the storm' of the oil-price downturn.
17 May 2016late filing notice▼ Bad
PEDEVCO CORP notified the SEC that its quarterly report would be filed late.
2 May 2016director interest notice● Neutral
Gregory L Overholtzer became a PEDEVCO CORP Chief Financial Officer and company insider (initial ownership filing).
29 Apr 2016director interest notice● Neutral
PEDEVCO CORP Executive Vice President Moore Clark disposed of 240,735 shares.
29 Apr 2016director interest notice● Neutral
PEDEVCO CORP President and CFO Michael L Peterson disposed of 282,755 shares.
27 Apr 2016director officer appointment▼ BadMajor
Deleted the closing deadline from the GOM Holdings merger agreement altogether -- an open-ended extension for a deal announced four months earlier -- and cut costs by moving founder Frank Ingriselli from chief executive and executive chairman to non-executive chairman paid through his own consulting firm, with Michael Peterson promoted to chief executive and Gregory Overholtzer to chief financial officer. Explicitly framed as preparing for the merger and the senior-debt restructuring; the GOM merger was terminated in June 2017 having never closed.
13 Apr 2016material agreement▼ BadMajor
PEDEVCO's senior lenders extended their payment deferral by another month, the third such extension since the arrangement began in August 2015, as the GOM Holdings merger continued to drag past its planned closing dates.
31 Mar 2016debt financing▼ BadMajor
PEDEVCO and Dome Energy settled all remaining matters from their failed merger: Dome reconveyed the Wattenberg wellbore interests it had been assigned back to Red Hawk (which now bears all remaining drilling/completion costs, to be funded by financing still being finalized), the parties cancelled their service agreement, and Dome agreed to pay just $50,000 against the $155,980 it owed Red Hawk under that agreement.
11 Mar 2016material agreement▼ BadMajor
PEDEVCO's senior lenders granted yet another one-month deferral of interest and principal payments, continuing to give the company room to close the delayed GOM Holdings merger.
2 Mar 2016material agreement▼ BadMajor
PEDEVCO and GOM Holdings pushed the deadline to close their merger from February 29 to April 15, 2016, giving GOM more time to satisfy closing conditions.
16 Feb 2016substantial holder notice● Neutral
RBC Dominion Securities Inc disclosed a new substantial PEDEVCO CORP shareholding (5.70% of votes).
4 Feb 2016material agreement▼ BadMajor
PEDEVCO's senior lenders (led by RJ Credit and insurance-company noteholders, an arrangement dating to the 2014 note facility) extended by another month their deferral of interest and principal payments - in place since August 2015 - specifically to buy PEDEVCO time to close the GOM Holdings merger, targeted for February 29, 2016.
15 Jan 2016business combination● Neutral
PEDEVCO presented at an investor conference, promoting the pending GOM Holdings merger and its DJ Basin development plans - routine investor outreach with no new deal terms.
30 Dec 2015business combination▲ GoodMajor
The same day PEDEVCO and Dome Energy AB mutually terminated their planned merger over the oil-price downturn (no penalty owed, $250,000 escrow retained), PEDEVCO signed a much larger deal: an Agreement and Plan of Merger to acquire GOM Holdings, a private operator producing about 2,700 boe/day with roughly $500 million of PV-10 proved reserves across Texas, California and Louisiana, in exchange for stock plus assuming about $125 million of GOM's subordinated debt and a $30 million letter of credit - a transformational, heavily-leveraged bet targeted to close by February 2016.
24 Nov 2015material agreement▲ GoodMajor
Ahead of the planned Dome Energy merger, PEDEVCO agreed to assign its interests in eight newly drilled Wattenberg wells to Dome Energy, which will fully fund PEDEVCO's share of the associated costs.
13 Nov 2015quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $5.5 million for the period ended 2015-09-30.
17 Sept 2015business combination▲ GoodMajor
NYSE MKT confirmed PEDEVCO has regained compliance with continued listing standards, resolving the deficiency notice issued in January 2015.
14 Sept 2015securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
1 Sept 2015capital raising announcement▼ BadMajor
Persuaded its senior lenders (including RJ Credit and a group of insurance-company noteholders) to defer principal and much of the interest due August 2015-January 2016 — at a higher 17% rate — specifically to buy the runway needed to close the pending Dome Energy AB merger.
13 Aug 2015securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
13 Aug 2015quarterly activities report▼ Bad
PEDEVCO CORP reported a quarterly net loss of $5.4 million for the period ended 2015-06-30.
20 July 2015director officer appointment▼ Bad
Gave Dome Energy an extra month, to 17 August, to produce its disclosure schedules and audited accounts -- the first public sign that the transformational merger was slipping. It collapsed by December.
22 June 2015business combination▲ Good
PEDEVCO announced it would participate in seven new horizontal wells in the Wattenberg Area, funded through an arrangement with its pending merger partner Dome Energy AB - continued drilling activity while the Dome combination is pending.
26 May 2015director officer appointment● NeutralMajor
Agreed to take over Dome Energy's US business -- about 1,250 barrels a day across Texas, Wyoming and five other states -- by issuing Dome's Swedish parent 152.6 million shares, 64% of the enlarged company. Management pitched it as the escape route from PEDEVCO's expensive senior debt into a 3.75% bank facility with $280 million of proved reserves behind it. The deal never closed.