PEDEVCO CORP

2 Aug 2012business combination▲ GoodMajor

Completed its reverse merger with privately-held Pacific Energy Development Corp (PEDCO): renamed itself PEDEVCO Corp., executed a 1-for-112 reverse stock split, and converted all outstanding preferred stock to common — the transformation from failed drilling-tech company Blast Energy into a US onshore E&P company.

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28 June 2012business combination▲ GoodMajor

As a condition tied to the PEDCO merger, Blast extinguished $1.64 million owed to insiders Berg McAfee Companies and Clyde Berg by converting it into 81.8 million shares of common stock at $0.02/share - about 49% of the company's fully-diluted share count - clearing its largest legacy debt just before the merger closed.

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23 Apr 2012business combination● NeutralMajor

Blast filed a preliminary proxy asking shareholders to approve the January 2012 reverse merger with Pacific Energy Development Corp (PEDCO), which continues the deal announced on 2012-01-20. Under the terms, Blast would reverse-split its common stock 1-for-110, rename itself PEDEVCO CORP, and issue 17,857,261 common shares and 11,489,537 new Series A preferred shares to PEDCO holders, who would own about 95% of the common stock after the merger, so existing Blast shareholders would be heavily diluted. Eric McAfee, Clyde Berg and Centurion Credit Funding (62.9% of common and all the preferred) have agreed to vote in favour, and the board unanimously recommends approval. This is a preliminary copy with the meeting date and other details left blank.

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20 Jan 2012business combination▲ GoodMajor

Blast agreed to a reverse-merger reorganization with privately-held Pacific Energy Development Corp (PEDCO): PEDCO becomes a wholly-owned subsidiary, Blast converts its preferred stock and reverse-splits its common stock, and renames itself PEDEVCO Corp - the transaction that turns the failed drilling-services company into an oil & gas E&P.

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27 Dec 2011asset acquisition disposition▼ BadMajor

Blast could not fund its share of Guijarral Hills drilling costs, so it gave Solimar Energy half of its working interest in the GH 76-33 well (cutting its stake from 50% to 25%) in exchange for forgiving $311,872 it owed - with an option to buy back to 35% by March 2012 - and separately extended the Centurion lender waiver fee.

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2 Mar 2011capital raising announcement▼ BadMajor

Entered a farmout with Solimar Energy and Neon Energy to drill a test well in the Guijarral Hills field (San Joaquin Basin, California), earning a 50% working interest if successful, financed by up to $2.52 million in expensive secured notes (10% interest, original issue discount, royalty and penalty warrants if the well underperforms) from an outside lender — costly financing typical of the company's weak bargaining position at the time.

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7 Dec 2010asset acquisition disposition▲ GoodMajor

Acquired its first real producing oil and gas interest — a 66% working interest in three producing wells (~43 gross bopd) in the Sugar Valley Field, Matagorda County, Texas — from Sun Resources Texas for $600,000 cash, a $300,000 note and $300,000 of stock, funded by Quicksilver settlement proceeds.

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2 Nov 2010material agreement▲ GoodMajor

Blast signed a letter of intent with ASX-listed Solimar Energy to participate in a field-extension drilling project on undeveloped acreage in California's Guijarral Hills Field, contingent on raising the funding for its share of drilling costs.

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23 Sept 2010asset acquisition disposition▲ GoodMajor

Blast closed the Sugar Valley Field purchase from Sun Resources, taking a 66% working interest in three producing wells plus related equipment - its first completed oil & gas property acquisition.

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3 May 2010material agreement▲ GoodMajor

Blast agreed to buy a majority working interest in three producing wells (plus a larger stake in undeveloped reserves) in the Sugar Valley Field, Texas from Sun Resources for $1.2 million cash and stock - its first move into direct oil & gas ownership, partly funded by the $2 million Quicksilver settlement payment due that September.

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