Past year: ▲ 2033%(45.5c – 16.00 USD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2019asset acquisition disposition▲ GoodMajor
PEDEVCO closed a bolt-on purchase of about 22,000 additional Permian Basin leasehold acres from Manzano LLC and Manzano Energy Partners II for $700,000, expanding the position it established in August 2018.
14 Jan 2019capital raising announcement▲ GoodMajor
Acquired Permian Basin (San Andres play) assets from Manzano LLC and Manzano Energy Partners II for $700,000, and closed a further $15 million convertible note from SK Energy/Dr. Kukes (convertible at $1.50/share) to fund a 16-well horizontal drilling program, the first four wells of which had already reached total depth.
4 Jan 2019director officer appointment● Neutral
Chief financial officer Gregory Overholtzer left as accounting moved to the new Houston headquarters, staying on as a $15,000-a-month consultant until April. The last of the old Danville, California management was gone.
26 Oct 2018capital raising announcement● NeutralMajor
SK Energy put in another $7 million on a three-year 8.5% convertible note at $1.79 a share, to drill the first four Permian wells and fund non-operated DJ Basin activity -- the third Kukes financing in four months.
10 Sept 2018director officer appointment▲ GoodMajor
Frank Ingriselli left for good four months after returning as chief executive, waiving up to eighteen months' severance in return for accelerating 140,000 unvested shares -- a cheap exit for a company still counting cash. The same day PEDEVCO set out its plan for the newly bought Chaveroo and Milnesand fields: infill horizontal drilling down to 20-acre spacing, four wells first and twelve more in 2019.
4 Sept 2018asset acquisition disposition▲ GoodMajor
PEDEVCO entered the Permian Basin for the first time, closing an $18.5 million purchase of San Andres-play assets (~23,000 net operated leasehold acres in west Texas/eastern New Mexico) plus a related $500,000 stock deal for two operating companies - and, in the same filing, repurchased warrants from its former Tranche B noteholders (including longtime lender RJ Credit) for about $1.1 million after fully repaying that note in June 2018, closing out the RJ Credit-era debt saga that had constrained the company since 2014.
1 Aug 2018director officer appointment▲ GoodMajor
Raised $23.6 million of 8.5% convertible notes -- $22 million of it from Kukes's SK Energy, the rest from directors and a few outsiders -- to fund an agreement to buy over 23,000 net acres of the San Andres play in the Permian Basin from Hunter Oil, and took full ownership of the Condor DJ Basin joint venture. J. Douglas Schick joined as president, the head office moved to Houston, and auditor GBH CPAs was folded into Marcum; GBH's last two reports had both carried going-concern warnings.
3 July 2018capital raising announcement▼ BadMajor
SK Energy LLC, an investment vehicle wholly owned by CEO Dr. Simon Kukes, converted all 66,625 shares of preferred stock it held (issued in the 2015 Golden Globe DJ Basin deal) into 6,662,500 common shares — 45.8% of shares outstanding — triggering a change of control under NYSE American rules and marking the start of Kukes' financial takeover of the company.
26 June 2018capital raising announcement▲ GoodMajor
The day PEDEVCO stopped being a distressed borrower. Simon Kukes's SK Energy lent $7.7 million at 8%, and the proceeds retired essentially all the old debt: $5.7 million of Tranche A notes settled for $3.8 million, and about $67.7 million of junior notes owed to RJ Credit, MIE Jurassic and the Tranche B holders settled for $3.88 million. SK Energy separately bought Golden Globe's Series A preferred -- convertible into 47.6% of the company -- for $100,000. More than $75 million of debt erased at roughly ten cents on the dollar, and control of the company handed to one man.
11 May 2018director officer appointment● NeutralMajor
Founder Frank Ingriselli returned as chief executive on $250,000 a year as Michael Peterson left, two years after Ingriselli had stepped aside for him. He lasted four months.
4 Oct 2017material agreement termination▼ BadMajor
Just six weeks after signing, Dragon Gem Limited terminated the $12 million Series B Preferred/warrant investment - the second major financing deal to fall through in 2017, after GOM Holdings, leaving PEDEVCO still searching for a capital solution.
18 Aug 2017material agreement▲ GoodMajor
PEDEVCO signed a definitive agreement for Hong Kong investors Dragon Gem Limited and Absolute Frontier Limited to invest $12 million in cash for Series B Preferred Stock and warrants - the capital infusion contemplated by June's term sheet, badly needed after the GOM merger collapsed.
22 June 2017material agreement▼ BadMajor
PEDEVCO terminated its GOM Holdings merger - stalled roughly 18 months without closing amid ongoing lender payment deferrals - to instead pursue a non-binding deal with a Hong Kong investor group to restructure its senior debt and inject new equity, entering a 90-day exclusivity period; no termination penalty was owed on the GOM deal.
9 May 2017listing compliance notice▲ GoodMajor
NYSE MKT confirmed PEDEVCO regained compliance with the minimum share-price listing rule after completing a 1-for-10 reverse stock split in April 2017, resolving the low-price delisting threat issued in November 2016.
17 Feb 2017listing compliance notice▲ GoodMajor
NYSE MKT accepted PEDEVCO's plan to regain compliance with the minimum stockholders'-equity listing rule - the third listing-compliance issue in two years - giving the company until June 2018 to fix its balance sheet or face delisting.
9 Nov 2016listing compliance notice▼ BadMajor
NYSE MKT warned PEDEVCO that its stock has traded at or below $0.20/share since early October 2016 and that it must complete a reverse stock split by May 2017 to stay listed - a second, more severe listing threat coming as the GOM Holdings merger remains unresolved nearly a year after it was announced.
29 Sept 2016material agreement● Neutral
PEDEVCO set up an at-the-market equity sales facility with National Securities Corporation to sell up to $2 million of common stock opportunistically over time - a smaller, more flexible funding tool than its earlier underwritten offerings.
9 Sept 2016business combination▼ BadMajor
PEDEVCO issued an update on its still-unclosed GOM Holdings merger and DJ Basin plans nearly nine months after the deal was announced, with no closing date given - a sign the transformational, debt-heavy acquisition was struggling to reach the finish line.
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.
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.
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.
17 Sept 2015business combination▲ GoodMajor
NYSE MKT confirmed PEDEVCO has regained compliance with continued listing standards, resolving the deficiency notice issued in January 2015.
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.
