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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
22 May 2015business combination▲ GoodMajor
PEDEVCO confirmed it signed an Agreement and Plan of Reorganization to combine with Swedish-listed Dome Energy AB, a proposed business combination that would bring in a larger international partner.
13 May 2015material agreement▼ BadMajor
PEDEVCO raised only about $2.35 million net in a new stock offering priced at just $0.50/share - roughly a quarter of its 2013-14 offering prices - reflecting the toll the oil-price collapse and its own financial strain had taken on the stock.
6 May 2015asset acquisition disposition▲ GoodMajor
Reacquired roughly 12,977 net DJ Basin acres and interests in 53 wells (~500 boe/d) from Golden Globe Energy, paying with 3.375 million common shares, 66,625 preferred shares, and assumption of $8.35 million of GGE's junior debt; also granted GGE a one-year option to buy PEDEVCO's entire Kazakhstan interest for just $100,000, and expanded the board from three to five seats with GGE board-appointment rights.
24 Feb 2015asset acquisition disposition▼ BadMajor
PEDEVCO bought back roughly 12,977 net acres and interests in 53 DJ Basin wells - assets it had conveyed away in its March 2014 Continental Resources financing - from Golden Globe Energy (US), paying with 3.4 million common shares, new preferred stock, and assuming about $8.35 million of Golden Globe's debt, while also granting Golden Globe a one-year option to buy PEDEVCO's entire Kazakhstan interest for just $100,000 - growing DJ Basin production but at the cost of putting its whole international bet up for a token price.
14 Jan 2015listing compliance notice▼ BadMajor
NYSE MKT notified PEDEVCO it is out of compliance with minimum stockholders' equity rules (under $6 million as of September 2014, after five straight years of net losses) and must submit a plan to regain compliance by July 2016.
19 Dec 2014listing compliance notice▼ Bad
PEDEVCO CORP withdrew a registration statement, abandoning the offering it covered.
3 Dec 2014capital raising announcement▼ Bad
Raised $1.86 million net from 74 investors at $0.65/unit — a steep drop from the $3.00/share paid by institutional investors the year before.
14 Oct 2014director officer appointment▲ GoodMajor
Settled up with Continental Resources on the DJ Basin package bought in March 2014: a $482,677 refund on the price and another 863.61 net acres, almost all in the Wattenberg core, taking the position to about 14,132 net acres. Michael Peterson added the presidency to his chief financial officer role and Jamie Tseng stepped down as an executive officer.
5 Aug 2014material agreement▼ BadMajor
PEDEVCO restructured its pending Kazakhstan investment, assigning half its right to buy 51% of Asia Sixth Energy Resources (and half the $10 million deposit) to Golden Globe Energy Corp, an affiliate of its RJ Credit lender - disclosed alongside news that Aral's production had been voluntarily halted in Kazakhstan pending a gas-flaring permit and a gas sale agreement, and that Aral's other partner is TSX-listed Caspian Energy Inc.
21 July 2014capital raising announcement▲ GoodMajor
Reduced debt by about $1.87 million through Bridge Note conversions and settlement of legacy director fees, and announced plans to begin its first drilling operations — three horizontal DJ Basin wells — in mid-August 2014.
3 July 2014director officer appointment● Neutral
Shareholders approved adding 5,000,000 shares to the 2012 equity incentive plan, and restricted stock was issued under the 2013 compensation review -- a large top-up relative to a share count still in the low tens of millions.
10 Mar 2014asset acquisition disposition▲ GoodMajor
PEDEVCO closed the $30 million Continental Resources DJ Basin acquisition, funded by a new $34.5 million secured note facility with RJ Credit and affiliated investors (netting about $27.5 million after fees) that can grow to $50 million to fund drilling on the new Colorado acreage and its Kansas Mississippian Lime property.
6 Mar 2014material agreement▲ GoodMajor
PEDEVCO raised about $5.7 million net in a second stock offering (2.99 million shares at $2.15/share) with Roth Capital Partners as lead underwriter, adding to the capital being lined up to close the Continental Resources acquisition.
28 Feb 2014material agreement● Neutral
PEDEVCO and Continental Resources pushed the DJ Basin deal's closing deadline back to March 7, 2014 while PEDEVCO finalized the debt financing needed to fund the $30 million purchase price.
20 Feb 2014asset acquisition disposition▲ GoodMajor
PEDEVCO sold its remaining Eagle Ford shale stake - a small 3.97% non-operated interest in Texas - to Millennial PDP Fund IV for $2.8 million, completing its exit from the Eagle Ford play to focus capital on the DJ Basin and Kazakhstan.
13 Feb 2014material agreement● Neutral
PEDEVCO set a February 28, 2014 closing date for the $30 million Continental Resources DJ Basin purchase, having already paid a $1.5 million deposit.
22 Jan 2014material agreement▲ GoodMajor
PEDEVCO's new Red Hawk Petroleum subsidiary agreed to buy Continental Resources' DJ Basin Colorado assets - about 28,727 net acres and 40 wells including prime Wattenberg Area acreage, producing roughly 400 net boe/day - for $30 million cash, by far PEDEVCO's largest acquisition and a major expansion of its Niobrara footprint.
24 Dec 2013material agreement▲ GoodMajor
MIE Jurassic Energy Corporation sold half its Eagle Ford shale stake (held through the 50/50 White Hawk Petroleum joint venture) to Millennial PDP Fund IV and withdrew from White Hawk entirely, leaving PEDEVCO as 100% owner of White Hawk - PEDEVCO's own economic interest in the Eagle Ford assets is unchanged, but MIE's role there ends even as the two remain partners elsewhere (Condor, Niobrara financing).
18 Dec 2013capital raising announcement▼ Bad
Amended its $4 million Bridge Notes to extend maturity to July 2014 at a higher 12% rate, with partial principal repayment and deferral by the note holders — CEO Frank Ingriselli and EVP Clark Moore both personally deferred portions of their own notes alongside outside investors.
10 Dec 2013material agreement▲ GoodMajor
PEDEVCO raised about $6.4 million in net proceeds through a registered underwritten offering of 3.25 million shares at $2.25/share with National Securities Corporation - fresh capital arriving right after the Kazakhstan and Kansas Mississippian Lime commitments.
16 Sept 2013debt financing▲ GoodMajor
PEDEVCO agreed to buy 51% of Asia Sixth Energy Resources, a British Virgin Islands company that holds 60% of Aral Petroleum Capital in Kazakhstan - a producing oil & gas license covering roughly 380,000 acres in the Aktobe region, good through 2035 - paying an $8 million initial deposit with another $10 million due once a related $10 million note from Yao Hang Finance is collected. A major international expansion beyond PEDEVCO's US onshore assets.
9 Sept 2013listing compliance notice▲ GoodMajor
the New York Stock Exchange certified PEDEVCO CORP's securities for listing, clearing them to begin trading.
13 Aug 2013capital raising announcement▲ GoodMajor
Raised $22 million in a private placement at $3.00/share — $20 million from Yao Hang Finance (Hong Kong) Limited and $2 million from another investor — earmarked for asset development, debt repayment, an NYSE MKT uplisting, and up to $20 million toward a prospective Asian (Kazakhstan) oil and gas acquisition.
15 July 2013debt financing▲ GoodMajor
PEDEVCO and MIE Jurassic Energy Corporation amended their $5 million credit line, pushing the maturity out from December 2013 to August 2014, dropping the requirement that a $10 million financing round trigger repayment, and raising the available credit to $6.5 million - more breathing room as the company funds its growing asset base.
9 July 2013listing compliance notice▼ Bad
PEDEVCO CORP withdrew a registration statement, abandoning the offering it covered.
23 Apr 2013financial restatement▼ BadMajor
Restated Q3 2012 financials a second time: a related-party preferred stock subscription had been misclassified, understating loss on settlement by $139,874, and redeemable preferred stock had been wrongly booked as permanent equity — accounting-control weaknesses recurring within months of the PEDCO merger.
28 Feb 2013material agreement▲ GoodMajor
The renegotiated Berexco deal materialized: PEDEVCO's subsidiary agreed to buy about 6,763 net acres of Mississippian Lime interests in Kansas plus 3-D seismic data for $4.2 million, using the same $864,866 deposit from the terminated Condor transaction, with closing expected in March 2013 subject to financing.