22 May 2019substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 44,114,844 shares (82.00% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 May 2019capital raising announcement▲ GoodMajor
SK Energy invested a further $15 million in cash at $2.20/share — a premium to market — to fund the 2019 Permian development and acquisition program, raising Dr. Kukes' stake from 78.2% to 81.0% of the company.
15 May 2019quarterly activities report▼ Bad
PEDEVCO CORP reported quarterly revenue of $1.6 million and a net loss of $3.0 million for the period ended 2019-03-31.
5 Mar 2019substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 37,296,663 shares (82.40% of votes) in a periodic institutional filing.
4 Mar 2019capital raising announcement▼ BadMajor
Made SK Energy's $7.7 million June 2018 note convertible, and SK Energy separately bought out more than $1.5 million of other insiders' and directors' notes — further consolidating the company's convertible debt under the CEO's control.
19 Feb 2019capital raising announcement▼ BadMajor
Removed the 49.9% ownership cap on SK Energy's convertible notes, after which SK Energy converted over $22 million of principal and interest (the January 2019 and October 2018 notes) into roughly 14.1 million shares, taking Dr. Kukes' vehicle to 47.1% of the company.
19 Feb 2019substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 32,293,034 shares (80.30% of votes) in a periodic institutional filing.
14 Feb 2019substantial holder notice● Neutral
MARK FEUER, SCOTT TAYLOR, BBLN-PEDCO CORP, BHLN-PEDCO CORP reported a PEDEVCO CORP shareholding of 596,280 shares (3.90% of votes) in a periodic institutional filing.
13 Feb 2019drilling progress report▲ Good
PEDEVCO reported results from its first horizontal well workover and completion operation on the new Permian Basin acreage, along with future development plans - an early operational read on the play it entered less than a year earlier.
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 2019substantial holder notice● Neutral
Senior Health Insurance Company of Pennsylvania reported a PEDEVCO CORP shareholding of 40,135 shares (0.30% of votes) in a periodic institutional filing.
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 Dec 2018substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 7,888,414 shares (49.90% of votes) in a periodic institutional filing.
14 Nov 2018quarterly activities report▼ Bad
PEDEVCO CORP reported quarterly revenue of $1.3 million and a net loss of $2.7 million for the period ended 2018-09-30.
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.
26 Oct 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
26 Oct 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
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.
28 Aug 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
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.
31 July 2018quarterly activities report● Neutral
PEDEVCO CORP reported quarterly revenue of $898 thousand and net income of $66.3 million for the period ended 2018-06-30.
12 July 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
12 July 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
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 2018quarterly activities report▼ Bad
PEDEVCO CORP reported quarterly revenue of $644 thousand and a net loss of $4.2 million for the period ended 2018-03-31.
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.
24 Apr 2018substantial holder notice● Neutral
MARK FEUER, SCOTT TAYLOR, BBLN-PEDCO CORP, BHLN-PEDCO CORP disclosed a new substantial PEDEVCO CORP shareholding (8.18% of votes).