PEDEVCO plans to drill or join more than 20 wells over the next several months

PEDEVCO Corp. (NYSE American: PED) said on August 13, 2026 that "over the next several months, we plan to drill or participate in over 20 gross wells across our asset base." The company gave no start or finish dates, so the window is approximate.

Management expects the program to "add a material amount of production in late 2026 continuing into 2027." It did not give a production figure, a well-by-well schedule or a cost.

Why it matters

PEDEVCO is a Houston-based company that acquires and develops oil and gas assets in the Rocky Mountain region. Its latest reported reserves, as of March 31, 2026, are 27.3 million barrels of oil and 28.78 billion cubic feet of gas (P50 estimates), with a 100% company interest.

Production is the part the program targets. Second-quarter output averaged 6,801 barrels of oil equivalent per day, down 16% from 8,091 in the first quarter. The company said the drop was expected, because the first quarter benefited from DJ Basin wells brought online in late 2025. If the new wells perform as management hopes, they would lift volumes from that lower base.

Financial position

• Second-quarter revenue was $46.1 million and net income was $17.5 million.
• Adjusted EBITDA, a non-GAAP measure, was $18.7 million.
• Credit facility borrowings fell from $98 million to $85 million during the quarter. With $12.1 million of cash and restricted cash, net debt was about $73 million.

The company says it will keep leverage low while it drills.

What is uncertain

The company has not said how the wells divide between those it operates and those where it only participates, or how much capital the program needs. Much of the quarter's earnings strength came from a realized oil price of $94.07 per barrel, up 53% from a year earlier, and from a $13.1 million non-cash unrealized gain on derivatives. Prices and those gains can change.

The company also changed how it calculates Adjusted EBITDA. It now includes realized derivative losses, which cut the first-quarter figure from $21.5 million as reported to $18.1 million as recast.

The program has begun in a small way: the company recently completed a well in the DJ Basin that had been drilled earlier.