{"success":true,"data":{"pressRelease":{"id":"35707","rtpr_id":"nGNX9LjygR","ticker":"PED","exchange":"NYSE American","all_tickers":["PED"],"title":"PEDEVCO Reports First Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-05-14T20:15:01.360Z","article_body":"Q1 2026 Production Exceeds Expectations on Strong Initial Well Performance\n\nAdjusted EBITDA Increased 404% from Q1 2025((1)())\n\nHOUSTON, May 14, 2026 (GLOBE NEWSWIRE) -- PEDEVCO Corp. (NYSE American: PED)\n(“PEDEVCO” or the “Company”), a publicly traded energy company engaged\nin the acquisition and development of strategic oil and gas assets in the\nRocky Mountain region, today reported unaudited financial results for the\nfirst quarter ended March 31, 2026.\n\nFinancial & Operational Highlights\n\n ($000s except as noted) Q1 2026 Q1 2025 Q4 2025 Change YoY Change QoQ \n Average Daily Production (Boe/d) 8,091 1,707 5,310 +374% +52% \n Revenue $40,222 $8,736 $23,082 +360% +74% \n Net (Loss) Income $(25,627) $140 $(8,501) NM (()(2)) NM (()(2)) \n Adjusted EBITDA (()(2)()) $21,513 $4,269 $15,392 +404% +40% \n\n((1) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP\nFinancial Information” and the reconciliation table at the end of this\nrelease.)\n((2) “NM” means “Not Meaningful.” )\n* First quarter 2026 production increased 374% to 728,141 Boe (average 8,091\nBoe/d), compared to 153,631 Boe (1,707 Boe/d) in the first quarter of 2025,\nreflecting the first full quarter contribution from the acquired asset base\nand wells brought online around the transformative merger with certain\nportfolio companies controlled by Juniper Capital Advisors, L.P. (the\n“Juniper Merger”) on October 31, 2025, including stronger-than-expected\nwell performance.\n* Oil and gas revenue increased 360% to $40.2 million, compared to $8.7\nmillion in the prior year period, driven by significantly higher production\nvolumes.\n* First quarter 2026 net loss of $(25.6) million, or $(3.28) per share,\ncompared to net income of $0.1 million, or $0.03 per share, in the first\nquarter of 2025, primarily driven by a $31.3 million non-cash net loss on\nderivative contracts, including $3.4 million of realized losses and $27.9\nmillion of unrealized losses.\n* Adjusted EBITDA increased 404% to $21.5 million, compared to $4.3 million in\nthe first quarter of 2025, reflecting higher production volumes from the\nexpanded asset base and development activity, partially offset by higher lease\noperating expenses and production taxes associated with increased scale.\n* Net cash provided by operating activities increased 78% to $10.5 million for\nthe first quarter of 2026, compared to $5.9 million in the first quarter of\n2025, driven by higher operating income and cash margins resulting from\nincreased production volumes, partially offset by changes in working capital.\nManagement Commentary\n\nJ. Douglas Schick, President and Chief Executive Officer of PEDEVCO,\ncommented:\n“Our first full quarter as a combined company following the Juniper Merger\ndelivered results ahead of our internal expectations, which we believe speaks\nto the outstanding potential of the combined Company’s assets. Production\naveraged approximately 8,091 Boe per day in the first quarter, driven by\nstrong initial production rates from the 31 D-J Basin development wells that\ncame online in late Q4 2025. This outperformance validates the quality of our\nasset base and the strength of the development program underway at the time of\nthe merger.”\n\n“Beyond production outperformance, the combined platform also achieved\nseveral of the merger’s key objectives well ahead of schedule. Notably, we\ndelivered Adjusted EBITDA of $21.5 million and oil and gas revenue of $40.2\nmillion, both exceeding our expectations and further reflecting the operating\nstrength of the combined business in the quarter. We also significantly\nimproved our liquidity by reducing our working capital deficit(3), which\nprimarily reflects the clearing of development CAPEX and merger-related\npayables incurred but not yet paid at year-end. In addition, through efficient\nintegration of our merged asset base, we held total lease operating expense,\ninclusive of recurring and non-recurring lease operating expense, workovers,\ngathering, processing and transportation expenses, and severance and ad\nvalorem taxes, steady on a per-Boe basis at approximately $22.46, essentially\nflat year-over-year.”  \n\n“As we look forward through the remainder of 2026, we want to set clear\nexpectations on the cadence of production and our plans moving forward. First\nquarter production benefited from the timing of D-J Basin wells brought online\nin Q4 2025, and we expect production to normalize through the middle quarters\nbefore our second-half development activity is expected to support incremental\nvolumes in late 2026 and into 2027. Relating to development, as noted\npreviously, we have identified over 1,000 well locations on our existing\nacreage, which we believe provides us one of the largest inventories in the\nindustry relative to our size. We are making great progress on our bottoms-up\nevaluation of our inventory, which will drive our development plans in the\nfuture. We are confident we will meet or exceed our full-year guidance of\n6,500 to 7,000 Boe per day, and $60 to $70 million of Adjusted EBITDA, based\non $16 to $20 million of net capital expenditures. Through the remainder of\n2026, our current plans include the completion of a drilled but uncompleted\nwell in the Wyoming D-J Basin in the coming months, and we could also choose\nto drill additional operated wells and/or participate in other third-party\nwells this year. We remain committed to leveraging our strong balance sheet\nand partnerships to grow production, revenue, cash flow, and profit, as well\nas increase our asset base for the benefit of our shareholders.”\n\n________________\n(3 Exclusion of derivative contract assets and liabilities from working\ncapital is not consistent with GAAP, but is presented to illustrate the impact\nof derivatives contracts on this figure.  See “Use of Non-GAAP Financial\nInformation” and the working capital reconciliation table at the end of this\nrelease.)\n\nFirst Quarter Financial Summary\n\nRevenue. Total crude oil, natural gas and NGL revenues for the three-month\nperiod ended March 31, 2026, increased 360%, to $40.2 million, compared to\n$8.7 million for the prior year period. The increase was primarily driven by\nhigher production volumes reflecting a full quarter of consolidated production\nfrom the assets acquired in the Juniper Merger, compared to no contribution\nfrom those assets in the prior year period.\n\nLease Operating Expenses. LOE increased $12.9 million, or 380%, to $16.4\nmillion, primarily as a result of a full quarter of operating costs from the\nacquired assets, compared to no contribution from those assets in the prior\nyear period, as the Juniper Merger closed on October 31, 2025.\n\nGeneral and Administrative Expenses. Total G&A expense (including share-based\ncompensation) increased $1.5 million, or 95%, to $3.1 million, reflecting the\naddition of employees and related compensation costs in connection with the\nJuniper Merger.\n\nDepreciation, Depletion, Amortization and Accretion. DD&A increased $9.1\nmillion, or 272%, to $12.5 million, driven by higher production volumes and a\nsignificantly expanded asset base following the Juniper Merger.\n\nLoss on Derivative Contracts. The Company recognized a total net loss of $31.3\nmillion on derivative contracts, consisting of $3.4 million in realized losses\nand $27.9 million in non-cash unrealized mark-to-market losses, reflecting the\nimpact of higher commodity prices relative to the Company's hedge book.\n\nInterest Expense. The Company incurred $2.0 million of interest expense,\nconsisting of $1.8 million in interest on borrowings under its credit facility\nand $0.2 million in amortization of deferred financing costs, compared to no\ninterest expense in the prior year period as the Company carried no debt prior\nto the Juniper Merger.\n\nNet (Loss) Income. The Company reported a net loss of $25.6 million, or\n$(3.28) per common share, for the three months ended March 31, 2026, compared\nto net income of $0.1 million, or $0.03 per share, for the prior year period.\nThe increase in net loss was primarily attributable to the $31.3 million net\nloss on derivative contracts, the majority of which was non-cash and reflects\nmark-to-market accounting on the Company's hedge book rather than underlying\noperating performance.\n\nAdjusted EBITDA. Adjusted EBITDA was $21.5 million for the three months ended\nMarch 31, 2026, compared to $4.3 million in the prior year period, reflecting\na significant increase driven by higher production volumes from a full quarter\nof contribution from the assets acquired in the Juniper Merger.\n\nProduction and Realized Price Summary\n\n Quarter Ended Quarter Ended % Change \n 03/31/2026 03/31/2025 \n Production Volumes: \n Crude Oil (Bbls) 534,563 102,699 421 % \n Natural Gas (Mcf) 636,057 166,733 281 % \n NGL (Bbls) 87,568 23,143 278 % \n Total (Boe) 728,141 153,631 374 % \n Average Daily (Boe/d) 8,091 1,707 374 % \n \n Average Realized Prices: \n Crude Oil ($/Bbl) $68.39 $68.88 (1 %) \n Natural Gas ($/Mcf) $2.97 $5.05 (41 %) \n NGL ($/Bbl) $20.24 $35.43 (43 %) \n\nOperational Update\n\nThe Company delivered strong operational performance in the first quarter of\n2026, with consolidated production outperforming the Company’s internal plan\nand lease operating expense (“LOE”) tracking at or below budget in our\noperating regions. The Company continued to identify cost savings and\noperational efficiencies across its asset base, which are expected to support\ncontinued performance through the balance of the year.\n\nD-J Basin. The Company holds approximately 89,784 net acres and holds\ninterests in 74 gross (66.9 net) operated wells, and 110 gross (12.5 net)\nnon-operated wells, in the D-J Basin. Operated D-J Basin production performed\nahead of the Company’s internal plan during the first quarter. The Company\ncontinued to identify cost savings and operational efficiencies across the\nasset, including ongoing initiatives related to its lift conversion program\nand field-level service contracts that are expected to support reduced lease\noperating expense as the year progresses. On the non-operated side of the D-J\nBasin, production also outperformed plan, with new wells coming online\nstronger than originally forecast. The Company incurred $3.8 million of\ncapital expenditures related to completion activities for 10 non-operated\nwells with working interests ranging from 1.1% to 6.3%. The Company also\nrecorded a $1.6 million non-cash impairment related to undeveloped leases\nrepresenting 3,660 net acres in the D-J Basin that were allowed to expire\nwhere we have no near-term development plans.\n\nPowder River Basin (“PRB”). The Company holds\napproximately 202,100 net acres and holds interests in 156 gross (135.4 net)\nwells in the PRB, of which 16 gross (1.4 net) are non-operated. PRB production\noutperformed the Company’s internal plan during the first quarter, with no\nmajor downtime or operational issues during the quarter and the asset\nbenefiting from a relatively mild winter. There was no operated drilling or\ncompletion activity during the first quarter; the Company continues to\nevaluate its inventory of development opportunities across its substantial PRB\nposition.\n\nPermian Basin. The Company holds approximately 14,505 net acres and holds\ninterests in 38 gross (34.5 net) wells in the Permian Basin, all of which the\nCompany operates. In the first quarter, the Company delivered its internal LOE\nbudget for the area while maintaining production.  The Company continued to\nimprove operational efficiency by accelerating lift conversions, thereby\nreducing operating costs ahead of schedule.  The Company continues to\nevaluate optimization and development opportunities for the back half of 2026\nto enhance returns from this position.\n\nLiquidity and Capital Structure\n\nAs of March 31, 2026, the Company had cash and restricted cash of $11.3\nmillion and outstanding borrowings of $98.0 million under its Senior Secured\nRevolving Credit Facility, which provides for a borrowing base of $120.0\nmillion, leaving approximately $22.0 million of availability under the\nfacility.\n\nDuring the first quarter of 2026, the Company drew down $11.0 million under\nthe facility to fund participation in non-operated well completions and other\nCompany obligations.\n\nNet cash provided by operating activities was $10.5 million for the quarter,\nreflecting strong cash margins from the expanded asset base, partially offset\nby an approximately $10.7 million working capital build (reflecting improved\nworking capital position) associated with the timing of drilling and\ncompletion activities. Cash paid for drilling and completion costs totaled\n$16.5 million, primarily related to D-J Basin development wells. As of March\n31, 2026, the Company had total assets of $370.1 million, total liabilities of\n$187.9 million, and shareholders' equity of $182.2 million.\n\nEarnings Conference Call\n\nPEDEVCO management will host a conference call today, Thursday, May 14, 2026,\nat 5:00 p.m. Eastern time to discuss its financial results for the first\nquarter ended March 31, 2026, followed by a question-and-answer period.\n\nDial-in registration link: here\n(https://www.globenewswire.com/Tracker?data=_GBF0E-rzVbMOiUrIZX5NAVWza7mbAkNFTC_SwjgjfgAZIHBg_bNawvq-Pl6GYdNaDkYFebl1oVOpitXFBoi2OivEaJ8X-T4ErTw1LUs8kICmLE1sWfUANiOQrJc20OWYgZgfmPAv75vhmU9AsG3nOjJT7DVtV9HIJiPpzUIZlA=)\nWebcast registration link: here\n(https://www.globenewswire.com/Tracker?data=_GBF0E-rzVbMOiUrIZX5NGw1hMcrAqn3Ws5aEk0ONKcuknKW-4UY4DzENFdC--431itDe_BEOyQ3OQtQjL0Y7ClCFEKifV9PNNtMIA-n2KE=)\n\nThe conference call will also be available for replay in the Events section of\nthe Company’s website, along with the transcript, at\nhttps://www.pedevco.com/investors.\n\nAbout PEDEVCO Corp.\n\nPEDEVCO Corp. (NYSE American: PED) is a publicly traded energy company engaged\nin the acquisition and development of strategic oil and gas assets in the\nRocky Mountain region. Following the completion of its October 2025 merger\nwith certain portfolio companies controlled by Juniper Capital Advisors, L.P.,\nthe Company’s principal assets include its D-J Basin assets in southeastern\nWyoming and northern Colorado, its Powder River Basin assets in northeastern\nWyoming, and its Permian Basin assets in eastern New Mexico, collectively\nrepresenting approximately 315,500 net acres. PEDEVCO is headquartered in\nHouston, Texas. More information about PEDEVCO can be found at\nwww.pedevco.com.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995, Section 27A of the\nSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange\nAct of 1934, as amended. Words such as “may,” “could,” “expect,”\n“intend,” “plan,” “seek,” “anticipate,” “believe,”\n“estimate,” “predict,” “potential,” “continue,” “likely,”\n“will,” “would” and variations of these terms and similar expressions,\nor the negative of these terms or similar expressions, are intended to\nidentify forward-looking statements. These statements involve known and\nunknown risks, uncertainties and other factors, which may cause actual results\nto differ materially from those expressed or implied. Forward-looking\nstatements in this release include, but are not limited to, statements\nregarding the Company’s 2026 capital expenditure estimates, expected\nbenefits of the Juniper Merger including cost savings and operational\nsynergies, expected production levels, development plans, estimated reserves,\nand the Company’s ability to fund its operations and service its\nobligations. Factors that could cause actual results to differ include, among\nothers: volatility in oil and natural gas prices; the Company’s ability to\nsuccessfully integrate the acquired operations; the Company’s ability to\nservice its credit facility obligations; results of development and production\nactivities; changes in operating costs; regulatory developments including\nthose affecting federal and state leases; availability and costs of services\nand materials; and the risks described in the Company’s Annual Report on\nForm 10-K for the year ended December 31, 2025 and other filings with the SEC.\nThe Company undertakes no obligation to update forward-looking statements to\nreflect events or circumstances after the date of this release.\n\nUse of Non-GAAP Financial Information\n\nThis press release includes EBITDA and Adjusted EBITDA, which are presented as\nsupplemental measures of the Company’s performance and asset value. These\nare not recognized in accordance with generally accepted accounting principles\n(“GAAP”) and should not be viewed as an alternative to GAAP measures of\nperformance.\n\nEBITDA represents net income before interest, taxes, depreciation and\namortization. Adjusted EBITDA represents EBITDA adjusted to exclude\nshare-based compensation, impairment of oil and gas properties, net (gain)\nloss on derivative contracts adjusted for cash settlements, gain on sale of\noil and gas properties, gain on sale of fixed asset, merger acquisition costs,\nand note receivable – credit loss. The Company believes these measures\nprovide additional useful information to investors and are frequently used by\nanalysts, investors and other interested parties to evaluate companies in the\noil and gas industry. However, EBITDA and Adjusted EBITDA have limitations and\nshould not be considered in isolation or as substitutes for analysis of\nresults as reported under GAAP. Additionally, the Company’s calculation of\nthese measures may differ from similarly titled measures used by other\ncompanies. A reconciliation of net (loss) income to Adjusted EBITDA is\nprovided at the end of this release.\n\nThis press release also includes Working Capital (Deficit) Excluding\nDerivative Contract Assets and Liabilities as a supplemental measure of the\nCompany’s liquidity. This measure is calculated as total current assets less\ntotal current liabilities, excluding current derivative contract assets and\ncurrent derivative contract liabilities. The Company believes this measure\nprovides investors with a more meaningful view of operational working capital\nby removing the effects of mark-to-market changes in the Company’s commodity\nprice derivative contracts, which can vary significantly from period to period\nbased on forward commodity price movements and do not reflect operational cash\nobligations or liquidity in the same manner as other working capital\ncomponents. Working Capital (Deficit) Excluding Derivative Contract Assets and\nLiabilities has limitations and should not be considered in isolation or as a\nsubstitute for analysis of the Company’s liquidity as reported under GAAP.\nThe most directly comparable GAAP measure is working capital (deficit) (total\ncurrent assets less total current liabilities), which is presented with equal\nor greater prominence in this release. The Company’s calculation of this\nmeasure may differ from similarly titled measures used by other companies. A\nreconciliation of working capital (deficit) to working capital (deficit)\nexcluding derivative contract assets and liabilities is provided at the end of\nthis release.\n\n\n\n \n PEDEVCO CORP. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) \n \n March 31, 2026 December 31, \n (Unaudited) 2025 \n Assets \n Current assets: \n Cash $ 7,702 $ 3,222 \n Restricted cash 3,634 - \n Accounts receivable – oil and gas 27,407 25,666 \n Inventory 141 61 \n Derivative contract assets, current 3,340 8,368 \n Prepaid expenses and other current assets 307 434 \n Total current assets 42,531 37,751 \n \n Oil and gas properties: \n Oil and gas properties, subject to amortization, net 301,525 303,411 \n Oil and gas properties, not subject to amortization, net 15,861 18,859 \n Total oil and gas properties, net 317,386 322,270 \n \n Derivative contract assets 7,585 9,640 \n Operating lease – right-of-use asset 169 213 \n Deferred income taxes 96 - \n Other assets 2,316 5,995 \n Total assets $ 370,083 $ 375,869 \n \n Liabilities and Shareholders’ Equity \n Current liabilities: \n Accounts payable $ 9,922 $ 32,436 \n Accrued expenses 12,418 8,245 \n Revenue payable 22,947 21,480 \n Income tax payable 28 - \n Operating lease liabilities – current 170 182 \n Derivative contract liabilities – current 16,764 964 \n Asset retirement obligations – current 714 1,170 \n Total current liabilities 62,963 64,477 \n \n Long-term liabilities: \n Revolving credit facility 98,000 87,000 \n Operating lease liabilities, net of current portion - 32 \n Derivative contract liabilities 11,366 6,358 \n Asset retirement obligations, net of current portion 13,341 7,641 \n Deferred income taxes - 800 \n Other long-term liabilities 2,228 2,197 \n Total liabilities 187,898 168,505 \n \n Commitments and contingencies (Note 12) \n \n Shareholders’ equity: \n Series A preferred stock, $0.001 par value, 200,000,000 shares authorized; -0- and 17,013,637 shares issued and outstanding, respectively - 17,014 \n Common stock, $0.001 par value, 200,000,000 shares authorized; 13,300,621 and 4,797,239 shares issued and outstanding, respectively 13 5 \n Additional paid-in capital 329,659 312,205 \n Accumulated deficit (147,487 ) (121,860 ) \n Total shareholders’ equity 182,185 207,364 \n Total liabilities and shareholders’ equity $ 370,083 $ 375,869 \n\n\n\n \n PEDEVCO CORP. \n CONSOLIDATED STATEMENTS OF OPERATIONS \n (amounts in thousands, except per share data) \n \n Three Months Ended March 31, \n 2026 2025 \n Revenue: \n Oil and gas sales $ 40,222 $ 8,736 \n \n Operating expenses: \n Lease operating costs 16,357 3,412 \n Selling, general and administrative expense 3,107 1,596 \n Depreciation, depletion, amortization and accretion 12,450 3,346 \n Impairment of oil and gas properties 1,605 232 \n Total operating expenses 33,519 8,586 \n \n Operating income 6,703 150 \n \n Other income (expense): \n Interest expense (1,995 ) - \n Interest income 58 64 \n Net loss on derivative contracts (31,266 ) - \n Other income (expense) 5 2 \n Total other (expense) income (33,198 ) 66 \n (Loss) Income before income taxes (26,495 ) 216 \n Income tax benefit (expense) 868 (76 ) \n \n Net (loss) income $ (25,627 ) $ 140 \n \n (Loss) earnings per common share: \n Basic $ (3.28 ) $ 0.03 \n Diluted $ (3.28 ) $ 0.03 \n \n Weighted average number of common shares outstanding: \n Basic 7,815,752 4,543,406 \n Diluted 7,815,752 4,543,406 \n\n\n\n \n PEDEVCO CORP. \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n (amounts in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n Cash Flows From Operating Activities: \n Net (loss) income $ (25,627 ) $ 140 \n Adjustments to reconcile net income to net cash provided by operating activities: \n Depreciation, depletion, amortization and accretion 12,450 3,346 \n Impairment of oil and gas properties 1,605 232 \n Amortization of right-of-use asset 48 28 \n Amortization of deferred financing costs 168 - \n Share-based compensation expense 492 475 \n Net loss on derivative contracts 31,266 - \n Cash received for derivative settlements, net 158 - \n Deferred income taxes (896 ) 76 \n Changes in operating assets and liabilities: \n Accounts receivable – oil and gas (1,741 ) (3,853 ) \n Note receivable accrued interest - (41 ) \n Inventory (80 ) - \n Prepaid expenses and other current assets 521 81 \n Accounts payable (16,977 ) (3,154 ) \n Accrued expenses 7,622 6,432 \n Revenue payable 1,467 2,166 \n Income tax payable 28 - \n Other liabilities 31 - \n Net cash provided by operating activities 10,535 5,928 \n \n Cash Flows From Investing Activities: \n Cash paid for drilling and completion costs (16,476 ) (1,403 ) \n Cash received for sale of oil and gas property - 2,028 \n Net cash (used in) provided by investing activities (16,476 ) 625 \n \n Cash Flows From Financing Activities: \n Proceeds from credit facility 11,000 - \n Reverse stock split costs (44 ) - \n Net cash provided by financing activities 10,956 - \n \n Net increase in cash and restricted cash 5,015 6,553 \n Cash and restricted cash at beginning of period 6,321 6,607 \n Cash and restricted cash at end of period $ 11,336 $ 13,160 \n \n Supplemental Disclosure of Cash Flow Information \n Cash paid for: \n Interest $ 1,147 $ - \n Income taxes $ - $ - \n \n Noncash investing and financing activities: \n Change in accrued oil and gas development costs $ 12,683 $ 4,277 \n Changes in estimates of asset retirement costs, net $ 4,474 $ 1,085 \n Conversion of preferred stock into common stock $ 17,014 $ - \n Issuance of restricted common stock $ - $ 1 \n\n\n\n \n PEDEVCO CORP. \n RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA \n (amounts in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n Net (loss) income $ (25,627 ) $ 140 \n Add (deduct) \n Interest expense 1,995 - \n Income tax (benefit) expense (868 ) 76 \n Depreciation, depletion, amortization and accretion 12,450 3,346 \n EBITDA (12,050 ) 3,562 \n Add (deduct) \n Share-based compensation 492 475 \n Merger acquisition costs 200 - \n Impairment of oil and gas properties 1,605 232 \n Net loss on derivative contracts 31,266 - \n Adjusted EBITDA $ 21,513 $ 4,269 \n\n\n\n \n PEDEVCO CORP. RECONCILIATION OF WORKING CAPITAL (DEFICIT) TO WORKING CAPITAL (DEFICIT) EXCLUDING DERIVATIVE CONTRACT ASSETS AND LIABILITIES (amounts in thousands) \n \n March 31, 2026 December 31, 2025 \n (Unaudited) \n \n Total current assets $ 42,531 $ 37,751 \n Less: Total current liabilities (62,963 ) (64,477 ) \n Working capital (deficit) (GAAP) (20,432 ) (26,726 ) \n \n Adjustments: \n Less: Derivative contract assets, current (3,340 ) (8,368 ) \n Add: Derivative contract liabilities, current 16,764 964 \n Working capital (deficit) excluding derivative contract assets and liabilities $ (7,008 ) $ (34,130 ) \n\n\n\n \n PEDEVCO CORP. \n SCHEDULE OF OPEN DERIVATIVE CONTRACTS \n As of March 31, 2026 \n (All contracts novated from Juniper Merger effective November 1, 2025, and new hedges subsequently entered into by the Company; volumes in Boe or Mcf as noted; amounts in thousands) \n \n Crude Oil - 3 Way Collars \n Producer Three-Way Collars (Summary of 3 separate contracts) Participating Three-Way Collars (Summary of 3 separate contracts) \n Date Volume (Boe) Put Sold ($/Boe) Put Bought ($/Boe) Call Sold ($/Boe) Volume (Boe) Put Bought ($/Boe) Call Sold ($/Boe) Call Bought ($/Boe) \n 2Q 2026 33,900 $0.00 $55.00 $67.65 23,700 $54.00 $62.50 $80.00 \n 3Q 2026 31,800 $45.00 $55.00 $67.65 24,400 $54.00 $62.50 $80.00 \n 4Q 2026 29,700 $45.00 $55.00 $67.65 66,900 $54.00 $62.50 $80.00 \n FY 2026 95,400 $ 45.00 $ 55.00 $ 67.65 115,000 $ 54.00 $ 62.50 $ 80.00 \n 1Q 2027 27,400 $45.00 $55.00 $71.55 127,700 $54.00 $62.50 $80.00 \n 2Q 2027 26,200 $45.00 $55.00 $71.55 163,700 $54.00 $62.50 $80.00 \n 3Q 2027 25,200 $45.00 $55.00 $71.55 163,300 $54.00 $62.50 $80.00 \n 4Q 2027 24,200 $45.00 $55.00 $71.55 129,800 $54.00 $62.50 $80.00 \n FY 2027 103,000 $ 45.00 $ 55.00 $ 71.55 584,500 $ 54.00 $ 62.50 $ 80.00 \n 1Q 2028 - - - - 114,100 $54.00 $62.50 $80.00 \n 2Q 2028 - - - - 128,000 $54.00 $62.50 $80.00 \n 3Q 2028 - - - - 123,000 $54.00 $62.50 $80.00 \n 4Q 2028 - - - - 39,100 $54.00 $54.00 $80.00 \n FY 2028 - - - - 404,200 $ 54.00 $ 62.50 $ 80.00 \n\n\n\n Crude Oil - Swaps and Costless Collars \n Swaps Costless Collars \n Date Volume (Boe) Avg. Price ($/Boe) Volume (Boe) Floor Price ($/Boe) Ceiling Price ($/Boe) \n 2Q 2026 126,000 $64.15 168,523 $54.89 $70.40 \n 3Q 2026 180,000 $69.09 71,170 $54.87 $70.24 \n 4Q 2026 105,000 $68.51 77,083 $54.63 $68.55 \n FY 2026 411,000 $ 67.43 316,776 $ 54.71 $ 69.12 \n 1Q 2027 30,000 $64.90 54,900 $54.00 $64.00 \n 2Q 2027 30,000 $64.90 9,900 $54.00 $64.00 \n 3Q 2027 30,000 $64.90 1,700 $54.00 $64.00 \n 4Q 2027 30,000 $64.90 1,800 $54.00 $64.00 \n FY 2027 120,000 $ 64.90 68,300 $ 54.00 $ 64.00 \n 1Q 2028 - - - - - \n 2Q 2028 - - - - - \n 3Q 2028 - - - - \n 4Q 2028 - - - - - \n FY 2028 - - - - - \n\n\n\n Natural Gas \n Swaps Costless Collars \n Date Volume (Mcf) Avg. Price ($/mcf) Volume (Mcf) Floor Price ($/mcf) Ceiling Price ($/mcf) \n 2Q 2026 259,905 $3.95 17,800 $3.50 $5.21 \n 3Q 2026 247,500 $3.95 17,200 $3.50 $5.21 \n 4Q 2026 234,100 $3.95 18,700 $3.50 $5.21 \n FY 2026 741,505 $ 3.95 53,700 $ 3.50 $ 5.21 \n 1Q 2027 - $0.00 237,000 $4.00 $5.25 \n 2Q 2027 209,000 $3.74 16,900 $4.00 $5.12 \n 3Q 2027 201,900 $3.74 16,900 $4.00 $5.12 \n 4Q 2027 151,200 $3.74 11,500 $4.00 $5.12 \n FY 2027 562,100 $ 3.74 282,300 $ 4.00 $ 5.15 \n 1Q 2028 - - 122,700 $4.00 $4.62 \n 2Q 2028 118,100 $3.49 - - - \n 3Q 2028 115,100 $3.49 - - - \n 4Q 2028 37,900 $3.49 - - - \n FY 2028 271,100 $ 3.49 122,700 $ 4.00 $ 4.62 \n\n\n\n(The Company has not designated any derivative instruments as accounting\nhedges. Changes in fair value and cash settlements are recognized in earnings\nunder “Net gain (loss) on derivative contracts” in the Consolidated\nStatements of Operations. For the period ended March 31, 2026, the Company\nrecognized total derivative losses of $31.3 million, comprising $3.4 million\nin realized settlements and $27.9 million in unrealized mark-to-market losses.\nSee Note 9 of the Company’s Quarterly Report on Form 10-Q for the quarter\nended March 31, 2026 for complete disclosure.)\n\nCONTACTS:\nMedia Contact: \nPEDEVCO Corp.\n(713) 221-1768\nPR@pedevco.com\n\nInvestor Relations Contact: \nSean Mansouri, CFA or Laurent Weil\nElevate IR\n(720) 330-2829\nPED@elevate-ir.com\n\nSource: PEDEVCO Corp.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a1556ec2-bb6e-4dab-bc2a-c43219c639bc)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX9LjygR","title":"PEDEVCO Reports First Quarter 2026 Results","author":"Globe Newswire","ticker":"PED","created":"2026-05-14T20:15:01.360Z","tickers":["PED"],"exchange":"NYSE American","article_body":"Q1 2026 Production Exceeds Expectations on Strong Initial Well Performance\n\nAdjusted EBITDA Increased 404% from Q1 2025((1)())\n\nHOUSTON, May 14, 2026 (GLOBE NEWSWIRE) -- PEDEVCO Corp. (NYSE American: PED)\n(“PEDEVCO” or the “Company”), a publicly traded energy company engaged\nin the acquisition and development of strategic oil and gas assets in the\nRocky Mountain region, today reported unaudited financial results for the\nfirst quarter ended March 31, 2026.\n\nFinancial & Operational Highlights\n\n ($000s except as noted) Q1 2026 Q1 2025 Q4 2025 Change YoY Change QoQ \n Average Daily Production (Boe/d) 8,091 1,707 5,310 +374% +52% \n Revenue $40,222 $8,736 $23,082 +360% +74% \n Net (Loss) Income $(25,627) $140 $(8,501) NM (()(2)) NM (()(2)) \n Adjusted EBITDA (()(2)()) $21,513 $4,269 $15,392 +404% +40% \n\n((1) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP\nFinancial Information” and the reconciliation table at the end of this\nrelease.)\n((2) “NM” means “Not Meaningful.” )\n* First quarter 2026 production increased 374% to 728,141 Boe (average 8,091\nBoe/d), compared to 153,631 Boe (1,707 Boe/d) in the first quarter of 2025,\nreflecting the first full quarter contribution from the acquired asset base\nand wells brought online around the transformative merger with certain\nportfolio companies controlled by Juniper Capital Advisors, L.P. (the\n“Juniper Merger”) on October 31, 2025, including stronger-than-expected\nwell performance.\n* Oil and gas revenue increased 360% to $40.2 million, compared to $8.7\nmillion in the prior year period, driven by significantly higher production\nvolumes.\n* First quarter 2026 net loss of $(25.6) million, or $(3.28) per share,\ncompared to net income of $0.1 million, or $0.03 per share, in the first\nquarter of 2025, primarily driven by a $31.3 million non-cash net loss on\nderivative contracts, including $3.4 million of realized losses and $27.9\nmillion of unrealized losses.\n* Adjusted EBITDA increased 404% to $21.5 million, compared to $4.3 million in\nthe first quarter of 2025, reflecting higher production volumes from the\nexpanded asset base and development activity, partially offset by higher lease\noperating expenses and production taxes associated with increased scale.\n* Net cash provided by operating activities increased 78% to $10.5 million for\nthe first quarter of 2026, compared to $5.9 million in the first quarter of\n2025, driven by higher operating income and cash margins resulting from\nincreased production volumes, partially offset by changes in working capital.\nManagement Commentary\n\nJ. Douglas Schick, President and Chief Executive Officer of PEDEVCO,\ncommented:\n“Our first full quarter as a combined company following the Juniper Merger\ndelivered results ahead of our internal expectations, which we believe speaks\nto the outstanding potential of the combined Company’s assets. Production\naveraged approximately 8,091 Boe per day in the first quarter, driven by\nstrong initial production rates from the 31 D-J Basin development wells that\ncame online in late Q4 2025. This outperformance validates the quality of our\nasset base and the strength of the development program underway at the time of\nthe merger.”\n\n“Beyond production outperformance, the combined platform also achieved\nseveral of the merger’s key objectives well ahead of schedule. Notably, we\ndelivered Adjusted EBITDA of $21.5 million and oil and gas revenue of $40.2\nmillion, both exceeding our expectations and further reflecting the operating\nstrength of the combined business in the quarter. We also significantly\nimproved our liquidity by reducing our working capital deficit(3), which\nprimarily reflects the clearing of development CAPEX and merger-related\npayables incurred but not yet paid at year-end. In addition, through efficient\nintegration of our merged asset base, we held total lease operating expense,\ninclusive of recurring and non-recurring lease operating expense, workovers,\ngathering, processing and transportation expenses, and severance and ad\nvalorem taxes, steady on a per-Boe basis at approximately $22.46, essentially\nflat year-over-year.”  \n\n“As we look forward through the remainder of 2026, we want to set clear\nexpectations on the cadence of production and our plans moving forward. First\nquarter production benefited from the timing of D-J Basin wells brought online\nin Q4 2025, and we expect production to normalize through the middle quarters\nbefore our second-half development activity is expected to support incremental\nvolumes in late 2026 and into 2027. Relating to development, as noted\npreviously, we have identified over 1,000 well locations on our existing\nacreage, which we believe provides us one of the largest inventories in the\nindustry relative to our size. We are making great progress on our bottoms-up\nevaluation of our inventory, which will drive our development plans in the\nfuture. We are confident we will meet or exceed our full-year guidance of\n6,500 to 7,000 Boe per day, and $60 to $70 million of Adjusted EBITDA, based\non $16 to $20 million of net capital expenditures. Through the remainder of\n2026, our current plans include the completion of a drilled but uncompleted\nwell in the Wyoming D-J Basin in the coming months, and we could also choose\nto drill additional operated wells and/or participate in other third-party\nwells this year. We remain committed to leveraging our strong balance sheet\nand partnerships to grow production, revenue, cash flow, and profit, as well\nas increase our asset base for the benefit of our shareholders.”\n\n________________\n(3 Exclusion of derivative contract assets and liabilities from working\ncapital is not consistent with GAAP, but is presented to illustrate the impact\nof derivatives contracts on this figure.  See “Use of Non-GAAP Financial\nInformation” and the working capital reconciliation table at the end of this\nrelease.)\n\nFirst Quarter Financial Summary\n\nRevenue. Total crude oil, natural gas and NGL revenues for the three-month\nperiod ended March 31, 2026, increased 360%, to $40.2 million, compared to\n$8.7 million for the prior year period. The increase was primarily driven by\nhigher production volumes reflecting a full quarter of consolidated production\nfrom the assets acquired in the Juniper Merger, compared to no contribution\nfrom those assets in the prior year period.\n\nLease Operating Expenses. LOE increased $12.9 million, or 380%, to $16.4\nmillion, primarily as a result of a full quarter of operating costs from the\nacquired assets, compared to no contribution from those assets in the prior\nyear period, as the Juniper Merger closed on October 31, 2025.\n\nGeneral and Administrative Expenses. Total G&A expense (including share-based\ncompensation) increased $1.5 million, or 95%, to $3.1 million, reflecting the\naddition of employees and related compensation costs in connection with the\nJuniper Merger.\n\nDepreciation, Depletion, Amortization and Accretion. DD&A increased $9.1\nmillion, or 272%, to $12.5 million, driven by higher production volumes and a\nsignificantly expanded asset base following the Juniper Merger.\n\nLoss on Derivative Contracts. The Company recognized a total net loss of $31.3\nmillion on derivative contracts, consisting of $3.4 million in realized losses\nand $27.9 million in non-cash unrealized mark-to-market losses, reflecting the\nimpact of higher commodity prices relative to the Company's hedge book.\n\nInterest Expense. The Company incurred $2.0 million of interest expense,\nconsisting of $1.8 million in interest on borrowings under its credit facility\nand $0.2 million in amortization of deferred financing costs, compared to no\ninterest expense in the prior year period as the Company carried no debt prior\nto the Juniper Merger.\n\nNet (Loss) Income. The Company reported a net loss of $25.6 million, or\n$(3.28) per common share, for the three months ended March 31, 2026, compared\nto net income of $0.1 million, or $0.03 per share, for the prior year period.\nThe increase in net loss was primarily attributable to the $31.3 million net\nloss on derivative contracts, the majority of which was non-cash and reflects\nmark-to-market accounting on the Company's hedge book rather than underlying\noperating performance.\n\nAdjusted EBITDA. Adjusted EBITDA was $21.5 million for the three months ended\nMarch 31, 2026, compared to $4.3 million in the prior year period, reflecting\na significant increase driven by higher production volumes from a full quarter\nof contribution from the assets acquired in the Juniper Merger.\n\nProduction and Realized Price Summary\n\n Quarter Ended Quarter Ended % Change \n 03/31/2026 03/31/2025 \n Production Volumes: \n Crude Oil (Bbls) 534,563 102,699 421 % \n Natural Gas (Mcf) 636,057 166,733 281 % \n NGL (Bbls) 87,568 23,143 278 % \n Total (Boe) 728,141 153,631 374 % \n Average Daily (Boe/d) 8,091 1,707 374 % \n \n Average Realized Prices: \n Crude Oil ($/Bbl) $68.39 $68.88 (1 %) \n Natural Gas ($/Mcf) $2.97 $5.05 (41 %) \n NGL ($/Bbl) $20.24 $35.43 (43 %) \n\nOperational Update\n\nThe Company delivered strong operational performance in the first quarter of\n2026, with consolidated production outperforming the Company’s internal plan\nand lease operating expense (“LOE”) tracking at or below budget in our\noperating regions. The Company continued to identify cost savings and\noperational efficiencies across its asset base, which are expected to support\ncontinued performance through the balance of the year.\n\nD-J Basin. The Company holds approximately 89,784 net acres and holds\ninterests in 74 gross (66.9 net) operated wells, and 110 gross (12.5 net)\nnon-operated wells, in the D-J Basin. Operated D-J Basin production performed\nahead of the Company’s internal plan during the first quarter. The Company\ncontinued to identify cost savings and operational efficiencies across the\nasset, including ongoing initiatives related to its lift conversion program\nand field-level service contracts that are expected to support reduced lease\noperating expense as the year progresses. On the non-operated side of the D-J\nBasin, production also outperformed plan, with new wells coming online\nstronger than originally forecast. The Company incurred $3.8 million of\ncapital expenditures related to completion activities for 10 non-operated\nwells with working interests ranging from 1.1% to 6.3%. The Company also\nrecorded a $1.6 million non-cash impairment related to undeveloped leases\nrepresenting 3,660 net acres in the D-J Basin that were allowed to expire\nwhere we have no near-term development plans.\n\nPowder River Basin (“PRB”). The Company holds\napproximately 202,100 net acres and holds interests in 156 gross (135.4 net)\nwells in the PRB, of which 16 gross (1.4 net) are non-operated. PRB production\noutperformed the Company’s internal plan during the first quarter, with no\nmajor downtime or operational issues during the quarter and the asset\nbenefiting from a relatively mild winter. There was no operated drilling or\ncompletion activity during the first quarter; the Company continues to\nevaluate its inventory of development opportunities across its substantial PRB\nposition.\n\nPermian Basin. The Company holds approximately 14,505 net acres and holds\ninterests in 38 gross (34.5 net) wells in the Permian Basin, all of which the\nCompany operates. In the first quarter, the Company delivered its internal LOE\nbudget for the area while maintaining production.  The Company continued to\nimprove operational efficiency by accelerating lift conversions, thereby\nreducing operating costs ahead of schedule.  The Company continues to\nevaluate optimization and development opportunities for the back half of 2026\nto enhance returns from this position.\n\nLiquidity and Capital Structure\n\nAs of March 31, 2026, the Company had cash and restricted cash of $11.3\nmillion and outstanding borrowings of $98.0 million under its Senior Secured\nRevolving Credit Facility, which provides for a borrowing base of $120.0\nmillion, leaving approximately $22.0 million of availability under the\nfacility.\n\nDuring the first quarter of 2026, the Company drew down $11.0 million under\nthe facility to fund participation in non-operated well completions and other\nCompany obligations.\n\nNet cash provided by operating activities was $10.5 million for the quarter,\nreflecting strong cash margins from the expanded asset base, partially offset\nby an approximately $10.7 million working capital build (reflecting improved\nworking capital position) associated with the timing of drilling and\ncompletion activities. Cash paid for drilling and completion costs totaled\n$16.5 million, primarily related to D-J Basin development wells. As of March\n31, 2026, the Company had total assets of $370.1 million, total liabilities of\n$187.9 million, and shareholders' equity of $182.2 million.\n\nEarnings Conference Call\n\nPEDEVCO management will host a conference call today, Thursday, May 14, 2026,\nat 5:00 p.m. Eastern time to discuss its financial results for the first\nquarter ended March 31, 2026, followed by a question-and-answer period.\n\nDial-in registration link: here\n(https://www.globenewswire.com/Tracker?data=_GBF0E-rzVbMOiUrIZX5NAVWza7mbAkNFTC_SwjgjfgAZIHBg_bNawvq-Pl6GYdNaDkYFebl1oVOpitXFBoi2OivEaJ8X-T4ErTw1LUs8kICmLE1sWfUANiOQrJc20OWYgZgfmPAv75vhmU9AsG3nOjJT7DVtV9HIJiPpzUIZlA=)\nWebcast registration link: here\n(https://www.globenewswire.com/Tracker?data=_GBF0E-rzVbMOiUrIZX5NGw1hMcrAqn3Ws5aEk0ONKcuknKW-4UY4DzENFdC--431itDe_BEOyQ3OQtQjL0Y7ClCFEKifV9PNNtMIA-n2KE=)\n\nThe conference call will also be available for replay in the Events section of\nthe Company’s website, along with the transcript, at\nhttps://www.pedevco.com/investors.\n\nAbout PEDEVCO Corp.\n\nPEDEVCO Corp. (NYSE American: PED) is a publicly traded energy company engaged\nin the acquisition and development of strategic oil and gas assets in the\nRocky Mountain region. Following the completion of its October 2025 merger\nwith certain portfolio companies controlled by Juniper Capital Advisors, L.P.,\nthe Company’s principal assets include its D-J Basin assets in southeastern\nWyoming and northern Colorado, its Powder River Basin assets in northeastern\nWyoming, and its Permian Basin assets in eastern New Mexico, collectively\nrepresenting approximately 315,500 net acres. PEDEVCO is headquartered in\nHouston, Texas. More information about PEDEVCO can be found at\nwww.pedevco.com.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995, Section 27A of the\nSecurities Act of 1933, as amended, and Section 21E of the Securities Exchange\nAct of 1934, as amended. Words such as “may,” “could,” “expect,”\n“intend,” “plan,” “seek,” “anticipate,” “believe,”\n“estimate,” “predict,” “potential,” “continue,” “likely,”\n“will,” “would” and variations of these terms and similar expressions,\nor the negative of these terms or similar expressions, are intended to\nidentify forward-looking statements. These statements involve known and\nunknown risks, uncertainties and other factors, which may cause actual results\nto differ materially from those expressed or implied. Forward-looking\nstatements in this release include, but are not limited to, statements\nregarding the Company’s 2026 capital expenditure estimates, expected\nbenefits of the Juniper Merger including cost savings and operational\nsynergies, expected production levels, development plans, estimated reserves,\nand the Company’s ability to fund its operations and service its\nobligations. Factors that could cause actual results to differ include, among\nothers: volatility in oil and natural gas prices; the Company’s ability to\nsuccessfully integrate the acquired operations; the Company’s ability to\nservice its credit facility obligations; results of development and production\nactivities; changes in operating costs; regulatory developments including\nthose affecting federal and state leases; availability and costs of services\nand materials; and the risks described in the Company’s Annual Report on\nForm 10-K for the year ended December 31, 2025 and other filings with the SEC.\nThe Company undertakes no obligation to update forward-looking statements to\nreflect events or circumstances after the date of this release.\n\nUse of Non-GAAP Financial Information\n\nThis press release includes EBITDA and Adjusted EBITDA, which are presented as\nsupplemental measures of the Company’s performance and asset value. These\nare not recognized in accordance with generally accepted accounting principles\n(“GAAP”) and should not be viewed as an alternative to GAAP measures of\nperformance.\n\nEBITDA represents net income before interest, taxes, depreciation and\namortization. Adjusted EBITDA represents EBITDA adjusted to exclude\nshare-based compensation, impairment of oil and gas properties, net (gain)\nloss on derivative contracts adjusted for cash settlements, gain on sale of\noil and gas properties, gain on sale of fixed asset, merger acquisition costs,\nand note receivable – credit loss. The Company believes these measures\nprovide additional useful information to investors and are frequently used by\nanalysts, investors and other interested parties to evaluate companies in the\noil and gas industry. However, EBITDA and Adjusted EBITDA have limitations and\nshould not be considered in isolation or as substitutes for analysis of\nresults as reported under GAAP. Additionally, the Company’s calculation of\nthese measures may differ from similarly titled measures used by other\ncompanies. A reconciliation of net (loss) income to Adjusted EBITDA is\nprovided at the end of this release.\n\nThis press release also includes Working Capital (Deficit) Excluding\nDerivative Contract Assets and Liabilities as a supplemental measure of the\nCompany’s liquidity. This measure is calculated as total current assets less\ntotal current liabilities, excluding current derivative contract assets and\ncurrent derivative contract liabilities. The Company believes this measure\nprovides investors with a more meaningful view of operational working capital\nby removing the effects of mark-to-market changes in the Company’s commodity\nprice derivative contracts, which can vary significantly from period to period\nbased on forward commodity price movements and do not reflect operational cash\nobligations or liquidity in the same manner as other working capital\ncomponents. Working Capital (Deficit) Excluding Derivative Contract Assets and\nLiabilities has limitations and should not be considered in isolation or as a\nsubstitute for analysis of the Company’s liquidity as reported under GAAP.\nThe most directly comparable GAAP measure is working capital (deficit) (total\ncurrent assets less total current liabilities), which is presented with equal\nor greater prominence in this release. The Company’s calculation of this\nmeasure may differ from similarly titled measures used by other companies. A\nreconciliation of working capital (deficit) to working capital (deficit)\nexcluding derivative contract assets and liabilities is provided at the end of\nthis release.\n\n\n\n \n PEDEVCO CORP. CONSOLIDATED BALANCE SHEETS (amounts in thousands, except share and per share data) \n \n March 31, 2026 December 31, \n (Unaudited) 2025 \n Assets \n Current assets: \n Cash $ 7,702 $ 3,222 \n Restricted cash 3,634 - \n Accounts receivable – oil and gas 27,407 25,666 \n Inventory 141 61 \n Derivative contract assets, current 3,340 8,368 \n Prepaid expenses and other current assets 307 434 \n Total current assets 42,531 37,751 \n \n Oil and gas properties: \n Oil and gas properties, subject to amortization, net 301,525 303,411 \n Oil and gas properties, not subject to amortization, net 15,861 18,859 \n Total oil and gas properties, net 317,386 322,270 \n \n Derivative contract assets 7,585 9,640 \n Operating lease – right-of-use asset 169 213 \n Deferred income taxes 96 - \n Other assets 2,316 5,995 \n Total assets $ 370,083 $ 375,869 \n \n Liabilities and Shareholders’ Equity \n Current liabilities: \n Accounts payable $ 9,922 $ 32,436 \n Accrued expenses 12,418 8,245 \n Revenue payable 22,947 21,480 \n Income tax payable 28 - \n Operating lease liabilities – current 170 182 \n Derivative contract liabilities – current 16,764 964 \n Asset retirement obligations – current 714 1,170 \n Total current liabilities 62,963 64,477 \n \n Long-term liabilities: \n Revolving credit facility 98,000 87,000 \n Operating lease liabilities, net of current portion - 32 \n Derivative contract liabilities 11,366 6,358 \n Asset retirement obligations, net of current portion 13,341 7,641 \n Deferred income taxes - 800 \n Other long-term liabilities 2,228 2,197 \n Total liabilities 187,898 168,505 \n \n Commitments and contingencies (Note 12) \n \n Shareholders’ equity: \n Series A preferred stock, $0.001 par value, 200,000,000 shares authorized; -0- and 17,013,637 shares issued and outstanding, respectively - 17,014 \n Common stock, $0.001 par value, 200,000,000 shares authorized; 13,300,621 and 4,797,239 shares issued and outstanding, respectively 13 5 \n Additional paid-in capital 329,659 312,205 \n Accumulated deficit (147,487 ) (121,860 ) \n Total shareholders’ equity 182,185 207,364 \n Total liabilities and shareholders’ equity $ 370,083 $ 375,869 \n\n\n\n \n PEDEVCO CORP. \n CONSOLIDATED STATEMENTS OF OPERATIONS \n (amounts in thousands, except per share data) \n \n Three Months Ended March 31, \n 2026 2025 \n Revenue: \n Oil and gas sales $ 40,222 $ 8,736 \n \n Operating expenses: \n Lease operating costs 16,357 3,412 \n Selling, general and administrative expense 3,107 1,596 \n Depreciation, depletion, amortization and accretion 12,450 3,346 \n Impairment of oil and gas properties 1,605 232 \n Total operating expenses 33,519 8,586 \n \n Operating income 6,703 150 \n \n Other income (expense): \n Interest expense (1,995 ) - \n Interest income 58 64 \n Net loss on derivative contracts (31,266 ) - \n Other income (expense) 5 2 \n Total other (expense) income (33,198 ) 66 \n (Loss) Income before income taxes (26,495 ) 216 \n Income tax benefit (expense) 868 (76 ) \n \n Net (loss) income $ (25,627 ) $ 140 \n \n (Loss) earnings per common share: \n Basic $ (3.28 ) $ 0.03 \n Diluted $ (3.28 ) $ 0.03 \n \n Weighted average number of common shares outstanding: \n Basic 7,815,752 4,543,406 \n Diluted 7,815,752 4,543,406 \n\n\n\n \n PEDEVCO CORP. \n CONSOLIDATED STATEMENTS OF CASH FLOWS \n (amounts in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n Cash Flows From Operating Activities: \n Net (loss) income $ (25,627 ) $ 140 \n Adjustments to reconcile net income to net cash provided by operating activities: \n Depreciation, depletion, amortization and accretion 12,450 3,346 \n Impairment of oil and gas properties 1,605 232 \n Amortization of right-of-use asset 48 28 \n Amortization of deferred financing costs 168 - \n Share-based compensation expense 492 475 \n Net loss on derivative contracts 31,266 - \n Cash received for derivative settlements, net 158 - \n Deferred income taxes (896 ) 76 \n Changes in operating assets and liabilities: \n Accounts receivable – oil and gas (1,741 ) (3,853 ) \n Note receivable accrued interest - (41 ) \n Inventory (80 ) - \n Prepaid expenses and other current assets 521 81 \n Accounts payable (16,977 ) (3,154 ) \n Accrued expenses 7,622 6,432 \n Revenue payable 1,467 2,166 \n Income tax payable 28 - \n Other liabilities 31 - \n Net cash provided by operating activities 10,535 5,928 \n \n Cash Flows From Investing Activities: \n Cash paid for drilling and completion costs (16,476 ) (1,403 ) \n Cash received for sale of oil and gas property - 2,028 \n Net cash (used in) provided by investing activities (16,476 ) 625 \n \n Cash Flows From Financing Activities: \n Proceeds from credit facility 11,000 - \n Reverse stock split costs (44 ) - \n Net cash provided by financing activities 10,956 - \n \n Net increase in cash and restricted cash 5,015 6,553 \n Cash and restricted cash at beginning of period 6,321 6,607 \n Cash and restricted cash at end of period $ 11,336 $ 13,160 \n \n Supplemental Disclosure of Cash Flow Information \n Cash paid for: \n Interest $ 1,147 $ - \n Income taxes $ - $ - \n \n Noncash investing and financing activities: \n Change in accrued oil and gas development costs $ 12,683 $ 4,277 \n Changes in estimates of asset retirement costs, net $ 4,474 $ 1,085 \n Conversion of preferred stock into common stock $ 17,014 $ - \n Issuance of restricted common stock $ - $ 1 \n\n\n\n \n PEDEVCO CORP. \n RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA \n (amounts in thousands) \n \n Three Months Ended March 31, \n 2026 2025 \n Net (loss) income $ (25,627 ) $ 140 \n Add (deduct) \n Interest expense 1,995 - \n Income tax (benefit) expense (868 ) 76 \n Depreciation, depletion, amortization and accretion 12,450 3,346 \n EBITDA (12,050 ) 3,562 \n Add (deduct) \n Share-based compensation 492 475 \n Merger acquisition costs 200 - \n Impairment of oil and gas properties 1,605 232 \n Net loss on derivative contracts 31,266 - \n Adjusted EBITDA $ 21,513 $ 4,269 \n\n\n\n \n PEDEVCO CORP. RECONCILIATION OF WORKING CAPITAL (DEFICIT) TO WORKING CAPITAL (DEFICIT) EXCLUDING DERIVATIVE CONTRACT ASSETS AND LIABILITIES (amounts in thousands) \n \n March 31, 2026 December 31, 2025 \n (Unaudited) \n \n Total current assets $ 42,531 $ 37,751 \n Less: Total current liabilities (62,963 ) (64,477 ) \n Working capital (deficit) (GAAP) (20,432 ) (26,726 ) \n \n Adjustments: \n Less: Derivative contract assets, current (3,340 ) (8,368 ) \n Add: Derivative contract liabilities, current 16,764 964 \n Working capital (deficit) excluding derivative contract assets and liabilities $ (7,008 ) $ (34,130 ) \n\n\n\n \n PEDEVCO CORP. \n SCHEDULE OF OPEN DERIVATIVE CONTRACTS \n As of March 31, 2026 \n (All contracts novated from Juniper Merger effective November 1, 2025, and new hedges subsequently entered into by the Company; volumes in Boe or Mcf as noted; amounts in thousands) \n \n Crude Oil - 3 Way Collars \n Producer Three-Way Collars (Summary of 3 separate contracts) Participating Three-Way Collars (Summary of 3 separate contracts) \n Date Volume (Boe) Put Sold ($/Boe) Put Bought ($/Boe) Call Sold ($/Boe) Volume (Boe) Put Bought ($/Boe) Call Sold ($/Boe) Call Bought ($/Boe) \n 2Q 2026 33,900 $0.00 $55.00 $67.65 23,700 $54.00 $62.50 $80.00 \n 3Q 2026 31,800 $45.00 $55.00 $67.65 24,400 $54.00 $62.50 $80.00 \n 4Q 2026 29,700 $45.00 $55.00 $67.65 66,900 $54.00 $62.50 $80.00 \n FY 2026 95,400 $ 45.00 $ 55.00 $ 67.65 115,000 $ 54.00 $ 62.50 $ 80.00 \n 1Q 2027 27,400 $45.00 $55.00 $71.55 127,700 $54.00 $62.50 $80.00 \n 2Q 2027 26,200 $45.00 $55.00 $71.55 163,700 $54.00 $62.50 $80.00 \n 3Q 2027 25,200 $45.00 $55.00 $71.55 163,300 $54.00 $62.50 $80.00 \n 4Q 2027 24,200 $45.00 $55.00 $71.55 129,800 $54.00 $62.50 $80.00 \n FY 2027 103,000 $ 45.00 $ 55.00 $ 71.55 584,500 $ 54.00 $ 62.50 $ 80.00 \n 1Q 2028 - - - - 114,100 $54.00 $62.50 $80.00 \n 2Q 2028 - - - - 128,000 $54.00 $62.50 $80.00 \n 3Q 2028 - - - - 123,000 $54.00 $62.50 $80.00 \n 4Q 2028 - - - - 39,100 $54.00 $54.00 $80.00 \n FY 2028 - - - - 404,200 $ 54.00 $ 62.50 $ 80.00 \n\n\n\n Crude Oil - Swaps and Costless Collars \n Swaps Costless Collars \n Date Volume (Boe) Avg. Price ($/Boe) Volume (Boe) Floor Price ($/Boe) Ceiling Price ($/Boe) \n 2Q 2026 126,000 $64.15 168,523 $54.89 $70.40 \n 3Q 2026 180,000 $69.09 71,170 $54.87 $70.24 \n 4Q 2026 105,000 $68.51 77,083 $54.63 $68.55 \n FY 2026 411,000 $ 67.43 316,776 $ 54.71 $ 69.12 \n 1Q 2027 30,000 $64.90 54,900 $54.00 $64.00 \n 2Q 2027 30,000 $64.90 9,900 $54.00 $64.00 \n 3Q 2027 30,000 $64.90 1,700 $54.00 $64.00 \n 4Q 2027 30,000 $64.90 1,800 $54.00 $64.00 \n FY 2027 120,000 $ 64.90 68,300 $ 54.00 $ 64.00 \n 1Q 2028 - - - - - \n 2Q 2028 - - - - - \n 3Q 2028 - - - - \n 4Q 2028 - - - - - \n FY 2028 - - - - - \n\n\n\n Natural Gas \n Swaps Costless Collars \n Date Volume (Mcf) Avg. Price ($/mcf) Volume (Mcf) Floor Price ($/mcf) Ceiling Price ($/mcf) \n 2Q 2026 259,905 $3.95 17,800 $3.50 $5.21 \n 3Q 2026 247,500 $3.95 17,200 $3.50 $5.21 \n 4Q 2026 234,100 $3.95 18,700 $3.50 $5.21 \n FY 2026 741,505 $ 3.95 53,700 $ 3.50 $ 5.21 \n 1Q 2027 - $0.00 237,000 $4.00 $5.25 \n 2Q 2027 209,000 $3.74 16,900 $4.00 $5.12 \n 3Q 2027 201,900 $3.74 16,900 $4.00 $5.12 \n 4Q 2027 151,200 $3.74 11,500 $4.00 $5.12 \n FY 2027 562,100 $ 3.74 282,300 $ 4.00 $ 5.15 \n 1Q 2028 - - 122,700 $4.00 $4.62 \n 2Q 2028 118,100 $3.49 - - - \n 3Q 2028 115,100 $3.49 - - - \n 4Q 2028 37,900 $3.49 - - - \n FY 2028 271,100 $ 3.49 122,700 $ 4.00 $ 4.62 \n\n\n\n(The Company has not designated any derivative instruments as accounting\nhedges. Changes in fair value and cash settlements are recognized in earnings\nunder “Net gain (loss) on derivative contracts” in the Consolidated\nStatements of Operations. For the period ended March 31, 2026, the Company\nrecognized total derivative losses of $31.3 million, comprising $3.4 million\nin realized settlements and $27.9 million in unrealized mark-to-market losses.\nSee Note 9 of the Company’s Quarterly Report on Form 10-Q for the quarter\nended March 31, 2026 for complete disclosure.)\n\nCONTACTS:\nMedia Contact: \nPEDEVCO Corp.\n(713) 221-1768\nPR@pedevco.com\n\nInvestor Relations Contact: \nSean Mansouri, CFA or Laurent Weil\nElevate IR\n(720) 330-2829\nPED@elevate-ir.com\n\nSource: PEDEVCO Corp.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a1556ec2-bb6e-4dab-bc2a-c43219c639bc)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-14T20:15:01.451692217Z","server_sent_at_ms":1778789701451},"received_at":"2026-05-14T20:15:01.650Z","source_url":"https://www.globenewswire.com/news-release/2026/05/14/3295405/0/en/PEDEVCO-Reports-First-Quarter-2026-Results.html"},"analysis":{"id":"25155","press_release_id":"35707","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["Large non-cash derivative loss ($31.3M) indicates significant hedge book exposure; realized losses were $3.4M.","GAAP net loss of $25.6M masks operational profitability; reliance on non-GAAP Adjusted EBITDA for performance assessment."],"eventType":"earnings","narrative":"PEDEVCO reported Q1 2026 revenue of $40.2 million, up 360% year-over-year, driven by the first full quarter of consolidated production following the Juniper Merger.\n\nAdjusted EBITDA surged 404% to $21.5 million, exceeding internal expectations, while average daily production reached 8,091 Boe/d, up 374% YoY.\n\nThe company reported a GAAP net loss of $25.6 million, primarily due to a $31.3 million non-cash mark-to-market loss on derivative contracts, but generated $10.5 million in operating cash flow.\n\nManagement reaffirmed full-year 2026 guidance for 6,500-7,000 Boe/d production and $60M-$70M Adjusted EBITDA, citing strong asset quality and a $22M availability under its credit facility.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Post-merger integration success: PED beats on production and EBITDA, reaffirms guidance despite GAAP loss from derivatives."},"keyFigures":{"revenue":40222000,"guidance":"FY26 production 6,500-7,000 Boe/d; FY26 Adjusted EBITDA $60M-$70M; FY26 net capex $16M-$20M","revenueYoy":"360%","customDimensions":{"loe_per_boe":22.46,"total_assets":370083000,"production_yoy":"374%","adjusted_ebitda":21513000,"net_cash_from_ops":10535000,"total_liabilities":187898000,"adjusted_ebitda_yoy":"404%","shareholders_equity":182185000,"avg_daily_production_boe":8091,"credit_facility_outstanding":98000000,"credit_facility_availability":22000000,"credit_facility_borrowing_base":120000000}},"quotedText":"Our first full quarter as a combined company following the Juniper Merger delivered results ahead of our internal expectations, which we believe speaks to the outstanding potential of the combined Company’s assets.","namedEntities":{"people":[{"name":"J. Douglas Schick","role":"President and Chief Executive Officer"},{"name":"Sean Mansouri","role":"Investor Relations Contact"},{"name":"Laurent Weil","role":"Investor Relations Contact"}],"products":[],"companies":[{"name":"PEDEVCO Corp.","ticker":"PED"},{"name":"Juniper Capital Advisors, L.P.","relationship":"merger partner"},{"name":"Elevate IR","relationship":"investor relations firm"}],"dollarAmounts":[{"amount":"$40.2 million","context":"Q1 2026 revenue"},{"amount":"$8.7 million","context":"Q1 2025 revenue"},{"amount":"$21.5 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$4.3 million","context":"Q1 2025 Adjusted EBITDA"},{"amount":"$(25.6) million","context":"Q1 2026 net loss"},{"amount":"$31.3 million","context":"net loss on derivative contracts"},{"amount":"$10.5 million","context":"net cash provided by operating activities"},{"amount":"$11.3 million","context":"cash and restricted cash"},{"amount":"$98.0 million","context":"outstanding borrowings under credit facility"},{"amount":"$120.0 million","context":"credit facility borrowing base"},{"amount":"$22.0 million","context":"availability under credit facility"},{"amount":"$60 to $70 million","context":"FY26 Adjusted EBITDA guidance"},{"amount":"$16 to $20 million","context":"FY26 net capital expenditures guidance"}]},"materialImpact":{"score":4,"reasoning":"Strong operational outperformance with production up 374% YoY and Adjusted EBITDA up 404% YoY, driven by the first full quarter of the Juniper Merger. Results exceeded internal expectations and management reaffirmed full-year guidance. The GAAP net loss was driven by a large non-cash mark-to-market loss on derivatives, which is excluded from the key operational metric (Adj EBITDA)."},"tickerRelevance":{"others":[],"primary":"PED"},"globalImportance":35,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"earnings_beat","sectorWeight":"high","householdBrandBoost":0,"marketCapAdjustment":"low","retailFavoriteBoost":0}},"event_type":"earnings","event_type_secondary":null,"sentiment":"bullish","material_impact_score":4,"narrative":"PEDEVCO reported Q1 2026 revenue of $40.2 million, up 360% year-over-year, driven by the first full quarter of consolidated production following the Juniper Merger.\n\nAdjusted EBITDA surged 404% to $21.5 million, exceeding internal expectations, while average daily production reached 8,091 Boe/d, up 374% YoY.\n\nThe company reported a GAAP net loss of $25.6 million, primarily due to a $31.3 million non-cash mark-to-market loss on derivative contracts, but generated $10.5 million in operating cash flow.\n\nManagement reaffirmed full-year 2026 guidance for 6,500-7,000 Boe/d production and $60M-$70M Adjusted EBITDA, citing strong asset quality and a $22M availability under its credit facility.","key_figures":{"revenue":40222000,"guidance":"FY26 production 6,500-7,000 Boe/d; FY26 Adjusted EBITDA $60M-$70M; FY26 net capex $16M-$20M","revenueYoy":"360%","customDimensions":{"loe_per_boe":22.46,"total_assets":370083000,"production_yoy":"374%","adjusted_ebitda":21513000,"net_cash_from_ops":10535000,"total_liabilities":187898000,"adjusted_ebitda_yoy":"404%","shareholders_equity":182185000,"avg_daily_production_boe":8091,"credit_facility_outstanding":98000000,"credit_facility_availability":22000000,"credit_facility_borrowing_base":120000000}},"named_entities":{"people":[{"name":"J. Douglas Schick","role":"President and Chief Executive Officer"},{"name":"Sean Mansouri","role":"Investor Relations Contact"},{"name":"Laurent Weil","role":"Investor Relations Contact"}],"products":[],"companies":[{"name":"PEDEVCO Corp.","ticker":"PED"},{"name":"Juniper Capital Advisors, L.P.","relationship":"merger partner"},{"name":"Elevate IR","relationship":"investor relations firm"}],"dollarAmounts":[{"amount":"$40.2 million","context":"Q1 2026 revenue"},{"amount":"$8.7 million","context":"Q1 2025 revenue"},{"amount":"$21.5 million","context":"Q1 2026 Adjusted EBITDA"},{"amount":"$4.3 million","context":"Q1 2025 Adjusted EBITDA"},{"amount":"$(25.6) million","context":"Q1 2026 net loss"},{"amount":"$31.3 million","context":"net loss on derivative contracts"},{"amount":"$10.5 million","context":"net cash provided by operating activities"},{"amount":"$11.3 million","context":"cash and restricted cash"},{"amount":"$98.0 million","context":"outstanding borrowings under credit facility"},{"amount":"$120.0 million","context":"credit facility borrowing base"},{"amount":"$22.0 million","context":"availability under credit facility"},{"amount":"$60 to $70 million","context":"FY26 Adjusted EBITDA guidance"},{"amount":"$16 to $20 million","context":"FY26 net capital expenditures guidance"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-14T20:38:16.665Z","global_importance":35,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap","eventGravity":"earnings_beat","sectorWeight":"high","householdBrandBoost":0,"marketCapAdjustment":"low","retailFavoriteBoost":0}},"durationMs":86319,"modelName":"george-droid-qwen-72b"}}