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8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.1
Pacific Energy Development Announces Acceptance of
Listing Compliance Plan by NYSE MKT
February
17, 2017 – PEDEVCO Corp. d/b/a Pacific Energy Development
(NYSE MKT: PED) (the “Company”), today announced that
on February 13, 2017, the NYSE MKT (the “Exchange”)
notified the Company that it has accepted the Company’s plan
of compliance (the “Plan”) which the Company previously
presented to the Exchange on January 27, 2017, pursuant to which
the Company plans to increase its stockholders’ equity to at
least $6 million prior to the targeted completion date of June 27,
2018, during which period the Company’s listing is being
continued pursuant to an extension. The Exchange had previously
notified the Company in December 2016 that it was not in compliance
with certain of the Exchange’s continued listing standards,
as disclosed by the Company on December 30, 2016.
The
Company’s Plan as accepted by the Exchange contemplates
consummating one of several potential transactions currently being
considered by the Company, each of which are anticipated to result
in a substantial increase in the Company’s
stockholders’ equity, including (i) the previously-announced
acquisition of GOM Holdings, LLC (the “GOM Merger”),
which the Company is currently pursuing but which has been delayed
due to the parent company of GOM Holdings, LLC (“GOM”)
entering into Bankruptcy and GOM’s assets being subject
thereto, and (ii) certain alternative transactions for which the
Company is currently in term sheet discussions with third parties
and certain of the Company’s senior lenders, which potential
transactions contemplate the acquisition of oil and gas assets by
the Company in exchange for equity, coupled with the reduction or
complete discharge of Company debt through conversion of such debt
into Company equity or satisfaction of the debt through payment of
funds raised in an equity fundraising transaction, in each case
with the debt being converted or being discharged on a discounted
basis. While there is no guarantee that either the GOM Merger or
any of the contemplated alternative transactions will be
consummated on terms acceptable to the Company and its senior
lenders, it is anticipated that any of these transactions would, if
closed as anticipated, substantially increase the Company’s
stockholders’ equity well before the required June 27, 2018
Plan completion date.
Mr.
Michael L. Peterson, President and Chief Executive Officer of the
Company, commented, “We are excited with the multiple
opportunities that the Company is currently considering and are
confident that if the Company successfully consummates one of these
transactions in the coming quarters as planned, we will
significantly improve our stockholders’ equity. We believe
that such a transaction, coupled with a reverse stock split we plan
to consummate in the coming months, will not only return our
Company to full compliance with the NYSE MKT’s continued
listing standards, but will, more importantly, position our company
on an even stronger footing as we continue to seek to execute our
business plan and strive to build shareholder
value.”
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO
Corp, d/b/a Pacific Energy Development (NYSE MKT: PED), is a
publicly-traded energy company engaged in the acquisition and
development of strategic, high growth energy projects, including
shale oil and gas assets, in the United States. The Company’s
principal asset is its D-J Basin Asset located in the D-J Basin in
Colorado. Pacific Energy Development is headquartered in Danville,
California, with an operations office in Houston,
Texas.
Forward-Looking Statements
All
statements in this press release that are not based on historical
fact are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995 and
the provisions of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. While management has based any forward-looking statements
contained herein on its current expectations, the information on
which such expectations were based may change. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of risks,
uncertainties, and other factors, many of which are outside of the
Company’s control, that could cause actual results to
materially differ from such statements. Such risks, uncertainties,
and other factors include, but are not necessarily limited to,
those set forth under Item 1A “Risk Factors” in the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2015 and subsequently filed periodic reports under the
heading “Risk Factors”. The Company operates in a
highly competitive and rapidly changing environment, thus new or
unforeseen risks may arise. Accordingly, investors should not place
any reliance on forward-looking statements as a prediction of
actual results. The Company disclaims any intention to, and
undertakes no obligation to, update or revise any forward-looking
statements, except as otherwise required by law, and also takes no
obligation to update or correct information prepared by third
parties that are not paid for by the Company. Readers are also
urged to carefully review and consider the other various
disclosures in the Company’s public filings with the
Securities Exchange Commission (SEC).
Contacts
Pacific
Energy Development
1-855-733-3826
PR@pacificenergydevelopment.com