Attached files
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EX-99.1 - UNAUDITED PROFORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO - PEDEVCO CORP | ped_ex991.htm |
EX-10.5 - FORM OF WARRANT - PEDEVCO CORP | ped_ex105.htm |
EX-10.4 - BRIDGE NOTE REPAYMENT AGREEMENT - PEDEVCO CORP | ped_ex104.htm |
EX-10.3 - JUNIOR NOTE REPAYMENT AGREEMENT - PEDEVCO CORP | ped_ex103.htm |
EX-10.2 - TRANCHE A NOTE REPAYMENT AGREEMENT - PEDEVCO CORP | ped_ex102.htm |
EX-10.1 - PROMISSORY NOTE - PEDEVCO CORP | ped_ex101.htm |
EX-3.1 - AMENDMENT TO AMENDED AND RESTATED CERTIFICATE OF DESIGNATIONS - PEDEVCO CORP | ped_ex31.htm |
8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.2
Pacific Energy Development Closes
Strategic Investment
Successful Restructuring of Balance Sheet
Positioned for Future Growth and Development
Danville,
CA, Tuesday, June 26, 2018 – PEDEVCO Corp. d/b/a Pacific Energy
Development (NYSE American: PED) (the Company") reported
today that it entered into a series of transactions resulting in
the satisfaction and retirement of substantially all of its
existing debt, successfully erasing over $75 million in debt and
replacing it with $7.7 million in three-year 8% senior note funded
by a strategic investor, SK Energy LLC. With these transactions,
the Company estimates that it has increased its stockholders'
equity by over $64 million.
With
the Company’s balance sheet restructured, the Company
believes it is now well-positioned to execute upon its business
plan of developing its current assets, which include over $51
million in proved undeveloped reserves (PUDs) (undiscounted net
present value) as most recently estimated by the Company’s
independent reserve engineers and growing the Company through
accretive acquisitions.
SK
Energy LLC is wholly owned by Dr. Simon Kukes, a global energy
businessman who has developed and ran multi-billion dollar energy
companies around the world. His strategic leadership and vision has
proven and delivered shareholder value globally for decades with
such prominent companies as Phillips and Amoco, where he was in a
leading technical position, and where he authored and obtained more
than 130 patents, and also in a recent successful joint venture
with Hess Corporation, and many other companies
globally.
Mr.
Frank Ingriselli, the Chairman, President & CEO of the Company,
commented, "I personally committed to the Board and our
shareholders publicly that we would use our best efforts and
dedicate the Company to finding a strategic investor that would
allow the Company to not only restructure its balance sheet and
regain compliance with NYSE American listing standards, but that
would be aligned with our strategy of accretively developing the
Company’s existing assets and to also allow us to
additionally focus on accretive acquisitions. We believe our new
strategic investor, SK Energy, is the perfect partner to help us
achieve all of these ends. Dr. Simon Kukes is a global strategic
energy businessman who has successfully built multi-billion dollar
enterprises and we believe his technical expertise,
entrepreneurship and access to capital will put our Company on a
path to deliver on its future plans to grow the Company and
shareholder value.”
Dr.
Simon Kukes, added, "I am excited to make this investment in
PEDEVCO whose assets were only hindered in their development by its
strangling debt situation. I believe the Company is now
well-positioned to develop its assets, grow production, and seek
accretive acquisitions. I hope to be able to assist the Company in
those plans by working with them alongside American Resources Inc.
(who assisted SK Energy in this transaction) to develop current
assets, identify future opportunities and secure its capital
needs."
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO
Corp, d/b/a Pacific Energy Development (NYSE American: 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
Weld County, Colorado. Pacific Energy Development is headquartered
in Danville, California, with an operations office in Houston,
Texas.
Cautionary Statement Regarding 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 (the
“Acts”). In particular, when used in the preceding
discussion, the words "estimates," "believes," "hopes," "expects,"
"intends," "plans," "anticipates," or "may," and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act, and are subject to the
safe harbor created by the Act. Any statements made in this news
release other than those of historical fact, about an action, event
or development, are forward-looking statements. 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, 2017 and subsequently filed Quarterly Reports on Form 10-Q
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