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8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.1
Pacific Energy Development Adds to
Management and Board
New Additions to Focus on Development and Acquisitions
Danville,
CA, Thursday, July 12, 2018 – PEDEVCO Corp. d/b/a
Pacific
Energy Development (NYSE American: PED) (the
“Company") reported today that it has appointed Dr. Simon
Kukes as its new Chief Executive Officer and member of the
Company’s Board of Directors, and has added two additional
Board members, all of whom have significant global oil and gas
industry experience.
Mr.
Frank Ingriselli will remain as the Chairman of the Board and will
also assume the position of Advisor to the CEO.
These
changes were effective Thursday, July 12, 2018. Simon Kukes has
also agreed to receive an annual salary of $1 and not charge the
Company for his business expenses.
Simon
Kukes, the new CEO of the Company, commented, "I assumed the CEO
position because I know how to build companies, have successfully
done it multiple times before, and I believe that I will achieve
similar success with PEDEVCO through organic growth and the
aggressive acquisition of accretive assets. Under my leadership, I
plan to focus the Company on long-term growth, with my commitment
to the future success of the Company evidenced by my election to
take only $1 in salary, bear all my own business expenses, and help
directly fund the Company.”
Simon
Kukes is 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 for decades with such prominent companies as
Phillips Petroleum and Amoco, where he served in leading technical
positions and authored and obtained more than 130 patents. He also
served as CEO of a very successful joint venture with Hess
Corporation, and in top leadership positions with multiple other
prominent global energy companies.
Frank
Ingriselli, Chairman of the Company, added, "Simon Kukes’
track record of success speaks for itself, and I am confident that
through his disciplined leadership and financial support, the
Company will achieve similar success as enjoyed by his other oil
and gas ventures.”
In
addition to Dr. Kukes joining the Board, Mr. John Scelfo and Mr.
Ivar Siem joined the Board as independent Board
members.
Mr.
John Scelfo brings nearly 40 years of experience in oil and gas
management, finance and accounting to the Board. Mr. Scelfo
previously served as Senior Vice President, Finance and Corporate
Development, Chief Financial Officer, Worldwide Exploration &
Producing, and member of the Executive Committee at Hess
Corporation, as Executive Vice President and Chief Financial
Officer of Sirius Satellite Radio, as Vice President and Chief
Financial Officer of Asia Pacific & Japan for Dell Computer,
and in various roles of increasing responsibility with Mobil
Corporation.
Mr.
Ivar Siem brings broad experience from both the upstream and the
service segments of the oil and gas industry, has been the founder
of several companies, and has been involved in several roll-ups and
restructuring processes throughout his career. He previously served
as Chairman and Chief Executive Officer of American Resources,
Inc., as Chairman of Blue Dolphin Energy Company, as Chairman and
interim CEO of DI Industries/Grey Wolf Drilling, as Chairman and
CEO of Seateam Technology ASA, and in various other executive roles
at multiple E&P and oil field service companies.
The
Board of Directors also accepted the resignation of David
Steinberg, who previously served on the Board since July 2015 as
the designee of the holders of the Company’s Series A
Preferred Stock. The Company is grateful for the Mr.
Steinberg’s service, advice and support through the
challenges the Company faced over the last several years as it
worked to restructure its debt.
As the
Company announced 2 weeks ago, through a series of transactions,
the Company successfully erased over $75 million in debt and
increased its stockholders' equity by over $64 million. The
Company’s D-J Basin assets in Colorado were most recently
independently estimated to include over $51 million in proved
undeveloped (PUDs) (undiscounted net present value).
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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
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