Attached files
| file | filename |
|---|---|
| EX-2.1 - PURCHASE AND SALE AGREEMENT - PEDEVCO CORP | ped_ex2-1.htm |
| EX-10.4 - OFFER LETTER - PEDEVCO CORP | ped_ex10-4.htm |
| EX-10.3 - MEMBERSHIP INTEREST PURCHASE AGREEMENT - PEDEVCO CORP | ped_ex10-3.htm |
| EX-10.2 - STOCK PURCHASE AGREEMENT - PEDEVCO CORP | ped_ex10-2.htm |
| EX-16.1 - LETTER DATED AUGUST 1, 2018 FROM GBH CPAS, PC TO THE SECURITIES AND EXCHANGE COM - PEDEVCO CORP | ped_ex16-1.htm |
| EX-10.1 - FORM OF CONVERTIBLE PROMISSORY NOTE - PEDEVCO CORP | ped_ex10-1.htm |
| 8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.1
Pacific Energy Development Enters
Agreements to Acquire Producing Assets in the Permian and D-J
Basins
Expands Executive, Engineering, Development, Accounting,
Regulatory, Technical and Operating
Teams
Headquarters Moved to Houston, Texas
Houston,
Texas, Wednesday, August 1, 2018 – PEDEVCO Corp. d/b/a
Pacific
Energy Development (NYSE American: PED) (the
“Company") reported today that it has entered into an
agreement to acquire over 23,000 net leasehold acres, all operated
production, and all related existing infrastructure and certain
operating companies from certain U.S. subsidiaries of Hunter Oil
Corp. (OTCQX: HOILF; TSX-V: HOC), with closing scheduled to occur
on or about August 31, 2018, subject to satisfaction of closing
conditions. These assets are located in the prolific San Andres
play in the Permian Basin situated in west Texas and eastern New
Mexico, with all acreage and production 100% operated and
substantially all acreage held by production.
In
addition, effective August 1, 2018, the Company acquired 100%
ownership of Condor Energy Technology LLC, which owns and operates
4 horizontal wells producing from the Niobrara formation, and
approximately 2,340 net acres held by production, all located in
the D-J Basin in Weld and Morgan Counties, Colorado, and represents
“bolt-on” acreage to the Company’s existing
operations in the D-J Basin.
Also
effective August 1, 2018, Mr. J. Douglas Schick, an oil and gas
executive with over 20 years’ experience in the industry,
joined the Company as its new President, with responsibility over
the Company’s exploration and production and mergers and
acquisition functions, reporting directly to Company CEO Simon
Kukes. In addition, effective August 1, 2018, the Company hired
four additional employees with expertise in oil and gas
development, operations, engineering, accounting and regulatory
matters, and relocated its headquarters to Houston, Texas. Current
Company Chief Financial Officer, Mr. Gregory Overholtzer, and
current Company Executive Vice President, General Counsel and
Secretary, Mr. Clark R. Moore, remain in office in their current
roles, with Mr. Moore assuming the additional responsibility and
oversight over all Company human resource matters.
Dr.
Simon Kukes, the CEO of the Company, commented, "Consistent with
our business plan to acquire accretive assets and focus on
long-term growth, we have acquired the additional D-J Basin assets,
and plan to close on the acquisition of the Permian Basin assets by
the end of the month. I have also further directly funded the
Company to acquire these assets. With the additional team members
now in place, and Company headquarters relocated to Houston, I
believe we are positioned to continue growing the Company through
additional acquisitions and development of our
assets.”
Announcement of Date of Annual Meeting
The
Company has scheduled its 2018 Annual Meeting of Stockholders to be
held on Thursday, September 27, 2018 at 10:00 a.m. local time at
PEDEVCO Corp.’s corporate office located at 1250 Wood Branch
Park Drive, Houston, Texas 77079. The record date for determination
of stockholders entitled to vote at the meeting, and any
adjournment thereof, is planned to be set on or around the close of
business on August 9, 2018. More information regarding the
Company's 2018 Annual Meeting of Stockholders will be disclosed in
the Company's proxy statement which the Company plans to file with
the Securities and Exchange Commission shortly after the record
date.
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To be
timely, pursuant to the company's Bylaws, as amended, and Rule
14a-8 of the Securities Exchange Act of 1934, as amended, any
notice of business or nominations with respect to the 2018 Annual
Meeting of Stockholders must be received by the Company at its
principal executive offices at 1250 Wood Branch Park Drive, Suite
400, Houston, Texas, Attention: Corporate Secretary by no later
than 5:00 p.m., Central Time, on August 11, 2018. Any such
stockholder proposal must be submitted and must comply with the
applicable rules and regulations of the Securities and Exchange
Commission, including Rule 14a-8 of the Securities Exchange Act of
1934, as amended, and the Company's Bylaws, as
amended.
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 assets are its D-J Basin Asset located in the D-J Basin
in Weld and Morgan Counties, Colorado, and the Permian Basin assets
located in west Texas and eastern New Mexico scheduled to be
acquired in late August 2018. Pacific Energy Development is
headquartered 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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