UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT: January 7, 2015
DATE OF EARLIEST EVENT REPORTED: January 7, 2015

001-35922
(Commission file number)
 
PEDEVCO CORP.
(Exact name of registrant as specified in its charter)
 
Texas
 
22-3755993
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer Identification No.)
 
4125 Blackhawk Plaza Circle, Suite 201
Danville, California 94506
 (Address of principal executive offices)
 
(855) 733 2685
(Issuer’s telephone number)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
 

 
 
ITEM 7.01 REGULATION FD DISCLOSURE.

On January 7, 2015, PEDEVCO Corp. (the “Company”) issued a press release announcing the commencement of initial production rate testing of the Company’s three new Loomis wells recently drilled and completed in Weld County, Colorado.  The Company has an approximately 49.7% net working interest in each of these wells.

A copy of the press release is furnished as Exhibit 99.1 hereto.

The information responsive to Item 7.01 of this Form 8-K and Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. The furnishing of this Report is not intended to constitute a determination by the Company that the information is material or that the dissemination of the information is required by Regulation FD.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
 
(d) Exhibits.

Exhibit No.
 
Description
     
 
Press Release dated January 7, 2015
 
* Furnished herewith.
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
PEDEVCO CORP.
 
       
 
By:
/s/ Frank C. Ingriselli
 
   
Frank C. Ingriselli
 
   
Chairman and
Chief Executive Officer
 
       
Date: January 7, 2015
 
 

 
 

 


 
EXHIBIT INDEX
 
Exhibit No.
 
Description
     
 
Press Release dated January 7, 2015
 
* Furnished herewith.
 
 
 
 
 
 





Exhibit 99.1
 
Pacific Energy Development Announces Commencement of
Initial Production Rate Testing of New Loomis Wells

Early Net Production from Just One Well has Doubled Net Production for the Company
 
Danville, CA, Wednesday, January 7, 2015 – PEDEVCO Corp. d/b/a Pacific Energy Development (NYSE MKT: PED), an energy company engaged in the acquisition and development of strategic, high-growth energy projects in the U.S., announced today that it has commenced testing to determine the initial production rates of the Company’s 3 new horizontal Loomis wells recently drilled and completed on a 3-well pad in Weld County, Colorado.  Since completion, the three Loomis wells – the Loomis 2-1H, Loomis 2-3H and Loomis 2-6H – have been on flow-back.  With recent sub-zero temperatures in Eastern Colorado, the flow-back was temporarily reduced or halted at times.  Through the use of heaters coupled with higher outside temperatures, the Company has now resumed flow-back and is commencing initial production rate testing of these wells.
 
Based on the initial flow-back, the Company anticipates these wells will exceed the average initial production rates of all prior horizontal wells drilled and completed by the Company in Colorado.  The Loomis 2-6H well alone, after recovery of only approximately 25% of the frac load and without use of artificial lift, was initially producing 540 barrels of oil per day (bopd) and 300 thousand cubic feet of gas (mcfgd) (590 barrels of oil equivalent per day (boepd)) prior to slowing down flow-back due to the freezing temperatures. The Company anticipates production to increase as more of the frac load is recovered and the well is placed on artificial lift this week.
 
The Loomis wells are all operated by the Company’s wholly-owned operating subsidiary, Red Hawk Petroleum, LLC, with the Company having an approximately 49.7% net working interest in each well.  The Loomis 2-6H well reached a total measured depth of 11,335 feet, with a 6,298 foot total vertical depth and 4,694 foot lateral length with 25 frac stages, the Loomis 2-3H well reached a total measured depth of 11,345 feet, with a 6,321 foot total vertical depth and 4,614 foot lateral length with 18 frac stages, and the Loomis 2-1H well reached a total measured depth of 11,365 feet, with a 6,334 foot total vertical depth and 4,851 foot lateral length with 18 frac stages, all through the Niobrara “B” Bench target zone.  The Company anticipates that drilling and completion costs for each of the wells will be under budget at below $4 million per well.
 
Commenting on these wells, Mr. Frank C. Ingriselli, the Company’s Chairman and Chief Executive Officer, stated:  “We are excited by the rates of production from each of these new wells, which we believe will be transformative for our Company.  We anticipate that initial production net to the Company from the Loomis 2-6H well alone will more than double our current daily production, with the Loomis 2-3H and 2-1H wells only adding to this.  We are encouraged that our thoughtful application of improved completion techniques, coupled with careful and efficient control of our costs, looks to be paying dividends as we anticipate these new Loomis wells to be coming online with very strong production at costs below $4 million each. We look forward to announcing initial production rates of each of these new wells within the coming week.”
 
 
 

 
 
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. The Company has also previously announced its entry into an agreement to acquire an indirect 5% interest in a company which will hold a 380,000 acre producing asset located in the Pre-Caspian Basin, one of the largest producing basins in Kazakhstan.  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, 2013 and its subsequent Quarterly Reports on Form 10-Q. 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. Readers are also urged to carefully review and consider the other various disclosures in the Company's public filings with the SEC.
 
Contacts
Pacific Energy Development
Bonnie Tang
1-855-733-3826 ext 21 (Media)
PR@pacificenergydevelopment.com
 
Investor Relations:
 
Stonegate, Inc. 
Casey Stegman
1-214-987-4121
casey@stonegateinc.com
 
 
 

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