Pedevco reports 2023 EPS 0c vs. 3c last year

Reports revenue $30.8M vs. $30M last year. Produced an average of 1,427 barrels of oil equivalent per day in 2023, increasing 43% over average daily production in 2022. J. Douglas Schick, President of the Company, stated, “We are very encouraged by our strong operational and financial results in 2023, including a 43% increase in our year-over-year production, with revenue and EBITDA growth over 2022 despite significantly lower commodity prices in 2023. We also maintained disciplined G&A expenses, reduced LOE expenses, and significantly trimmed our P&A liabilities and operational complexities with the sale of non-core assets, exiting the year with a strong cash position and zero debt. We also positioned ourselves for growth in both the Permian and the D-J Basins. In the Permian, we drilled and completed three wells in our joint venture with Evolution Petroleum, which are currently online and producing. In the D-J Basin, we received approval for drilling and completion of up to 11 operated wells and participated in 13 non-operated wells in Q4 2023 and Q1 2024, of which seven are producing and six are expected to come online in late Q1 to early Q2 2024. Looking ahead, we expect to see meaningful production growth, improved cost metrics, and will continue to seek to leverage our strong balance sheet to grow production, revenue, cash flow, and profit, as well as increase our asset base for the benefit of our shareholders.”