HOUSTON, TX / ACCESSWIRE / November 14, 2024 / PEDEVCO Corp. (NYSE American:PED) ("PEDEVCO" or the "Company"), an energy company engaged in the acquisition and development of strategic, high growth energy projects in the U.S., today announced its financial results for the three and nine months ended September 30, 2024, and provided an operations update.
Key Financial and Operational Highlights Include:
Produced an average of 1,698 barrels of oil equivalent per day ("BOEPD") (85% liquids) in the three months ended September 30, 2024 ("Q3 2024"), compared to 1,376 BOEPD produced in Q3 2023.
Q3 2024 revenue of $9.1 million, increasing $1.7 million from Q3 2023.
Operating income of $2.8 million, increasing 231% from Q3 2023.
Operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $7.0 million, increasing 7% from Q3 2023.
Net income of $2.9 million, or $0.03 per basic and diluted share outstanding, compared to $0.9 million, or $0.01 per basic and diluted share outstanding in Q3 2023.
Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased $1.3 million to $5.7 million, compared to $4.4 million in Q3 2023.
Cash and cash equivalents (including $2.55 million in restricted cash) of $7.2 million as of September 30, 2024, and zero debt.
Strong results continued to be realized from thirteen non-operated wells in the D-J Basin and three operated wells in the Permian Basin that commenced production in Q1 2024.
The Company elected to participate in six non-operated wells in the D-J Basin with a working interest of approximately 28% in Q3 2024 with production impact anticipated in Q4 2024, and an additional five non-operated wells in the D-J Basin with a working interest varying between 0.7% and 13% with production impact anticipated in Q4 2024.
The Company is working with partners, consultants and vendors on further D-J Basin development possibilities for 2025 and 2026.
The Company is currently planning the next phase of development of the Permian Basin asset with Evolution Petroleum Corporation, anticipated to include four wells scheduled to begin drilling in early 2025.
J. Douglas Schick, President of the Company, stated, "Our Q3 2024 results continue to demonstrate consistently strong production, cashflow, earnings per share, and adjusted EBITDA growth, surpassing each metric when compared to Q3 2023, while continuing to maintain zero debt and flat G&A expenses. We continue to generate highly-prospective non-operated development opportunities in the D-J Basin, which strategy has successfully delivered consistently strong returns that have exceeded our expectations. With the recent entry into a five year Participation Agreement and Area of Mutual Interest with a large private D-J Basin E&P company, coupled with our partnership with Evolution Petroleum to jointly develop our Permian Basin asset, and now with our $250 million reserve based lending facility with Citibank in place, we believe that we are well-positioned to accelerate the development of our core assets in the D-J and Permian Basins, grow long term production, and increase revenues, profit and cash flow for the benefit of our shareholders."
Financial Summary:
We reported net income for Q3 2024 of $2.9 million, or $0.03 per share, compared to net income for Q3 2023 of $0.9 million, or $0.01 per share. The increase in net income of $2.0 million, when comparing the current period to the prior year's period, was primarily due to a $1.7 million increase in revenues coupled with a $0.7 million gain on sale of oil and gas properties, offset by a $0.4 million increase in total operating expenses (each discussed in more detail below).
We reported operating expenses in Q3 2024 of $7.0 million, which was approximately $0.5 million higher than we reported in Q3 2023.
Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 30% to $5.7 million in Q3 2024, compared to $4.4 million in Q3 2023.
Cash and cash equivalents were $7.2 million as of September 30, 2024 (including $2.55 million in restricted cash), compared with $20.7 million as of December 31, 2023 (including $2.2 million in restricted cash), which decrease was due largely to increased capital spending related to our drilling and completion activities.
Production, Prices and Revenues:
Production for Q3 2024 was 156,096 barrels of oil equivalent ("Boe"), comprised of 108,810 barrels of oil, 142,669 million cubic feet ("Mcf") of natural gas, and 23,508 Boe of natural gas liquids ("NGLs"). Liquids production comprised 85% of total production in the quarter.
Our average realized crude oil sales price in Q3 2024 was $75.82 per barrel, average realized natural gas price was $1.23 per Mcf, and average realized NGL sales price was $26.53 per barrel. Our combined average realized sales price for the quarter was $57.97 per Boe, which was comparable with $57.91 per Boe in Q3 2023.
Total crude oil, natural gas and NGL revenues for Q3 2024 increased $1.7 million, or 23%, to $9.0 million, compared to $7.3 million for the same period a year ago, due to a favorable volume variance of $1.7 million. There was a negligible price variance over the periods. The increase in overall production volume is related to our participation in 13 new non-operated wells in the D-J Basin and the drilling and completion of three operated wells in the Permian Basin, all of which occurred in late 2023 and Q1 2024. We also recognized minimal additional production impact from our participation in another six wells in the D-J Basin which production began in latter part of Q3 2024.
Lease Operating Expenses ("LOE"):
Total LOE for Q3 2024 was $2.5 million compared to total LOE for Q3 2023 of $2.2 million. The increase of $0.3 million was primarily due to higher direct and variable lease operating expenses associated with the higher oil volume resulting from the increased number of wells and increased oil production during the current year's period, compared to the prior year's period, due to our participation in new wells in the D-J Basin, as well as production from our recently completed wells in the Permian Basin.
Depreciation, Depletion, Amortization and Accretion ("DD&A"):
DD&A increased from $2.9 million in Q3 2023 to $3.0 million in Q3 2024. The $0.1 million increase was primarily the result of higher crude oil and NGL volumes resulting from the increased number of wells and increased oil production from our new wells, compared to the prior year's period.
General and Administrative Expenses ("G&A"):
The $0.1 million increase in cash G&A expenses (excluding share-based compensation) in Q3 2024 compared to Q3 2023 was primarily the result of additional payroll and software licensing fees.
Share-based compensation, which is included in general and administrative expenses in our Statements of Operations, decreased nominally due to the forfeiture of certain employee stock-based options due to certain voluntary employee terminations. Share-based compensation is utilized for the purpose of conserving cash resources for use in field development activities and operations.
Interest Income and Other Income:
We earned $84,000 in interest earned from our interest-bearing cash accounts, for which interest rates have remained relatively flat in the current period, compared to the prior period and interest on our note receivable. There was no other income in the current period compared to a nominal amount in the prior period.
Working Capital and Liquidity:
At September 30, 2024, our total current assets of $11.0 million exceeded our total current liabilities of $5.2 million, resulting in a working capital surplus of $5.8 million, while at December 31, 2023, our total current assets of $24.6 million exceeded our total current liabilities of $18.9 million, resulting in a working capital surplus of $5.7 million. The $0.1 million increase in our working capital surplus is primarily related to an increase in oil and gas receivables from production sales, offset by cash used to reduce payables related to our current capital drilling program (described above).
Operations Update:
The Company continued to realize strong results from thirteen non-operated wells in the D-J Basin in which it previously elected to participate, including in seven non-operated wells with an ~18% working interest (the "Eider Wells"), and six non-operated wells with an ~5% working interest (the "Mottled Wells"). These wells commenced production in Q1 2024 and reached production peak in Q2 2024, realizing natural declines into Q3 2024, and contributed significantly to the Company's production and cash flow during the quarter.
The Company also elected to participate in six additional non-operated wells in the D-J Basin (the "Harlequin Wells") with a working interest of approximately 28% in Q3 2024, with minimal production impact in Q3 2024 and significant production impact anticipated as the wells increase in volume into Q4 2024. The Company also elected to participate in an additional five non-operated wells in the D-J Basin (the "Purcell Wells") with a working interest varying between 0.7% and 13%, with production impact anticipated in Q4 2024.
The Company's interests in the new Harlequin Wells was acquired in October 2024 in connection with the Company's entry into the five year Participation Agreement ("PA") and Area of Mutual Interest ("AMI") with a large private Denver, Colorado-based D-J Basin E&P Company. Pursuant to the PA, the companies have agreed to participate in the joint development of approximately 10,750 net acres collectively held by the companies in the SW Pony Prospect located in Weld County, Colorado, and formed an approximately 16,900 gross acre AMI in the prospect, with PEDVCO holding a 30% interest and the other party holding a 70% interest in the combined acreage. The companies contemplate drilling and completing a minimum of five horizontal Niobrara wells per year over the next five years.
In the Permian Basin, the Company is currently planning the next phase of development with Evolution Petroleum Corporation, anticipated to include four wells scheduled to begin drilling in early 2025.
More information regarding our operating results for the three months ended September 30, 2024, including our full financial statements and footnotes, can be found in our Quarterly Report on Form 10-Q which was filed earlier today with the Securities and Exchange Commission and is available at www.sec.gov.
About PEDEVCO Corp.
PEDEVCO Corp. (NYSE American:PED), is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its Permian Basin Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming. PEDEVCO is headquartered in Houston, Texas.
Use of Non-GAAP Financial Information
This earnings release discusses EBITDA and Adjusted EBITDA which are presented as supplemental measures of the Company's performance. These measurements are not recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an alternative to GAAP measures of performance. EBITDA represents net income before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA, less share-based compensation and gain on sale of oil and gas properties and gain on sale of fixed assets. EBITDA and Adjusted EBITDA are presented because we believe they provide additional useful information to investors due to the various noncash items during the period. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We use EBITDA and Adjusted EBITDA as supplements to GAAP measures of performance to provide investors with an additional financial analytical framework which management uses, in addition to historical operating results, as the basis for financial, operational and planning decisions and present measurements that third parties have indicated are useful in assessing the Company and its results of operations. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP. Some of these limitations are: EBITDA and Adjusted EBITDA do not reflect cash expenditures, future requirements for capital expenditures, or contractual commitments; EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, working capital needs; and EBITDA and Adjusted EBITDA do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on debt or cash income tax payments. For example, although depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect any cash requirements for such replacements. Additionally, other companies in our industry may calculate EBITDA and Adjusted EBITDA differently than PEDEVCO Corp. does, limiting its usefulness as a comparative measure. You should not consider EBITDA and Adjusted EBITDA in isolation, or as substitutes for analysis of the Company's results as reported under GAAP. The Company's presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items. We compensate for these limitations by providing a reconciliation of each of these non-GAAP measures to the most comparable GAAP measure. We encourage investors and others to review our business, results of operations, and financial information in their entirety, not to rely on any single financial measure, and to view these non-GAAP measures in conjunction with the most directly comparable GAAP financial measure. For more information on these non-GAAP financial measures, please see the section titled "Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA", included at the end of this release.
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward-looking statements, including information about management's view of PEDEVCO's future expectations, plans and prospects, within the meaning of the federal securities laws, including the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions are intended to identify forward-looking statements within the meaning of the Act and such laws, and are subject to the safe harbor created by the Act and applicable laws. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of PEDEVCO and its subsidiaries to be materially different than those expressed or implied in such statements. The forward-looking statements include projections and estimates of the Company's corporate strategies, future operations, development plans and programs, including the costs thereof, drilling locations, estimated oil, natural gas and natural gas liquids production, price realizations, projected operating, general and administrative and other costs, projected capital expenditures, efficiency and cost reduction initiative outcomes, statements regarding future production, costs and cash flows, liquidity and our capital structure. We have based these forward-looking statements on our current expectations and assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate under the circumstances. However, whether actual results and developments will conform with our expectations and predictions is subject to a number of risks and uncertainties, including the volatility of oil and natural gas prices, our success in discovering, estimating, developing and replacing oil and natural gas reserves, risks of our operations not being profitable or generating sufficient cash flow to meet our obligations; risks relating to the future price of oil, natural gas and NGLs; risks related to the status and availability of oil and natural gas gathering, transportation, and storage facilities; risks related to changes in the legal and regulatory environment governing the oil and gas industry, and new or amended environmental legislation and regulatory initiatives; risks relating to crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changing economic, regulatory and political environments in the markets in which the Company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; actions of competitors or regulators; the potential disruption or interruption of the Company's operations due to war, accidents, political events, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the Company's control; risks related to the need for additional capital to complete future acquisitions, conduct our operations, and fund our business on favorable terms, if at all, the availability of such funding and the costs thereof; risks related to the limited control over activities on properties we do not operate and the speculative nature of oil and gas operations in general; risks associated with the uncertainty of drilling, completion and enhanced recovery operations; risks associated with illiquidity and volatility of our common stock, dependence upon present management, the fact that Dr. Simon G. Kukes, our CEO and member of the Board, beneficially owns a majority of our common stock, and our ability to maintain the listing of our common stock on the NYSE American; pandemics, governmental responses thereto, economic downturns and possible recessions caused thereby; inflationary risks and recent increased interest rates, and the risks of recessions and economic downturns caused thereby or by efforts to reduce inflation; risks related to military conflicts in oil producing countries; changes in economic conditions; limitations in the availability of, and costs of, supplies, materials, contractors and services that may delay the drilling or completion of wells or make such wells more expensive; the amount and timing of future development costs; the availability and demand for alternative energy sources; regulatory changes, including those related to carbon dioxide and greenhouse gas emissions; and others that are included from time to time in filings made by PEDEVCO with the Securities and Exchange Commission, many of which are beyond our control, including, but not limited to, in the "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" sections of its Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed, and files from time to time, with the U.S. Securities and Exchange Commission, including, but not limited to its Annual Report on Form 10-K for the year ended December 31, 2023 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on PEDEVCO's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. PEDEVCO cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements. The internal projections, expectations, or beliefs underlying our 2024 capital budget are subject to change in light of numerous factors, including, but not limited to, the prevailing prices of oil and gas, actions taken by businesses and governments, ongoing results, prevailing economic circumstances, commodity prices, and industry conditions and regulations.
PEDEVCO CORP.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
| September 30, 2024 (Unaudited) | December 31, 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 4,619 | $ | 18,515 | ||||
Accounts receivable - oil and gas Note Receivable, current | 5,323 240 | 5,790 42 | ||||||
Prepaid expenses and other current assets | 803 | 260 | ||||||
Total current assets | 10,985 | 24,607 | ||||||
Oil and gas properties - successful efforts method: | ||||||||
Oil and gas properties, subject to amortization, net | 92,184 | 79,186 | ||||||
Oil and gas properties, not subject to amortization, net | 6,903 | 12,407 | ||||||
Total oil and gas properties, net | 99,087 | 91,593 | ||||||
Other assets: | ||||||||
Note receivable Operating lease - right-of-use asset | 979 248 | 1,099 316 | ||||||
Other assets | 3,010 | 2,443 | ||||||
Total assets | $ | 114,309 | $ | 120,058 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 1,288 | $ | 6,580 | ||||
Accrued expenses | 2,160 | 8,712 | ||||||
Revenue payable | 1,263 | 3,371 | ||||||
Operating lease liabilities - current | 96 | 89 | ||||||
Asset retirement obligations - current | 419 | 147 | ||||||
Total current liabilities | 5,226 | 18,899 | ||||||
Long-term liabilities: | ||||||||
Operating lease liabilities, net of current portion | 154 | 227 | ||||||
Asset retirement obligations, net of current portion | 2,393 | 2,166 | ||||||
Total liabilities | 7,773 | 21,292 | ||||||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Common stock, $0.001 par value, 200,000,000 shares authorized; 89,495,267 and 87,250,267 shares issued and outstanding, respectively | 89 | 87 | ||||||
Additional paid-in capital | 226,555 | 225,156 | ||||||
Accumulated deficit | (120,108 | ) | (126,477 | ) | ||||
Total shareholders' equity | 106,536 | 98,766 | ||||||
Total liabilities and shareholders' equity | $ | 114,309 | $ | 120,058 | ||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except share and per share data)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
Revenue: | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Oil and gas sales | $ | 9,050 | $ | 7,330 | $ | 28,977 | $ | 24,042 | ||||||||
Operating expenses: | ||||||||||||||||
Lease operating costs | 2,556 | 2,245 | 8,635 | 7,540 | ||||||||||||
Selling, general and administrative expense | 1,343 | 1,297 | 4,221 | 4,118 | ||||||||||||
Depreciation, depletion, amortization and accretion | 3,055 | 2,932 | 10,782 | 8,411 | ||||||||||||
Total operating expenses | 6,954 | 6,474 | 23,684 | 20,069 | ||||||||||||
Gain on sale of oil and gas properties | 735 | - | 735 | - | ||||||||||||
Operating income | 2,831 | 856 | 6,074 | 3,973 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 84 | 88 | 326 | 272 | ||||||||||||
Gain on sale of fixed asset | - | - | 12 | - | ||||||||||||
Other income (expense) | - | 5 | (43 | ) | 40 | |||||||||||
Total other income | 84 | 93 | 295 | 312 | ||||||||||||
Net income | $ | 2,915 | $ | 949 | $ | 6,369 | $ | 4,285 | ||||||||
Income per common share: | ||||||||||||||||
Basic | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.05 | ||||||||
Diluted | $ | 0.03 | $ | 0.01 | $ | 0.07 | $ | 0.05 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 89,428,310 | 87,108,745 | 89,147,092 | 86,958,033 | ||||||||||||
Diluted | 89,428,310 | 87,108,745 | 89,147,092 | 86,958,033 | ||||||||||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
| Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net income | $ | 6,369 | $ | 4,285 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation, depletion, amortization and accretion | 10,782 | 8,411 | ||||||
Share-based compensation expense | 1,401 | 1,546 | ||||||
Gain on sale of oil and gas properties | (735 | ) | - | |||||
Amortization of right-of-use asset | 83 | 86 | ||||||
Uncollectible account expense | 50 | - | ||||||
Gain on disposal of fixed asset | (12 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable - oil and gas | 467 | (3,185 | ) | |||||
Note receivable accrued interest | (78 | ) | - | |||||
Prepaid expenses and other current assets | (543 | ) | (93 | ) | ||||
Accounts payable | (1,088 | ) | (232 | ) | ||||
Accrued expenses | (6,041 | ) | 669 | |||||
Revenue payable | (2,108 | ) | (62 | ) | ||||
Net cash provided by operating activities | 8,547 | 11,425 | ||||||
Cash Flows From Investing Activities: | ||||||||
Cash paid for drilling and completion costs | (21,134 | ) | (27,985 | ) | ||||
Cash received from the sale of oil and gas property | 1,115 | 366 | ||||||
Cash received for sale of vehicle | 12 | - | ||||||
Cash received from security deposit reimbursement | - | 9 | ||||||
Cash paid for vehicles | (91 | ) | (45 | ) | ||||
Net cash used in investing activities | (22,098 | ) | (27,655 | ) | ||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from issuance of shares, net of offering costs | - | - | ||||||
Net cash provided by financing activities | - | - | ||||||
Net decrease in cash and restricted cash | (13,551 | ) | (16,230 | ) | ||||
Cash and restricted cash at beginning of period | 20,715 | 32,977 | ||||||
Cash and restricted cash at end of period | $ | 7,164 | $ | 16,747 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Cash paid for: | ||||||||
Interest | $ | - | $ | - | ||||
Income taxes | $ | - | $ | - | ||||
Noncash investing and financing activities: | ||||||||
Change in accrued oil and gas development costs | $ | 5,009 | $ | 12,558 | ||||
Changes in estimates of asset retirement costs, net | $ | 56 | $ | 131 | ||||
Issuance of restricted common stock | $ | 2 | $ | 1 | ||||
Reconciliation of Net Income attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA* (in thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income | $ | 2,915 | $ | 949 | $ | 6,369 | $ | 4,285 | ||||||||
Add (deduct) | ||||||||||||||||
Depreciation, depletion, amortization and accretion | 3,055 | 2,932 | 10,782 | 8,411 | ||||||||||||
EBITDA | 5,970 | 3,881 | 17,151 | 12,696 | ||||||||||||
Add (deduct) | ||||||||||||||||
Share-based compensation | 464 | 511 | 1,401 | 1,546 | ||||||||||||
Gain on sale of fixed assets | - | - | (12 | ) | - | |||||||||||
Gain on sale of oil and gas properties | (735 | ) | - | (735 | ) | - | ||||||||||
Adjusted EBITDA | $ | 5,699 | $ | 4,392 | $ | 17,805 | $ | 14,242 | ||||||||
* EBITDA and Adjusted EBITDA are non-GAAP financial measures. These measurements are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. See also "Use of Non-GAAP Financial Information", above.
CONTACT:
PEDEVCO Corp.
(713) 221-1768
[email protected]
SOURCE: PEDEVCO Corp.
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