HOUSTON, TX / ACCESSWIRE / August 15, 2022 / 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 six months ended June 30, 2022 and provided an operations update.
Key Highlights Include:
- Produced an average of 1,085 barrels of oil equivalent per day ("BOEPD") (80% oil) in the three months ended June 30, 2022 ("Q2 2022"), with Q2 2022 revenue of $9.55 million increasing 155% over revenue earned during the three months ended June 30, 2021 ("Q2 2021").
- Reported Q2 2022 operating income of $3.22 million, increasing nearly 600% from Q2 2021.
- Reported Q2 2022 operating expenses (inclusive of general and administrative expenses, depreciation, depletion and amortization expenses and lease operating expenses) of $6.3 million, increasing $1.9 million and 44% from Q2 2021.
- Reported Q2 2022 net income of $3.21 million or $0.04 per basic diluted share outstanding, compared to a net loss of $225 thousand, or a $0.00 loss per diluted basic share outstanding, in Q2 2021.
- Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 281% to $6.0 million in Q2 2022, compared to $1.6 million in Q2 2021.
- Reported cash (including $3.3 million in restricted cash) of $26.36 million as of June 30, 2022, and zero debt.
- Participated in an additional eight new highly prospective non-operated horizontal D-J Basin wells drilled in May 2022 and estimated to be completed in Q4 2022, with the Company holding a ~4.7% working interest at an estimated net cost to us of ~$2.5 million.
- Current production from the two new horizontal wells brought into production in early March 2022 continues to average a combined 406 BOEPD after approximately 6 months of being online.
J. Douglas Schick, President of the Company, stated, "We are pleased with our strong Q2 2022 results. We not only significantly increased production, but we also delivered $0.04 in earnings per share and generated Adjusted EBITDA of $6.0 million in the quarter. Looking ahead, we plan to leverage our ~$25 million of cash and zero debt as we evaluate additional drilling and growth opportunities in our Permian Basin and D-J Basin assets, all in our continued effort to grow production, revenue and profit for the benefit of our shareholders."
Financial Summary:
For Q2 2022, we reported net income of $3.2 million, or $0.04 per share, compared to a net loss for Q2 2021 of $0.2 million or ($0.00) per share. The increase in net income of $3.4 million, when comparing the current period to the prior year's period, was primarily due to a $5.8 million increase in net revenues offset by a $2.0 million increase in total operating expenses and a $0.4 million gain from forgiveness of our Paycheck Protection Program loan in the prior period.
We reported operating expenses in Q2 2022 of $6.33 million, compared to $4.39 million in Q2 2021. The increase was primarily related to increased overall activity compared to the prior period, as well as increased taxes and marketing fees from higher production volumes. Additional workovers for artificial lift repairs and optimizations have been executed to maximize production volumes during the current increased commodity pricing environment. Approximately $300,000 of the increased non-recurring costs for this period were dedicated to environmental cleanup and reclamation of historic well and facility sites that were inherited from previous operators in our Permian Basin Asset. Service and materials costs have also increased accordingly with general supply chain and inflation issues seen throughout the industry, leading to increased operating costs. Other increases relate to additional depletion and production tax expenses due to increased production in the current period when compared to the prior period.
Adjusted EBITDA, a non-GAAP financial measure (discussed in greater detail below), increased 281% to $6.0 million in Q2 2022, compared to $1.6 million in Q2 2021.
Cash was $26.36 million as of June 30, 2022 (including $3.3 million in restricted cash), compared with $29.23 million as of December 31, 2021 (including $3.3 million in restricted cash), which cash amount decreased by $2.84 million primarily due to cash used to fund our capital budget.
Production, Prices and Revenues:
Production for Q2 2022 was 98,655 barrels of oil equivalent ("Boe"), comprised of 79,439 barrels of oil, 67,429 million cubic feet ("Mcf") of natural gas, and 7,978 barrels of natural gas liquids ("NGLs"). Crude oil and liquids production comprised 89% of total production in Q2 2022.
For Q2 2022, our average realized crude oil sales price was $109.82 per barrel, average realized natural gas price was $7.01 per Mcf, and average realized NGL sales price was $43.78 per barrel. Our combined average realized sales price for Q2 2022 was $96.77 per Boe, which was an increase of 32% compared with $73.36 per Boe in Q1 2021.
Total crude oil, natural gas and NGL revenues in Q2 2022 increased $5.8 million, or 155%, to $9.5 million, compared to $3.7 million for Q2 2022, due to a favorable price variance of $2.7 million, due to the average sales prices for crude oil, natural gas and NGLs realized by us increasing considerably since Q2 2021, coupled with a favorable volume variance of $3.1 million. The increase in production volume is related to the positive performance from our participation in non-operated wells in the D-J Basin Asset, as well as production contributions from two new wells in our operated Permian Basin Asset that were completed in the first quarter of 2022.
Lease Operating Expenses ("LOE"):
Total LOE for Q2 2022 was $2.80 million compared to total LOE for Q2 2021 of $1.45 million. The increase of $1.35 million was primarily due to increased overall activity compared to the prior period as well as increased taxes and marketing fees from higher production volumes. Additional workovers for artificial lift repairs and optimizations have been executed to maximize production volumes during the current increased commodity pricing environment. Approximately $300,000 of the increased non-recurring costs for this period were dedicated to environmental cleanup and reclamations of historic well and facility sites that were inherited from previous operators in our Permian Basin Asset. Service and materials costs have also increased accordingly with general supply chain and inflation issues seen throughout the industry leading to increased operating costs.
Depreciation, Depletion, Amortization and Accretion ("DD&A"):
DD&A increased from $1.6 million in Q2 2021 to $2.2 million in Q2 2022. The $600 thousand increase was primarily the result of an increase in production (noted above) in the current period when compared to the prior period.
General and Administrative Expenses ("G&A"):
There was a nominal $20 thousand increase in G&A expense (excluding share-based compensation) when compared to the prior period, as the Company continues to strive to contain costs and remain within budget from period to period.
Share-based compensation, which is included in general and administrative expenses in the Statements of Operations, decreased by a nominal $54 thousand, primarily due to the forfeiture of certain employee stock-based options and nonvested restricted shares 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:
Other income includes interest earned from our interest-bearing cash accounts, for which interest rates have remained relatively flat for both the current and prior periods. Other expense in the current period is primarily related to a $15 thousand royalty adjustment.
Working Capital and Liquidity:
At June 30, 2022, our total current assets of $27.9 million exceeded our total current liabilities of $3.7 million, resulting in a working capital surplus of $24.2 million, while at December 31, 2021, our total current assets of $28.0 million exceeded our total current liabilities of $5.2 million, resulting in a working capital surplus of $22.8 million. The $1.4 million increase in our working capital surplus is primarily related to increases in our oil and gas sales.
Operations Update
In May 2022, a third-party operator completed the drilling of six horizontal Niobrara wells in the Barracuda Unit in our D-J Basin Asset in which the Company holds a ~34.38% working interest at an estimated net cost to us of ~$12.5 million. We anticipate that first production from these wells will commence in Q4 2022, following the planned completion of these wells in Q3 or Q4 2022.
In addition, the Company elected to participate in an additional eight horizontal Niobrara wells in the Ross Unit located in our D-J Basin Asset, and operated by a third-party operator, with the Company holding a ~4.7% working interests at an estimated net cost to us of ~$2.5 million. These were already drilled in May 2022, with the planned completion of these wells and first production anticipated in Q4 2022.
As the Barracuda and Ross Units are non-operated, we do not control the timing of their completions. The above timing estimates are based on our best available knowledge we have from the operators.
The Company also reports that, based on production reports received from the operator, the production performance of the ten D-J Basin wells completed in Q4 2021 in the Hunt 8-60 17B-8 Unit and Hunt 8-60 17B-20 Unit which are operated by Civitas Resources Inc. (acquired by Civitas from Bison Oil & Gas II, LLC in February 2022) in which the Company holds working interests ranging from ~3.68% to ~7.37%, continue to exceed the Company's expectations and outperform the Company's type curve.
In the Permian Basin, the Company commenced initial production from two new horizontal San Andres wells in its Chaveroo Field in early March 2022. We implemented a controlled flowback strategy in order to maximize estimated ultimate recovery ("EUR") and value while seeking to minimize sand return and maintain shallower decline over the long term. The wells are currently stabilized and producing approximately 406 BOEPD on a combined basis, and we anticipate that these wells will meet or exceed our type curve EUR and produce at a higher and more consistent rate over time.
More information regarding our operating results for Q2 2022, 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 San Andres 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. 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 before stock-based compensation expense, gain on sale of oil and gas properties, gain on forgiveness of PPP loan, and accounts payable settlements. 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 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 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 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 Mr. Simon Kukes, our CEO and member of the Board, beneficially owns a majority of our common stock; our ability to maintain the listing of our common stock on the NYSE American; COVID-19, 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; 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" sections in 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, 2021 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. 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.
References in this press release to initial production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will continue production and are not indicative of long-term performance or of ultimate recovery. Oil and gas formations are inherently unpredictable, particularly in the early stage of their development. Additionally, such rates may also include recovered "load oil" fluids used in well completion stimulation. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company.
PEDEVCO CORP.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
| June 30, 2022 (Unaudited) | December 31, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 23,064 | $ | 25,930 | ||||
Accounts receivable - oil and gas | 4,784 | 1,782 | ||||||
Prepaid expenses and other current assets | 37 | 326 | ||||||
Total current assets | 27,885 | 28,038 | ||||||
Oil and gas properties - successful efforts method: | ||||||||
Oil and gas properties, subject to amortization, net | 71,049 | 63,908 | ||||||
Oil and gas properties, not subject to amortization, net | 69 | 2,559 | ||||||
Total oil and gas properties, net | 71,118 | 66,467 | ||||||
Operating lease - right-of-use asset | 123 | 173 | ||||||
Other assets | 3,525 | 3,543 | ||||||
Total assets | $ | 102,651 | $ | 98,221 | ||||
Liabilities and Shareholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 982 | $ | 2,626 | ||||
Accrued expenses | 1,527 | 1,454 | ||||||
Revenue payable | 1,034 | 938 | ||||||
Operating lease liabilities - current | 118 | 114 | ||||||
Asset retirement obligations - current | 10 | 49 | ||||||
Total current liabilities | 3,671 | 5,181 | ||||||
Long-term liabilities: | ||||||||
Operating lease liabilities, net of current portion | 21 | 81 | ||||||
Asset retirement obligations, net of current portion | 1,777 | 1,476 | ||||||
Total liabilities | 5,469 | 6,738 | ||||||
Commitments and contingencies | ||||||||
Shareholders' equity: | ||||||||
Common stock, $0.001 par value, 200,000,000 shares authorized; 85,550,267 and 84,263,146 shares issued and outstanding, respectively | 85 | 84 | ||||||
Additional paid-in capital | 222,133 | 220,984 | ||||||
Accumulated deficit | (125,036 | ) | (129,585 | ) | ||||
Total shareholders' equity | 97,182 | 91,483 | ||||||
Total liabilities and shareholders' equity | $ | 102,651 | $ | 98,221 | ||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(amounts in thousands, except share and per share data)
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
Revenue: | 2022 | 2021 | 2022 | 2021 | ||||||||||||
Oil and gas sales | $ | 9,547 | $ | 3,740 | $ | 16,637 | $ | 7,271 | ||||||||
Operating expenses: | ||||||||||||||||
Lease operating costs | 2,802 | 1,455 | 5,158 | 2,741 | ||||||||||||
Selling, general and administrative expense | 1,296 | 1,330 | 2,888 | 3,097 | ||||||||||||
Depreciation, depletion, amortization and accretion | 2,228 | 1,602 | 4,114 | 3,163 | ||||||||||||
Total operating expenses | 6,326 | 4,387 | 12,160 | 9,001 | ||||||||||||
Gain on sale of oil and gas properties | - | - | - | 1,805 | ||||||||||||
Operating income (loss) | 3,221 | (647 | ) | 4,477 | 75 | |||||||||||
Other income (expense): | ||||||||||||||||
Interest expense | - | - | - | (1 | ) | |||||||||||
Interest income | 4 | 3 | 7 | 7 | ||||||||||||
Other income (expense) | (15 | ) | 45 | 65 | 48 | |||||||||||
Gain on forgiveness of PPP loan | - | 374 | - | 374 | ||||||||||||
Total other income (expense) | (11 | ) | 422 | 72 | 428 | |||||||||||
Net income (loss) | $ | 3,210 | $ | (225 | ) | $ | 4,549 | $ | 503 | |||||||
Income (loss) per common share: | ||||||||||||||||
Basic | $ | 0.04 | $ | (0.00 | ) | $ | 0.05 | $ | 0.01 | |||||||
Diluted | $ | 0.04 | $ | (0.00 | ) | $ | 0.05 | $ | 0.01 | |||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 85,479,421 | 79,461,603 | 85,305,583 | 78,157,942 | ||||||||||||
Diluted | 85,479,421 | 79,461,603 | 85,305,583 | 78,233,772 | ||||||||||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(amounts in thousands)
| Six Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net income | $ | 4,549 | $ | 503 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation, depletion, amortization and accretion | 4,114 | 3,163 | ||||||
Gain on sale of oil and gas properties | - | (1,805 | ) | |||||
Amortization of right-of-use asset | 50 | 48 | ||||||
Share-based compensation expense | 1,100 | 1,275 | ||||||
Gain on forgiveness of PPP loan | - | (374 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable - oil and gas | (3,002 | ) | (877 | ) | ||||
Prepaid expenses and other current assets | 289 | 39 | ||||||
Accounts payable | (138 | ) | 331 | |||||
Accrued expenses | 73 | 102 | ||||||
Revenue payable | 96 | 68 | ||||||
Net cash provided by operating activities | 7,131 | 2,473 | ||||||
Cash Flows From Investing Activities: | ||||||||
Cash paid for drilling and completion costs | (10,047 | ) | (1,238 | ) | ||||
Cash paid for property and equipment | - | (35 | ) | |||||
Proceeds from the sale of oil and gas property | - | 1,871 | ||||||
Net cash (used in) provided by investing activities | (10,047 | ) | 598 | |||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from issuance of shares, net of offering costs | 50 | 8,237 | ||||||
Net cash provided by financing activities | 50 | 8,237 | ||||||
Net (decrease) increase in cash and restricted cash | (2,866 | ) | 11,308 | |||||
Cash and restricted cash at beginning of period | 29,227 | 11,324 | ||||||
Cash and restricted cash at end of period | $ | 26,361 | $ | 22,632 | ||||
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 | $ | 1,604 | $ | 54 | ||||
Changes in estimates of asset retirement costs, net | $ | 80 | $ | 16 | ||||
Issuance of restricted common stock | $ | 1 | $ | 1 | ||||
PEDEVCO CORP.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021
(Unaudited)
(amounts in thousands, except share amounts)
| Common Stock | ||||||||||||||||||||
| Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Totals | ||||||||||||||||
Balances at December 31, 2021 | 84,236,146 | $ | 84 | $ | 220,984 | $ | (129,585 | ) | $ | 91,483 | ||||||||||
Issuance of restricted common stock | 1,200,000 | 1 | (1 | ) | - | - | ||||||||||||||
Share-based compensation | - | - | 563 | - | 563 | |||||||||||||||
Net income | - | - | - | 1,339 | 1,339 | |||||||||||||||
Balances at March 31, 2022 | 85,436,146 | 85 | 221,546 | (128,246 | ) | 93,385 | ||||||||||||||
Sale of common stock to non-affiliate | 87,121 | - | 50 | - | 50 | |||||||||||||||
Share-based compensation | - | - | 537 | - | 537 | |||||||||||||||
Net income | - | - | - | 3,210 | 3,210 | |||||||||||||||
Balances at June 30, 2022 | 85,550,267 | $ | 85 | $ | 222,133 | $ | (125,036 | ) | $ | 97,182 | ||||||||||
| Common Stock | ||||||||||||||||||||
| Shares | Amount | Additional Paid-in Capital | Accumulated Deficit | Totals | ||||||||||||||||
Balances at December 31, 2020 | 72,463,340 | $ | 72 | $ | 203,850 | $ | (128,286 | ) | $ | 75,636 | ||||||||||
Issuance of restricted common stock | 960,000 | 1 | (1 | ) | - | - | ||||||||||||||
Rescinded restricted common stock | (16,667 | ) | - | - | - | - | ||||||||||||||
Issuance of common stock to non-affiliate | 5,968,500 | 6 | 8,297 | - | 8,303 | |||||||||||||||
Cashless exercise of stock options | 86,430 | - | - | - | - | |||||||||||||||
Share-based compensation | - | - | 684 | - | 684 | |||||||||||||||
Net income | - | - | - | 728 | 728 | |||||||||||||||
Balances at March 31, 2021 | 79,461,603 | 79 | 212,830 | (127,558 | ) | 85,351 | ||||||||||||||
Offering costs incurred for issuance of common stock to non-affiliate | - | - | (66 | ) | - | (66 | ) | |||||||||||||
Share-based compensation | - | - | 591 | - | 591 | |||||||||||||||
Net loss | - | - | - | (225 | ) | (225 | ) | |||||||||||||
Balances at June 30, 2021 | 79,461,603 | $ | 79 | $ | 213,355 | $ | (127,783 | ) | $ | 85,651 | ||||||||||
Reconciliation of Net Income (Loss) attributable to PEDEVCO Corp., to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA* (in thousands)
| Three Months Ended June 30, | ||||||||
| 2022 | 2021 | |||||||
Net income | $ | 3,210 | $ | (225 | ) | |||
Add (deduct) | ||||||||
Depreciation, depletion, amortization and accretion | 2,228 | 1,602 | ||||||
Interest expense | - | - | ||||||
EBITDA | 5,438 | 1,377 | ||||||
Add (deduct) | ||||||||
Share based compensation | 537 | 591 | ||||||
Gain on sale of oil and gas properties | - | - | ||||||
Gain on forgiveness of PPP Loan | - | (374 | ) | |||||
Accounts payables settlements | - | (27 | ) | |||||
Adjusted EBITDA | $ | 5,975 | $ | 1,567 | ||||
* 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
PR@pedevco.com
SOURCE: PEDEVCO Corp.
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