Past year: ▲ 2033%(45.5c – 16.00 USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Feb 2013debt financing▲ GoodMajor
PEDEVCO's subsidiary PEDCO secured a $5 million line of credit from JV partner MIE Jurassic Energy Corporation, at 10% interest and due by the end of 2013, to fund its share of costs on the Colorado Niobrara asset.
12 Feb 2013material agreement termination● NeutralMajor
PEDEVCO's Condor Energy Technology joint venture (with MIE Jurassic Energy Corporation) mutually terminated its ~$8.65 million deal to buy Mississippian Lime interests and seismic data from Berexco, with the $864,866 deposit held in escrow while PEDEVCO itself - rather than Condor - negotiates a replacement deal directly with Berexco.
22 Jan 2013financial restatement▼ Bad
Amended its January 15, 2013 8-K to show it was filed under Item 4.02, not 4.01. It covers two restatements of FY2011 financials: $87,668 of improperly deferred Eagle Ford costs plus $19,200 of intercompany profit, and a $69,667 investor-relations stock award expensed in full.
15 Jan 2013financial restatement▼ Bad
PEDEVCO disclosed that Pacific Energy Development's 2011 financials were restated twice. The first fixed $87,668 of improperly deferred Eagle Ford costs and a $19,200 Condor intercompany profit error. The second expensed a $69,667 stock award to investor relations consultants, raising the net loss to $763,677.
6 Dec 2012material agreement▲ GoodMajor
Condor Energy Technology -- PEDEVCO's joint venture with MIE Holdings' Jurassic Energy arm -- agreed to buy about 13,806 net acres of Mississippian Lime in Kansas and Oklahoma with 19.5 square miles of 3-D seismic for $8.65 million, putting down an $865,000 deposit. Separately, officers and directors holding 58% of the common stock signed a written consent approving a further reverse split of between 1-for-2 and 1-for-5.
27 Nov 2012capital raising announcement▲ GoodMajor
Paid off the Guijarral Hills lender (Centurion Credit Funding) for $200,000 plus conversions, retiring that expensive debt; separately deferred a $1 million cash payment owed to its DJ Basin/Niobrara sellers (Esenjay Oil & Gas, Winn Exploration, Lacy Properties and Crain Energy) to February 2013 in exchange for $100,000 now plus preferred stock.
9 Oct 2012auditor change● Neutral
PEDEVCO disclosed that, because the merger was a reverse acquisition, GBH CPAs became its successor accountant and SingerLewak the predecessor. GBH stayed on without interruption, and SingerLewak was dismissed as PEDCO's auditor for periods after June 30, 2012.
1 Oct 2012material agreement▲ GoodMajor
PEDEVCO signed a cooperation agreement with China's Guofa Zhonghai Energy Investment to jointly bid on shale gas exploration blocks in China's second national shale-gas tender, an international diversification bet alongside its US onshore E&P assets.
27 Sept 2012asset acquisition disposition▲ GoodMajor
PEDEVCO's 20%-owned Condor Energy Technology LLC closed its first real acreage acquisition, buying oil & gas leases covering about 3,582 net acres in Colorado's DJ Basin (Morgan and Weld Counties, targeting the Niobrara and other formations) from Esenjay Oil & Gas for $1.1 million cash plus preferred stock.
17 Sept 2012business combination▲ GoodMajor
The PEDCO reverse merger and rename from Blast Energy Services to PEDEVCO Corp formally closed July 27, 2012, and the stock's ticker changed from BESV to PEDO - completing the company's transformation into an oil & gas exploration company.
6 Sept 2012material agreement● Neutral
PEDEVCO signed a Third Amendment with Centurion Credit Funding extending its senior secured notes' maturity from August 1 to November 30, 2012. It also agreed to deposit $700,000 as security and the lender's once-per-30-days conversion limit was removed.
8 Aug 2012business combination● NeutralMajor
The completed reverse merger into Pacific Energy Development, re-reported with the target's audited accounts: PEDCO's holders received 17.9 million common and 19.7 million Series A preferred shares plus warrants and options, the old preferred converted to common, the stock was consolidated 1-for-112, and Blast Energy Services became PEDEVCO Corp. A services company that had gone bankrupt on drilling rigs was now an oil and gas producer.
2 Aug 2012business combination▲ GoodMajor
Completed its reverse merger with privately-held Pacific Energy Development Corp (PEDCO): renamed itself PEDEVCO Corp., executed a 1-for-112 reverse stock split, and converted all outstanding preferred stock to common — the transformation from failed drilling-tech company Blast Energy into a US onshore E&P company.
28 June 2012business combination▲ GoodMajor
As a condition tied to the PEDCO merger, Blast extinguished $1.64 million owed to insiders Berg McAfee Companies and Clyde Berg by converting it into 81.8 million shares of common stock at $0.02/share - about 49% of the company's fully-diluted share count - clearing its largest legacy debt just before the merger closed.
31 May 2012material agreement● Neutral
On May 29, 2012, Blast and Pacific Energy Development (PEDCO) amended their merger agreement, moving its termination date from June 1 to August 1, 2012. Related notes, voting agreements and debt conversion agreements were extended to match.
23 Apr 2012business combination● NeutralMajor
Blast filed a preliminary proxy asking shareholders to approve the January 2012 reverse merger with Pacific Energy Development Corp (PEDCO), which continues the deal announced on 2012-01-20. Under the terms, Blast would reverse-split its common stock 1-for-110, rename itself PEDEVCO CORP, and issue 17,857,261 common shares and 11,489,537 new Series A preferred shares to PEDCO holders, who would own about 95% of the common stock after the merger, so existing Blast shareholders would be heavily diluted. Eric McAfee, Clyde Berg and Centurion Credit Funding (62.9% of common and all the preferred) have agreed to vote in favour, and the board unanimously recommends approval. This is a preliminary copy with the meeting date and other details left blank.
20 Jan 2012business combination▲ GoodMajor
Blast agreed to a reverse-merger reorganization with privately-held Pacific Energy Development Corp (PEDCO): PEDCO becomes a wholly-owned subsidiary, Blast converts its preferred stock and reverse-splits its common stock, and renames itself PEDEVCO Corp - the transaction that turns the failed drilling-services company into an oil & gas E&P.
27 Dec 2011asset acquisition disposition▼ BadMajor
Blast agreed with Solimar that Solimar would forgive $311,872 owed in exchange for 25% of the working interest in the GH 76-33 well, cutting Blast's stake from 50% to 25%, with an option to earn back 10% by paying $311,872 by March 8, 2012. It also agreed to pay its lender an extra $30,000 fee at the notes' maturity, and CEO Michael Peterson resigned.
13 Oct 2011material agreement● Neutral
On October 7, 2011, Blast and its lender amended the 12-million-share warrant issued with its February 2011 note purchase agreement. The exercise price was set at no more than $0.01 per share, and the lender paid Blast $30,000.
2 Mar 2011capital raising announcement▼ BadMajor
Entered a farmout with Solimar Energy and Neon Energy to drill a test well in the Guijarral Hills field (San Joaquin Basin, California), earning a 50% working interest if successful, financed by up to $2.52 million in expensive secured notes (10% interest, original issue discount, royalty and penalty warrants if the well underperforms) from an outside lender — costly financing typical of the company's weak bargaining position at the time.
13 Jan 2011capital raising announcement▼ Bad
Extended Berg McAfee's $1.12 million note to February 2013, subordinated it to new drilling and Sun Resources debt, and cut its conversion price to $0.08/share — more debt deferral and dilution to keep the lender on side.
5 Jan 2011asset acquisition disposition● Neutral
Blast sold its original Satellite Communications business - the company's legacy pre-drilling operating line - to GlobaLogix for just $50,000 plus assumed liabilities, completing its shift into oil & gas.
7 Dec 2010asset acquisition disposition▲ GoodMajor
Acquired its first real producing oil and gas interest — a 66% working interest in three producing wells (~43 gross bopd) in the Sugar Valley Field, Matagorda County, Texas — from Sun Resources Texas for $600,000 cash, a $300,000 note and $300,000 of stock, funded by Quicksilver settlement proceeds.
2 Nov 2010material agreement▲ GoodMajor
Blast signed a letter of intent with ASX-listed Solimar Energy to participate in a field-extension drilling project on undeveloped acreage in California's Guijarral Hills Field, contingent on raising the funding for its share of drilling costs.
23 Sept 2010asset acquisition disposition▲ GoodMajor
Blast closed the Sugar Valley Field purchase from Sun Resources, taking a 66% working interest in three producing wells plus related equipment - its first completed oil & gas property acquisition.
3 May 2010material agreement▲ GoodMajor
Blast agreed to buy a majority working interest in three producing wells (plus a larger stake in undeveloped reserves) in the Sugar Valley Field, Texas from Sun Resources for $1.2 million cash and stock - its first move into direct oil & gas ownership, partly funded by the $2 million Quicksilver settlement payment due that September.
17 Feb 2009material agreement▲ GoodMajor
Blast and Eagle Domestic Drilling signed a settlement letter with Hallwood that modified the April 2008 terms. Hallwood had paid $2.0 million in cash and forgiven $1.65 million of obligations, and the $2.75 million equity portion was to be met with a 7% Class C interest in Hallwood Energy. The deal still needed Hallwood board approval.
11 Dec 2008material agreement▲ GoodMajor
Blast signed a service contract with Resource Energy Technologies to test its AFJ jetting technology on up to 100 wells in Kentucky - the first real deployment opportunity for the technology it acquired in 2005-06, with Blast earning a 40% share of any resulting production revenue if the operator exercises the option after a paid test phase.
21 Oct 2008capital raising announcement▲ GoodMajor
Using proceeds from a favorable litigation settlement with Quicksilver Resources, paid off its $2.1 million Laurus senior lien and a $125,000 McClain County, Oklahoma note, redeemed $1 million of preferred stock held by insiders Clyde Berg and McAfee Capital, and converted $191,000 of deferred board compensation into stock — a real turning point emerging from the post-bankruptcy debt overhang.
22 Sept 2008material agreement▲ GoodMajor
Blast settled litigation with Quicksilver Resources: Quicksilver will pay Eagle Domestic Drilling $10 million over three years ($5 million upfront, already received), a meaningful cash lifeline while the company works through Chapter 11.
