22 May 2019substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 44,114,844 shares (82.00% of votes) in a periodic institutional filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 May 2019capital raising announcement▲ GoodMajor
SK Energy invested a further $15 million in cash at $2.20/share — a premium to market — to fund the 2019 Permian development and acquisition program, raising Dr. Kukes' stake from 78.2% to 81.0% of the company.
15 May 2019quarterly activities report▼ Bad
PEDEVCO CORP reported quarterly revenue of $1.6 million and a net loss of $3.0 million for the period ended 2019-03-31.
5 Mar 2019substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 37,296,663 shares (82.40% of votes) in a periodic institutional filing.
4 Mar 2019capital raising announcement▼ BadMajor
SK Energy's $7.7 million June 2018 note was made convertible at $2.13 per share, and SK Energy bought $1.5 million of August 2018 notes from insiders and directors. Both holders then converted all $31.3 million of principal into 15.4 million shares, leaving the company debt-free.
19 Feb 2019capital raising announcement▼ BadMajor
PEDEVCO and SK Energy removed the 49.9% ownership cap on the convertible notes. SK Energy then converted about $22 million of the January 2019 and October 2018 notes into roughly 14.1 million shares, which are 47.1% of the company and took Dr. Kukes to 73.4%.
19 Feb 2019substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 32,293,034 shares (80.30% of votes) in a periodic institutional filing.
14 Feb 2019substantial holder notice● Neutral
MARK FEUER, SCOTT TAYLOR, BBLN-PEDCO CORP, BHLN-PEDCO CORP reported a PEDEVCO CORP shareholding of 596,280 shares (3.90% of votes) in a periodic institutional filing.
13 Feb 2019drilling progress report▲ Good
PEDEVCO said it completed a workover on the Domino 21-16 well, acquired February 1, 2019, which averaged about 120 barrels of oil per day over more than 5 days. Completions on four Chaveroo horizontal wells were underway, and another well offsetting Domino was planned by March 1, 2019.
4 Feb 2019asset acquisition disposition▲ GoodMajor
PEDEVCO closed a bolt-on purchase of about 22,000 additional Permian Basin leasehold acres from Manzano LLC and Manzano Energy Partners II for $700,000, expanding the position it established in August 2018.
14 Jan 2019substantial holder notice● Neutral
Senior Health Insurance Company of Pennsylvania reported a PEDEVCO CORP shareholding of 40,135 shares (0.30% of votes) in a periodic institutional filing.
14 Jan 2019capital raising announcement▲ GoodMajor
PEDEVCO agreed to buy about 22,000 net acres of San Andres assets in the Permian Basin from Manzano for $700,000, with closing expected around February 1, 2019. It also closed a $15 million SK Energy convertible note at $1.50 a share and reached total depth on the first four wells of its planned 16-well horizontal program.
4 Jan 2019director officer appointment● Neutral
Chief financial officer Gregory Overholtzer left on December 31, 2018, as accounting operations were consolidated at the new Houston headquarters. He agreed to consult for $15,000 a month until April 7, 2019.
26 Dec 2018substantial holder notice● Neutral
SK Energy LLC, Dr. Simon Kukes reported a PEDEVCO CORP shareholding of 7,888,414 shares (49.90% of votes) in a periodic institutional filing.
14 Nov 2018quarterly activities report▼ Bad
PEDEVCO CORP reported quarterly revenue of $1.3 million and a net loss of $2.7 million for the period ended 2018-09-30.
26 Oct 2018capital raising announcement● NeutralMajor
SK Energy put in another $7 million on a three-year 8.5% convertible note at $1.79 a share, to drill the first four Permian wells and fund non-operated DJ Basin activity -- the third Kukes financing in four months.
26 Oct 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
26 Oct 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
10 Sept 2018director officer appointment▲ GoodMajor
Frank Ingriselli retired as an employee on September 6, 2018 but stayed as Non-Executive Chairman and a consultant until October 1. He waived severance of up to 18 months' pay in return for accelerated vesting of 140,000 shares and a $350,000 payment. The same day PEDEVCO outlined infill horizontal drilling on 20-acre spacing at Chaveroo and Milnesand, with four wells first and twelve more in 2019.
4 Sept 2018asset acquisition disposition▲ GoodMajor
PEDEVCO entered the Permian Basin for the first time, closing an $18.5 million purchase of San Andres-play assets (~23,000 net operated leasehold acres in west Texas/eastern New Mexico) plus a related $500,000 stock deal for two operating companies - and, in the same filing, repurchased warrants from its former Tranche B noteholders (including longtime lender RJ Credit) for about $1.1 million after fully repaying that note in June 2018, closing out the RJ Credit-era debt saga that had constrained the company since 2014.
28 Aug 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
1 Aug 2018director officer appointment▲ GoodMajor
Raised $23.6 million of 8.5% convertible notes -- $22 million of it from Kukes's SK Energy, the rest from directors and a few outsiders -- to fund an agreement to buy over 23,000 net acres of the San Andres play in the Permian Basin from Hunter Oil, and took full ownership of the Condor DJ Basin joint venture. J. Douglas Schick joined as president, the head office moved to Houston, and auditor GBH CPAs was folded into Marcum; GBH's last two reports had both carried going-concern warnings.
31 July 2018quarterly activities report● Neutral
PEDEVCO CORP reported quarterly revenue of $898 thousand and net income of $66.3 million for the period ended 2018-06-30.
12 July 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
12 July 2018securities registration● Neutral
PEDEVCO CORP filed notice of an exempt private placement.
3 July 2018capital raising announcement▼ BadMajor
SK Energy LLC, an investment vehicle wholly owned by CEO Dr. Simon Kukes, converted all 66,625 shares of preferred stock it held (issued in the 2015 Golden Globe DJ Basin deal) into 6,662,500 common shares — 45.8% of shares outstanding — triggering a change of control under NYSE American rules and marking the start of Kukes' financial takeover of the company.
26 June 2018capital raising announcement▲ GoodMajor
SK Energy lent PEDEVCO $7.7 million at 8%. The proceeds retired about $5.7 million of Tranche A notes for $3.8 million and about $67.7 million of junior notes for $3.88 million. SK Energy also bought Golden Globe's Series A preferred, convertible into about 47.6% of the company, for $100,000.
11 May 2018quarterly activities report▼ Bad
PEDEVCO CORP reported quarterly revenue of $644 thousand and a net loss of $4.2 million for the period ended 2018-03-31.
11 May 2018director officer appointment● NeutralMajor
Founder Frank Ingriselli agreed to return as president and CEO from June 1, 2018, on a $250,000 base salary and 80,000 restricted shares, replacing Michael Peterson, who left on May 31. He had stepped aside as CEO in May 2016.
24 Apr 2018substantial holder notice● Neutral
MARK FEUER, SCOTT TAYLOR, BBLN-PEDCO CORP, BHLN-PEDCO CORP disclosed a new substantial PEDEVCO CORP shareholding (8.18% of votes).