Blueprint
PEDEVCO Provides Updates on New Horizontal San Andres Wells Drilled
in its Permian Basin Asset
Haley 305H Well Peak IP30 of 499 BOEPD
Jennifer 251H Well Peak IP24 of 431 BOEPD
Houston,
Texas, May 6, 2019 – PEDEVCO Corp. (NYSE American: PED) (the
“Company”) today announced that its first horizontal
well drilled in the Company’s Chaveroo field, the Haley
Chaveroo SA Unit 305H (“Haley 305H well”), which
reached a peak daily rate (“IP24”) of 539 barrels of
oil equivalent per day (“BOEPD”) (88% oil), or 138 BOE
per 1,000 feet, has now achieved a thirty-day average peak initial
production rate (“IP30”) of 499 BOEPD (87% oil). The
Haley 305H well’s peak IP30 being within 10% of its peak IP24
daily rate validates the Company’s focus on conventional
assets rather than higher decline shale assets. In addition, the
Company’s second horizontal San Andres well put online, the
Jennifer Chaveroo SA Unit 251H (“Jennifer 251H well”),
has reached an IP24 of 431 BOEPD (86% oil), or 95 BOE per 1,000
feet. These results place the Haley 305H well’s IP30 within
the top-8 percentile, and the Jennifer 251H well’s IP24
within the top-20 percentile, of San Andres horizontal wells
drilled in the Northwest Shelf and Central Basin Platform based on
IHS Markit data for 778 horizontal producers as of March 2019
(December 2018 reporting month).
The
Haley 305H and Jennifer 251H wells are the first of four horizontal
San Andres wells brought on production that the Company drilled and
completed in the Chaveroo field in Phase One of its 2019
development plan. The Company plans to announce IP30 rates from all
these wells by the end of Q2 2019.
Dr.
Simon Kukes, the Company's CEO, commented, ''We believe these
positive well results have validated our strategy of applying
unconventional technologies to the development of our conventional
San Andres assets, which have an estimated 700 million barrels of
oil equivalent remaining in place and over 150 potential drilling
locations identified by the Company. We plan to proceed into Phase
Two of our 2019 development plan that calls for the drilling and
completion of an additional 8 horizontal San Andres wells and one
salt water disposal well through the remainder of
2019.”
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.
Cautionary Statement Regarding Forward Looking
Statements
All
statements in this press release that are not based on historical
fact are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the provisions
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Acts”). In particular, when used in the preceding
discussion, the words "estimates," "believes," "hopes," "expects,"
"intends," "plans," "anticipates," or "may," and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act, and are subject to the
safe harbor created by the Act. Any statements made in this news
release other than those of historical fact, about an action, event
or development, are forward-looking statements. While management
has based any forward-looking statements contained herein on its
current expectations, the information on which such expectations
were based may change. These forward-looking statements rely on a
number of assumptions concerning future events and are subject to a
number of risks, uncertainties, and other factors, many of which
are outside of the Company's control, that could cause actual
results to materially differ from such statements. Such risks,
uncertainties, and other factors include, but are not necessarily
limited to, those set forth under Item 1A "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December
31, 2018 under the heading "Risk Factors". The Company operates in
a highly competitive and rapidly changing environment, thus new or
unforeseen risks may arise. Accordingly, investors should not place
any reliance on forward-looking statements as a prediction of
actual results. The Company disclaims any intention to, and
undertakes no obligation to, update or revise any forward-looking
statements, except as otherwise required by law, and also takes no
obligation to update or correct information prepared by third
parties that are not paid for by the Company. Readers are also
urged to carefully review and consider the other various
disclosures in the Company's public filings with the Securities
Exchange Commission (SEC).
Contacts
PEDEVCO
Corp.
1-855-733-3826
PR@pedevco.com