PEDEVCO (PED) 16th Annual LD Micro Invitational Conference summary

Company transformation and merger highlights

• Acquired in 2018 when distressed, restructured debt, and grew production from under 100 to 3,000 barrels/day by 2025.

• Merged with Juniper Capital's portfolio in October 2025, boosting production to 6,500 BOE/day and creating a Rockies-focused consolidation platform.

• Merger resulted in 32 million barrels of proved reserves across 310,000 acres in the Rockies and 14,000 acres in the Permian, with 88% oil-weighted production.

• Achieved significant cost synergies, targeting $3–4 million annual G&A reductions and $8–12 million in lease operating expense savings, fully realized by 2027.

• Post-merger, 13.3 million shares outstanding, $87 million debt, and targeted EBITDA of $60–70 million at $65 oil.

Financial and operational performance

• First quarter post-merger saw 8,100 barrels/day production, a 374% year-over-year increase, and 360% revenue growth.

• Adjusted EBITDA rose 404% year-over-year to $21.5 million; historical EBITDA pre-merger was $18–25 million annually.

• Net loss of $25.6 million driven by $27 million negative mark-to-market on hedges, not operational performance.

• Asset value at year-end 2025 was $357 million, with 32 million BOE in reserves and conservative booking practices.

• Reserve-based loan increased from $20 million to $120 million at merger; net debt stands at $87 million.

Asset base and development plans

• Core focus on D-J Basin (90,000 acres, 6,000 barrels/day) and Powder River Basin (202,000 acres, 800–900 barrels/day), with additional Permian assets.

• Inventory includes 515 gross drilling locations in D-J, 455 in Powder River, and 70+ in Permian, with break-even prices as low as $32/barrel in Powder River.

• 31 new wells brought online in Q1, exceeding expectations; $35 million new equity raised at merger.

• G&A run rate targeted at $8–9 million by late 2026/2027, down from $11–12 million standalone.

• $10–13 million capital program for production and expense optimization, aiming for $800,000–1 million monthly LOE reduction.