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8-K - CURRENT REPORT - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.1
Pacific Energy Development Announces Spud of Initial Wells in New
Permian Basin Asset
Houston,
Texas, December 17, 2018 – PEDEVCO Corp. d/b/a Pacific Energy
Development (NYSE American: PED) (the “Company”)
announced today that it has spud its initial two wells in the
Company’s recently acquired Permian Basin Asset ahead of
schedule with the first well spud on December 1, 2018, and the
second well spud on December 16, 2018. These two wells are the
first two of four initial wells planned to be drilled in December
2018 on this asset as part of the Company’s anticipated 16
well program through 2019. The Company currently has two drilling
rigs contracted to drill these initial four wells. Once drilled,
the Company plans to promptly commence completion operations during
January and February 2019, with initial results expected following
completion and flow testing in late Q1 2019.
About Pacific Energy Development (PEDEVCO Corp.)
PEDEVCO
Corp, d/b/a Pacific Energy Development (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. Pacific Energy
Development 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, 2017 and subsequently filed Quarterly Reports on Form 10-Q
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
Pacific
Energy Development
1-855-733-3826
PR@pacificenergydevelopment.com