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8-K - FORM 8-K - PEDEVCO CORP | ped_8k.htm |
Exhibit 99.1
PEDEVCO Announces Reactivation of Shut-in Production
HOUSTON,
TX June 29, 2020 – On June 29, 2020, PEDEVCO Corp. (NYSE
American: PED) (“PEDEVCO” or the “Company”)
reported that, due to the recent recovery in oil prices, commencing
in early June 2020 the Company has reactivated over 90% of its
operated wells in the D-J Basin and the Permian Basin that the
Company shut-in in response to the sharp decline in oil prices
precipitated by decreased demand for oil caused by the COVID-19
outbreak and actions taken globally to stop the spread of the
virus. The Company will continue to monitor oil prices with a view
to resuming its 2020 development plan should oil prices recover to
approximately $50 per barrel (WTI).
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, 2019 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
PEDEVCO
Corp.
1-713-221-1768
PR@pedevco.com