PEDEVCO CORP

PEDEVCO Corp. announced that Paul Pinkston mutually agreed to step down from his position as Chief Accounting Officer, effective June 23, 2026. His employment with the company has been terminated.

On June 22, 2026, PEDEVCO Corp. granted restricted stock units (RSUs) and performance-based restricted stock units (PBRSUs) to various officers and employees as part of its 2025 annual compensation review. A total of 96,630 RSUs and 38,320 target PBRSUs, representing up to 76,640 shares, were awarded under the Company's 2021 Equity Incentive Plan. These awards are designed to incentivize continued service and performance, with vesting tied to service and, for PBRSUs, to the company's total shareholder return over a multi-year period.

PEDEVCO Corp. announced it entered into a Third Amendment to its Amended and Restated Credit Agreement with Citibank, N.A., effective May 19, 2026. This amendment increases the company's borrowing base and elected commitment amount from $120 million to $125 million. This redetermination also covered the one originally scheduled for December 1, 2025, with the next redetermination set for July 1, 2026.

PEDEVCO Corp. reported strong financial results for Q1 2026, with average daily production surging 374% year-over-year to 8,091 Boe/d and oil and gas revenue increasing 360% to $40.2 million. Adjusted EBITDA saw a significant 404% rise to $21.5 million, driven by the Juniper Merger and strong well performance. Despite these operational gains, the company posted a net loss of $(25.6) million, primarily due to a $31.3 million non-cash net loss on derivative contracts. Management expressed confidence in meeting full-year guidance, with plans for continued development activity.

PEDEVCO Corp. reported strong unaudited financial results for the first quarter ended March 31, 2026, with average daily production increasing 374% and Adjusted EBITDA surging 404% to $21.5 million, exceeding internal expectations. This performance was driven by the full quarter contribution from the Juniper Merger assets and stronger-than-expected well performance. However, the company recorded a net loss of $25.6 million, primarily due to a $31.3 million non-cash net loss on derivative contracts.

PEDEVCO Corp. completed a 1-for-20 reverse stock split on March 13, 2026, converting every 20 shares into one and paying cash for fractional shares. For Q1 2026, the company reported a net loss of $25.6 million, a significant decrease from a net income of $0.14 million in Q1 2025, primarily due to a $31.3 million net loss on derivative contracts. Despite the loss, oil and gas sales revenue increased substantially to $40.2 million from $8.7 million year-over-year. The company also saw changes to its Board of Directors following the conversion of Series A Preferred Stock related to the October 2025 mergers.

PEDEVCO Corp. executed a Second Amendment to its Amended and Restated Credit Agreement on May 5, 2026, with Citibank, N.A. and other lenders. This amendment modifies several key definitions and schedules within the credit agreement. Significant changes include updating the EBITDAX definition to adjust transaction cost add-backs and incorporate estimated EBITDAX from a prior acquisition, revising the "Test Period" for EBITDAX annualization, and adjusting the borrowing base redetermination and reserve report delivery schedules.