PEDEVCO Announces Expansion into Wyoming D-J Basin Codell Play

HOUSTON, TX / ACCESSWIRE / June 14, 2023 / PEDEVCO Corp. (NYSE American:PED) (the "Company") today announced that it has significantly expanded its oil and gas leasehold into Southeastern Wyoming through the acquisition of over 4,000 net leasehold acres in the highly prospective Codell play in Southeastern Wyoming's D-J Basin, increasing the Company's D-J Basin footprint to over 17,000 net acres across Northeastern Colorado and Southeastern Wyoming.

Over the last year, Southeastern Wyoming has seen a significant increase in oil and gas development and merger and acquisition activity as operators continue to expand their positions in this crude oil and liquids rich play, development of which historically targeted the Niobrara benches, but with recent developments showing much greater success targeting the Codell formation.

With its attractive economics, the Company believes that the Codell play of the D-J Basin in Southeastern Wyoming offers one of the most exciting oil and gas expansion and development opportunities in the U.S., with nearby recent development exceeding 750 MBOE EURs per well.

The Company's expansion into the Southeastern Wyoming Codell play in the D-J Basin is a continuation of the Company's renewed focus on its D-J Basin assets, which offer among the highest rates of return in the industry.

J. Douglas Schick, President of the Company, stated, "We are very pleased to announce the expansion of our D-J Basin footprint into Southeastern Wyoming and continued growth and development of our D-J Basin position. In the present environment, we believe our capital is better spent and will yield greater returns growing our production and reserves organically versus seeking to acquire existing production. Throughout 2021 and 2022 our team researched multiple new highly prospective oil rich plays, ultimately identifying the emerging Codell play in Southeastern Wyoming as an ideal target due to the impressive well results of operators in the area, a favorable regulatory environment, and geological, geographical and operational similarities with our existing D-J Basin position. We look forward to commencing development of our new Wyoming position, with first development anticipated in 2024."