Recent Updates — PED
PEDEVCO Corp. announced that J. Douglas Schick ceased serving as President, Chief Executive Officer, and Board member on September 21, 2026. Reagan Tuck (R.T.) Dukes, the current Chief Operating Officer, was appointed interim President and CEO effective immediately. Mr. Schick will remain employed as a non-executive Senior Advisor through December 31, 2026, receiving separation payments equivalent to 2.5 times his annual base salary and target bonus, plus $255,000 in lieu of the 2026 annual bonus. The transition is not due to any disagreement with the Company. PEDEVCO Corp. operates in the oil and gas exploration and production industry.
PEDEVCO Corp. acquired approximately 5,678 net acres in Wyoming's Powder River Basin through a Bureau of Land Management lease sale held September 9-10, 2026. The company paid approximately $5.9 million, or $1,045 per net acre, for the high-bid tracts targeting the Mowry Shale formation. This transaction nearly doubles PEDEVCO's position in this specific prospect area to approximately 12,000 net acres and was funded using cash on hand. The leases feature ten-year terms and a 12.5% royalty rate, allowing the company to retain an 87.5% Net Revenue Interest. PEDEVCO Corp. is an energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region.
PEDEVCO Corp. reported unaudited financial results for the second quarter ended June 30, 2026, showing a significant increase in revenue and net income compared to the prior year period. Revenue rose 561% to $46.1 million, driven by higher production volumes from assets acquired in the October 2025 Juniper Merger and increased average realized oil prices. Net income was $17.5 million, or $1.31 per share, compared to a net loss of $1.7 million in Q2 2025. Adjusted EBITDA increased 516% to $18.7 million. Average daily production reached 6,801 Boe/d, up 348% year-over-year. The company reduced borrowings under its credit facility from $98 million to $85 million and plans to drill over 20 gross wells in the second half of 2026. PEDEVCO Corp. is an energy company engaged in the acquisition and development of strategic oil and gas assets in the Rocky Mountain region.
PEDEVCO Corp. issued 35,240 restricted stock units (RSUs) and 11,530 performance-based restricted stock units (PBRSUs) to various officers and employees under its 2021 Equity Incentive Plan. The company also entered into new employment agreements with Chief Operating Officer Reagan Tuck Dukes and Chief Financial Officer Robert J. Long, establishing base salaries of $300,000 and $280,000 respectively, with a 50% target annual bonus for each. PEDEVCO Corp. operates in the energy sector, focusing on acquiring and managing oil and gas assets.
PEDEVCO Corp. entered into a Separation Agreement and General Release Agreement with Paul Pinkston on July 15, 2026, following his termination of employment on June 23, 0, 2026. Under the agreement, the company is paying $80,885 in cash severance to Mr. Pinkston, and he has forfeited all unvested stock, restricted stock units, and performance-based restricted stock units. PEDEVCO Corp. is an energy company focused on oil and gas exploration and production.