PEDEVCO Corp. (NYSE MKT: PED), an energy company engaged in the acquisition and development of strategic high-value energy projects in the U.S. and Asia, announced today its intention to offer, subject to market and other conditions, shares of its common stock in an underwritten public offering. The Company expects to grant the underwriters a 45-day option to purchase up to an additional 15 percent of the shares of common stock offered in the public offering to cover over-allotments, if any. The Company intends to use the net proceeds from the offering to fund drilling operations, repay existing liabilities and for general corporate purposes. The final terms of the offering will depend on market and other conditions at the time of pricing, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Pedevco is an energy company engaged in the acquisition, exploration, development and production of oil and natural gas resources in the U.S., with a primary focus on oil and natural gas shale plays and a secondary focus on conventional oil and natural gas plays. Co.'s operations are located primarily in the Niobrara Shale play in the Denver-Julesburg Basin in Morgan and Weld Counties, CO and the Eagle Ford Shale play in McMullen County, TX. As of Dec 31 2012, Co.'s proved developed reserves totaled 121,729 stock tank barrels of oil (Bbls) and 143.0 million cubic ft. of natural gas; while its proved undeveloped reserves totaled 645,727 Bbls and 1.04 billion cubic ft. of natural gas.
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