PEDEVCO is a small U.S. oil and gas exploration and production (E&P) company focused on acquiring and developing legacy conventional properties in established basins where modern horizontal drilling techniques have not yet been fully applied. PEDEVCO operates across three basins: the D-J Basin in Colorado and Wyoming (~99,561 net acres), the Powder River Basin (PRB) in Wyoming (~201,886 net acres), and the Permian Basin in New Mexico (~14,105 net acres). The D-J Basin is the primary near-term driver, with roughly 90% of 2026 capital allocated there, while the PRB — acquired via simultaneous mergers with two Juniper Capital-affiliated companies in October 2025 — represents a longer-term development opportunity. PEDEVCO's core strategy is "acquire and develop": buy legacy properties where prior operators used older vertical drilling methods, then apply modern horizontal drilling and advanced completion techniques to unlock additional reserves. Revenue is driven by production volume, commodity prices (the company is predominantly oil-weighted), and operating costs. PEDEVCO also participates in non-operated wells through joint development agreements with larger operators, which allows the company to earn production with lower operational overhead. The company manages commodity price risk through hedging instruments including costless collars, swaps, and put options, and maintains a revolving credit facility with Citibank providing up to $250M in total capacity.