PEDEVCO (NYSE: PED) stock surged by 0.65% to end the last session at $1.54. It recently traded at $1.98. The premarket surge caused more than 28% positive movement in the stock price.
The reason why there is rise in the stock could be related to investors reacting to news announcement of PEDEVCO’s (NYSE: PED) successful new well drillings.
PEDEVCO’s base of operations
PEDEVCO (PED) is a publicly traded company that belongs to the energy sector. PED focuses on oil & gas energy projects that it can acquire or potential energy projects for which it can develop strategies. The bases of operations and projects are mainly in USA. The core assets and base of operations for PED exists in San Andreas and Colorado. The company has a HQ in Houston, Texas.
Recent progress made by PED
The recent announcement of new well drillings specifies that two horizontal San Andrea’s wells were constructed and drilled. This marked the completion of PED’s Phase II development program. The Company also further announced another progress in the shape of a sale of $1.9 million.
This sale took place in the D-J Basin and consisted of non-core assets which added the money in the form of cash to the Balance Sheet. Another impressive fact about PED is that it contains over $18 million in cash in its Balance sheet and has absolutely zero debt.
The details of PEDEVCO’s current and future projects
The drilling machinery and tools that produce oil for the PEDEVCO are known as Haley 301 and Haley 303. The production rate of the drilling machinery in the wells is known as IP30. For Haley 301 the IP30 consisted of 428 gross barrels for its peak initial production, while for Haley 303 it was 178 barrels. In percentage of oil, both drill machines procured 84-85% oil.
PEDEVCO (PED) is in the sweet position of operational finances where it has no debt and gross cash deficit causing any hindrances in its future acquisition of projects. Similarly the current drill operations and projects have been successful which covers the future prospects of PEDEVCO (PED). Moreover, the company is free to execute aggressive strategies to expand its assets and acquire new project development opportunities.
The investors are quite satisfied with the positive news and fundamentals of the company which is why the surge and investment in the PED stock will continue to see a boom.