PEDEVCO Completes Transformative Merger to Establish Rockies-Focused Energy Company

PEDEVCO Corp. has completed a transformative merger with portfolio companies controlled by Juniper Capital Advisors, fundamentally reshaping the company into a premier Rockies-focused energy operator. The transaction involved PEDEVCO issuing 10,650,000 shares of Series A Convertible Preferred stock to Juniper, convertible into 106,500,000 shares of common stock, while simultaneously refinancing the portfolio companies' existing debt and preferred equity. This strategic move positions the combined entity with substantial oil-weighted production assets and significant leasehold interests across the Northern DJ Basin and Powder River Basin regions.

The merger establishes PEDEVCO as a significant publicly-traded Rockies operator with over 6,500 barrels of oil equivalent per day of current production, more than 80% of which is oil, supported by over 328,000 net acres of leasehold. J. Douglas Schick, President and CEO of PEDEVCO, emphasized that this transaction marks a transformative step for the company, enabling acceleration of a consolidation and growth strategy centered in the Rockies. The company believes there is significant opportunity to build a leading oil and gas company in the region through both organic growth and strategic asset acquisitions.

Edward Geiser, Executive Managing Partner of Juniper, noted that Juniper has been focused on the U.S. Rockies for many years due to strong well-level economics across multiple formations and extensive remaining drilling inventory spanning a large geographic area. The combined company generates significant cash flow supported by its high percentage oil production and competitive cost structure, with identified drilling inventory spanning well over a decade on its existing position. Following the transaction, PEDEVCO maintains a conservative capital structure with approximately $87 million in total debt and approximately $10 million in cash.

The company is positioned for immediate organic growth with thirty-two wells of varying working interest that have recently been completed or are scheduled for completion in Q4 2025 and early Q1 2026, expected to generate material production growth over the coming months. Corporate governance changes include the addition of Josh Schmidt, Martyn Willsher, and Kristel Franklin to PEDEVCO's Board of Directors, while the management team expands with Reagan Tuck Dukes as Chief Operating Officer and Robert J. Long as Chief Financial Officer, previously holding CEO and CFO roles at the portfolio companies. More information about PEDEVCO can be found at https://www.pedevco.com.

Financing arrangements included increasing the borrowing base under PEDEVCO's existing $250 million reserve-based lending facility with Citibank from $20 million to $120 million, with approximately $87 million drawn to fund the transaction. The company also completed a $35 million private placement of Preferred Shares with participants including Juniper and PEDEVCO's senior management team. All Preferred Shares related to the transaction and equity raise are expected to be converted to common stock simultaneously, following shareholder approval received on October 30, 2025, and completion of customary regulatory procedures.