PEDEVCO Corp. (NYSE American: PED) announced today the closing of a transformative merger with portfolio companies controlled by Juniper Capital Advisors, L.P., creating a premier publicly-traded Rockies-focused operator. The combined company boasts over 6,500 barrels of oil equivalent per day (BOEPD), more than 80% oil, and over 328,000 net acres across the Northern DJ Basin and Powder River Basin.
As consideration, PEDEVCO issued 10,650,000 shares of Series A Convertible Preferred stock, convertible into 106,500,000 common shares, and refinanced the portfolio companies' outstanding debt and preferred equity. Simultaneously, PEDEVCO closed a $35 million private placement of 6,363,637 Convertible Preferred Shares. Upon conversion, Juniper and affiliates will own approximately 53% of the combined entity. The company expects total debt of about $87 million and approximately $10 million in cash.
“This transaction marks a transformative step for PEDEVCO, positioning us to accelerate a consolidation and growth strategy centered in the Rockies,” said J. Douglas Schick, President and CEO of PEDEVCO. “There is significant opportunity to build a leading oil and gas company in the region through both organic growth and acquisition of assets on attractive terms.”
Edward Geiser, Executive Managing Partner of Juniper, added, “We believe the newly transformed PEDEVCO has the opportunity to grow organically through drilling its extensive operated inventory as well as through strategic consolidation. We are excited to partner with Doug and the PEDEVCO team.”
The combined company is positioned as a low-cost operator with low general and administrative expenses. It has identified well over a decade of potential drilling inventory on its existing acreage. PEDEVCO has thirty-two wells recently completed or scheduled for completion in Q4 2025 and early Q1 2026, expected to generate material production growth.
Upon closing, Josh Schmidt, Martyn Willsher, and Kristel Franklin joined PEDEVCO’s Board of Directors. Dr. Simon Kukes, John J. Scelfo, and H. Douglas Evans stepped down. Edward Geiser is expected to join the Board upon conversion of the Preferred Shares. The management team added Reagan Tuck Dukes as COO and Robert J. Long as CFO, both previously with the portfolio companies.
PEDEVCO increased its borrowing base under its existing $250 million reserve-based lending facility with Citibank from $20 million to $120 million, drawing approximately $87 million to fund the transaction. The $35 million private placement included participation from Juniper, senior management, and new team members.
Roth Capital Partners served as financial advisor, and K&L Gates and The Loev Law Firm, PC served as legal advisors to PEDEVCO. Stephens Inc. served as financial advisor, and Gibson, Dunn & Crutcher LLP served as legal advisor to Juniper. More information about PEDEVCO can be found at www.pedevco.com.
