PEDEVCO Corp. (NYSE American: PED) has completed a merger with oil-weighted portfolio companies controlled by Juniper Capital Advisors, a transaction that significantly expands the company's footprint in the Denver-Julesburg (DJ) and Powder River Basins. The merger, which includes the issuance of 10.65 million Series A Convertible Preferred Shares and the refinancing of existing obligations, positions PEDEVCO to execute a consolidation-focused growth strategy in the Rockies region.
As part of the transaction, Juniper and its affiliates will own approximately 53 percent of the combined company upon conversion of the preferred shares. The combined entity is expected to hold roughly $87 million in debt and $10 million in cash, providing financial flexibility to pursue further acquisitions. The deal also includes a concurrent $35 million private placement, which will bolster the company's balance sheet.
Roth Capital Partners served as financial advisor to PEDEVCO in the transaction. The merger adds substantial assets in the DJ and Powder River Basins, two of the most active oil and gas plays in the United States. PEDEVCO's existing assets include its D-J Basin Asset in Colorado and Wyoming, and its San Andres Asset in the Permian Basin of New Mexico.
For more details on the merger, visit https://ibn.fm/wH6Mu. PEDEVCO is a publicly-traded energy company focused on acquiring and developing high-growth energy projects in the U.S., headquartered in Houston, Texas. More information about PEDEVCO can be found at https://www.pedevco.com/.
