PEDEVCO Completes Transformative Merger with Juniper Portfolio Companies to Establish Rockies-Focused Energy Leader

PEDEVCO Corp. has completed a transformative merger with portfolio companies controlled by Juniper Capital Advisors, L.P., establishing the combined entity as a premier publicly-traded operator focused on the Rocky Mountain region. 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 fundamentally reshapes PEDEVCO's position in the energy sector, creating a company with substantial operational scale and financial resources.

The merger positions PEDEVCO as a significant player in the Rockies energy landscape, combining substantial oil-weighted production and extensive leasehold interests across the Northern DJ Basin and Powder River Basin. The combined company now operates over 6,500 barrels of oil equivalent per day (BOEPD) of current production, with more than 80% being oil, and controls over 328,000 net acres of prime energy territory. This transformation creates a company with strong cash generation capabilities supported by high-percentage oil production and a competitive cost structure that enhances its operational efficiency.

J. Douglas Schick, President and CEO of PEDEVCO, emphasized the strategic importance of this transaction, stating that it positions the company to accelerate a consolidation and growth strategy centered in the Rockies. He noted significant opportunity exists to build a leading oil and gas company in the region through both organic growth and strategic asset acquisitions, with terms expected to be more attractive than those available in other areas like the Permian Basin. The company maintains a continued focus on increasing shareholder value while maintaining a strong balance sheet throughout this growth phase.

Edward Geiser, Executive Managing Partner of Juniper, highlighted the firm's long-standing focus on the U.S. Rockies, citing strong well-level economics across multiple formations, extensive remaining drilling inventory spanning large geographic areas, and diverse ownership of assets. He expressed confidence that the newly transformed PEDEVCO, which owns key assets proximal to some of the largest public and private operators, has the opportunity to grow organically through drilling its extensive operated inventory as well as through strategic consolidation initiatives.

The combined company's operational strength is underscored by its identification of well over a decade of potential future drilling inventory on its existing position, supported by multiple formations being developed across its DJ Basin and Powder River Basin assets. This extensive inventory provides substantial runway for sustained growth and development. Additionally, PEDEVCO has thirty-two wells of varying working interest that have recently been completed or are scheduled for completion in Q4 2025 and early Q1 2026, which is expected to generate material production growth over the coming months.

Financing arrangements included PEDEVCO increasing its borrowing base under its existing $250 million reserve-based lending facility with Citibank from $20 million to $120 million, with approximately $87 million drawn to help 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. Following conversion of all Preferred Shares, Juniper and its affiliates will own approximately 53% of the combined entity, with the company expected to have total debt of approximately $87 million and approximately $10 million in cash. More information about PEDEVCO can be found at https://www.pedevco.com.

Corporate governance changes include the addition of Josh Schmidt, Partner and Chief Operating Officer of Juniper, along with independent directors Martyn Willsher and Kristel Franklin, to PEDEVCO's Board of Directors. The management team will be strengthened with the addition of Reagan Tuck Dukes as Chief Operating Officer and Robert J. Long as Chief Financial Officer, both previously holding CEO and CFO positions respectively at the portfolio companies. The integration includes twelve additional employees from the portfolio companies, ensuring operational continuity and expertise retention.

This transaction represents a significant consolidation in the Rockies energy sector, creating a company positioned to capitalize on the region's strong economics and extensive development opportunities. The combination of substantial existing production, extensive drilling inventory, and financial resources positions PEDEVCO to pursue both organic growth and strategic acquisitions, potentially reshaping the competitive landscape in the Rocky Mountain energy sector while delivering value to shareholders through disciplined capital allocation and operational excellence.