Pacific Energy Development Announces 2nd Quarter Results With Revenues Increasing More Than 10x Over Same Period Last Year With a Commensurate Increase in Reserves

PEDEVCO Corp, Pacific Energy Development, reported 2nd quarter results yesterday and will host a conference call to discuss these results and to provide an operational update. The call will be held on Tuesday, August 19, 2014 at 1:30PM Pacific Time.

Commenting on the results, Frank C. Ingriselli, President and CEO of the Company, stated, “We are very pleased with our results this quarter that we believe demonstrate and validate the significant accretive value of our recent strategic acquisition in the Wattenberg area. Compared to the same quarter last year, revenues grew from $156,000 to over $2 million, with our net proved and developed reserves (P1 Reserves) growing from approximately 115,000 BOE at 2013 year-end to over 5.6 million BOE now, with P3 reserves announced at over 13.5 million BOE. We look forward to discussing these results, as well as our future development plans and our drive to focus on shareholder value.”