NEW YORK, Oct. 24, 2013 /PRNewswire/ -- S&P Capital IQ announced today that it has commenced S&P Capital IQ's Factual Stock Report coverage on PEDEVCO Corp.
PEDEVCO Corp., d/b/a Pacific Energy Development (NYSE-MKT: PED), is an energy company engaged in the acquisition and development of strategic, high-growth energy projects, including shale oil and gas assets, in the United States and Asia. The company's principal assets include its Niobrara asset located in the Denver-Julesberg Basin in Colorado; its Mississippian asset located in Comanche, Harper, Barber and Kiowa Counties, Kansas; its Eagle Ford asset in McMullen County, Texas; and its North Sugar Valley asset located in Matagorda County, Texas. The company has recently announced an agreement to acquire a producing asset located in the Pre-Caspian Basin, Kazakhstan. PEDEVCO is headquartered in Danville, California, with offices in Houston, Texas and Beijing, China.
The company plans to focus initially on developing shale oil and gas assets held by PEDEVCO in the United States. Subsequently, the company plans to seek additional shale oil and gas and conventional oil and gas asset acquisition opportunities in the United States and Asia utilizing its strategic relationships and technologies that may provide the company a competitive advantage in accessing and exploring such assets.
In September 2013, PEDEVCO announced that its fourth horizontal well on the Niobrara asset has tested a peak production rate of 972 bopd and 800 mcfgd (1,105 boepd) from the Niobrara "B" Bench target zone. Its fifth well, the Wickstrom 18-2H well, has tested at an initial production rate of 414 bopd and 408 mcfgd (482 boepd) from the Niobrara "B" Bench target zone. PED has five producing wells on its 10,224 gross acres Niobrara asset, located in Weld and Morgan Counties, Colorado.In September 2013, PEDEVCO also announced the entry into Kazakhstan through an agreement to acquire an approximate 34% indirect interest in Aral Petroleum Capital Limited Partnership, a Kazakhstan entity which holds a 100% operated working interest in a production license covering the contract area issued by the Republic of Kazakhstan that expires in 2035 in western Kazakhstan from Asia Sixth Energy Resources Ltd. The Contract Area includes the producing areas of the East Zhagabulak field and covers 380,000 acres within the North Block located in the Pre-Caspian Basin. This basin is the largest producing basin in Kazakhstan. S&P Capital IQ's Factual Stock Report coverage on PEDEVCO Corp. will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P Capital IQ research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit http://www.pacificenergydevelopment.com for additional information. About S&P Capital IQ's Factual Stock Reports Currently profiling approximately 500 issuers, Standard & Poor's Factual Stock Reports, produced by S&P Capital IQ, increase market awareness of issuers in the investment community with insightful commentary and key statistics and information. Standard & Poor's Factual Stock Reports provide factual research coverage about company fundamentals and business prospects, thereby enabling information about covered companies to reach a wide investor audience of Buy and Sell-side investors. Updated weekly with the latest pricing, trading volume, and other data, the reports include recent developments, a financial review, key operating information, industry and peer comparisons, institutional holdings analysis, Street Consensus and opinions, performance charts, business summary, fundamental data, and news. Because coverage of these reports is underwritten by the issuer, S&P Capital IQ does not offer investment opinions concerning the advisability of investing in these stocks.