PEDEVCO Corp. (PED): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how PEDEVCO Corp. is structured after that big October 2025 merger, right? As someone who's spent two decades mapping out energy plays, I can tell you this isn't just a name change; it's a strategic pivot positioning them as a premier Rockies operator, holding about $\mathbf{328,000}$ net acres and, critically, maintaining a conservative capital structure with $\mathbf{zero}$ debt as of Q3 2025. They are betting big on development, but the foundation looks solid. Honestly, the blueprint for their next growth phase is all here. Dive into the Business Model Canvas below to see the nuts and bolts of their partnerships, resources, and revenue streams.

PEDEVCO Corp. (PED) - Canvas Business Model: Key Partnerships

The Key Partnerships block for PEDEVCO Corp. is heavily influenced by the late 2025 strategic realignment, especially the merger with Juniper Capital Advisors, L.P. portfolio companies.

Juniper Capital Advisors, L.P. as a major financial and strategic partner post-October 2025 merger.

The merger, closing on October 31, 2025, established Juniper Capital Advisors, L.P. and its affiliates as the dominant shareholder group. Juniper Capital Advisors, L.P. is an energy investment firm that, as of February 2025, had approximately $1.7 billion of cumulative equity commitments. The transaction involved PEDEVCO issuing 10,650,000 shares of Series A Convertible Preferred Stock, which converts into 106,500,000 shares of common stock. This conversion results in Juniper and affiliates owning approximately 53% of the combined entity. Concurrently, a private placement raised $35 million in gross cash proceeds. The combined entity is expected to hold approximately $87 million in debt and $10 million in cash. Post-merger, PEDEVCO Corp. manages over 6,500 barrels of oil equivalent per day in current production, with more than 88% being oil and liquids, and controls over 320,000 net acres. Board representation was added by Josh Schmidt, Martyn Willsher, and Kristel Franklin from Juniper. This partnership is central to the consolidation-focused Rockies growth strategy.

The operational scale post-merger is significant compared to pre-merger figures; for instance, Q2 2025 production was 1,517 BOEPD.

Large, Denver-based private equity-backed D-J E&P company for joint development.

PEDEVCO Corp. has a five-year Participation Agreement and Area of Mutual Interest (AMI) established in October 2024 with a large, Denver, Colorado-based private equity-backed D-J Basin E&P company. This partnership targets joint development on approximately 10,750 net acres collectively held in the SW Pony Prospect in Weld County, Colorado. PEDEVCO holds a 30% interest in this combined acreage, with the counterparty holding 70%. The AMI spans approximately 16,900 gross acres. The agreement mandates the operator to drill a minimum of five wells annually, with PEDEVCO Corp. estimating up to 18 total wells could be developed under this project per year.

Drilling and completion service providers for D-J and Permian Basin operations.

PEDEVCO Corp.'s development pace relies on non-operated participation, indicating reliance on third-party operators and their associated service providers. The company's Q2 2025 activity included participation in eight 2.5 mile lateral non-operated wells in the D-J Basin with a working interest (WI) of approximately 7.5%. Further D-J Basin participation in Q2 2025 involved four wells (three 2.5 mile lateral and one 3 mile U-shaped lateral) with a WI of approximately 44%. For Q3 2025, the company was involved in 12 non-operated wells across various configurations, including one pad with a 14% WI on one well and 19% WI on three others, and two wells with a 94% WI in the northern D-J Basin. In the Permian Basin, PEDEVCO Corp. sold a 50% working interest in future drilling projects in the Chaveroo field to a joint venture partner in 2023 to accelerate development.

The structure of these non-operated arrangements dictates the capital outlay and exposure to service costs. For example, the Q2 2025 realized sales price was $51.46 per Boe, which impacts the economics of these shared development costs.

Midstream companies for oil and gas gathering and transportation.

PEDEVCO Corp. relies on midstream partners for the gathering and transportation of oil and gas volumes from its D-J and Permian Basin assets. The company's assets include infrastructure in place for development in the Permian Basin. The Q2 2025 production mix was 86% liquids. The Q3 2025 realized price of $51.46 per Boe reflects the realized value after transportation and processing arrangements.

• D-J Basin acreage: Approximately 328,000 net acres (pre-merger plus Juniper assets).
• Permian Basin acreage: Approximately 14,105 net acres as of November 1, 2025.
• Post-merger production: Over 6,500 BOEPD.
• Cash and cash equivalents (June 30, 2025): $11.2 million (including restricted cash).

PEDEVCO Corp. (PED) - Canvas Business Model: Key Activities

You're looking at the core actions PEDEVCO Corp. (PED) takes to generate revenue and grow its footprint, especially after that big merger at the end of October 2025. Honestly, the key activities revolve around drilling, operating, and buying more assets in specific US basins.

Acquisition and development of strategic, high-growth oil and gas projects

PEDEVCO Corp. (PED) focuses on acquiring and developing assets where modern drilling and completion techniques can be applied to properties with long production histories. The strategic focus is clearly shifting toward the Rockies region following the late 2025 merger. Before the merger, the Company had approximately 14,105 net Permian Basin acres in New Mexico and approximately 328,000 net D-J Basin and Powder River Basin acres as of November 1, 2025. The October 31, 2025, merger with Juniper Capital Advisors, L.P. portfolio companies significantly expanded the Rockies position, aiming to build a leading operator there.

The Company received first production in mid-Q2 2025 from four operated horizontal San Andres wells drilled in its Chaveroo Field in the Permian Basin during Q1 2025 and early Q2 2025. These wells were completed both on schedule and under budget. The strategic development is now centered on integrating the newly acquired assets in the Northern DJ and Powder River Basins.

Drilling and completion of new horizontal wells, like the 32 wells scheduled for Q4 2025/early Q1 2026

A major key activity is participating in the drilling and completion of horizontal wells across its acreage, particularly in the D-J Basin. You'll see a lot of activity concentrated around year-end 2025. PEDEVCO Corp. (PED) has thirty-two wells of varying working interest that were recently completed or are scheduled for completion in Q4 2025 and early Q1 2026, which management expects will generate material production growth.

Here's a breakdown of the D-J Basin participation reported through Q3 2025, which feeds into that larger 32-well count:

• Participated in eight 2.5 mile lateral non-operated wells (~7.5% working interest), with production coming online in Q4 2025.
• Participated in three 2.5 mile lateral and one 3 mile U-shaped lateral non-operated wells (~46% working interest), with production anticipated in mid-Q4 2025.
• Participated in six 1.5 mile lateral non-operated wells (~5% working interest), with completions scheduled for late Q4 2025 and production expected in early 2026.

The Company also participated in one well pad with one 3 mile lateral non-operated well (14% working interest) and three 2 mile lateral non-operated wells (19% working interest), plus one 1.5 mile lateral and one 2.5 mile lateral wells in the northern D-J Basin (94% working interest) that came online in early November 2025, following an acquisition effective October 31, 2025.

Operating and maintaining oil and gas production assets in the Rockies and Permian

Operating the existing assets is crucial for cash flow while new wells are being brought online. Before the full effect of the merger, PEDEVCO Corp. (PED) produced an average of 1,471 barrels of oil equivalent per day (BOEPD) (84% liquids) for the three months ended September 30, 2025. This was a 13% decrease from the 1,698 BOEPD produced in Q3 2024. The company reported Q3 2025 revenue of $7.0 million and an operating loss of $834 thousand. Operating expenses for Q3 2025 were $7.8 million, an increase of 12% from Q3 2024. The company maintained a strong balance sheet with zero debt and $13.7 million in cash and cash equivalents as of September 30, 2025.

Post-merger, the operational profile changes significantly, with current production jumping to over 6,500 BOEPD, which is over 88% oil and liquids.

Here's a look at the asset scale and production metrics:

Strategic consolidation and accretive M&A to expand asset base

Strategic consolidation is a stated focus, with the transformative merger on October 31, 2025, being the primary example. This transaction involved issuing 10,650,000 shares of Series A Convertible Preferred Stock, convertible into 106,500,000 shares of common stock. Simultaneously, the Company closed a private placement raising $35 million in gross cash proceeds through the sale of 6,363,637 Convertible Preferred Shares.

The goal of this M&A activity is to accelerate a consolidation and growth strategy centered in the Rockies, aiming to achieve economies of scale. PEDEVCO Corp. (PED) plans to continue focusing on seeking accretive M&A opportunities, expecting potential acquisitions to deliver accretion and operational synergies while maintaining a healthy capital structure. The merger itself was expected to result in approximately $10 million in cash post-closing and refinancing of the acquired companies' debt and preferred equity.

Key financial data points surrounding the merger:

• Merger Closing Date: October 31, 2025.
• Equity Raise Proceeds: $35 million gross cash.
• Shares Issued in Merger (Convertible): 10,650,000 Series A Preferred Shares.
• Projected Post-Transaction Debt: Approx. $87 million.

PEDEVCO Corp. (PED) - Canvas Business Model: Key Resources

You're looking at the core assets that power PEDEVCO Corp. (PED) right now, post-merger. These are the tangible and human elements that make the business run, so let's look at the numbers supporting them.

The land base is definitely a primary resource, especially after the transformative merger closing on October 31, 2025. You have a massive footprint in the Rockies region, which the company is now positioning itself to be a premier operator in. This extensive acreage provides a long-term drilling inventory, which management sees as well over a decade of potential future development. Also, the company's strategic focus explicitly includes driving low-cost operations and maintaining a conservative capital structure, which speaks directly to the human capital and operational know-how embedded in the team.

Here's a breakdown of the key physical and financial assets as of late 2025:

• Extensive Rockies Acreage: Approximately 328,000 net acres spread across the D-J Basin and the Powder River Basin in Colorado, Wyoming, and surrounding areas.
• Permian Basin Assets: Approximately 14,105 net acres in the San Andres formation in eastern New Mexico.
• Liquidity Position: Cash and cash equivalents stood at $10.92 million as of September 30, 2025.
• Management Focus: The experienced management team is centered on a strategy that includes achieving economies of scale and driving a low-cost operating environment.

The merger on October 31, 2025, immediately boosted operational scale, which is a key resource in itself for achieving better terms and efficiency. The combined entity is now reporting current production of over 6,500 BOEPD, which is over 80% oil. This scale helps support the goal of dictating the pace of development across the acreage.

To give you a clearer picture of the asset base supporting the business model, look at this summary:

Honestly, the management team's commitment to a conservative capital structure is a resource in itself, especially when you see the Q3 2025 net loss of $325 thousand. They are focused on using existing infrastructure and modern techniques to lower finding and development costs, which is critical for long-term viability in the E&P space.

Finance: draft 13-week cash view by Friday.

PEDEVCO Corp. (PED) - Canvas Business Model: Value Propositions

You're looking at the core reasons why PEDEVCO Corp. (PED) is positioned to attract capital and partners following its late 2025 transformation. The value proposition centers on a focused, de-risked, and high-potential asset base, you see.

Premier Publicly-Traded Rockies-Focused Oil & Gas Operator post-merger

The November 4, 2025, merger with Juniper Capital Advisors' portfolio companies definitely shifts the focus. PEDEVCO Corp. is now aiming to be the leading pure play public oil and gas company centered on the Rockies region. This new scale brings over 6,500 BOEPD of current production, with over 88% being oil and liquids. You get access to a significantly expanded acreage position across the Northern DJ Basin and Powder River Basin, totaling over 320,000 net acres in the Rockies alone. This is a big step up from its previous structure.

Development of legacy conventional properties using modern, unconventional drilling technologies

The strategy isn't just about buying acreage; it's about applying better science. PEDEVCO Corp. targets legacy conventional proven properties. The value here is leveraging existing infrastructure and well-defined geology while applying the latest in modern drilling and completion techniques and technologies where they haven't been fully utilized yet. This approach helps drive down the cost to find and produce hydrocarbons.

Extensive potential drilling inventory positioned for material production growth

The combined entity holds substantial leasehold interests that translate directly into future inventory. Management has identified well over a decade of potential future drilling inventory based on the current acreage position across the DJ Basin and Powder River Basin. You should note the near-term catalyst: thirty-two wells of varying working interest were recently completed or are scheduled for completion in Q4 2025 and early Q1 2026. This activity is expected to deliver material production growth in the immediate future.

Strong focus on maintaining a conservative capital structure with zero debt as of Q3 2025

Even with the recent transformative activity, the stated focus remains on capital discipline. Prior to the merger closing, the balance sheet reflected this focus, showing zero debt as of the June 30, 2025, balance sheet date. Cash and cash equivalents stood at $11.2 million at that same time. To be fair, the post-merger structure is different; the pro-forma expectation following the November 2025 transaction was approximately $87 million in total debt and approximately $10 million in cash. Still, the stated intent is to maintain a healthy capital structure moving forward.

Here's a quick look at the key operational and financial metrics supporting these value propositions:

The company's operational plan emphasizes leveraging its acreage position through focused development, which you can see reflected in the near-term well completion schedule.

• Targeting legacy conventional assets.
• Applying modern drilling and completion techniques.
• Projected drilling inventory exceeding 10 years.
• Focus on organic growth and strategic consolidation.
• Post-merger entity is now Rockies-focused.

Finance: draft 13-week cash view by Friday.

PEDEVCO Corp. (PED) - Canvas Business Model: Customer Relationships

The relationships with commodity purchasers are fundamentally transactional, reflecting PEDEVCO Corp. (PED)'s B2B model in the energy sector.

Dedicated sales and marketing efforts are focused on securing the best possible realized prices for crude oil, natural gas, and NGLs, though recent results show price pressure impacting these transactions. For the three months ended September 30, 2025, the combined average realized sales price was $51.46 per Boe, which was an 11% decrease compared to $57.97 per Boe in Q3 2024. This pricing environment contributed to Q3 2025 total crude oil, natural gas and NGL revenues decreasing by $2.1 million, or 23%, to $7.0 million compared to Q3 2024.

Here's a look at the realized pricing and revenue trends impacting these B2B relationships:

The company's operational output directly feeds these transactions. PEDEVCO Corp. (PED) produced an average of 1,517 barrels of oil equivalent per day (BOEPD) (86% liquids) in Q2 2025. Following a transformative merger effective October 31, 2025, the combined production instantly boosted to over 6,500 BOEPD, a massive jump from the Q3 average of 1,471 BOEPD.

The relationship with public shareholders and capital market participants is managed through formal Investor Relations (IR) channels. PEDEVCO Corp. (PED) trades on the NYSE American under the symbol PED. As of March 28, 2025, there were 91,339,385 shares of the company's common stock outstanding. The last reported stock price was $0.55.

Key financial metrics relevant to capital market confidence include liquidity positions. As of September 30, 2025, the working capital surplus was $1.5 million, down from $7.0 million as of June 30, 2025. Cash and cash equivalents stood at $11.2 million on June 30, 2025, which included $2.75 million in restricted cash.

The IR function maintains specific contacts and uses designated third parties for shareholder services:

• IR Contact Phone Number: (713)-221-1768.
• Transfer Agent: Equiniti Trust Company, LLC.
• Auditor: Marcum, LLP.
• The company advises security holders to review the Information Statement regarding the October 31, 2025 merger.

Finance: draft 13-week cash view by Friday.

PEDEVCO Corp. (PED) - Canvas Business Model: Channels

You're looking at the physical pathways PEDEVCO Corp. uses to get its produced hydrocarbons-crude oil, natural gas, and NGLs-to the market. This is where the rubber meets the road, turning underground reserves into top-line revenue. The company's sales are a direct function of its production base, which, as of late 2025, is undergoing a significant shift following the October 31, 2025, merger.

The realized pricing PEDEVCO Corp. achieves is the ultimate measure of how effectively these channels are working against volatile commodity markets. For the three months ended September 30, 2025, the company's combined average realized sales price was $51.46 per Boe. This figure reflects the blended outcome of their crude oil, natural gas, and NGL sales executed through their chosen outlets.

The physical movement of product is tied directly to the assets in the Permian Basin and the D-J Basin. While the specific contracts for direct sales of crude oil to refiners and marketers via pipeline or truck transport aren't detailed publicly, the resulting revenue is clear. Similarly, sales of natural gas and NGLs to midstream processors and pipeline operators result in the realized prices you see above. The company's Q3 2025 total revenue was $7.0 million, which was impacted by an unfavorable price variance of $1.1 million.

The volumes flowing through these channels were adjusted in 2025 due to strategic asset management decisions. For instance, the company divested 17 operated wells in the D-J Basin in April 2025, which immediately reduced the volume component of revenue by $1.0 million in Q3 2025 compared to the prior year period. Anyway, the post-merger entity is positioned for a step-up in volume, with current production exceeding 6,500 BOEPD, driven by new wells coming online in Q4 2025.

The product mix that feeds these channels shows a strong weighting toward higher-value liquids:

• Total Q3 2025 production was 135,266 Boe.
• Crude oil volume was 96,864 barrels.
• Natural gas volume was 128,369 Mcf.
• NGL volume was 17,077 Boe.
• Liquids (Oil and NGLs) comprised 84% of total Q3 2025 production.

The reliance on commodity exchanges and market sales is evident because the realized pricing is volatile; the combined average price dropped 11% from $57.97 per Boe in Q3 2024 to $51.46 per Boe in Q3 2025. This shows the direct exposure PEDEVCO Corp. has to spot and forward commodity markets for pricing its output.

Finance: review the Q4 2025 realized price forecasts against the Q3 2025 average of $51.46 per Boe by next Tuesday.

PEDEVCO Corp. (PED) - Canvas Business Model: Customer Segments

PEDEVCO Corp. sells its primary output, crude oil, natural gas, and natural gas liquids (NGLs), directly into the energy commodity market, meaning the first customer segment is comprised of large-scale crude oil and natural gas purchasers, such as refineries and midstream companies that process or transport these hydrocarbons.

The second segment, energy marketers and trading houses, also purchases the produced commodities, often taking title at the wellhead or a nearby delivery point, based on the realized sales price for the volume PEDEVCO Corp. can deliver.

The scale of the commodity business, which directly impacts the volume available to these purchasers and marketers, has significantly changed following the October 2025 merger; the combined entity is projected to have production exceeding 6,500 barrels of oil equivalent per day (BOEPD), with over 80% oil content, which is the higher-value liquid component of their sales.

Here's a quick look at the operational scale relevant to these commodity sales, based on pre-merger Q3 2025 results and post-merger projections:

As a publicly-traded company on the NYSE American under the symbol PED, the third customer segment is the market of institutional and individual public equity investors who purchase or hold the company's common stock.

These investors are buying into the future growth potential, especially following the recent scaling transaction, and their interest is reflected in the market data available as of mid-November 2025.

• Stock Symbol: PED
• Last Reported Stock Price (11/17/2025): $0.55
• 52-Week Low/High Range: $0.4318 - $0.9988
• Expected Total Common Shares Outstanding (Pro Forma Post-Merger): Approximately 266 million
• Significant Ownership Stake: Juniper Capital IV GP, L.P. is listed as a 10% Owner following the October 31, 2025 event.

PEDEVCO Corp. (PED) - Canvas Business Model: Cost Structure

You're looking at the costs PEDEVCO Corp. (PED) is facing to keep the lights on and the drills turning as of late 2025. It's a capital-intensive business, so the big numbers are usually tied to getting product out of the ground.

The Cost Structure is heavily weighted toward getting new wells online. For instance, capital costs incurred for drilling and completion operations in the Permian Basin and D-J Basin reached $17.22 million during the third quarter of 2025 alone. This reflects the high upfront investment needed for their development programs, like the Q3 2025 capital drilling program you mentioned.

Operating expenses show some quarterly variation. Total operating expenses for the three months ended September 30, 2025, were reported at $7.8 million. This was about 12% higher than the same period in 2024, driven by non-LOE costs.

Lease Operating Expenses (LOE) are variable, moving with activity. You saw LOE rise in Q1 2025 to $3.41 million, up from $2.53 million in Q1 2024, directly tied to the higher production volumes from new wells coming online. However, by Q3 2025, with lower overall volumes following the April asset sale, LOE actually declined year-over-year to $2.095 million.

Here's a quick look at how some of those key operating costs stacked up for the third quarter of 2025, compared to the prior year's quarter:

Depreciation, Depletion, and Amortization (DD&A) is a significant non-cash charge reflecting the exhaustion of reserves. While the Q3 2025 figure was $4.010 million, the figure for the second quarter of 2025, as you noted, was $3.86 million. This expense line is expected to rise with recent capital spending.

General and Administrative (G&A) expenses are part of that total operating expense picture. For Q3 2025, G&A saw a small increase of about $0.1 million compared to Q3 2024, driven by things like payroll and software fees. The company is using share-based compensation to help conserve cash for field development, which is smart.

To keep track of the quarterly trend for these major cost components, here's a breakdown:

• Q1 2025 Operating Expenses totaled $8.6 million.
• Q1 2025 DD&A was $3.35 million.
• Q2 2025 DD&A was $3.86 million (as specified).
• Q3 2025 Total Operating Expenses were $7.8 million.

Finance: draft 13-week cash view by Friday.

PEDEVCO Corp. (PED) - Canvas Business Model: Revenue Streams

You're looking at how PEDEVCO Corp. actually brings in the money, which, as you know, is the core of any business model. For PEDEVCO Corp., revenue is tied directly to what they pull out of the ground and the prices they get for it.

The primary driver for revenue is the sale of crude oil. In the third quarter of 2025, liquids production, which is dominated by crude oil, comprised 84% of total production volumes. This heavy reliance means their top-line performance is very sensitive to oil price movements.

The total revenue picture for the third quarter of 2025 was clear. PEDEVCO Corp. reported Q3 2025 total revenue was $7.0 million. That revenue was generated at an average realized price of $51.46 per Boe (barrel of oil equivalent) for the period. That price point is key for your valuation models.

To give you a better sense of the physical components driving that revenue, here are the specific production volumes for Q3 2025:

• Produced 96,864 barrels of oil.
• Produced 128,369 million cubic feet (Mcf) of natural gas.
• Produced 17,077 Boe of natural gas liquids (NGLs).

Also contributing to the revenue stream are non-commodity-price-dependent items, like proceeds from joint development agreements. For instance, PEDEVCO Corp. received a $1.7 million payment in Q1 2025 from an agreement in the D-J Basin. This type of upfront cash is a nice buffer against volatility.

Here's a quick look at how the Q3 2025 realized prices broke down by commodity, which feeds into that overall $51.46 per Boe average:

So, you see the oil price is the main lever, but the gas and NGLs provide a necessary diversification within the sales mix. Finance: draft 13-week cash view by Friday.