Brief: PEDEVCO Corp Says In Connection With Estimates Of Value Of Co's Reserves, It Believes That It Will Recognize Material Impairment

PEDEVCO

01/02/2021 11:26

Feb 1 (Reuters) - PEDEVCO Corp  PED.A :
    * PEDEVCO -ESTIMATED OF VALUE OF CO'S RESERVES AS OF DEC 31,
2020,
BELIEVES THAT IT WILL RECOGNIZE MATERIAL IMPAIRMENT
    * PEDEVCO - WILL RECOGNIZE IMPAIRMENT OF ASSETS LOCATED IN
NORTHWEST SHELF OF PERMIAN BASIN & IN D-J BASIN IN WELD AND
MORGAN COUNTIES
    * PEDEVCO CORP - WILL BE REQUIRED TO TAKE A ONE-TIME
IMPAIRMENT
CHARGE IN RANGE OF 60% TO 70% OF ESTIMATED DISCOUNTED VALUE OF
ITS RESERVES (PV-10)
    * PEDEVCO CORP - FINAL IMPAIRMENT CHARGE ANTICIPATED TO BE
DETERMINED BY COMPANY IN UPCOMING MONTHS
    * PEDEVCO CORP - NOTES THAT IT IS NOT REDUCING MAGNITUDE OF
OIL
AND GAS RESERVES IT HOLDS

Source text: [ID: https://bit.ly/36qX9cz]
Further company coverage:  PED.A 

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