PEDEVCO falls after trustee rejects takeover proposal for Sandridge Permian

PEDEVCO

28/08/2020 12:55

** Shares of oil and gas explorer PEDEVCO Corp  PED.A  fall
33% to $1.41 premarket 
    ** PEDEVCO says Avalon Energy, a trustee of Sandridge
Permian Trust  PER.N , declined to enter into discussions
regarding PED's interest in a potential acquisition of PER
    ** Avalon board rejects PED's proposal; says it has already
entered into an agreement with Montare Resources I, regarding
Avalon's ownership of common units of PER
    ** PER shares down ~14% premarket
    ** PED plans to attempt to engage in direct discussions with
Avalon and Montare regarding its prior indication of interest
    ** PED on Thursday wrote an open letter to PER, indicating
its interest in a potential acquisition  urn:newsml:reuters.com:*:nL4N2FT3BK
    ** PED up ~27%, PER down ~36% YTD



 (Reporting by Shradha Singh in Bengaluru)
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