Pedevco: Rises On Well Completions, Sale Of Non: core assets

PEDEVCO

23/03/2021 17:48

** Shares of energy co  PED.A  rise 4.6% to $1.61 
    ** Co says it has drilled and completed two horizontal San
Andres wells in the Permian Basin  urn:newsml:reuters.com:*:nACS3DcRba
    ** Co also announces sale of certain non-core assets in the
DJ Basin, which has added about $1.9 mln in cash to balance
sheet
    ** PED says it has over $18.5 mln of free cash, zero debt
and a "significant" highly-prospective drilling inventory 
    ** Co says it plans to aggressively leverage to develop
assets, pursue accretive merger and acquisition opportunities 
    ** PED is up 6.6% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))