<SEC-DOCUMENT>0001354488-13-000559.txt : 20130212
<SEC-HEADER>0001354488-13-000559.hdr.sgml : 20130212
<ACCEPTANCE-DATETIME>20130212093029
ACCESSION NUMBER:		0001354488-13-000559
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20130212
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130212
DATE AS OF CHANGE:		20130212

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PEDEVCO CORP
		CENTRAL INDEX KEY:			0001141197
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL AND GAS FIELD EXPLORATION SERVICES [1382]
		IRS NUMBER:				223755993
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53725
		FILM NUMBER:		13594663

	BUSINESS ADDRESS:	
		STREET 1:		4125 BLACKHAWK PLAZA CIRCLE
		STREET 2:		SUITE 201
		CITY:			DANVILLE
		STATE:			CA
		ZIP:			94506
		BUSINESS PHONE:		855-733-2685

	MAIL ADDRESS:	
		STREET 1:		4125 BLACKHAWK PLAZA CIRCLE
		STREET 2:		SUITE 201
		CITY:			DANVILLE
		STATE:			CA
		ZIP:			94506

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLAST ENERGY SERVICES, INC.
		DATE OF NAME CHANGE:	20050610

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VERDISYS INC
		DATE OF NAME CHANGE:	20010523
</SEC-HEADER>
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<DESCRIPTION>CURRENT REPORT
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">THE SECURITIES EXCHANGE ACT OF 1934</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DATE OF EARLIEST EVENT REPORTED: February 8, 2013</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">ITEM 1.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As previously disclosed, on November 30, 2012, Condor Energy Technology LLC (&#8220;Condor&#8221;), a joint venture between PEDEVCO CORP. (the &#8220;Company&#8221;) and MIE Jurassic Energy Corporation (&#8220;MIE&#8221;), an affiliate of MIE Holdings Corporation, entered into an Agreement for Purchase of Term Assignment (the &#8220;Original Mississippian Agreement&#8221;) for the acquisition by Condor of interests in the Mississippian Lime and related 3-D seismic data, for an aggregate purchase price of $8,648,661.&#160;&#160;Pursuant to the Original Mississippian Agreement, Condor paid an initial deposit in the amount of $864,866 (the &#8220;Initial Deposit&#8221;). On February 8, 2013, the Company, Condor, Berexco LLC (&#8220;Berexco&#8221;) and Hinkle Law Firm LLC, as escrow agent, entered into a Termination of Agreement for Purchase of Term Assignment; Agreement to Transfer Performance Deposit and Negotiate in Good Faith (the &#8220;Mutual Termination and Deposit Transfer Agreement&#8221;), pursuant to which Condor and Berexco mutually agreed, without fault of either party, to terminate the Original Mississippian Agreement.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the Mutual Termination and Deposit Transfer Agreement, the Company and Berexco further agreed that they would negotiate in good faith the terms and conditions of an alternative transaction whereby the Company would acquire the rights to the leases previously contemplated to be acquired under the Original Mississippian Agreement by Condor (the &#8220;Proposed PEDEVCO-Berexco Transaction&#8221;).&#160;&#160;The parties to the Mutual Termination and Deposit Transfer Agreement further agreed that the Initial Deposit would continue to be held in escrow on the Company&#8217;s behalf pending the entry into a new escrow agreement by and between the Company and Berexco in connection with the Proposed PEDEVCO-Berexco Transaction; provided, however, that if no such escrow agreement or no definitive documentation with respect to the Proposed PEDEVCO-Berexco Transaction is entered into by and between the Company and Berexco by 5:00 p.m. Central Time, February 22, 2013, then the escrowed funds will be returned to the Company.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the Original Mississippian Agreement, Condor had planned to acquire interests in the Mississippian Lime covering approximately 13,806 gross acres located in Comanche, Harper, Barber and Kiowa Counties, Kansas, and&#160;Woods County, Oklahoma, and approximately 19.5 square miles of 3-D seismic data, for an aggregate purchase price of $8,648,661, of which $864,866 was paid into escrow by Condor.&#160;&#160;Pursuant to the Proposed PEDEVCO-Berexco Transaction, the Company plans to acquire up to 100% of these same interests on substantially the same terms and conditions as originally entered into between Berexco and Condor. We cannot assure you, however, that we will in fact be able to enter into such a revised agreement with Berexco or that if such an agreement is entered into that we will be able to consummate the acquisitions contemplated thereby.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On February 12, 2013, the Company issued a press release, filed as Exhibit 99.1, announcing the completion and initial production rate of 588 barrels of oil equivalent per day from its Waves 1H well located in the Niobrara formation in Weld County, Colorado.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Termination of Agreement for Purchase of Term Assignment; Agreement to Transfer Performance Deposit and Negotiate in Good Faith, dated February 8, 2013, by and among PEDEVCO Corp., Condor Energy Technology LLC, Berexco LLC, and Hinkle Law Firm LLC</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date: February 12, 2013</font></div>
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<TYPE>EX-10.1
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<FILENAME>besv_ex101.htm
<DESCRIPTION>TERMINATION OF AGREEMENT
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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT 10.1</font></div>



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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">February 8, 2013</font></div>

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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Berexco LLC &amp; Internal Partners&#160;&#160;</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Condor Energy Technology LLC</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2020 N. Bramblewood</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4125 Blackhawk Plaza Circle, Suite 201</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wichita, Kansas 67206&#160;</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Danville, California 94506</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn.:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Adam E. Beren</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn:&#160;&#160;Frank C. Ingriselli</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charles Spradlin</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">PEDEVCO Corp.</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hinkle Law Firm, LLC (Escrow Agent)&#160;</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4125 Blackhawk Plaza Circle, Suite 201</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8621 East 21st Street North, Suite 200</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Danville, California 94506</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Wichita, Kansas 67206-2991</font></td>
<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn:&#160;&#160;Frank C. Ingriselli</font></td>
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<td width="50%"><font style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Attn.:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;John Broomes</font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Termination of Agreement for Purchase of Term Assignment; Agreement to<font id="TAB1" style="MARGIN-LEFT: 12pt"></font>Transfer Performance Deposit and Negotiate in Good Faith</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Dear Mr. Beren:</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>This letter memorializes the agreement by and between Condor Energy Technology LLC (&#8220;Condor&#8221;) and Berexco LLC and the Internal Partners (collectively referred to herein as &#8220;Seller&#8221;) that Condor and Seller have mutually agreed to terminate that certain Agreement for Purchase of Term Assignment dated effective November 30, 2012, by and between Condor and Seller (the &#8220;AFPOTA&#8221;) pursuant to Section 24.A of the AFPOTA, without fault of either party and with no liquidated damages due or owing by either party to the other.&#160;&#160;This letter and the agreements contained herein shall supersede that certain letter from Condor to Seller dated February 6, 2013, regarding termination of the AFPOTA, and Condor hereby withdraws, rescinds, and repudiates said letter.&#160;&#160;Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the AFPOTA.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Seller and PEDEVCO Corp (&#8220;PEDEVCO&#8221;) further hereby agree, and Condor, a partially-owned subsidiary of PEDEVCO, hereby approves and consents, to Seller and PEDEVCO negotiating in good faith the terms and conditions of an alternative transaction whereby PEDEVCO shall acquire the rights to the Leases previously contemplated to be acquired under the AFPOTA by Condor (the &#8220;PEDEVCO-Berexco Transaction&#8221;).&#160;&#160;In contemplation of the proposed PEDEVCO-Berexco Transaction, Condor, PEDEDVCO and Seller agree that the Performance Deposit in the amount of Eight Hundred and Sixty-Four Thousand, Eight Hundred and Sixty-Six Dollars ($864,866.00), originally paid by Condor to the Hinkle Law Firm, LLC in accordance with AFPOTA, plus all interest accrued thereon to date (the &#8220;Escrowed Funds&#8221;), shall be retained and held in escrow by the Escrow Agent on PEDEVCO&#8217;s behalf pending the entry into a new escrow agreement by and between PEDEVCO and Seller in connection with the PEDEVCO-Berexco Transaction; provided, however, that if no such new escrow agreement or no definitive documentation with respect to the proposed PEDEVCO-Berexco Transaction is entered into by and between PEDEVCO and Berexco by 5:00 p.m. Central Time, Friday, February 22, 2013, then the Escrow Agent shall return the Escrowed Funds to PEDEVCO within two (2) business days.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In furtherance of the transactions contemplated herein, Condor does hereby assign all its right, title, and interest in and to the Performance Deposit, and all its rights and obligations under the existing Escrow Agreement, to PEDEVCO, and said Escrow Agreement is hereby amended to afford PEDEVCO the right to demand return of the Performance Deposit under the conditions set forth in the last sentence of the preceding paragraph.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Escrow Agent joins this agreement for the sole purpose of approving the actions contemplated herein with respect to the Escrow Agreement and the Performance Deposit.&#160;&#160;Seller, PEDEVCO, and Escrow Agent hereby ratify and confirm the Escrow Agreement, as amended herein.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 198pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Regards,</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 198pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ Frank C. Ingriselli&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 198pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Frank C. Ingriselli</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 198pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condor Energy Technology LLC</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 198pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PEDEVCO Corp.</font></div>

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<div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT 99.1</font></div>

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<div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pacific Energy Development Announces Initial Production Rate of Second Niobrara Well</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#160;</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">DANVILLE, Calif., February 12, 2013 /BusinessWire/ -- PEDEVCO Corp., d/b/a Pacific Energy Development (OTCBB:<font style="DISPLAY: inline; TEXT-DECORATION: underline">PEDO</font>) (the "Company"), announced today that its second horizontal well, the Waves 1H well, located in Weld County, Colorado, has tested at an initial production rate of 528 bopd and 360 mcfgpd (588 boepd) from the Niobrara &#8220;B&#8221; Bench target zone.&#160;&#160;The well is operated by the Company&#8217;s joint venture partner, Condor Energy Technology LLC (&#8220;Condor&#8221;).&#160;&#160;Condor spudded the Waves 1H well on November 19, 2012 and drilled to 11,114 feet&#160;measured depth (6,200 true vertical foot&#160;depth) in eight days.&#160;&#160;The 4,339 foot lateral section was completed in 18 stages on February 1, 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Condor&#8217;s first horizontal well in Weld County, Colorado, the FFT2H well, tested at an initial production rate of 437 boepd from the Niobrara &#8220;B&#8221; Bench target zone.&#160;&#160;This first well was spudded in April 2012 and drilled to a total combined vertical and horizontal depth of 11,307 feet, with completion operations concluding in July 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On November 30, 2012, Condor spudded its third horizontal well, the Logan 2H well, in Weld County, Colorado.&#160;&#160;Drilling of the well was completed on December 8, 2012, to a true vertical depth of approximately 6,150 feet, and a total horizontal length of approximately 6,350 feet in the Niobrara &#8220;B&#8221; Bench target zone.&#160;&#160;Condor completed hydraulic fracturing operations on this well in January 2013, and plans to finish completion operations and commence flow testing in mid-February 2013.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Frank C. Ingriselli, the Company's President and CEO commented, "We are pleased to be able to execute on our 2013 development program in the Niobrara formation, and are encouraged that the knowledge we gained from drilling and completing our initial FFT2H well in the Niobrara formation is proving beneficial to us as we seek to drive down our drilling and completion costs, optimize our completion operations, and maximize production and resource recovery."</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For more information on the Company, please visit the Company's corporate website at <font style="DISPLAY: inline; TEXT-DECORATION: underline">www.pacificenergydevelopment.com</font>.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">About PEDEVCO Corp. (d/b/a Pacific Energy Development)</font></font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">PEDEVCO Corp., d/b/a Pacific Energy Development (OTCBB: PEDO) is a publicly-traded 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 Pacific Rim countries. The Company's producing assets include its Niobrara asset located in the DJ Basin in Colorado, the Eagle Ford asset in McMullen County, Texas, and North Sugar Valley Field located in Matagorda County, Texas. The Company is headquartered in Danville, California, and also has an office in Beijing, China.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This press release includes &#8220;forward-looking statements&#8221; which are subject to a number of risks and uncertainties, many of which are beyond our control.&#160;&#160;All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future drilling and production are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, the volatility of oil, natural gas and NGL prices; uncertainties inherent in estimating oil, natural gas and NGL reserves; drilling risks; environmental risks; and political or regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by PEDEVCO on its website or otherwise. PEDEVCO does not undertake and expressly disclaims any obligation to update the forward-looking statements as a result of new information, future events or otherwise. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us at PEDEVCO, Attn: Investor Relations, 4125 Blackhawk Plaza Circle, Suite 201, Danville, California 94506, or from the SEC&#8217;s website at www.sec.gov.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">CONTACT: Media Contact:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pacific Energy Development</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Bonnie Tang, 1-855-733-3826 ext 21</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">PR@pacificenergydevelopment.com</font></font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">or</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Investor Relations Contact:</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Liviakis Financial Communications, Inc.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">415-389-4670</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">john@liviakis.com</font></font></div>

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