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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockOption6Member_lbl" xml:lang="en-US">Stock Option 6 [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption7Member" xlink:to="PEDO_StockOption7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockOption7Member_lbl" xml:lang="en-US">Stock Option 7 [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockOption8Member_lbl" xml:lang="en-US">Stock Option 8 [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant4Member" xlink:to="PEDO_Warrant4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Warrant4Member_lbl" xml:lang="en-US">Warrant 4[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warrant5Member" xlink:label="PEDO_Warrant5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant5Member" xlink:to="PEDO_Warrant5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Warrant5Member_lbl" xml:lang="en-US">Warrant 5[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warrant6Member" xlink:label="PEDO_Warrant6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant6Member" xlink:to="PEDO_Warrant6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Warrant6Member_lbl" xml:lang="en-US">Warrant 6[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warrant7Member" xlink:label="PEDO_Warrant7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant7Member" xlink:to="PEDO_Warrant7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Warrant7Member_lbl" xml:lang="en-US">Warrant 7[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warran8Member" xlink:label="PEDO_Warran8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warran8Member" xlink:to="PEDO_Warran8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Warran8Member_lbl" xml:lang="en-US">Warrant 8 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warrant9Member" xlink:label="PEDO_Warrant9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant9Member" xlink:to="PEDO_Warrant9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Warrant9Member_lbl" xml:lang="en-US">Warrant 9[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EmployeeStockOptionMember" xlink:label="us-gaap_EmployeeStockOptionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeStockOptionMember" xlink:to="us-gaap_EmployeeStockOptionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xml:lang="en-US">Stock Option [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" xlink:label="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" xlink:to="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis_lbl" xml:lang="en-US">Exercise Price Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Non-controlling Interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US">Series A Convertible Preferred Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_BridgeNoteFinancingMember" xlink:label="PEDO_BridgeNoteFinancingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BridgeNoteFinancingMember" xlink:to="PEDO_BridgeNoteFinancingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_BridgeNoteFinancingMember_lbl" xml:lang="en-US">Bridge Note Financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IncentivePlan2012Member" xlink:label="PEDO_IncentivePlan2012Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncentivePlan2012Member" xlink:to="PEDO_IncentivePlan2012Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IncentivePlan2012Member_lbl" xml:lang="en-US">2012 Incentive Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">Related Party [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NetAcquisitionDispositionsMember" xlink:label="PEDO_NetAcquisitionDispositionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NetAcquisitionDispositionsMember" xlink:to="PEDO_NetAcquisitionDispositionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NetAcquisitionDispositionsMember_lbl" xml:lang="en-US">Net Acquisitions/Dispositions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CombinedMember" xlink:label="PEDO_CombinedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CombinedMember" xlink:to="PEDO_CombinedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CombinedMember_lbl" xml:lang="en-US">Combined [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember" xlink:label="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember" xlink:to="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember_lbl" xml:lang="en-US">Blast 2003 Stock Option Plan and 2009 Stock Incentive Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_GoldenGlobeEnergyMember" xlink:label="PEDO_GoldenGlobeEnergyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GoldenGlobeEnergyMember" xlink:to="PEDO_GoldenGlobeEnergyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_GoldenGlobeEnergyMember_lbl" xml:lang="en-US">GGE [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConvertiblePreferredStockMember" xlink:label="us-gaap_ConvertiblePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockMember" xlink:to="us-gaap_ConvertiblePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ConvertiblePreferredStockMember_lbl" xml:lang="en-US">Series A Convertible Preferred Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US">Quoted Prices in Active Markets for Identical Assets (Level 1)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US">Fair Value, Hierarchy [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel2Member" xlink:to="us-gaap_FairValueInputsLevel2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US">Significant Other Observable Inputs (Level 2)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="us-gaap_FairValueInputsLevel3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel3Member" xlink:to="us-gaap_FairValueInputsLevel3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel3Member_lbl" xml:lang="en-US">Significant Unobservable Inputs (Level 3)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GoldenGlobeEnergyMember" xlink:to="PEDO_GoldenGlobeEnergyMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_GoldenGlobeEnergyMember_2_lbl" xml:lang="en-US">Golden Globe Energy [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US">Business Acquisition [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NewMiejNoteMember" xlink:label="PEDO_NewMiejNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NewMiejNoteMember" xlink:to="PEDO_NewMiejNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NewMiejNoteMember_lbl" xml:lang="en-US">New MIEJ note [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NoteReceivablewithCondorMember" xlink:label="PEDO_NoteReceivablewithCondorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteReceivablewithCondorMember" xlink:to="PEDO_NoteReceivablewithCondorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NoteReceivablewithCondorMember_lbl" xml:lang="en-US">Note receivable with Condor [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_OilAndGasPropertyOperatedByCondorMember" xlink:label="PEDO_OilAndGasPropertyOperatedByCondorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertyOperatedByCondorMember" xlink:to="PEDO_OilAndGasPropertyOperatedByCondorMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_OilAndGasPropertyOperatedByCondorMember_lbl" xml:lang="en-US">Oil and gas property operated by Condor [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesMember" xlink:label="us-gaap_AccruedLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesMember" xlink:to="us-gaap_AccruedLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesMember_lbl" xml:lang="en-US">Accrued Liabilities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_OriginalDebtWithMieNetOfCashPaymentsMember" xlink:label="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember" xlink:to="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember_lbl" xml:lang="en-US">Original debt with MIE net of cash payments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember" xlink:label="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember" xlink:to="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember_lbl" xml:lang="en-US">Proceeds from cash payments made by MIE to RJ Credit and BAM [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_TotalAllocationGainSettlementMember" xlink:label="PEDO_TotalAllocationGainSettlementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TotalAllocationGainSettlementMember" xlink:to="PEDO_TotalAllocationGainSettlementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_TotalAllocationGainSettlementMember_lbl" xml:lang="en-US">Oil and gas properties [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US">Income Statement Location [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_GainOnDebtExtinguishmentMember" xlink:label="PEDO_GainOnDebtExtinguishmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GainOnDebtExtinguishmentMember" xlink:to="PEDO_GainOnDebtExtinguishmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_GainOnDebtExtinguishmentMember_lbl" xml:lang="en-US">Investment in Condor [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_GainOnSaleOfEquityInvestmentMember" xlink:label="PEDO_GainOnSaleOfEquityInvestmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GainOnSaleOfEquityInvestmentMember" xlink:to="PEDO_GainOnSaleOfEquityInvestmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_GainOnSaleOfEquityInvestmentMember_lbl" xml:lang="en-US">Note payable - MIEJ [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_GainLossOnSaleOfOilAndGasProperties1Member" xlink:label="PEDO_GainLossOnSaleOfOilAndGasProperties1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GainLossOnSaleOfOilAndGasProperties1Member" xlink:to="PEDO_GainLossOnSaleOfOilAndGasProperties1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_GainLossOnSaleOfOilAndGasProperties1Member_lbl" xml:lang="en-US">Total [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CondorEnergyMember" xlink:label="PEDO_CondorEnergyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorEnergyMember" xlink:to="PEDO_CondorEnergyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CondorEnergyMember_lbl" xml:lang="en-US">Condor Energy</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MieJurassicEnergyCorporationMember" xlink:label="PEDO_MieJurassicEnergyCorporationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MieJurassicEnergyCorporationMember" xlink:to="PEDO_MieJurassicEnergyCorporationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_MieJurassicEnergyCorporationMember_lbl" xml:lang="en-US">MIE Jurassic Energy Corporation</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_SubordinatedNotePayableAssumedMember" xlink:label="PEDO_SubordinatedNotePayableAssumedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SubordinatedNotePayableAssumedMember" xlink:to="PEDO_SubordinatedNotePayableAssumedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_SubordinatedNotePayableAssumedMember_lbl" xml:lang="en-US">Subordinated Note Payable Assumed [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_StockOption11Member" xlink:label="PEDO_StockOption11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption11Member" xlink:to="PEDO_StockOption11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockOption11Member_lbl" xml:lang="en-US">Stock Option 11 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_StockOption12Member" xlink:label="PEDO_StockOption12Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption12Member" xlink:to="PEDO_StockOption12Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockOption12Member_lbl" xml:lang="en-US">Stock Option 12 [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant2Member" xlink:to="PEDO_Warrant2Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_Warrant2Member_2_lbl" xml:lang="en-US">Warrant 2[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DocumentAndEntityInformationAbstract" xlink:label="PEDO_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DocumentAndEntityInformationAbstract" xlink:to="PEDO_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableGrossCurrent" xlink:label="us-gaap_AccountsReceivableGrossCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableGrossCurrent" xlink:to="us-gaap_AccountsReceivableGrossCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableGrossCurrent_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableNet" xlink:label="us-gaap_AccountsReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNet" xlink:to="us-gaap_AccountsReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNet_lbl" xml:lang="en-US">Accounts receivable - oil and gas</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsReceivableRelatedParties" xlink:label="us-gaap_AccountsReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableRelatedParties" xlink:to="us-gaap_AccountsReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableRelatedParties_lbl" xml:lang="en-US">Accounts receivable - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AcquisitionCostsCumulative" xlink:label="us-gaap_AcquisitionCostsCumulative" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AcquisitionCostsCumulative" xlink:to="us-gaap_AcquisitionCostsCumulative_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AcquisitionCostsCumulative_lbl" xml:lang="en-US">Deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredFinancingCostsRelatedParty" xlink:label="PEDO_DeferredFinancingCostsRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedParty" xlink:to="PEDO_DeferredFinancingCostsRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredFinancingCostsRelatedParty_lbl" xml:lang="en-US">Deferred financing costs - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xml:lang="en-US">Prepaid expenses and other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_OilAndGasPropertiesFullCostMethodAbstract" xlink:label="PEDO_OilAndGasPropertiesFullCostMethodAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertiesFullCostMethodAbstract" xlink:to="PEDO_OilAndGasPropertiesFullCostMethodAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_OilAndGasPropertiesFullCostMethodAbstract_lbl" xml:lang="en-US">Oil and gas properties:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasPropertyFullCostMethodGross" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertyFullCostMethodGross" xlink:to="us-gaap_OilAndGasPropertyFullCostMethodGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodGross_lbl" xml:lang="en-US">Oil and gas properties, subject to amortization, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative" xlink:label="us-gaap_CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative" xlink:to="us-gaap_CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalizedCostsOfUnprovedPropertiesExcludedFromAmortizationCumulative_lbl" xml:lang="en-US">Oil and gas properties, not subject to amortization, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasPropertyFullCostMethodNet" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertyFullCostMethodNet" xlink:to="us-gaap_OilAndGasPropertyFullCostMethodNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodNet_lbl" xml:lang="en-US">Total oil and gas properties, net</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredFinancingCosts" xlink:label="PEDO_DeferredFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCosts" xlink:to="PEDO_DeferredFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_DeferredFinancingCosts_lbl" xml:lang="en-US">Deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredFinancingCostsRelatedPartyNonCurrent" xlink:label="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent" xlink:to="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent_lbl" xml:lang="en-US">Deferred financing costs - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="us-gaap_AccountsAndNotesReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsAndNotesReceivableNet" xlink:to="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xml:lang="en-US">Note receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostMethodInvestments" xlink:label="us-gaap_CostMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostMethodInvestments" xlink:to="us-gaap_CostMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostMethodInvestments_lbl" xml:lang="en-US">Investments - cost method</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Shareholders' Equity (Deficit)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US">Accrued expenses - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RevenuePayable" xlink:label="PEDO_RevenuePayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RevenuePayable" xlink:to="PEDO_RevenuePayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RevenuePayable_lbl" xml:lang="en-US">Revenue payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AdvancesFromJointInterestOwners" xlink:label="PEDO_AdvancesFromJointInterestOwners" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdvancesFromJointInterestOwners" xlink:to="PEDO_AdvancesFromJointInterestOwners_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AdvancesFromJointInterestOwners_lbl" xml:lang="en-US">Advances from joint interest owners</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium" xlink:label="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium" xlink:to="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium_lbl" xml:lang="en-US">Convertible &#8211; notes payable &#8211; Bridge Notes, net of premiums of $113,000 and $113,000, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xml:lang="en-US">Notes payable. - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesPayableCurrent" xlink:label="us-gaap_NotesPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableCurrent" xlink:to="us-gaap_NotesPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableCurrent_lbl" xml:lang="en-US">Notes payable - Bridge Notes, net of discounts of $0 and $94,000, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts_lbl" xml:lang="en-US">Notes payable &#8211; Secured Promissory Notes, net of discounts of $50,000 and $7,800,000, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent" xlink:label="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent" xlink:to="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent_lbl" xml:lang="en-US">Notes payable &#8211; Secured Promissory Notes &#8211; related party, net of discounts of $0 and $1,713,000, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US">Long-term liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccruedExpenses" xlink:label="PEDO_AccruedExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedExpenses" xlink:to="PEDO_AccruedExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_AccruedExpenses_lbl" xml:lang="en-US">Accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccruedExpensesRelatedParty" xlink:label="PEDO_AccruedExpensesRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedExpensesRelatedParty" xlink:to="PEDO_AccruedExpensesRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccruedExpensesRelatedParty_lbl" xml:lang="en-US">Accrued expenses &#8211; related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="us-gaap_LongTermNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermNotesPayable_lbl" xml:lang="en-US">Notes payable &#8211; Secured Promissory Notes, net of discounts of $4,600,000 and $1,861,000, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet_lbl" xml:lang="en-US">Notes payable &#8211; Secured Promissory Notes &#8211; related party, net of discounts of $2,338,000 and $409,000, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubordinatedDebt" xlink:label="us-gaap_SubordinatedDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubordinatedDebt" xlink:to="us-gaap_SubordinatedDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubordinatedDebt_lbl" xml:lang="en-US">Notes payable - Subordinated - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNotesPayable" xlink:label="us-gaap_OtherNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNotesPayable" xlink:to="us-gaap_OtherNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNotesPayable_lbl" xml:lang="en-US">Notes payable - other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasReclamationLiabilityNoncurrent" xlink:label="us-gaap_OilAndGasReclamationLiabilityNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasReclamationLiabilityNoncurrent" xlink:to="us-gaap_OilAndGasReclamationLiabilityNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasReclamationLiabilityNoncurrent_lbl" xml:lang="en-US">Asset retirement obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Shareholders' equity (deficit):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Series A convertible preferred stock, $0.001 par value, 100,000,000 shares authorized, 66,625 and 66,625 shares issued and outstanding at December 31, 2016 and 2015, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $0.001 par value, 200,000,000 shares authorized, 54,931,117 and 45,236,497 shares issued and outstanding at December 31, 2016 and 2015, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in-capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total shareholders' equity (deficit)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and shareholders' equity (deficit)</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PremiumOnConvertibleNotesPayableBridgeNotes" xlink:label="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes" xlink:to="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes_lbl" xml:lang="en-US">Premium on Convertible notes payable - Bridge Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1_lbl" xml:lang="en-US">Discount on Notes payable - Secured Promissory Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DiscountOnNotesPayableRelatedParty" xlink:label="PEDO_DiscountOnNotesPayableRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DiscountOnNotesPayableRelatedParty" xlink:to="PEDO_DiscountOnNotesPayableRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DiscountOnNotesPayableRelatedParty_lbl" xml:lang="en-US">Discount on notes payable, related party</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2_lbl" xml:lang="en-US">Discount on Notes payable - Secured Promissory Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DiscountOnNotesPayable" xlink:label="PEDO_DiscountOnNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DiscountOnNotesPayable" xlink:to="PEDO_DiscountOnNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DiscountOnNotesPayable_lbl" xml:lang="en-US">Discount on notes payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_2_lbl" xml:lang="en-US">Stockholders' equity (deficit):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Series A convertible preferred stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Series A convertible preferred stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Series A convertible preferred stock, shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Series A convertible preferred stock, shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasRevenueAbstract" xlink:label="us-gaap_OilAndGasRevenueAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasRevenueAbstract" xlink:to="us-gaap_OilAndGasRevenueAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasRevenueAbstract_lbl" xml:lang="en-US">Revenue:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasRevenue" xlink:label="us-gaap_OilAndGasRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasRevenue" xlink:to="us-gaap_OilAndGasRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasRevenue_lbl" xml:lang="en-US">Oil and gas sales</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="us-gaap_OperatingExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpensesAbstract" xlink:to="us-gaap_OperatingExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpensesAbstract_lbl" xml:lang="en-US">Operating expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LeaseOperatingExpense" xlink:label="us-gaap_LeaseOperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseOperatingExpense" xlink:to="us-gaap_LeaseOperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseOperatingExpense_lbl" xml:lang="en-US">Lease operating costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExplorationExpense" xlink:label="us-gaap_ExplorationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExplorationExpense" xlink:to="us-gaap_ExplorationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExplorationExpense_lbl" xml:lang="en-US">Exploration expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, general and administrative expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill" xlink:to="us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsExcludingGoodwill_lbl" xml:lang="en-US">Impairment of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation, depletion, amortization and accretion</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MalpracticeGainContingencyPeriodCost" xlink:label="PEDO_MalpracticeGainContingencyPeriodCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MalpracticeGainContingencyPeriodCost" xlink:to="PEDO_MalpracticeGainContingencyPeriodCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_MalpracticeGainContingencyPeriodCost_lbl" xml:lang="en-US">Gain on settlement of payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfOilAndGasProperty" xlink:label="us-gaap_GainLossOnSaleOfOilAndGasProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfOilAndGasProperty" xlink:to="us-gaap_GainLossOnSaleOfOilAndGasProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfOilAndGasProperty_lbl" xml:lang="en-US">Gain on sale of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnSaleOfEquityInvestments" xlink:label="us-gaap_GainLossOnSaleOfEquityInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfEquityInvestments" xlink:to="us-gaap_GainLossOnSaleOfEquityInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfEquityInvestments_lbl" xml:lang="en-US">Gain on sale of equity investment</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LossOnSaleOfAsiaSixthInterest" xlink:label="PEDO_LossOnSaleOfAsiaSixthInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnSaleOfAsiaSixthInterest" xlink:to="PEDO_LossOnSaleOfAsiaSixthInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_LossOnSaleOfAsiaSixthInterest_lbl" xml:lang="en-US">Loss on sale of deposit for business acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xml:lang="en-US">Loss from equity method investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating Loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expense):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="us-gaap_InterestIncomeExpenseNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeExpenseNet" xlink:to="us-gaap_InterestIncomeExpenseNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExtinguishmentOfDebtGainLossNetOfTax" xlink:label="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax" xlink:to="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax_lbl" xml:lang="en-US">Gain on debt extinguishment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:to="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xml:lang="en-US">Gain on change in fair value of derivative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherIncome" xlink:label="us-gaap_OtherIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncome" xlink:to="us-gaap_OtherIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherIncome_lbl" xml:lang="en-US">Other income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Total other expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Less: net loss attributable to non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net loss attributable to PEDEVCO common shareholders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US">Net loss per common share:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WeightedAverageCommonSharesOutstandingAbstract" xlink:label="PEDO_WeightedAverageCommonSharesOutstandingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WeightedAverageCommonSharesOutstandingAbstract" xlink:to="PEDO_WeightedAverageCommonSharesOutstandingAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WeightedAverageCommonSharesOutstandingAbstract_lbl" xml:lang="en-US">Weighted average number of common shares outstanding:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Beginning Balance, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Beginning Balance, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Issuance of common stock for cash, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForCashShares" xlink:label="PEDO_IssuanceOfCommonStockForCashShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForCashShares" xlink:to="PEDO_IssuanceOfCommonStockForCashShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForCashShares_lbl" xml:lang="en-US">Issuance of common stock for cash, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount" xlink:label="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount" xlink:to="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount_lbl" xml:lang="en-US">Issuance of common stock for settlement of payables, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares" xlink:label="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares" xlink:to="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares_lbl" xml:lang="en-US">Issuance of common stock for settlement of payables, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_StockCompensation" xlink:label="PEDO_StockCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockCompensation" xlink:to="PEDO_StockCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockCompensation_lbl" xml:lang="en-US">Stock-based compensation expense, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_StockCompensationShares" xlink:label="PEDO_StockCompensationShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockCompensationShares" xlink:to="PEDO_StockCompensationShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockCompensationShares_lbl" xml:lang="en-US">Stock-based compensation expense, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForDebtConversionAmount" xlink:label="PEDO_IssuanceOfCommonStockForDebtConversionAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForDebtConversionAmount" xlink:to="PEDO_IssuanceOfCommonStockForDebtConversionAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForDebtConversionAmount_lbl" xml:lang="en-US">Issuance of common stock to Bridge Note holders for debt conversion, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForDebtConversionShares" xlink:label="PEDO_IssuanceOfCommonStockForDebtConversionShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForDebtConversionShares" xlink:to="PEDO_IssuanceOfCommonStockForDebtConversionShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForDebtConversionShares_lbl" xml:lang="en-US">Issuance of common stock to Bridge Note holders for debt conversion, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount" xlink:label="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount" xlink:to="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount_lbl" xml:lang="en-US">Recission of common stock issued in private placement, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares" xlink:label="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares" xlink:to="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares_lbl" xml:lang="en-US">Recission of common stock issued in private placement, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised_lbl" xml:lang="en-US">Exercise of options for cash, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Exercise of options for cash, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashlessExerciseOfOptions" xlink:label="PEDO_CashlessExerciseOfOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfOptions" xlink:to="PEDO_CashlessExerciseOfOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashlessExerciseOfOptions_lbl" xml:lang="en-US">Cashless exercise of options, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashlessExerciseOfOptionsShares" xlink:label="PEDO_CashlessExerciseOfOptionsShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfOptionsShares" xlink:to="PEDO_CashlessExerciseOfOptionsShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashlessExerciseOfOptionsShares_lbl" xml:lang="en-US">Cashless exercise of options, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashlessExerciseOfWarrantsCommonStockAmount" xlink:label="PEDO_CashlessExerciseOfWarrantsCommonStockAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsCommonStockAmount" xlink:to="PEDO_CashlessExerciseOfWarrantsCommonStockAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashlessExerciseOfWarrantsCommonStockAmount_lbl" xml:lang="en-US">Cashless exercise of warrants, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashlessExerciseOfWarrantsCommonStockShares" xlink:label="PEDO_CashlessExerciseOfWarrantsCommonStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsCommonStockShares" xlink:to="PEDO_CashlessExerciseOfWarrantsCommonStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashlessExerciseOfWarrantsCommonStockShares_lbl" xml:lang="en-US">Cashless exercise of warrants, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount" xlink:label="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount" xlink:to="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount_lbl" xml:lang="en-US">Issuance of restricted common stock for services, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfRestrictedCommonStockForCompensationShares" xlink:label="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares" xlink:to="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares_lbl" xml:lang="en-US">Issuance of restricted common stock for services, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ForfeitureOfRestrictedStock" xlink:label="PEDO_ForfeitureOfRestrictedStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForfeitureOfRestrictedStock" xlink:to="PEDO_ForfeitureOfRestrictedStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ForfeitureOfRestrictedStock_lbl" xml:lang="en-US">Forfeiture of restricted stock, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ForfeitureOfRestrictedStockShares" xlink:label="PEDO_ForfeitureOfRestrictedStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForfeitureOfRestrictedStockShares" xlink:to="PEDO_ForfeitureOfRestrictedStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ForfeitureOfRestrictedStockShares_lbl" xml:lang="en-US">Forfeiture of restricted stock, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodValue_lbl" xml:lang="en-US">Stock repurchase and retirement, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedAndRetiredDuringPeriodShares_lbl" xml:lang="en-US">Stock repurchase and retirement, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount" xlink:label="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount" xlink:to="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount_lbl" xml:lang="en-US">Issuance of common and preferred stock for oil and gas properties, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares" xlink:label="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares" xlink:to="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares_lbl" xml:lang="en-US">Issuance of common and preferred stock for oil and gas properties, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount" xlink:label="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount" xlink:to="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount_lbl" xml:lang="en-US">Warrants issued to placement agent related to senior notes, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_BeneficialConversionFeature" xlink:label="PEDO_BeneficialConversionFeature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BeneficialConversionFeature" xlink:to="PEDO_BeneficialConversionFeature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_BeneficialConversionFeature_lbl" xml:lang="en-US">Beneficial conversion feature</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AmendmentOfBridgeNoteToConvertible" xlink:label="PEDO_AmendmentOfBridgeNoteToConvertible" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AmendmentOfBridgeNoteToConvertible" xlink:to="PEDO_AmendmentOfBridgeNoteToConvertible_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AmendmentOfBridgeNoteToConvertible_lbl" xml:lang="en-US">Amendment of bridge note to convertible note</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders" xlink:label="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders" xlink:to="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders_lbl" xml:lang="en-US">Debt discount related to warrants issued to bridge note holders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue_lbl" xml:lang="en-US">Sale of equity investment</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WarrantsIssuedForService" xlink:label="PEDO_WarrantsIssuedForService" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedForService" xlink:to="PEDO_WarrantsIssuedForService_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WarrantsIssuedForService_lbl" xml:lang="en-US">Warrants issued for service</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WarrantsIssuedWithPrivatePlacementCommonStock" xlink:label="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock" xlink:to="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock_lbl" xml:lang="en-US">Warrants issued with private placement common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueIssuedForServices" xlink:label="us-gaap_StockIssuedDuringPeriodValueIssuedForServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueIssuedForServices" xlink:to="us-gaap_StockIssuedDuringPeriodValueIssuedForServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueIssuedForServices_lbl" xml:lang="en-US">Issuance of common stock for services, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:to="us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_lbl" xml:lang="en-US">Issuance of common stock for services, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashlessExerciseOfWarrantsPreferredStockValue" xlink:label="PEDO_CashlessExerciseOfWarrantsPreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsPreferredStockValue" xlink:to="PEDO_CashlessExerciseOfWarrantsPreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashlessExerciseOfWarrantsPreferredStockValue_lbl" xml:lang="en-US">Cashless exercise of warrants - preferred stock, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashlessExerciseOfWarrantsPreferredStockShares" xlink:label="PEDO_CashlessExerciseOfWarrantsPreferredStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsPreferredStockShares" xlink:to="PEDO_CashlessExerciseOfWarrantsPreferredStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashlessExerciseOfWarrantsPreferredStockShares_lbl" xml:lang="en-US">Cashless exercise of warrants - preferred stock, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount" xlink:label="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount" xlink:to="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount_lbl" xml:lang="en-US">Conversion of redeemable preferred stock to preferred stock - Esenjay, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares" xlink:label="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares" xlink:to="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares_lbl" xml:lang="en-US">Conversion of redeemable preferred stock to preferred stock - Esenjay, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount" xlink:label="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount" xlink:to="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount_lbl" xml:lang="en-US">Issuance of Series A preferred stock for oil and gas properties, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares" xlink:label="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares" xlink:to="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares_lbl" xml:lang="en-US">Issuance of Series A preferred stock for oil and gas properties, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ConversionOfPreferredStockToCommonStockAmount" xlink:label="PEDO_ConversionOfPreferredStockToCommonStockAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfPreferredStockToCommonStockAmount" xlink:to="PEDO_ConversionOfPreferredStockToCommonStockAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ConversionOfPreferredStockToCommonStockAmount_lbl" xml:lang="en-US">Conversion of preferred stock to common stock, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ConversionOfPreferredStockToCommonStockShares" xlink:label="PEDO_ConversionOfPreferredStockToCommonStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfPreferredStockToCommonStockShares" xlink:to="PEDO_ConversionOfPreferredStockToCommonStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ConversionOfPreferredStockToCommonStockShares_lbl" xml:lang="en-US">Conversion of preferred stock to common stock, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FractionalShareIssuanceForReverseCommonStockSplit" xlink:label="PEDO_FractionalShareIssuanceForReverseCommonStockSplit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FractionalShareIssuanceForReverseCommonStockSplit" xlink:to="PEDO_FractionalShareIssuanceForReverseCommonStockSplit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FractionalShareIssuanceForReverseCommonStockSplit_lbl" xml:lang="en-US">Fractional share issuance for reverse common stock split</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk" xlink:label="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk" xlink:to="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk_lbl" xml:lang="en-US">Forfeiture of MIE's capital account in White Hawk</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_StockSubscriptionReceivableFromCondor" xlink:label="PEDO_StockSubscriptionReceivableFromCondor" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockSubscriptionReceivableFromCondor" xlink:to="PEDO_StockSubscriptionReceivableFromCondor_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockSubscriptionReceivableFromCondor_lbl" xml:lang="en-US">Stock subscription received from Condor</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockInPrivatePlacementAmount" xlink:label="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount" xlink:to="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount_lbl" xml:lang="en-US">Issuance of common stock in private placement for cash, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockInPrivatePlacementShares" xlink:label="PEDO_IssuanceOfCommonStockInPrivatePlacementShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockInPrivatePlacementShares" xlink:to="PEDO_IssuanceOfCommonStockInPrivatePlacementShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockInPrivatePlacementShares_lbl" xml:lang="en-US">Issuance of common stock in private placement for cash, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount" xlink:label="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount" xlink:to="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount_lbl" xml:lang="en-US">Issuance of common stock to STXRA for payables settlement, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares" xlink:label="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares" xlink:to="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares_lbl" xml:lang="en-US">Issuance of common stock to STXRA for payables settlement, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForCompensationAmount" xlink:label="PEDO_IssuanceOfCommonStockForCompensationAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForCompensationAmount" xlink:to="PEDO_IssuanceOfCommonStockForCompensationAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForCompensationAmount_lbl" xml:lang="en-US">Issuance of common stock for compensation, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForCompensationShares" xlink:label="PEDO_IssuanceOfCommonStockForCompensationShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForCompensationShares" xlink:to="PEDO_IssuanceOfCommonStockForCompensationShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForCompensationShares_lbl" xml:lang="en-US">Issuance of common stock for compensation, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WarrantsIssuedWithBridgeNotes" xlink:label="PEDO_WarrantsIssuedWithBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedWithBridgeNotes" xlink:to="PEDO_WarrantsIssuedWithBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WarrantsIssuedWithBridgeNotes_lbl" xml:lang="en-US">Warrants issued with bridge notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WarrantsIssuedForExtensionOfBridgeNotes" xlink:label="PEDO_WarrantsIssuedForExtensionOfBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedForExtensionOfBridgeNotes" xlink:to="PEDO_WarrantsIssuedForExtensionOfBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WarrantsIssuedForExtensionOfBridgeNotes_lbl" xml:lang="en-US">Warrants issued for extension of bridge notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RescissionOfExerciseOfCommonStockOptionsAmount" xlink:label="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount" xlink:to="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount_lbl" xml:lang="en-US">Rescission of exercise of common stock options, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RescissionOfExerciseOfCommonStockOptionsShares" xlink:label="PEDO_RescissionOfExerciseOfCommonStockOptionsShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RescissionOfExerciseOfCommonStockOptionsShares" xlink:to="PEDO_RescissionOfExerciseOfCommonStockOptionsShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RescissionOfExerciseOfCommonStockOptionsShares_lbl" xml:lang="en-US">Rescission of exercise of common stock options, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ExerciseOfWarrants" xlink:label="PEDO_ExerciseOfWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ExerciseOfWarrants" xlink:to="PEDO_ExerciseOfWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ExerciseOfWarrants_lbl" xml:lang="en-US">Exercise of warrants for cash, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ExerciseOfWarrantsShares" xlink:label="PEDO_ExerciseOfWarrantsShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ExerciseOfWarrantsShares" xlink:to="PEDO_ExerciseOfWarrantsShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ExerciseOfWarrantsShares_lbl" xml:lang="en-US">Exercise of warrants for cash, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfWarrantsForDebtDeferrals" xlink:label="PEDO_IssuanceOfWarrantsForDebtDeferrals" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfWarrantsForDebtDeferrals" xlink:to="PEDO_IssuanceOfWarrantsForDebtDeferrals_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfWarrantsForDebtDeferrals_lbl" xml:lang="en-US">Fair value of warrants issued as debt discount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Ending Balance, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_2_lbl" xml:lang="en-US">Ending Balance, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows From Operating Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MinorityInterestInNetLoss" xlink:label="PEDO_MinorityInterestInNetLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MinorityInterestInNetLoss" xlink:to="PEDO_MinorityInterestInNetLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_MinorityInterestInNetLoss_lbl" xml:lang="en-US">Net loss attributable to non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash used in operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfOilAndGasProperties" xlink:label="us-gaap_ImpairmentOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfOilAndGasProperties" xlink:to="us-gaap_ImpairmentOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ImpairmentOfOilAndGasProperties_lbl" xml:lang="en-US">Impairment of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation, depletion, amortization and accretion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MalpracticeLossContingencyPeriodCost" xlink:label="us-gaap_MalpracticeLossContingencyPeriodCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MalpracticeLossContingencyPeriodCost" xlink:to="us-gaap_MalpracticeLossContingencyPeriodCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MalpracticeLossContingencyPeriodCost_lbl" xml:lang="en-US">Gain on settlement of payables</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition" xlink:label="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition" xlink:to="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition_lbl" xml:lang="en-US">Gain on sale of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LossOnConveyanceOf50PercentOfMississippianProperty" xlink:label="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty" xlink:to="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty_lbl" xml:lang="en-US">Gain on sale of equity investment</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition" xlink:label="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition" xlink:to="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition_lbl" xml:lang="en-US">Loss on sale of 50% of the deposit for business acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss" xlink:to="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss_lbl" xml:lang="en-US">Loss from equity method investments</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring" xlink:label="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring" xlink:to="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring_lbl" xml:lang="en-US">Interest expense deferred and capitalized in restructuring</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xml:lang="en-US">Amortization of debt discount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of deferred financing costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax" xlink:to="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ExtinguishmentOfDebtGainLossNetOfTax_2_lbl" xml:lang="en-US">(Gain) loss on debt extinguishment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable - oil and gas</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivableRelatedParties_lbl" xml:lang="en-US">Accounts receivable - oil and gas - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent_lbl" xml:lang="en-US">Accounts receivable - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xml:lang="en-US">Accounts payable - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilities_lbl" xml:lang="en-US">Accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty" xlink:label="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty" xlink:to="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty_lbl" xml:lang="en-US">Accrued expenses - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IncreaseDecreaseRevenuePayable" xlink:label="PEDO_IncreaseDecreaseRevenuePayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncreaseDecreaseRevenuePayable" xlink:to="PEDO_IncreaseDecreaseRevenuePayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_IncreaseDecreaseRevenuePayable_lbl" xml:lang="en-US">Revenue payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AdvancesForJointOperations" xlink:label="PEDO_AdvancesForJointOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdvancesForJointOperations" xlink:to="PEDO_AdvancesForJointOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AdvancesForJointOperations_lbl" xml:lang="en-US">Advances for joint operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows From Investing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:label="us-gaap_PaymentsToAcquireOilAndGasProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOilAndGasProperty" xlink:to="us-gaap_PaymentsToAcquireOilAndGasProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireOilAndGasProperty_lbl" xml:lang="en-US">Cash paid for oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ExplorationCosts" xlink:label="us-gaap_ExplorationCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExplorationCosts" xlink:to="us-gaap_ExplorationCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExplorationCosts_lbl" xml:lang="en-US">Cash paid for drilling costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:label="us-gaap_ProceedsFromSaleOfEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:to="us-gaap_ProceedsFromSaleOfEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfEquityMethodInvestments_lbl" xml:lang="en-US">Proceeds from sale of equity investment</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ProceedsFromSaleOfOilAndGasProperties" xlink:label="PEDO_ProceedsFromSaleOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromSaleOfOilAndGasProperties" xlink:to="PEDO_ProceedsFromSaleOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ProceedsFromSaleOfOilAndGasProperties_lbl" xml:lang="en-US">Proceeds from sale of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ProceedsFromSaleOfDeposit" xlink:label="PEDO_ProceedsFromSaleOfDeposit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromSaleOfDeposit" xlink:to="PEDO_ProceedsFromSaleOfDeposit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ProceedsFromSaleOfDeposit_lbl" xml:lang="en-US">Proceeds from sale of deposit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable" xlink:label="us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable" xlink:to="us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleAndCollectionOfNotesReceivable_lbl" xml:lang="en-US">Proceeds from notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfOtherInvestments" xlink:label="us-gaap_ProceedsFromSaleOfOtherInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfOtherInvestments" xlink:to="us-gaap_ProceedsFromSaleOfOtherInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfOtherInvestments_lbl" xml:lang="en-US">Proceeds from disposition of White Hawk</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashPaidForAssetRetirementBond" xlink:label="PEDO_CashPaidForAssetRetirementBond" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashPaidForAssetRetirementBond" xlink:to="PEDO_CashPaidForAssetRetirementBond_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CashPaidForAssetRetirementBond_lbl" xml:lang="en-US">Cash paid for asset retirement bond</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInNotesReceivableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInNotesReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInNotesReceivableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInNotesReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInNotesReceivableRelatedParties_lbl" xml:lang="en-US">Issuance of notes receivable - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashPaidForunprovedLeasehold" xlink:label="PEDO_CashPaidForunprovedLeasehold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashPaidForunprovedLeasehold" xlink:to="PEDO_CashPaidForunprovedLeasehold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PEDO_CashPaidForunprovedLeasehold_lbl" xml:lang="en-US">Cash paid for unproved leasehold costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashPaidForDepositsOnOilAndGasProperties" xlink:label="PEDO_CashPaidForDepositsOnOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashPaidForDepositsOnOilAndGasProperties" xlink:to="PEDO_CashPaidForDepositsOnOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PEDO_CashPaidForDepositsOnOilAndGasProperties_lbl" xml:lang="en-US">Cash paid for deposits on oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash Flows From Financing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Proceeds from issuance of common stock, net of offering costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions" xlink:label="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions" xlink:to="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions_lbl" xml:lang="en-US">Proceeds from exercise of warrants and options</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromNotesPayable" xlink:label="us-gaap_ProceedsFromNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromNotesPayable" xlink:to="us-gaap_ProceedsFromNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromNotesPayable_lbl" xml:lang="en-US">Proceeds from notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsOfDebtIssuanceCosts" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDebtIssuanceCosts" xlink:to="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDebtIssuanceCosts_lbl" xml:lang="en-US">Cash paid for deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="us-gaap_RepaymentsOfNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfNotesPayable" xlink:to="us-gaap_RepaymentsOfNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfNotesPayable_lbl" xml:lang="en-US">Repayment of notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RepaymentOfNotesPayableRelatedParty" xlink:label="PEDO_RepaymentOfNotesPayableRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RepaymentOfNotesPayableRelatedParty" xlink:to="PEDO_RepaymentOfNotesPayableRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PEDO_RepaymentOfNotesPayableRelatedParty_lbl" xml:lang="en-US">Repayment of notes payable - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RepaymentOfSecuredNotesPayable" xlink:label="PEDO_RepaymentOfSecuredNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RepaymentOfSecuredNotesPayable" xlink:to="PEDO_RepaymentOfSecuredNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PEDO_RepaymentOfSecuredNotesPayable_lbl" xml:lang="en-US">Repayment of Secured Promissory Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RepaymentOfPaidinkindObligations" xlink:label="PEDO_RepaymentOfPaidinkindObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RepaymentOfPaidinkindObligations" xlink:to="PEDO_RepaymentOfPaidinkindObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PEDO_RepaymentOfPaidinkindObligations_lbl" xml:lang="en-US">Repayment of paid-in-kind obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty" xlink:label="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty" xlink:to="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty_lbl" xml:lang="en-US">Proceeds from issuance of notes payable to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ProceedsFromStockSubscriptionReceivable" xlink:label="PEDO_ProceedsFromStockSubscriptionReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromStockSubscriptionReceivable" xlink:to="PEDO_ProceedsFromStockSubscriptionReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ProceedsFromStockSubscriptionReceivable_lbl" xml:lang="en-US">Proceeds from stock subscription receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Cash paid for stock repurchase and retirement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashPeriodIncreaseDecrease" xlink:label="us-gaap_CashPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashPeriodIncreaseDecrease" xlink:to="us-gaap_CashPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net decrease in cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Cash" xlink:label="us-gaap_Cash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Cash_lbl" xml:lang="en-US">Cash at beginning of year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Cash" xlink:to="us-gaap_Cash_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Cash_2_lbl" xml:lang="en-US">Cash at end of year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Supplemental disclosure of cash flow information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Cash paid for:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="us-gaap_IncomeTaxesPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaid" xlink:to="us-gaap_IncomeTaxesPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherNoncashInvestingAndFinancingItemsAbstract" xlink:label="us-gaap_OtherNoncashInvestingAndFinancingItemsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashInvestingAndFinancingItemsAbstract" xlink:to="us-gaap_OtherNoncashInvestingAndFinancingItemsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashInvestingAndFinancingItemsAbstract_lbl" xml:lang="en-US">Noncash investing and financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccruedDevelopmentCosts" xlink:label="PEDO_AccruedDevelopmentCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedDevelopmentCosts" xlink:to="PEDO_AccruedDevelopmentCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccruedDevelopmentCosts_lbl" xml:lang="en-US">Accrual of oil and gas development costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AcquisitionOfOilAndGasProperties" xlink:label="PEDO_AcquisitionOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AcquisitionOfOilAndGasProperties" xlink:to="PEDO_AcquisitionOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AcquisitionOfOilAndGasProperties_lbl" xml:lang="en-US">Acquisition of oil and gas properties for assumption of accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockforServices" xlink:label="PEDO_IssuanceOfCommonStockforServices" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockforServices" xlink:to="PEDO_IssuanceOfCommonStockforServices_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockforServices_lbl" xml:lang="en-US">Issuance of restricted common stock for services upon vesting maturity</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockInSettlementOfLiabilities" xlink:label="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities" xlink:to="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities_lbl" xml:lang="en-US">Issuance of common stock in settlement of payables</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion" xlink:label="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion" xlink:to="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion_lbl" xml:lang="en-US">Issuance of common stock to Bridge Note holders due to conversion</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RescissionOfCommonStockIssuedInPrivatePlacement" xlink:label="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement" xlink:to="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement_lbl" xml:lang="en-US">Rescission of common stock issued in private placement</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable" xlink:label="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable" xlink:to="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable_lbl" xml:lang="en-US">Deferred financing costs related to warrants issued in conjunction with notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes" xlink:label="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes" xlink:to="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes_lbl" xml:lang="en-US">Reclass of notes payable - Bridge Notes to convertible notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl" xlink:label="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl" xlink:to="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl_lbl" xml:lang="en-US">Consolidation of non-controlling interest in PEDCO MSL</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable" xlink:label="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable" xlink:to="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable_lbl" xml:lang="en-US">Reclass of deposit for business acquisitions to notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes" xlink:label="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes" xlink:to="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes_lbl" xml:lang="en-US">Beneficial conversion feature of convertible - notes payable - Bridge Notes&#160;</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes" xlink:label="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes" xlink:to="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes_lbl" xml:lang="en-US">Reclass of notes payable - related parties to - Bridge Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes" xlink:label="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes" xlink:to="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes_lbl" xml:lang="en-US">Debt discount related to the warrants issued to Bridge Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ChangesInEstimatesOfAssetRetirementObligations" xlink:label="PEDO_ChangesInEstimatesOfAssetRetirementObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ChangesInEstimatesOfAssetRetirementObligations" xlink:to="PEDO_ChangesInEstimatesOfAssetRetirementObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ChangesInEstimatesOfAssetRetirementObligations_lbl" xml:lang="en-US">Changes in estimates of asset retirement obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty" xlink:label="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty" xlink:to="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty_lbl" xml:lang="en-US">Accounts receivable from purchase of oil and gas property</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty" xlink:label="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty" xlink:to="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty_lbl" xml:lang="en-US">Accounts payable from purchase of oil and gas property</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties" xlink:label="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties" xlink:to="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties_lbl" xml:lang="en-US">Note receivable sold for purchase of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties" xlink:label="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties" xlink:to="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties_lbl" xml:lang="en-US">Notes payable - Subordinated assumed as part of purchase of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties" xlink:label="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties" xlink:to="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties_lbl" xml:lang="en-US">Issuance of Redeemable Series A Convertible Preferred Stock for purchase of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties" xlink:label="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties" xlink:to="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties_lbl" xml:lang="en-US">Issuance of common stock for purchase of oil and gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_SaleOilGasPropertiesPromisoryNote" xlink:label="PEDO_SaleOilGasPropertiesPromisoryNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SaleOilGasPropertiesPromisoryNote" xlink:to="PEDO_SaleOilGasPropertiesPromisoryNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_SaleOilGasPropertiesPromisoryNote_lbl" xml:lang="en-US">Sale of oil and gas properties for promisory note</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MinorityInterestCapitalizedFromPedcoMsl" xlink:label="PEDO_MinorityInterestCapitalizedFromPedcoMsl" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MinorityInterestCapitalizedFromPedcoMsl" xlink:to="PEDO_MinorityInterestCapitalizedFromPedcoMsl_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_MinorityInterestCapitalizedFromPedcoMsl_lbl" xml:lang="en-US">Minority interest capitalized from PEDCO MSL</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDisclosureTextBlock" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDisclosureTextBlock" xlink:to="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDisclosureTextBlock_lbl" xml:lang="en-US">Non-Controlling Interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Use of Estimates in Financial Statement Preparation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and Cash Equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="us-gaap_ConcentrationRiskCreditRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US">Concentrations of Credit Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US">Accounts Receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_BadDebtExpensePolicyTextBlock" xlink:label="PEDO_BadDebtExpensePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BadDebtExpensePolicyTextBlock" xlink:to="PEDO_BadDebtExpensePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_BadDebtExpensePolicyTextBlock_lbl" xml:lang="en-US">Bad Debt Expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US">Equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock" xlink:label="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock" xlink:to="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock_lbl" xml:lang="en-US">Oil and Gas Properties, Successful Efforts Method</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" xlink:to="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_lbl" xml:lang="en-US">Impairment of Long-Lived Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligationsPolicy" xlink:label="us-gaap_AssetRetirementObligationsPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationsPolicy" xlink:to="us-gaap_AssetRetirementObligationsPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationsPolicy_lbl" xml:lang="en-US">Asset Retirement Obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy" xlink:label="us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy" xlink:to="us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy_lbl" xml:lang="en-US">Deferred Financing Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xml:lang="en-US">Revenue Recognition</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US">Stock-Based Compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US">Loss per Common Share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xml:lang="en-US">Fair Value of Financial Instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted" xlink:label="us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted" xlink:to="us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DescriptionOfNewAccountingPronouncementsNotYetAdopted_lbl" xml:lang="en-US">Recently Issued Accounting Pronouncements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Subsequent Events</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract" xlink:label="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract" xlink:to="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract_lbl" xml:lang="en-US">Summary Of Significant Accounting Policies Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:label="us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:to="us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock_lbl" xml:lang="en-US">Asset retirement obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfGasAndOilAcreageTextBlock" xlink:label="us-gaap_ScheduleOfGasAndOilAcreageTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfGasAndOilAcreageTextBlock" xlink:to="us-gaap_ScheduleOfGasAndOilAcreageTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfGasAndOilAcreageTextBlock_lbl" xml:lang="en-US">Oil and gas interests</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_SummaryOfPurchasePricePolicyTextBlock" xlink:label="PEDO_SummaryOfPurchasePricePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SummaryOfPurchasePricePolicyTextBlock" xlink:to="PEDO_SummaryOfPurchasePricePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_SummaryOfPurchasePricePolicyTextBlock_lbl" xml:lang="en-US">Summary of Purchase Price</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ScheduleOfProFormaSaleTableTextBlock" xlink:label="PEDO_ScheduleOfProFormaSaleTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ScheduleOfProFormaSaleTableTextBlock" xlink:to="PEDO_ScheduleOfProFormaSaleTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ScheduleOfProFormaSaleTableTextBlock_lbl" xml:lang="en-US">Summary of pro forma sale</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ScheduleOfSalePriceTableTextBlock" xlink:label="PEDO_ScheduleOfSalePriceTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ScheduleOfSalePriceTableTextBlock" xlink:to="PEDO_ScheduleOfSalePriceTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ScheduleOfSalePriceTableTextBlock_lbl" xml:lang="en-US">Summary of sale price</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_EquityMethodInvestmentsTablesAbstract" xlink:label="PEDO_EquityMethodInvestmentsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityMethodInvestmentsTablesAbstract" xlink:to="PEDO_EquityMethodInvestmentsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_EquityMethodInvestmentsTablesAbstract_lbl" xml:lang="en-US">Interest expense related to the PIK and Additional PIK</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ActivityRelatedToSettlement" xlink:label="PEDO_ActivityRelatedToSettlement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ActivityRelatedToSettlement" xlink:to="PEDO_ActivityRelatedToSettlement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ActivityRelatedToSettlement_lbl" xml:lang="en-US">Activity related to settlement</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock" xlink:label="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock" xlink:to="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock_lbl" xml:lang="en-US">Shedule of allocation of gain on settlement</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CondorsFinancialInformationTableTextBlock" xlink:label="PEDO_CondorsFinancialInformationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorsFinancialInformationTableTextBlock" xlink:to="PEDO_CondorsFinancialInformationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CondorsFinancialInformationTableTextBlock_lbl" xml:lang="en-US">Condors financial information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentsTextBlock" xlink:label="us-gaap_EquityMethodInvestmentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsTextBlock" xlink:to="us-gaap_EquityMethodInvestmentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsTextBlock_lbl" xml:lang="en-US">Condor Energy Technology, LLC</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US">Schedule of Stock Option and Warrant Activity</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock" xlink:label="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock" xlink:to="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock_lbl" xml:lang="en-US">Schedule of Stock Option and Warrant Exercisable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_RelatedPartyTransactionsTablesAbstract" xlink:label="PEDO_RelatedPartyTransactionsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RelatedPartyTransactionsTablesAbstract" xlink:to="PEDO_RelatedPartyTransactionsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_RelatedPartyTransactionsTablesAbstract_lbl" xml:lang="en-US">Related Party Transactions Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xml:lang="en-US">Schedule Of Related Party Transactions Table</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FairValueTablesAbstract" xlink:label="PEDO_FairValueTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FairValueTablesAbstract" xlink:to="PEDO_FairValueTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FairValueTablesAbstract_lbl" xml:lang="en-US">Fair Value Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionTextBlock" xlink:label="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionTextBlock" xlink:to="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOptionQualitativeDisclosuresRelatedToElectionTextBlock_lbl" xml:lang="en-US">Fair Value Option Qualitative Measurements Table</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Deferred income taxes assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract" xlink:to="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_SummaryOfSignificantAccountingPoliciesTablesAbstract_2_lbl" xml:lang="en-US">Summary Of Significant Accounting Policies Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligationsNoncurrent" xlink:label="us-gaap_AssetRetirementObligationsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationsNoncurrent" xlink:to="us-gaap_AssetRetirementObligationsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_AssetRetirementObligationsNoncurrent_lbl" xml:lang="en-US">Asset retirement obligation at January 1,</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense" xlink:label="us-gaap_AssetRetirementObligationAccretionExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationAccretionExpense" xlink:to="us-gaap_AssetRetirementObligationAccretionExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationAccretionExpense_lbl" xml:lang="en-US">Accretion expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligationLiabilitiesIncurred" xlink:label="us-gaap_AssetRetirementObligationLiabilitiesIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationLiabilitiesIncurred" xlink:to="us-gaap_AssetRetirementObligationLiabilitiesIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationLiabilitiesIncurred_lbl" xml:lang="en-US">Obligations incurred for acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:label="us-gaap_AssetRetirementObligationLiabilitiesSettled" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:to="us-gaap_AssetRetirementObligationLiabilitiesSettled_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationLiabilitiesSettled_lbl" xml:lang="en-US">Obligations settled - assets sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:label="us-gaap_AssetRetirementObligationRevisionOfEstimate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:to="us-gaap_AssetRetirementObligationRevisionOfEstimate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligationRevisionOfEstimate_lbl" xml:lang="en-US">Changes in estimates</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligationsNoncurrent" xlink:to="us-gaap_AssetRetirementObligationsNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_AssetRetirementObligationsNoncurrent_2_lbl" xml:lang="en-US">Asset retirement obligation at December 31,</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CashUninsuredAmount" xlink:label="us-gaap_CashUninsuredAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashUninsuredAmount" xlink:to="us-gaap_CashUninsuredAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashUninsuredAmount_lbl" xml:lang="en-US">Cash uninsured amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US">Oil and gas revenues, (in percentage)</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions" xlink:to="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions_lbl" xml:lang="en-US">Potentially issuable shares of common stock related to options</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants" xlink:to="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants_lbl" xml:lang="en-US">Potentially issuable shares of common stock related to warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes" xlink:to="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes_lbl" xml:lang="en-US">Potentially issuable shares of common stock related to the conversion of Bridge Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ImpairmentOfLeasehold" xlink:label="us-gaap_ImpairmentOfLeasehold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLeasehold" xlink:to="us-gaap_ImpairmentOfLeasehold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfLeasehold_lbl" xml:lang="en-US">Impairment of leases</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization" xlink:label="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization" xlink:to="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Oil and gas properties subject to amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization" xlink:label="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization" xlink:to="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Oil and gas properties not subject to amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetRetirementObligation" xlink:label="us-gaap_AssetRetirementObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetRetirementObligation" xlink:to="us-gaap_AssetRetirementObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetRetirementObligation_lbl" xml:lang="en-US">Asset retirement costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment" xlink:label="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment" xlink:to="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedDepreciationDepletionAmortizationAndImpairment_lbl" xml:lang="en-US">Accumulated depreciation, depletion and impairment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertyFullCostMethodNet" xlink:to="us-gaap_OilAndGasPropertyFullCostMethodNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasPropertyFullCostMethodNet_2_lbl" xml:lang="en-US">Total oil and gas properties, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract_lbl" xml:lang="en-US">Fair value at May 2016:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_lbl" xml:lang="en-US">Accounts receivable - oil and gas</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory_lbl" xml:lang="en-US">Inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_OilAndGasPropertiesSubjectToAmortization" xlink:label="PEDO_OilAndGasPropertiesSubjectToAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertiesSubjectToAmortization" xlink:to="PEDO_OilAndGasPropertiesSubjectToAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_OilAndGasPropertiesSubjectToAmortization_lbl" xml:lang="en-US">Oil and gas properties, subject to amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_OilAndGasPropertiesNotSubjectToAmortization" xlink:label="PEDO_OilAndGasPropertiesNotSubjectToAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertiesNotSubjectToAmortization" xlink:to="PEDO_OilAndGasPropertiesNotSubjectToAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_OilAndGasPropertiesNotSubjectToAmortization_lbl" xml:lang="en-US">Oil and gas properties, not subject to amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AssetRetirementObligations" xlink:label="PEDO_AssetRetirementObligations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AssetRetirementObligations" xlink:to="PEDO_AssetRetirementObligations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_AssetRetirementObligations_lbl" xml:lang="en-US">Asset retirement obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_lbl" xml:lang="en-US">Final Purchase price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasPropertyAbstract" xlink:label="us-gaap_OilAndGasPropertyAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertyAbstract" xlink:to="us-gaap_OilAndGasPropertyAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasPropertyAbstract_lbl" xml:lang="en-US">Oil and Gas Property [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetAbstract_lbl" xml:lang="en-US">Purchase price on February 23, 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FairValueOfCommonStockIssued" xlink:label="PEDO_FairValueOfCommonStockIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FairValueOfCommonStockIssued" xlink:to="PEDO_FairValueOfCommonStockIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FairValueOfCommonStockIssued_lbl" xml:lang="en-US">Fair value of common stock issued</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FairValueOfSeriesPreferredStockIssued" xlink:label="PEDO_FairValueOfSeriesPreferredStockIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FairValueOfSeriesPreferredStockIssued" xlink:to="PEDO_FairValueOfSeriesPreferredStockIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FairValueOfSeriesPreferredStockIssued_lbl" xml:lang="en-US">Fair value of Series A Preferred stock issued</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AssumptionOfSubordinatedNotesPayable" xlink:label="PEDO_AssumptionOfSubordinatedNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AssumptionOfSubordinatedNotesPayable" xlink:to="PEDO_AssumptionOfSubordinatedNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AssumptionOfSubordinatedNotesPayable_lbl" xml:lang="en-US">Assumption of subordinated notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_KazakhstanOptionIssued" xlink:label="PEDO_KazakhstanOptionIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_KazakhstanOptionIssued" xlink:to="PEDO_KazakhstanOptionIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_KazakhstanOptionIssued_lbl" xml:lang="en-US">Kazakhstan option issued</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_TotalPurchasePrice" xlink:label="PEDO_TotalPurchasePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TotalPurchasePrice" xlink:to="PEDO_TotalPurchasePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_TotalPurchasePrice_lbl" xml:lang="en-US">Total purchase price</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNetAbstract_2_lbl" xml:lang="en-US">Fair value of net assets at February 23, 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PrepaidExpensesAndOtherAssets" xlink:label="PEDO_PrepaidExpensesAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PrepaidExpensesAndOtherAssets" xlink:to="PEDO_PrepaidExpensesAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PrepaidExpensesAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable" xlink:to="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_2_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts" xlink:to="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts_2_lbl" xml:lang="en-US">Net assets acquired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementInitialDirectCosts" xlink:label="us-gaap_OperatingLeasesIncomeStatementInitialDirectCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesIncomeStatementInitialDirectCosts" xlink:to="us-gaap_OperatingLeasesIncomeStatementInitialDirectCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesIncomeStatementInitialDirectCosts_lbl" xml:lang="en-US">Lease operating costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income (loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_2_lbl" xml:lang="en-US">Net income (loss) per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Loomis21HMember" xlink:label="PEDO_Loomis21HMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Loomis21HMember" xlink:to="PEDO_Loomis21HMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Loomis21HMember_lbl" xml:lang="en-US">Loomis 2-1H [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Loomis23HMember" xlink:label="PEDO_Loomis23HMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Loomis23HMember" xlink:to="PEDO_Loomis23HMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Loomis23HMember_lbl" xml:lang="en-US">Loomis 2-3H [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Loomis26HMember" xlink:label="PEDO_Loomis26HMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Loomis26HMember" xlink:to="PEDO_Loomis26HMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_Loomis26HMember_lbl" xml:lang="en-US">Loomis 2-6H [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Depletion" xlink:label="us-gaap_Depletion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depletion" xlink:to="us-gaap_Depletion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depletion_lbl" xml:lang="en-US">Depletion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLeasehold" xlink:to="us-gaap_ImpairmentOfLeasehold_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ImpairmentOfLeasehold_2_lbl" xml:lang="en-US">Impairment expense for expired leasehold costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment" xlink:label="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment" xlink:to="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment_lbl" xml:lang="en-US">Property impairment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostsIncurredExplorationCosts" xlink:label="us-gaap_CostsIncurredExplorationCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsIncurredExplorationCosts" xlink:to="us-gaap_CostsIncurredExplorationCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsIncurredExplorationCosts_lbl" xml:lang="en-US">Completion costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DevelopmentCosts" xlink:label="us-gaap_DevelopmentCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DevelopmentCosts" xlink:to="us-gaap_DevelopmentCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DevelopmentCosts_lbl" xml:lang="en-US">Drilling costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AcquisitionCosts" xlink:label="us-gaap_AcquisitionCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AcquisitionCosts" xlink:to="us-gaap_AcquisitionCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AcquisitionCosts_lbl" xml:lang="en-US">Acquisition costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_EquityMethodOwnershipIntrest" xlink:label="PEDO_EquityMethodOwnershipIntrest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityMethodOwnershipIntrest" xlink:to="PEDO_EquityMethodOwnershipIntrest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_EquityMethodOwnershipIntrest_lbl" xml:lang="en-US">Equity method ownership intrest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EscrowDeposit" xlink:label="us-gaap_EscrowDeposit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EscrowDeposit" xlink:to="us-gaap_EscrowDeposit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EscrowDeposit_lbl" xml:lang="en-US">Escrow deposit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_2_lbl" xml:lang="en-US">Investment, Name [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EquityMethodInvestmentSoldCarryingAmount" xlink:label="us-gaap_EquityMethodInvestmentSoldCarryingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentSoldCarryingAmount" xlink:to="us-gaap_EquityMethodInvestmentSoldCarryingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentSoldCarryingAmount_lbl" xml:lang="en-US">Items Issued / Sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:label="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" xlink:to="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_lbl" xml:lang="en-US">Items Received</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet" xlink:label="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet" xlink:to="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet_lbl" xml:lang="en-US">Net gain on settlement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfOilAndGasPropertyAndEquipment_lbl" xml:lang="en-US">Allocated Proceeds</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CostOfPurchasedOilAndGas" xlink:label="us-gaap_CostOfPurchasedOilAndGas" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfPurchasedOilAndGas" xlink:to="us-gaap_CostOfPurchasedOilAndGas_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CostOfPurchasedOilAndGas_lbl" xml:lang="en-US">Historical Cost</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfOilAndGasProperty" xlink:to="us-gaap_GainLossOnSaleOfOilAndGasProperty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainLossOnSaleOfOilAndGasProperty_2_lbl" xml:lang="en-US">Gain on Settlement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_Revenues_2_lbl" xml:lang="en-US">Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:label="us-gaap_OperatingLeasesRentExpenseContingentRentals" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:to="us-gaap_OperatingLeasesRentExpenseContingentRentals_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesRentExpenseContingentRentals_lbl" xml:lang="en-US">Operating expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Operating income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdvancesToAffiliate" xlink:label="us-gaap_AdvancesToAffiliate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvancesToAffiliate" xlink:to="us-gaap_AdvancesToAffiliate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdvancesToAffiliate_lbl" xml:lang="en-US">Advances</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_UnrecognizedLoss" xlink:label="PEDO_UnrecognizedLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnrecognizedLoss" xlink:to="PEDO_UnrecognizedLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_UnrecognizedLoss_lbl" xml:lang="en-US">Unrecognized loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_EquityShareOfNetLoss" xlink:label="PEDO_EquityShareOfNetLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityShareOfNetLoss" xlink:to="PEDO_EquityShareOfNetLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_EquityShareOfNetLoss_lbl" xml:lang="en-US">Equity share of net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_TotalRecognizedLoss" xlink:label="PEDO_TotalRecognizedLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TotalRecognizedLoss" xlink:to="PEDO_TotalRecognizedLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_TotalRecognizedLoss_lbl" xml:lang="en-US">Total recognized loss</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_InvestmentInSubsidiaries" xlink:label="PEDO_InvestmentInSubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_InvestmentInSubsidiaries" xlink:to="PEDO_InvestmentInSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_InvestmentInSubsidiaries_lbl" xml:lang="en-US">Investment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NotesReceivableRelatedParties" xlink:label="us-gaap_NotesReceivableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableRelatedParties" xlink:to="us-gaap_NotesReceivableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesReceivableRelatedParties_lbl" xml:lang="en-US">Note receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ValuationAllowance" xlink:label="PEDO_ValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ValuationAllowance" xlink:to="PEDO_ValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ValuationAllowance_lbl" xml:lang="en-US">Valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureExplanationQualitativeInformation" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureExplanationQualitativeInformation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureExplanationQualitativeInformation" xlink:to="us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureExplanationQualitativeInformation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureExplanationQualitativeInformation_lbl" xml:lang="en-US">Unrecognized losses in excess of basis</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DepositLiabilitiesAccruedInterest" xlink:label="us-gaap_DepositLiabilitiesAccruedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepositLiabilitiesAccruedInterest" xlink:to="us-gaap_DepositLiabilitiesAccruedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepositLiabilitiesAccruedInterest_lbl" xml:lang="en-US">Accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ManagementServicesFee" xlink:label="PEDO_ManagementServicesFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ManagementServicesFee" xlink:to="PEDO_ManagementServicesFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ManagementServicesFee_lbl" xml:lang="en-US">Management services fee</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FeesBilledToCondor" xlink:label="PEDO_FeesBilledToCondor" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FeesBilledToCondor" xlink:to="PEDO_FeesBilledToCondor_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FeesBilledToCondor_lbl" xml:lang="en-US">Total fees billed to Condor</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset" xlink:label="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset" xlink:to="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset_lbl" xml:lang="en-US">Receivable related to working interest in Niobrara Asset</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LoanToSubsidiaryForProductionRelatedExpense" xlink:label="PEDO_LoanToSubsidiaryForProductionRelatedExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LoanToSubsidiaryForProductionRelatedExpense" xlink:to="PEDO_LoanToSubsidiaryForProductionRelatedExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_LoanToSubsidiaryForProductionRelatedExpense_lbl" xml:lang="en-US">Loan to Condor for production related expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfEquityInvestments" xlink:to="us-gaap_GainLossOnSaleOfEquityInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainLossOnSaleOfEquityInvestments_2_lbl" xml:lang="en-US">Gain on sale of equity investments</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DepositLiabilitiesAndAccruedInterest" xlink:label="PEDO_DepositLiabilitiesAndAccruedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DepositLiabilitiesAndAccruedInterest" xlink:to="PEDO_DepositLiabilitiesAndAccruedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DepositLiabilitiesAndAccruedInterest_lbl" xml:lang="en-US">Balance owed with accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedInterest" xlink:label="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedInterest" xlink:to="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesDeferredExpenseCapitalizedInterest_lbl" xml:lang="en-US">Deferred interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredPrincipal" xlink:label="PEDO_DeferredPrincipal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredPrincipal" xlink:to="PEDO_DeferredPrincipal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredPrincipal_lbl" xml:lang="en-US">Deferred principal</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NumberOfWarrantSharesIssued" xlink:label="PEDO_NumberOfWarrantSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NumberOfWarrantSharesIssued" xlink:to="PEDO_NumberOfWarrantSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NumberOfWarrantSharesIssued_lbl" xml:lang="en-US">Number of warrant shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromOperatingActivities" xlink:label="us-gaap_ProceedsFromOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromOperatingActivities" xlink:to="us-gaap_ProceedsFromOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromOperatingActivities_lbl" xml:lang="en-US">Net proceeds from drilling activities</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccruedInterest" xlink:label="PEDO_AccruedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedInterest" xlink:to="PEDO_AccruedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccruedInterest_lbl" xml:lang="en-US">Accrued Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ForgivenDepositLiabilitiesAndAccruedInterest" xlink:label="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest" xlink:to="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest_lbl" xml:lang="en-US">Principal and interest balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreconfirmationDeferredFinancingCosts" xlink:label="us-gaap_PreconfirmationDeferredFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreconfirmationDeferredFinancingCosts" xlink:to="us-gaap_PreconfirmationDeferredFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreconfirmationDeferredFinancingCosts_lbl" xml:lang="en-US">Amortization of the deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FeesAndExpenses" xlink:label="PEDO_FeesAndExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FeesAndExpenses" xlink:to="PEDO_FeesAndExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_FeesAndExpenses_lbl" xml:lang="en-US">Fees and expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AmortizationOfDebtDiscount" xlink:label="PEDO_AmortizationOfDebtDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AmortizationOfDebtDiscount" xlink:to="PEDO_AmortizationOfDebtDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_AmortizationOfDebtDiscount_lbl" xml:lang="en-US">Amortization of debt discount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AmortizationOfDeferredFinancingCosts" xlink:label="PEDO_AmortizationOfDeferredFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AmortizationOfDeferredFinancingCosts" xlink:to="PEDO_AmortizationOfDeferredFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_AmortizationOfDeferredFinancingCosts_lbl" xml:lang="en-US">Amortization of deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="us-gaap_InterestAndDebtExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDebtExpense" xlink:to="us-gaap_InterestAndDebtExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDebtExpense_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscount" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscount" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xml:lang="en-US">Unamortized debt discount</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts" xlink:label="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts" xlink:to="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts_lbl" xml:lang="en-US">Unamortized debt discount and deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentUnamortizedPremium" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedPremium" xlink:to="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnamortizedPremium_lbl" xml:lang="en-US">Unamortized debt premium</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="us-gaap_AmortizationOfDebtDiscountPremium_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_2_lbl" xml:lang="en-US">Debt premium</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PaymentOfOutstandngOutstandingInitialNotes" xlink:label="PEDO_PaymentOfOutstandngOutstandingInitialNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PaymentOfOutstandngOutstandingInitialNotes" xlink:to="PEDO_PaymentOfOutstandngOutstandingInitialNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PaymentOfOutstandngOutstandingInitialNotes_lbl" xml:lang="en-US">Payment of outstandng Initial Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_InterestExpenseRelatedToPikAndAdditionalPik" xlink:label="PEDO_InterestExpenseRelatedToPikAndAdditionalPik" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_InterestExpenseRelatedToPikAndAdditionalPik" xlink:to="PEDO_InterestExpenseRelatedToPikAndAdditionalPik_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_InterestExpenseRelatedToPikAndAdditionalPik_lbl" xml:lang="en-US">Interest expense related to the PIK and Additional PIK</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LossOnDebtExtinguishment" xlink:label="PEDO_LossOnDebtExtinguishment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnDebtExtinguishment" xlink:to="PEDO_LossOnDebtExtinguishment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_LossOnDebtExtinguishment_lbl" xml:lang="en-US">Loss on debt extinguishment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherBorrowings" xlink:label="us-gaap_OtherBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherBorrowings" xlink:to="us-gaap_OtherBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherBorrowings_lbl" xml:lang="en-US">Available borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AdditionalPaidInKind" xlink:label="PEDO_AdditionalPaidInKind" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdditionalPaidInKind" xlink:to="PEDO_AdditionalPaidInKind_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AdditionalPaidInKind_lbl" xml:lang="en-US">Additional PIK</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ObligationUnderLease" xlink:to="PEDO_ObligationUnderLease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ObligationUnderLease_lbl" xml:lang="en-US">Obligation under lease</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PreferredStockDetailsNarrativeAbstract" xlink:label="PEDO_PreferredStockDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PreferredStockDetailsNarrativeAbstract" xlink:to="PEDO_PreferredStockDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_PreferredStockDetailsNarrativeAbstract_lbl" xml:lang="en-US">Shareholders Equity Deficit Details Narrative</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_2_lbl" xml:lang="en-US">Series A preferred stock outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_2_lbl" xml:lang="en-US">Common stock issued</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_2_lbl" xml:lang="en-US">Common stock issued per share</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockCompensationExpense" xlink:to="PEDO_StockCompensationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_StockCompensationExpense_lbl" xml:lang="en-US">Stock compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_UnamortizedStockCompensationExpense" xlink:label="PEDO_UnamortizedStockCompensationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnamortizedStockCompensationExpense" xlink:to="PEDO_UnamortizedStockCompensationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_UnamortizedStockCompensationExpense_lbl" xml:lang="en-US">Unamortized stock compensation expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AwardTypeAxis_2_lbl" xml:lang="en-US">Award Type [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xml:lang="en-US">Number of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Number of Options Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xml:lang="en-US">Number of Options Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission" xlink:label="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission" xlink:to="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission_lbl" xml:lang="en-US">Rescission of granted options</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_2_lbl" xml:lang="en-US">Number of Options Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xml:lang="en-US">Number of Options Forfeited and cancelled</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_2_lbl" xml:lang="en-US">Number of Options Outstanding, Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US">Exercisable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePriceAbstract_lbl" xml:lang="en-US">Weighted Average Exercise Price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Outstanding, Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Forfeited and cancelled</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Weighted Average Exercise Price Outstanding, Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted Average Exercise Price Exercisable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract" xlink:label="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract" xlink:to="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract_lbl" xml:lang="en-US">Weighted Average Remaining Contract Term (years)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2" xlink:label="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2" xlink:to="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US">Weighted Average Remaining Contract Term (years), Beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a" xlink:label="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a" xlink:to="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a_lbl" xml:lang="en-US">Weighted Average Remaining Contract Term (years), Ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2" xlink:label="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2" xlink:to="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_3_lbl" xml:lang="en-US">Options Outstanding</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_2_lbl" xml:lang="en-US">Options Exercisable</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1_2_lbl" xml:lang="en-US">Warrants Exercise Price</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a_2_lbl" xml:lang="en-US">Weighted Average Remaining Life (years)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xml:lang="en-US">Warrants Outstanding</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsExercisable" xlink:to="PEDO_WarrantsExercisable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_WarrantsExercisable_lbl" xml:lang="en-US">Warrants Exercisable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_4_lbl" xml:lang="en-US">Number of Options Outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_3_lbl" xml:lang="en-US">Number of Options Exercisable</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue" xlink:label="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue" xlink:to="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue_lbl" xml:lang="en-US">Increased number of common stock authorized to issue</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CommonStockAuthorizedToIssue" xlink:label="PEDO_CommonStockAuthorizedToIssue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CommonStockAuthorizedToIssue" xlink:to="PEDO_CommonStockAuthorizedToIssue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CommonStockAuthorizedToIssue_lbl" xml:lang="en-US">Common stock authorized to issue</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_3_lbl" xml:lang="en-US">Shares issued upon exercise</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance" xlink:to="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockCapitalSharesReservedForFutureIssuance_lbl" xml:lang="en-US">Shares remain available for future issuance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US">Restricted stock granted</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1" xlink:label="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1" xlink:to="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1_lbl" xml:lang="en-US">Common stock granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US">Recognized stock option based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_UnamortizedStockOptionsExpense" xlink:label="PEDO_UnamortizedStockOptionsExpense" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_UnamortizedStockOptionsExpense_lbl" xml:lang="en-US">Unamortized stock options expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US">Intrinsic value of options outstanding</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_lbl" xml:lang="en-US">Intrinsic value of options exercisable</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProductionCosts_lbl" xml:lang="en-US">Production related expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells" xlink:label="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells" xlink:to="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells_lbl" xml:lang="en-US">Capital expenditures incurred for drilling of three wells</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PaymentForManagementFee" xlink:label="us-gaap_PaymentForManagementFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentForManagementFee" xlink:to="us-gaap_PaymentForManagementFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentForManagementFee_lbl" xml:lang="en-US">Expenses related to a management services</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AccruedManagementFees" xlink:label="PEDO_AccruedManagementFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedManagementFees" xlink:to="PEDO_AccruedManagementFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccruedManagementFees_lbl" xml:lang="en-US">Accrued management fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:label="us-gaap_FinancialLiabilitiesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialLiabilitiesFairValueDisclosure" xlink:to="us-gaap_FinancialLiabilitiesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialLiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Fair value Liability</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IncomeTaxesDetailsAbstract" xlink:label="PEDO_IncomeTaxesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncomeTaxesDetailsAbstract" xlink:to="PEDO_IncomeTaxesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IncomeTaxesDetailsAbstract_lbl" xml:lang="en-US">Income Taxes Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNetAbstract" xlink:label="us-gaap_DeferredTaxAssetsNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetAbstract" xlink:to="us-gaap_DeferredTaxAssetsNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetAbstract_lbl" xml:lang="en-US">Deferred Tax Assets (Liabilities)</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties" xlink:label="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties" xlink:to="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties_lbl" xml:lang="en-US">Difference in depreciation, depletion, and capitalization methods - oil and natural gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="us-gaap_OperatingLossCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLossCarryforwards" xlink:to="us-gaap_OperatingLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLossCarryforwards_lbl" xml:lang="en-US">Net operating losses</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties" xlink:label="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties" xlink:to="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties_lbl" xml:lang="en-US">Impairment - oil and natural gas properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="us-gaap_DeferredTaxAssetsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOther" xlink:to="us-gaap_DeferredTaxAssetsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOther_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsGrossNoncurrent" xlink:label="us-gaap_DeferredTaxAssetsGrossNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsGrossNoncurrent" xlink:to="us-gaap_DeferredTaxAssetsGrossNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsGrossNoncurrent_lbl" xml:lang="en-US">Total deferred tax asset</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Less valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="us-gaap_DeferredTaxAssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNet" xlink:to="us-gaap_DeferredTaxAssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US">Total deferred tax assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_IncomeTaxesDetailsNarrativeAbstract" xlink:label="PEDO_IncomeTaxesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncomeTaxesDetailsNarrativeAbstract" xlink:to="PEDO_IncomeTaxesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_IncomeTaxesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Income Taxes Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:label="us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:to="us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount_lbl" xml:lang="en-US">Net change in valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_lbl" xml:lang="en-US">Federal net operating loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_lbl" xml:lang="en-US">State operating loss carryforward</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_AFJRigMember" xlink:label="PEDO_AFJRigMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AFJRigMember" xlink:to="PEDO_AFJRigMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AFJRigMember_doc" xml:lang="en-US">Less: accumulated depletion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty" xlink:to="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AccountsPayableFromPurchaseOfOilAndGasProperty_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty" xlink:to="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AccountsReceivableFromPurchaseOfOilAndGasProperty_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedDevelopmentCosts" xlink:to="PEDO_AccruedDevelopmentCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AccruedDevelopmentCosts_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedInterest" xlink:to="PEDO_AccruedInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AccruedInterest_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedManagementFees" xlink:to="PEDO_AccruedManagementFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AccruedManagementFees_doc" xml:lang="en-US">Accrued management fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ActivityRelatedToSettlement" xlink:to="PEDO_ActivityRelatedToSettlement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ActivityRelatedToSettlement_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdditionalPaidInKind" xlink:to="PEDO_AdditionalPaidInKind_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AdditionalPaidInKind_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdditionsMember" xlink:to="PEDO_AdditionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AdditionsMember_doc" xml:lang="en-US">Common Stock Options- .10</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdvancesForJointOperations" xlink:to="PEDO_AdvancesForJointOperations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AdvancesForJointOperations_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AdvancesFromJointInterestOwners" xlink:to="PEDO_AdvancesFromJointInterestOwners_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AdvancesFromJointInterestOwners_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AmendmentOfBridgeNoteToConvertible" xlink:to="PEDO_AmendmentOfBridgeNoteToConvertible_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AmendmentOfBridgeNoteToConvertible_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AmortizationOfDebtDiscount" xlink:to="PEDO_AmortizationOfDebtDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AmortizationOfDebtDiscount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AmortizationOfDeferredFinancingCosts" xlink:to="PEDO_AmortizationOfDeferredFinancingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AmortizationOfDeferredFinancingCosts_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AssetRetirementObligations" xlink:to="PEDO_AssetRetirementObligations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AssetRetirementObligations_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AssumptionOfSubordinatedNotesPayable" xlink:to="PEDO_AssumptionOfSubordinatedNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_AssumptionOfSubordinatedNotesPayable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BeneficialConversionFeature" xlink:to="PEDO_BeneficialConversionFeature_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_BeneficialConversionFeature_doc" xml:lang="en-US">Centurion Credit Funding LLC Second Note</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes" xlink:to="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_BeneficialConversionFeatureOfConvertibleNotesPayableBridgeNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember" xlink:to="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Blast2003StockOptionPlanAnd2009StockIncentivePlanMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BridgeNoteFinancingMember" xlink:to="PEDO_BridgeNoteFinancingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_BridgeNoteFinancingMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesShortTermDebt" xlink:to="PEDO_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesShortTermDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesShortTermDebt_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CBergMember" xlink:label="PEDO_CBergMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CBergMember" xlink:to="PEDO_CBergMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CBergMember_doc" xml:lang="en-US">Down-hole Solutions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells" xlink:to="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CapitalExpendituresIncurredForDrillingOfThreeWells_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CashAdvancedFromParentCompanyPriorToMergerMember" xlink:label="PEDO_CashAdvancedFromParentCompanyPriorToMergerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashAdvancedFromParentCompanyPriorToMergerMember" xlink:to="PEDO_CashAdvancedFromParentCompanyPriorToMergerMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashAdvancedFromParentCompanyPriorToMergerMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashPaidForAssetRetirementBond" xlink:to="PEDO_CashPaidForAssetRetirementBond_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashPaidForAssetRetirementBond_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashPaidForDepositsOnOilAndGasProperties" xlink:to="PEDO_CashPaidForDepositsOnOilAndGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashPaidForDepositsOnOilAndGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashPaidForunprovedLeasehold" xlink:to="PEDO_CashPaidForunprovedLeasehold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashPaidForunprovedLeasehold_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfOptions" xlink:to="PEDO_CashlessExerciseOfOptions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashlessExerciseOfOptions_doc" xml:lang="en-US">Cashless exercise of options.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfOptionsShares" xlink:to="PEDO_CashlessExerciseOfOptionsShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashlessExerciseOfOptionsShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsCommonStockAmount" xlink:to="PEDO_CashlessExerciseOfWarrantsCommonStockAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashlessExerciseOfWarrantsCommonStockAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsCommonStockShares" xlink:to="PEDO_CashlessExerciseOfWarrantsCommonStockShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashlessExerciseOfWarrantsCommonStockShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsPreferredStockShares" xlink:to="PEDO_CashlessExerciseOfWarrantsPreferredStockShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashlessExerciseOfWarrantsPreferredStockShares_doc" xml:lang="en-US">Cashless exercise of warrants - preferred stock, Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CashlessExerciseOfWarrantsPreferredStockValue" xlink:to="PEDO_CashlessExerciseOfWarrantsPreferredStockValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CashlessExerciseOfWarrantsPreferredStockValue_doc" xml:lang="en-US">Oil and Gas Properties, Full Cost Method</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ChangesInEstimatesOfAssetRetirementObligations" xlink:to="PEDO_ChangesInEstimatesOfAssetRetirementObligations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ChangesInEstimatesOfAssetRetirementObligations_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CombinedMember" xlink:to="PEDO_CombinedMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CombinedMember_doc" xml:lang="en-US">Oil and Gas Properties, Full Cost Method</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CommonStockAuthorizedToIssue" xlink:to="PEDO_CommonStockAuthorizedToIssue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CommonStockAuthorizedToIssue_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorEnergyMember" xlink:to="PEDO_CondorEnergyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CondorEnergyMember_doc" xml:lang="en-US">Oil and gas properties - full cost method</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CondorEnergyTechnologyLlcMember" xlink:label="PEDO_CondorEnergyTechnologyLlcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorEnergyTechnologyLlcMember" xlink:to="PEDO_CondorEnergyTechnologyLlcMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CondorEnergyTechnologyLlcMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorMember" xlink:to="PEDO_CondorMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CondorMember_doc" xml:lang="en-US">Placement Fee Payable- Trident</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CondorOneMember" xlink:label="PEDO_CondorOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorOneMember" xlink:to="PEDO_CondorOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CondorOneMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CondorsFinancialInformationTableTextBlock" xlink:to="PEDO_CondorsFinancialInformationTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CondorsFinancialInformationTableTextBlock_doc" xml:lang="en-US">Service Trailer</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl" xlink:to="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ConsolidationOfNoncontrollingInterestInPedcoMsl_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfPreferredStockToCommonStockAmount" xlink:to="PEDO_ConversionOfPreferredStockToCommonStockAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ConversionOfPreferredStockToCommonStockAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfPreferredStockToCommonStockShares" xlink:to="PEDO_ConversionOfPreferredStockToCommonStockShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ConversionOfPreferredStockToCommonStockShares_doc" xml:lang="en-US">2009 Stock Incentive Plan</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount" xlink:to="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockAmount_doc" xml:lang="en-US">Conversion of redeemable preferred stock to preferred stock - Esenjay, Amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares" xlink:to="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ConversionOfRedeemablePreferredStockToPreferredStockShares_doc" xml:lang="en-US">Conversion of redeemable preferred stock to preferred stock - Esenjay, Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium" xlink:to="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ConvertibleNotesPayableBridgeNoteNetOfPremium_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CustomersOneMember" xlink:to="PEDO_CustomersOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CustomersOneMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_CustomersThreeMember" xlink:label="PEDO_CustomersThreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CustomersThreeMember" xlink:to="PEDO_CustomersThreeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CustomersThreeMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_CustomersTwoMember" xlink:to="PEDO_CustomersTwoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_CustomersTwoMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders" xlink:to="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNoteHolders_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes" xlink:to="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DebtDiscountRelatedToWarrantsIssuedToBridgeNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DebtHolderMember" xlink:label="PEDO_DebtHolderMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DebtHolderMember" xlink:to="PEDO_DebtHolderMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DebtHolderMember_doc" xml:lang="en-US">Tractor</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_December312016Member" xlink:label="PEDO_December312016Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_December312016Member" xlink:to="PEDO_December312016Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_December312016Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCosts" xlink:to="PEDO_DeferredFinancingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredFinancingCosts_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedParty" xlink:to="PEDO_DeferredFinancingCostsRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredFinancingCostsRelatedParty_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent" xlink:to="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable" xlink:to="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredFinancingCostsRelatedToWarrantsIssuedInConjunctionWithNotesPayable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredPrincipal" xlink:to="PEDO_DeferredPrincipal_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredPrincipal_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties" xlink:to="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredTaxAssetsDifferenceInDepreciationDepletionAndCapitalizationMethodsOilAndNaturalGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties" xlink:to="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DeferredTaxAssetsImpairmentOilAndNaturalGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DepositLiabilitiesAndAccruedInterest" xlink:to="PEDO_DepositLiabilitiesAndAccruedInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DepositLiabilitiesAndAccruedInterest_doc" xml:lang="en-US">Balance owed with accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Director1Member" xlink:label="PEDO_Director1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Director1Member" xlink:to="PEDO_Director1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Director1Member_doc" xml:lang="en-US">Warrants2Member</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_DisclosureOilAndGasPropertiesTablesAbstract" xlink:label="PEDO_DisclosureOilAndGasPropertiesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DisclosureOilAndGasPropertiesTablesAbstract" xlink:to="PEDO_DisclosureOilAndGasPropertiesTablesAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DisclosureOilAndGasPropertiesTablesAbstract_doc" xml:lang="en-US">Common Stock Warrants- .75</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DiscountOnNotesPayable" xlink:to="PEDO_DiscountOnNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DiscountOnNotesPayable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DiscountOnNotesPayableRelatedParty" xlink:to="PEDO_DiscountOnNotesPayableRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DiscountOnNotesPayableRelatedParty_doc" xml:lang="en-US">Weighted average common shares outstanding-</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DisposalsMember" xlink:to="PEDO_DisposalsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_DisposalsMember_doc" xml:lang="en-US">Weighted average common shares outstanding-</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_EAndP2Member" xlink:label="PEDO_EAndP2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EAndP2Member" xlink:to="PEDO_EAndP2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_EAndP2Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet" xlink:to="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_EquityMethodInvestmentRealizedGainLossOnSettlementNet_doc" xml:lang="en-US">Equity method investment realized gain loss on settlement net.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityMethodOwnershipIntrest" xlink:to="PEDO_EquityMethodOwnershipIntrest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_EquityMethodOwnershipIntrest_doc" xml:lang="en-US">Equity method ownership intrest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_EquityShareOfNetLoss" xlink:to="PEDO_EquityShareOfNetLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_EquityShareOfNetLoss_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ExerciseOfWarrants" xlink:to="PEDO_ExerciseOfWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ExerciseOfWarrants_doc" xml:lang="en-US">Exercise of warrants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ExerciseOfWarrantsShares" xlink:to="PEDO_ExerciseOfWarrantsShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ExerciseOfWarrantsShares_doc" xml:lang="en-US">Exercise of warrants, Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FairValueOfCommonStockIssued" xlink:to="PEDO_FairValueOfCommonStockIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FairValueOfCommonStockIssued_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FairValueOfSeriesPreferredStockIssued" xlink:to="PEDO_FairValueOfSeriesPreferredStockIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FairValueOfSeriesPreferredStockIssued_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FeesAndExpenses" xlink:to="PEDO_FeesAndExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FeesAndExpenses_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FeesBilledToCondor" xlink:to="PEDO_FeesBilledToCondor_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FeesBilledToCondor_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk" xlink:to="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ForfeitureOfMiesCapitalAccountInWhiteHawk_doc" xml:lang="en-US">Forfeiture of MIE's capital account in White Hawk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForfeitureOfRestrictedStock" xlink:to="PEDO_ForfeitureOfRestrictedStock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ForfeitureOfRestrictedStock_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForfeitureOfRestrictedStockShares" xlink:to="PEDO_ForfeitureOfRestrictedStockShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ForfeitureOfRestrictedStockShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest" xlink:to="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ForgivenDepositLiabilitiesAndAccruedInterest_doc" xml:lang="en-US">Principal and interest balance forgiven by Centurian</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_FormerOfficerMember" xlink:label="PEDO_FormerOfficerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FormerOfficerMember" xlink:to="PEDO_FormerOfficerMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FormerOfficerMember_doc" xml:lang="en-US">Michael Peterson, former Interim President and CEO</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FractionalShareIssuanceForReverseCommonStockSplit" xlink:to="PEDO_FractionalShareIssuanceForReverseCommonStockSplit_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FractionalShareIssuanceForReverseCommonStockSplit_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock" xlink:to="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_FullCostMethodOfAccountingForInvestmentsInOilAndGasPropertiesDisclosurePolicyTextBlock_doc" xml:lang="en-US">Oil and Gas Properties, Full Cost Method</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GainLossOnSaleOfOilAndGasProperties1Member" xlink:to="PEDO_GainLossOnSaleOfOilAndGasProperties1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_GainLossOnSaleOfOilAndGasProperties1Member_doc" xml:lang="en-US">Gain loss on sale of oil and gas properties1 [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GainOnDebtExtinguishmentMember" xlink:to="PEDO_GainOnDebtExtinguishmentMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_GainOnDebtExtinguishmentMember_doc" xml:lang="en-US">Gain on debt extinguishment [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GainOnSaleOfEquityInvestmentMember" xlink:to="PEDO_GainOnSaleOfEquityInvestmentMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_GainOnSaleOfEquityInvestmentMember_doc" xml:lang="en-US">Gain on sale of equity investment [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_GoldenGlobeEnergyMember" xlink:to="PEDO_GoldenGlobeEnergyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_GoldenGlobeEnergyMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_HistoricalCostMember" xlink:label="PEDO_HistoricalCostMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_HistoricalCostMember" xlink:to="PEDO_HistoricalCostMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_HistoricalCostMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncentivePlan2012Member" xlink:to="PEDO_IncentivePlan2012Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IncentivePlan2012Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncomeTaxesDetailsNarrativeAbstract" xlink:to="PEDO_IncomeTaxesDetailsNarrativeAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IncomeTaxesDetailsNarrativeAbstract_doc" xml:lang="en-US">Income Taxes Details Narrative</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty" xlink:to="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IncreaseDecreaseAccruedExpensesToRelatedParty_doc" xml:lang="en-US">Accrued expenses - related party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncreaseDecreaseRevenuePayable" xlink:to="PEDO_IncreaseDecreaseRevenuePayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IncreaseDecreaseRevenuePayable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue" xlink:to="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IncreasedNumberOfCommonStockAuthorizedToIssue_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring" xlink:to="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_InterestExpenseDeferredAndCapitalizedInRestructuring_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_InterestExpenseRelatedToPikAndAdditionalPik" xlink:to="PEDO_InterestExpenseRelatedToPikAndAdditionalPik_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_InterestExpenseRelatedToPikAndAdditionalPik_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_InvestmentInSubsidiaries" xlink:to="PEDO_InvestmentInSubsidiaries_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_InvestmentInSubsidiaries_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount" xlink:to="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares" xlink:to="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonAndPreferredStockForOilAndGasPropertiesShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForCashShares" xlink:to="PEDO_IssuanceOfCommonStockForCashShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForCashShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForCompensationAmount" xlink:to="PEDO_IssuanceOfCommonStockForCompensationAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForCompensationAmount_doc" xml:lang="en-US">Issuance of common stock for compensation, Amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForCompensationShares" xlink:to="PEDO_IssuanceOfCommonStockForCompensationShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForCompensationShares_doc" xml:lang="en-US">Issuance of common stock for compensation, Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForDebtConversionAmount" xlink:to="PEDO_IssuanceOfCommonStockForDebtConversionAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForDebtConversionAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForDebtConversionShares" xlink:to="PEDO_IssuanceOfCommonStockForDebtConversionShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForDebtConversionShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties" xlink:to="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForPurchaseOfOilAndGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount" xlink:to="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares" xlink:to="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockForSettlementOfLiabilitiesShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount" xlink:to="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockInPrivatePlacementAmount_doc" xml:lang="en-US">Issuance of common stock in private placement, Amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockInPrivatePlacementShares" xlink:to="PEDO_IssuanceOfCommonStockInPrivatePlacementShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockInPrivatePlacementShares_doc" xml:lang="en-US">Issuance of common stock in private placement, Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities" xlink:to="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockInSettlementOfLiabilities_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion" xlink:to="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockToBridgeNoteHoldersDueToConversion_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount" xlink:to="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementAmount_doc" xml:lang="en-US">Issuance of common stock to STXRA for payables settlement, Amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares" xlink:to="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockToStxraForPayablesSettlementShares_doc" xml:lang="en-US">Issuance of common stock to STXRA for payables settlement, Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfCommonStockforServices" xlink:to="PEDO_IssuanceOfCommonStockforServices_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfCommonStockforServices_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties" xlink:to="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfRedeemableSeriesConvertiblePreferredStockForPurchaseOfOilAndGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount" xlink:to="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfRestrictedCommonStockForCompensationAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares" xlink:to="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfRestrictedCommonStockForCompensationShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount" xlink:to="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares" xlink:to="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfSeriesPreferredStockForOilAndGasPropertiesShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfWarrantsForDebtDeferrals" xlink:to="PEDO_IssuanceOfWarrantsForDebtDeferrals_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfWarrantsForDebtDeferrals_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_IssuanceOfWarrantsForDeferredFinancingCosts" xlink:to="PEDO_IssuanceOfWarrantsForDeferredFinancingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_IssuanceOfWarrantsForDeferredFinancingCosts_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_January42016Member" xlink:label="PEDO_January42016Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_January42016Member" xlink:to="PEDO_January42016Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_January42016Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_July312016Member" xlink:label="PEDO_July312016Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_July312016Member" xlink:to="PEDO_July312016Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_July312016Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_June302016Member" xlink:label="PEDO_June302016Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_June302016Member" xlink:to="PEDO_June302016Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_June302016Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_KazakhstanOptionIssued" xlink:to="PEDO_KazakhstanOptionIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_KazakhstanOptionIssued_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LeaseAgreementsOneMember" xlink:to="PEDO_LeaseAgreementsOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LeaseAgreementsOneMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LeaseAgreementsTwoMember" xlink:label="PEDO_LeaseAgreementsTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LeaseAgreementsTwoMember" xlink:to="PEDO_LeaseAgreementsTwoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LeaseAgreementsTwoMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LoanToSubsidiaryForProductionRelatedExpense" xlink:to="PEDO_LoanToSubsidiaryForProductionRelatedExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LoanToSubsidiaryForProductionRelatedExpense_doc" xml:lang="en-US">Loan to Condor for production related expense</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Logan2HMember" xlink:label="PEDO_Logan2HMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Logan2HMember" xlink:to="PEDO_Logan2HMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Logan2HMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Loomis21HMember" xlink:to="PEDO_Loomis21HMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Loomis21HMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Loomis23HMember" xlink:to="PEDO_Loomis23HMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Loomis23HMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Loomis26HMember" xlink:to="PEDO_Loomis26HMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Loomis26HMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty" xlink:to="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnConveyanceOf50PercentOfMississippianProperty_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition" xlink:to="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnConveyanceOf50PercentOfRedHawkAcquisition_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnConveyancePercentageOfDepositForBusinessAcquisition" xlink:to="PEDO_LossOnConveyancePercentageOfDepositForBusinessAcquisition_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnConveyancePercentageOfDepositForBusinessAcquisition_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnDebtExtinguishment" xlink:to="PEDO_LossOnDebtExtinguishment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnDebtExtinguishment_doc" xml:lang="en-US">Loss on debt extinguishment.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_LossOnSaleMember" xlink:label="PEDO_LossOnSaleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnSaleMember" xlink:to="PEDO_LossOnSaleMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnSaleMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition" xlink:to="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnSaleOf50OfDepositForBusinessAcquisition_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_LossOnSaleOfAsiaSixthInterest" xlink:to="PEDO_LossOnSaleOfAsiaSixthInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_LossOnSaleOfAsiaSixthInterest_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ManagementServicesFee" xlink:to="PEDO_ManagementServicesFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ManagementServicesFee_doc" xml:lang="en-US">Management services fee</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MergerMember" xlink:label="PEDO_MergerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MergerMember" xlink:to="PEDO_MergerMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_MergerMember_doc" xml:lang="en-US">Merger PEDCO</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MieHoldingsMember" xlink:label="PEDO_MieHoldingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MieHoldingsMember" xlink:to="PEDO_MieHoldingsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_MieHoldingsMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MieJurassicEnergyCorporationMember" xlink:to="PEDO_MieJurassicEnergyCorporationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_MieJurassicEnergyCorporationMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MinorityInterestInNetLoss" xlink:to="PEDO_MinorityInterestInNetLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_MinorityInterestInNetLoss_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_MississippianAssetMember" xlink:label="PEDO_MississippianAssetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_MississippianAssetMember" xlink:to="PEDO_MississippianAssetMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_MississippianAssetMember_doc" xml:lang="en-US">Mississippian asset [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NetAcquisitionDispositionsMember" xlink:to="PEDO_NetAcquisitionDispositionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NetAcquisitionDispositionsMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NewMiejNoteMember" xlink:to="PEDO_NewMiejNoteMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NewMiejNoteMember_doc" xml:lang="en-US">New MIEJ note [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NoteLenderMember" xlink:label="PEDO_NoteLenderMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteLenderMember" xlink:to="PEDO_NoteLenderMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NoteLenderMember_doc" xml:lang="en-US">Centurion Credit Funding LLC First Note</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NoteReceivableMember" xlink:label="PEDO_NoteReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteReceivableMember" xlink:to="PEDO_NoteReceivableMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NoteReceivableMember_doc" xml:lang="en-US">Note receivable [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties" xlink:to="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NoteReceivableSoldForPurchaseOfOilAndGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteReceivablewithCondorMember" xlink:to="PEDO_NoteReceivablewithCondorMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NoteReceivablewithCondorMember_doc" xml:lang="en-US">Note receivable with Condor [Member].</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_NoteToLenderMember" xlink:label="PEDO_NoteToLenderMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NoteToLenderMember" xlink:to="PEDO_NoteToLenderMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NoteToLenderMember_doc" xml:lang="en-US">Centurion Credit Funding LLC</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent" xlink:to="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NotesPayableNetOfDiscountRelatedPartyCurrent_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts1_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesRelatedPartyNet_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties" xlink:to="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NotesPayableSubordinatedAssumedAsPartOfPurchaseOfOilAndGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NumberOfWarrantSharesIssued" xlink:to="PEDO_NumberOfWarrantSharesIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_NumberOfWarrantSharesIssued_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ObligationUnderLease" xlink:to="PEDO_ObligationUnderLease_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ObligationUnderLease_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertiesFullCostMethodAbstract" xlink:to="PEDO_OilAndGasPropertiesFullCostMethodAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_OilAndGasPropertiesFullCostMethodAbstract_doc" xml:lang="en-US">Oil and gas properties - full cost method</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertiesNotSubjectToAmortization" xlink:to="PEDO_OilAndGasPropertiesNotSubjectToAmortization_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_OilAndGasPropertiesNotSubjectToAmortization_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertiesSubjectToAmortization" xlink:to="PEDO_OilAndGasPropertiesSubjectToAmortization_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_OilAndGasPropertiesSubjectToAmortization_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertyOperatedByCondorMember" xlink:to="PEDO_OilAndGasPropertyOperatedByCondorMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_OilAndGasPropertyOperatedByCondorMember_doc" xml:lang="en-US">Oil and gas property operated by Condor [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization" xlink:to="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_OilAndGasPropertySuccessfulEffortMethodNotAccumulatedDepreciationDepletionAndAmortization_doc" xml:lang="en-US">Oil and gas properties not subject to amortization.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember" xlink:to="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_OriginalDebtWithMieNetOfCashPaymentsMember_doc" xml:lang="en-US">Original debt with Mie net of cash payments [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PEDCO2012EquityIncentivePlanMember" xlink:to="PEDO_PEDCO2012EquityIncentivePlanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PEDCO2012EquityIncentivePlanMember_doc" xml:lang="en-US">PEDCO 2012 Equity Incentive Plan</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PaymentOfOutstandngOutstandingInitialNotes" xlink:to="PEDO_PaymentOfOutstandngOutstandingInitialNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PaymentOfOutstandngOutstandingInitialNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PikAndAdditionalPikMember" xlink:label="PEDO_PikAndAdditionalPikMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PikAndAdditionalPikMember" xlink:to="PEDO_PikAndAdditionalPikMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PikAndAdditionalPikMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_PlacementFeePayableMember" xlink:label="PEDO_PlacementFeePayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PlacementFeePayableMember" xlink:to="PEDO_PlacementFeePayableMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PlacementFeePayableMember_doc" xml:lang="en-US">Placement Fee Payable- Trident</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes" xlink:to="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToConversionOfBridgeNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions" xlink:to="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToOptions_doc" xml:lang="en-US">Potentially issuable shares of common stock related to options.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants" xlink:to="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PotentiallyIssuableSharesOfCommonStockRelatedToWarrants_doc" xml:lang="en-US">Potentially issuable shares of common stock related to warrants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes" xlink:to="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PremiumOnConvertibleNotesPayableBridgeNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_PrepaidExpensesAndOtherAssets" xlink:to="PEDO_PrepaidExpensesAndOtherAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_PrepaidExpensesAndOtherAssets_doc" xml:lang="en-US">Prepaid expenses and other assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember" xlink:to="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ProceedsFromCashPaymentsMadebyMietoRjCreditAndBamMember_doc" xml:lang="en-US">Proceeds from Cash payments made by Mie to Rj credit and Bam [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions" xlink:to="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ProceedsFromExerciseOfWarrantsForCommonStockAndOptions_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty" xlink:to="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ProceedsFromIssuanceOfNotesPayableToRelatedParty_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromSaleOfDeposit" xlink:to="PEDO_ProceedsFromSaleOfDeposit_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ProceedsFromSaleOfDeposit_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromSaleOfOilAndGasProperties" xlink:to="PEDO_ProceedsFromSaleOfOilAndGasProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ProceedsFromSaleOfOilAndGasProperties_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ProceedsFromStockSubscriptionReceivable" xlink:to="PEDO_ProceedsFromStockSubscriptionReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ProceedsFromStockSubscriptionReceivable_doc" xml:lang="en-US">Proceeds from stock subscription receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset" xlink:to="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ReceivableRelatedToWorkingInterestInNiobraraAsset_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount" xlink:to="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares" xlink:to="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RecissionOfCommonSharesIssuedInPrivatePlacementShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable" xlink:to="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ReclassOfDepositForBusinessAcquisitionsToNotesReceivable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes" xlink:to="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ReclassOfNotesPayableBridgeNotestoConvertibleNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes" xlink:to="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ReclassOfNotesPayableRelatedPartiesToBridgeNotes_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RepaymentOfNotesPayableRelatedParty" xlink:to="PEDO_RepaymentOfNotesPayableRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RepaymentOfNotesPayableRelatedParty_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RepaymentOfPaidinkindObligations" xlink:to="PEDO_RepaymentOfPaidinkindObligations_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RepaymentOfPaidinkindObligations_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RepaymentOfSecuredNotesPayable" xlink:to="PEDO_RepaymentOfSecuredNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RepaymentOfSecuredNotesPayable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement" xlink:to="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RescissionOfCommonStockIssuedInPrivatePlacement_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount" xlink:to="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RescissionOfExerciseOfCommonStockOptionsAmount_doc" xml:lang="en-US">Rescission of exercise of common stock options, Amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RescissionOfExerciseOfCommonStockOptionsShares" xlink:to="PEDO_RescissionOfExerciseOfCommonStockOptionsShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RescissionOfExerciseOfCommonStockOptionsShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_RevenuePayable" xlink:to="PEDO_RevenuePayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_RevenuePayable_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ScheduleOfProFormaSaleTableTextBlock" xlink:to="PEDO_ScheduleOfProFormaSaleTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ScheduleOfProFormaSaleTableTextBlock_doc" xml:lang="en-US">Summary of pro forma sale.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ScheduleOfSalePriceTableTextBlock" xlink:to="PEDO_ScheduleOfSalePriceTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ScheduleOfSalePriceTableTextBlock_doc" xml:lang="en-US">Summary of sale price.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock" xlink:to="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ScheduleOfShareBasedCompensationStockOptionsAndWarrantExercisableTableTextBlock_doc" xml:lang="en-US">Schedule of Stock Option and Warrant Exercisable.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_ServiceTrailerMember" xlink:label="PEDO_ServiceTrailerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ServiceTrailerMember" xlink:to="PEDO_ServiceTrailerMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ServiceTrailerMember_doc" xml:lang="en-US">Service Trailer</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1" xlink:to="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant1_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission" xlink:to="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInRescission_doc" xml:lang="en-US">Rescission of granted options.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a" xlink:to="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2a_doc" xml:lang="en-US">Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock" xlink:to="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_SheduleOfAllocationOfGainOnSettlementTableTextBlock_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockCompensation" xlink:to="PEDO_StockCompensation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockCompensation_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockCompensationExpense" xlink:to="PEDO_StockCompensationExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockCompensationExpense_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockCompensationShares" xlink:to="PEDO_StockCompensationShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockCompensationShares_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_StockIncentivePlan2009Member" xlink:label="PEDO_StockIncentivePlan2009Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockIncentivePlan2009Member" xlink:to="PEDO_StockIncentivePlan2009Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockIncentivePlan2009Member_doc" xml:lang="en-US">2009 Stock Incentive Plan</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption10Member" xlink:to="PEDO_StockOption10Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption10Member_doc" xml:lang="en-US">Stock Option 10</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption1Member" xlink:to="PEDO_StockOption1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption1Member_doc" xml:lang="en-US">Stock Option 1</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption2Member" xlink:to="PEDO_StockOption2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption2Member_doc" xml:lang="en-US">Stock Option 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption3Member" xlink:to="PEDO_StockOption3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption3Member_doc" xml:lang="en-US">Stock Option 3</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption4Member" xlink:to="PEDO_StockOption4Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption4Member_doc" xml:lang="en-US">Stock Option 4</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption5Member" xlink:to="PEDO_StockOption5Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption5Member_doc" xml:lang="en-US">Stock Option 5</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption6Member" xlink:to="PEDO_StockOption6Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption6Member_doc" xml:lang="en-US">Stock Option 6</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption7Member" xlink:to="PEDO_StockOption7Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption7Member_doc" xml:lang="en-US">Stock Option 7</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption8Member" xlink:to="PEDO_StockOption8Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption8Member_doc" xml:lang="en-US">Stock Option 8</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockOption9Member" xlink:to="PEDO_StockOption9Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockOption9Member_doc" xml:lang="en-US">Stock Option 9</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_StockSubscriptionReceivableFromCondor" xlink:to="PEDO_StockSubscriptionReceivableFromCondor_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_StockSubscriptionReceivableFromCondor_doc" xml:lang="en-US">Stock subscription receivable from Condor.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SubordinatedNotePayableAssumedMember" xlink:to="PEDO_SubordinatedNotePayableAssumedMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_SubordinatedNotePayableAssumedMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_SummaryOfPurchasePricePolicyTextBlock" xlink:to="PEDO_SummaryOfPurchasePricePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_SummaryOfPurchasePricePolicyTextBlock_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TotalAllocationGainSettlementMember" xlink:to="PEDO_TotalAllocationGainSettlementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_TotalAllocationGainSettlementMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TotalPurchasePrice" xlink:to="PEDO_TotalPurchasePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_TotalPurchasePrice_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TotalRecognizedLoss" xlink:to="PEDO_TotalRecognizedLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_TotalRecognizedLoss_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_TractorMember" xlink:label="PEDO_TractorMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TractorMember" xlink:to="PEDO_TractorMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_TractorMember_doc" xml:lang="en-US">Tractor</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_TransfersMember" xlink:to="PEDO_TransfersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_TransfersMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Trident2Member" xlink:label="PEDO_Trident2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Trident2Member" xlink:to="PEDO_Trident2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Trident2Member_doc" xml:lang="en-US">Trident Partners Ltd. Amended Agreement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts" xlink:to="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_UnamortizedDebtDiscountAndDeferredFinancingCosts_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnamortizedStockCompensationExpense" xlink:to="PEDO_UnamortizedStockCompensationExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_UnamortizedStockCompensationExpense_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnamortizedStockOptionsExpense" xlink:to="PEDO_UnamortizedStockOptionsExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_UnamortizedStockOptionsExpense_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_UnrecognizedLoss" xlink:to="PEDO_UnrecognizedLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_UnrecognizedLoss_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_ValuationAllowance" xlink:to="PEDO_ValuationAllowance_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_ValuationAllowance_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warran8Member" xlink:to="PEDO_Warran8Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warran8Member_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant1Member" xlink:to="PEDO_Warrant1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant1Member_doc" xml:lang="en-US">Warrants to Purchase Series A Preferred Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant2Member" xlink:to="PEDO_Warrant2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant2Member_doc" xml:lang="en-US">Options to Purchase Common Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant3Member" xlink:to="PEDO_Warrant3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant3Member_doc" xml:lang="en-US">Warrant 3[Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant4Member" xlink:to="PEDO_Warrant4Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant4Member_doc" xml:lang="en-US">Warrant 4[Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant5Member" xlink:to="PEDO_Warrant5Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant5Member_doc" xml:lang="en-US">Warrant 5[Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant6Member" xlink:to="PEDO_Warrant6Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant6Member_doc" xml:lang="en-US">Warrant 6[Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant7Member" xlink:to="PEDO_Warrant7Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant7Member_doc" xml:lang="en-US">Warrant 7[Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrant9Member" xlink:to="PEDO_Warrant9Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrant9Member_doc" xml:lang="en-US">Warrant 9[Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warrants1Member" xlink:label="PEDO_Warrants1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrants1Member" xlink:to="PEDO_Warrants1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrants1Member_doc" xml:lang="en-US">Common Stock Warrants- 1.25</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Warrants2Member" xlink:label="PEDO_Warrants2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Warrants2Member" xlink:to="PEDO_Warrants2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Warrants2Member_doc" xml:lang="en-US">Warrants2Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsExercisable" xlink:to="PEDO_WarrantsExercisable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WarrantsExercisable_doc" xml:lang="en-US">Warrants Exercisable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedForExtensionOfBridgeNotes" xlink:to="PEDO_WarrantsIssuedForExtensionOfBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WarrantsIssuedForExtensionOfBridgeNotes_doc" xml:lang="en-US">Warrants issued for extension of bridge notes.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedForService" xlink:to="PEDO_WarrantsIssuedForService_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WarrantsIssuedForService_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount" xlink:to="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WarrantsIssuedToPlacementAgentRelatedToSeniorNotesAmount_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedWithBridgeNotes" xlink:to="PEDO_WarrantsIssuedWithBridgeNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WarrantsIssuedWithBridgeNotes_doc" xml:lang="en-US">Warrants issued with bridge notes.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock" xlink:to="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WarrantsIssuedWithPrivatePlacementCommonStock_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WattenbergAssetMember" xlink:label="PEDO_WattenbergAssetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WattenbergAssetMember" xlink:to="PEDO_WattenbergAssetMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WattenbergAssetMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_Waves1HMember" xlink:label="PEDO_Waves1HMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_Waves1HMember" xlink:to="PEDO_Waves1HMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_Waves1HMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WeightedAverageCommonSharesOutstandingAbstract" xlink:to="PEDO_WeightedAverageCommonSharesOutstandingAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WeightedAverageCommonSharesOutstandingAbstract_doc" xml:lang="en-US">Weighted average common shares outstanding-</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract" xlink:to="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WeightedAverageRemainingContractualLifeInYearsAbstract_doc" xml:lang="en-US">Weighted average remaining contractual life in years abstract</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WhiteHawkMember" xlink:label="PEDO_WhiteHawkMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WhiteHawkMember" xlink:to="PEDO_WhiteHawkMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WhiteHawkMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:loc xlink:type="locator" xlink:href="pedo-20161231.xsd#PEDO_WhiteHawkPetroleumLlcMember" xlink:label="PEDO_WhiteHawkPetroleumLlcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_WhiteHawkPetroleumLlcMember" xlink:to="PEDO_WhiteHawkPetroleumLlcMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PEDO_WhiteHawkPetroleumLlcMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockMember" xlink:to="us-gaap_ConvertiblePreferredStockMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertiblePreferredStockMember_2_lbl" xml:lang="en-US">Convertible Preferred Stock [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_2_lbl" xml:lang="en-US">Assets, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCosts" xlink:to="PEDO_DeferredFinancingCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredFinancingCosts_3_lbl" xml:lang="en-US">DeferredFinancingCosts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent" xlink:to="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_DeferredFinancingCostsRelatedPartyNonCurrent_3_lbl" xml:lang="en-US">DeferredFinancingCostsRelatedPartyNonCurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_2_lbl" xml:lang="en-US">Liabilities, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_AccruedExpenses" xlink:to="PEDO_AccruedExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_AccruedExpenses_2_lbl" xml:lang="en-US">AccruedExpenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_4_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2" xlink:to="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PEDO_NotesPayableSecuredPromissoryNotesNetOfDiscounts2_3_lbl" xml:lang="en-US">Common stock granted [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating Expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_2_lbl" xml:lang="en-US">Equity Method Investment, Other than Temporary Impairment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_2_lbl" xml:lang="en-US">Interest Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_2_lbl" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_2_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic and Diluted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_3_lbl" xml:lang="en-US">Shares, Issued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_2_lbl" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfOilAndGasProperties" xlink:to="us-gaap_ImpairmentOfOilAndGasProperties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfOilAndGasProperties_2_lbl" xml:lang="en-US">Impairment of Oil and Gas Properties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MalpracticeLossContingencyPeriodCost" xlink:to="us-gaap_MalpracticeLossContingencyPeriodCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MalpracticeLossContingencyPeriodCost_2_lbl" xml:lang="en-US">Malpractice Loss Contingency, Period Cost</link:label>
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