PEDEVCO CORP. Form 8-K Summary
Business Context and Reporting Period
PEDEVCO Corp. (PED), a Texas corporation, filed this Current Report on Form 8-K on May 5, 2026. The filing details the entry into a Second Amendment to its Amended and Restated Credit Agreement with Citibank, N.A., as administrative agent, and other lenders. The Company is an emerging growth company status is not indicated as elected. The primary executive offices are located in Houston, Texas.
Key Financial Metrics and Debt Structure
This filing does not report revenue, profit, cash flow, or operating margins. The document focuses on debt covenant modifications and borrowing base parameters:
- Borrowing Base: The current borrowing base is stated as $120 million.
- EBITDAX Cap: The cap on permitted transaction cost add-backs for acquisitions or dispositions is updated to the greater of $6,000,000 or 5% of the then-current borrowing base.
- Acquisition Add-back: An estimated EBITDAX for October 2025 attributable to companies acquired from Juniper Capital Advisors, L.P. is added back for test periods including the quarter ended December 31, 2025.
Material Changes Versus Prior Period
The Second Amendment introduces several material changes to the Credit Agreement originally dated October 31, 2025:
- EBITDAX Definition: Revised to include specific add-backs for the October 2025 acquisition and updated transaction cost caps.
- Test Period Calculation: Amended to provide for annualization of EBITDAX starting with the period ended December 31, 2025, transitioning to a full trailing twelve-month (TTM) calculation by the period ending September 30, 2026.
- Borrowing Base Redetermination: The schedule is revised so the next redetermination occurs on or about July 1, 2026, with subsequent semi-annual redeterminations on April 1 and October 1.
- Reserve Report Schedule: Updated to require the next report on or about June 1, 2026, with subsequent reports due March 1 and September 1 annually.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard incorporation of the Credit Agreement terms. The document notes that a First Amendment was previously executed on December 2, 2025, to add a lender and re-allocate commitments, which was deemed immaterial.
Investor Verification Checklist
- Verify the full text of the Second Amendment (Exhibit 10.3) for specific covenant language not summarized here.
- Confirm the impact of the new EBITDAX calculation method on the Company's ability to meet leverage ratios.
- Review the upcoming reserve report due June 1, 2026, to assess potential changes to the $120 million borrowing base.
- Check the status of the October 2025 acquisition from Juniper Capital Advisors to validate the EBITDAX add-back assumptions.