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PED supplier relationships

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PED supplier relationship map

PEDEVCO Corp (PED) — Supplier and Advisor Map for Investors

PEDEVCO Corp operates as an oil & gas exploration and production company focused on the Rocky Mountain and Permian basins; it monetizes assets through upstream production sales and strategic acquisitions, while funding growth with a mix of reserve‑based lending and equity placements. Revenue comes from produced hydrocarbons and realized reserve value, while working capital and expansion are financed through a Citibank-led credit facility and periodic capital raises/transactions. For a deeper supplier and counterparty risk view, visit https://nullexposure.com/.

Key takeaways

  • Citibank is PEDEVCO’s principal bank counterparty and the center of liquidity and leverage.
  • Independent engineering (CG&A) and outside legal/placement advisors are active in validating reserves and executing capital markets work.
  • Capital program scale is large (mid‑hundreds of millions over multi‑year) while recurring professional services spend is modest.

How PEDEVCO gets things done and how that shapes supplier risk

PEDEVCO’s operating model is a classic upstream profile: it contracts third parties for gathering, processing and completion work, partners on non‑operated wells, and relies on external advisors for capital markets and reserve certification. That mix creates three supplier dynamics investors should watch: (1) financial counterparty concentration around a reserve‑based lending facility, (2) operational dependence on midstream and contractor capacity, and (3) moderate recurring professional services spend (audit, IR, legal) versus very large development capital commitments for proved undeveloped drilling. Learn more at https://nullexposure.com/.

Supplier and advisor map — who PEDEVCO is using (one‑line investor summaries)

Below are the counterparties and advisors mentioned in company communications and press coverage, with concise, sourced notes for each relationship.

  • EF Hutton (division of Benchmark Investments, LLC) — EF Hutton acted as a joint placement agent in PEDEVCO’s $7 million registered direct offering, assisting capital markets execution in FY2021, as reported in the company press release distributed via AccessNewswire (FY2021). (AccessNewswire FY2021: https://www.accessnewswire.com/newsroom/en/oil-gas-and-energy/pedevco-corp.-announces-closing-of-7-million-registered-direct-offering-of-common-667063)

  • Roth Capital Partners — Roth served as a joint placement agent on the same 2021 offering and later acted as a financial advisor on PEDEVCO’s transformative 2025 merger, positioning Roth as a recurring capital markets advisor. (AccessNewswire FY2021; CityBiz FY2025: https://www.citybiz.co/article/766760/pedevco-announces-closing-of-transformative-merger-to-become-premier-rockies-operator/)

  • The Loev Law Firm, PC — The Loev Law Firm provided legal counsel for the 2021 registered direct offering and served as a legal advisor on the 2025 transaction, indicating continuity in PEDEVCO’s legal advisory panel. (AccessNewswire FY2021; CityBiz FY2025)

  • Cawley, Gillespie & Associates, Inc. (CG&A) — CG&A performed an independent reserves evaluation with a report dated January 22, 2026 (effective December 31, 2025), supplying the technical reserve certification that underpins borrowing base calculations and valuation. (GlobeNewswire / EnergyDigital / Yahoo Finance coverage FY2026: https://www.globenewswire.com/news-release/2026/02/25/3245052/0/en/PEDEVCO-Reports-Year-End-2025-Proved-Reserves.html)

  • Citibank — Citibank led an Amended and Restated Credit Agreement effective October 31, 2025, establishing a $120 million initial borrowing base within a revolving facility up to $250 million; PEDEVCO drew roughly $87 million at closing to fund the transaction and operations, making Citibank the company’s principal capital provider. (Company press release and CityBiz / GlobeAndMail coverage FY2025–FY2026)

  • Elevate IR — Elevate IR is listed as PEDEVCO’s investor relations contact (Sean Mansouri, CFA / Laurent Weil), handling disclosure outreach and capital markets communications in FY2026 announcements. (GlobeNewswire / Yahoo Finance FY2026)

  • K&L Gates — K&L Gates acted as legal advisor on PEDEVCO’s 2025 merger/transaction, joining The Loev Law Firm on the legal advisory team for a strategic corporate transaction. (CityBiz FY2025)

  • Juniper Capital Advisors, L.P. — Juniper was the seller of North Peak Oil & Gas, LLC and Century Oil & Gas Corp., assets PEDEVCO acquired as part of its growth strategy in early 2026; that transaction is a source of the company’s increased reserves and production base. (MarketScreener FY2026)

What these relationships reveal about PEDEVCO’s contracting posture and constraints

PEDEVCO’s disclosures and the relationship map present clear operating constraints and posture signals that matter for underwriting:

  • Contracting posture — active buyer and outsourced operator reliance. PEDEVCO purchases non‑operated services and performs select operated completions, so the company functions both as a buyer of services and as an operator when needed, which increases exposure to contractor availability and third‑party midstream capacity. Evidence in company disclosures lists participation in 24 non‑operated D‑J Basin wells (2024 capital activity).

  • Concentration and criticality — bank facility is critical. The Citibank reserve‑based facility is central to liquidity, with a substantial initial borrowing base increase from $20M to $120M and draws used to fund acquisitions; that positions Citibank as a single point of levered risk for covenant and borrowing base dynamics.

  • Spend profile — small recurring professional services versus very large development capital. Audit and IR fees are modest (audit fees reported in the low hundreds of thousands for FY2023–2024), while development spend is large (company guidance of $170–$200M to develop proved undeveloped reserves through 2028 and $20.5M capex incurred in 2024), creating a capital intensity mismatch: low operational vendor spend but high strategic capex reliance on external financing.

  • Vendor maturity and stage — active, repeat advisors. The company’s board pre‑approved external auditors and lists recurring advisors, indicating governance maturity in procurement for professional services; Marcum LLP is identified in company filings as the independent public accounting firm, with audit fees in the $200k range (company filings, FY2024).

Middle reading: for supplier diligence and counterparty scoring, use a dedicated supplier exposure tool at https://nullexposure.com/.

Investment implications and an operational checklist

For investors evaluating PEDEVCO supplier exposure and execution risk, the following are priority items:

  • Monitor the borrowing base and covenant schedule tied to Citibank — incremental reserve or price shocks will transmit immediately to liquidity.
  • Validate the CG&A reserves report and bridge assumptions between proved reserves and cash flow used in leverage metrics; independent engineering credibility supports borrowing base strength.
  • Track non‑operated well performance and third‑party midstream constraints in the D‑J Basin and Permian — production interruptions or capacity bottlenecks will reduce realized revenue faster than professional services changes.
  • Confirm continuity of capital markets capability: Roth, EF Hutton and Elevate IR are active on equity/placement and IR execution, which matters if further equity raises are required.

Final recommendation

PEDEVCO presents a leveraged upstream profile with clear strengths in reserve accretion through acquisitions and a centralized banking relationship that enables near‑term growth; investors must underwrite counterparty concentration to Citibank and validate reserve certification from CG&A when modeling downside scenarios. For a comparative supplier risk view and to map similar counterparty relationships across your portfolio, visit https://nullexposure.com/.

Concluding action: review PEDEVCO’s press releases and filings alongside third‑party reserve reports and bank covenants before sizing exposure; our platform aggregates these signals to produce a counterparty risk heat map — start at https://nullexposure.com/.