PEDEVCO Corp. completed a merger with the portfolio companies controlled by Juniper Capital Advisors, L.P., creating a combined entity that now produces more than 6,500 barrels of oil equivalent per day and holds approximately 328,000 net acres in the Northern Denver‑Julesberg and Powder River Basins.
The transaction was financed through a combination of equity and debt. PEDEVCO issued Series A convertible preferred shares to Juniper and completed a $35 million private placement of convertible preferred shares. The company also increased its reserve‑based lending facility borrowing base and drew roughly $87 million, bringing total debt to about $87 million and cash to roughly $10 million. Upon conversion of the preferred shares, Juniper and its affiliates are expected to own about 53 % of the combined company.
Strategically, the merger expands PEDEVCO’s footprint in the Rockies, adding oil‑weighted producing assets and a robust drilling inventory. The combined company will leverage Juniper’s proven wells and leasehold rights to enhance production capacity, achieve cost efficiencies through joint development, and accelerate development of legacy assets using modern techniques. The deal positions the company as a leading operator in the region amid a broader consolidation trend among major players such as Chevron, EOG, and Occidental.
Management noted that Juniper executives and portfolio company leaders have joined PEDEVCO’s board and management team. The company plans to integrate operations while addressing integration challenges and market headwinds. Prior period financials show PEDEVCO’s Q1 2024 net income of $0.8 million ($0.01 per share) versus $1.8 million ($0.02 per share) in Q1 2023, and a Q4 2024 EPS of $0.13 beating estimates of $0.01, indicating a solid performance trajectory before the merger.
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