0001654954-25-009652 | 10-Q | XBRL Viewer

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2025

Schedule Of supplemental Cash flow information

	Six Months Ended
	June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities	$	75

Schedule of supplemental balance sheet information

	June 30, 2025
Operating lease – right-of-use asset	$	299

Operating lease liabilities - current	$	174
Operating lease liabilities - long-term		125
Total lease liability	$	299

Supplemental information related to operating lease

Remainder of 2025	$	95
2026		191
Thereafter		32
Total lease payments		318
Less imputed interest		(19	)
Total lease liability	$	299

REVENUE FROM CONTRACTS WITH CUSTOMERS

6 Months Ended

Jun. 30, 2025

REVENUE FROM CONTRACTS WITH CUSTOMERS

REVENUE FROM CONTRACTS WITH CUSTOMERS

NOTE 4 – REVENUE FROM CONTRACTS WITH CUSTOMERS

Disaggregation of Revenue from Contracts with Customers. The following table disaggregates revenue by significant product type in the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Oil sales	$	6,180	$	10,952	$	13,254	$	18,406
Natural gas sales		323		290		1,165		623
Natural gas liquids sales		469		569		1,289		898
Total oil and gas sales	$	6,972	$	11,811	$	15,708	$	19,927

There were no significant contract liabilities or transaction price allocations to any remaining performance obligations as of June 30, 2025.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2025	Aug. 13, 2025
Cover [Abstract]
Entity Registrant Name	PEDEVCO Corp.
Entity Central Index Key	0001141197
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Jun. 30, 2025
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Entity Common Stock Shares Outstanding		91,979,352
Entity File Number	001-35922
Entity Incorporation State Country Code	TX
Entity Tax Identification Number	22-3755993
Entity Address Address Line 1	575 N. Dairy Ashford
Entity Address Address Line 2	Suite 210
Entity Address City Or Town	Houston
Entity Address State Or Province	TX
Entity Address Postal Zip Code	77079
City Area Code	713
Local Phone Number	221-1768
Security 12b Title	Common Stock, $0.001 par value per share
Trading Symbol	PED
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

SHAREBASED COMPENSATION (Details)	6 Months Ended
SHAREBASED COMPENSATION (Details)	Jun. 30, 2025 $ / shares shares
SHAREBASED COMPENSATION
Number of options outstanding,beginning \| shares	1,835,667
Number of options granted \| shares	464,000
Number of options expired/cancelled \| shares	(215,667)
Number of options outstanding, ending \| shares	2,084,000
Number of options exercisable \| shares	1,156,666
Weighted average exercise price outstanding, beginning \| $ / shares	$ 1.12
Weighted average exercise price granted \| $ / shares	0.85
Weighted average exercise price expired/cancelled \| $ / shares	1.68
Weighted average exercise price outstanding, ending \| $ / shares	1.00
Weighted average exercise price exercisable \| $ / shares	$ 1.14
Weighted average remaining contractual life (in years) outstanding, beginning	2 years 4 months 24 days
Weighted average remaining contractual life (in years) outstanding, ending	2 years 9 months 18 days
Weighted average remaining contractual life (in years) exercisable	1 year 9 months 18 days

SHAREHOLDERS EQUITY (Details Narrative)	3 Months Ended	6 Months Ended
SHAREHOLDERS EQUITY (Details Narrative)	Jun. 30, 2025 USD ($) $ / shares	Jun. 30, 2025 USD ($) $ / shares shares
Restricted stock awards granted \| shares		2,105,000
Issuance of common stock for cash proceeds, net, amount	$ 139,000
ATM Offering
Issuance of common stock for cash proceeds, net, amount		$ 354,000
Issuance of common stock for cash proceeds, net, shares \| shares		489,967
Sales Commissions and Fees		$ 11,000
Other Expenses		$ 214,000
Description of Sales Agreement		the terms of that certain December 20, 2024, Sales Agreement (the “Sales Agreement”) entered into with Roth Capital Partners, LLC (the “Lead Agent”) and A.G.P./Alliance Global Partners (“AGP”, and collectively with the Lead Agent, the “Agents”), pursuant to which the Company may sell securities from time to time in an “at the market offering” (the “ATM Offering”). The Company will pay the Lead Agent a commission of 3.0% of the gross sales price of any shares sold under the Sales Agreement. The Company also agreed to reimburse the Agents for their reasonable and documented out-of-pocket expenses in an amount not to exceed $75,000, in connection with entering into the Sales Agreement and for the Agents’ reasonable and documented out-of-pocket expenses related to quarterly maintenance of the Sales Agreement on a quarterly basis in an amount not to exceed $5,000
ATM Offering \| Minimum
Shares Issued, Price Per Share \| $ / shares	$ 0.716	$ 0.716
ATM Offering \| Maximum
Shares Issued, Price Per Share \| $ / shares	$ 0.801	$ 0.801

OIL AND GAS PROPERTIES

6 Months Ended

Jun. 30, 2025

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES

NOTE 6 – OIL AND GAS PROPERTIES

The following table summarizes the Company’s oil and gas activities by classification for the six months ended June 30, 2025 (in thousands):

	December 31, 2024*			Additions			Disposals			Transfers			June 30, 2025
Oil and gas properties, subject to amortization	$	210,039		$	2,344		$	-		$	5,561		$	217,944
Oil and gas properties, not subject to amortization		14,738			6,111			(2,028	)		(5,561	)		13,260
Asset retirement costs		4,326			119			(91	)		-			4,354
Accumulated depreciation and depletion		(81,015	)		(6,808	)		-			-			(87,823	)
Accumulated impairment		(44,576)			(742)			-			-			(45,318)
Total oil and gas properties, net	$	103,512		$	1,024		$	(2,119	)	$	-		$	102,417

For the six-month period ended June 30, 2025, the Company incurred $8,455,000 of capital costs primarily related to the Company’s completion operations with respect to four operated wells recently drilled and completed with a third-party in the Permian Basin.

Additionally, for the six-month period ended June 30, 2025, the Company recorded an impairment of oil and gas properties of $742,000 related to undeveloped leases representing 1,007 net acres in the D-J Basin that it allowed to expire or had no plans to drill prior to expiration.

In February 2025, the Company entered into a joint development agreement with a private equity-backed D-J Basin E&P Company (“Operator”), pursuant to which the parties agreed to jointly participate in the expansion and development of the Company’s Roth and Amber drilling and spacing units (“DSUs”) located in Weld County, Colorado. The Operator paid to the Company $1.7 million, and the Company agreed to amend the Company’s existing Roth and Amber DSUs to increase each to 1,600 acres and transfer operatorship of the DSUs to the Operator.

In February 2025, the Company recognized $0.3 million in disposition expense related to the sale of certain capitalized equipment to a third-party in the D-J Basin.

In April 2025, the Company sold all of its operated production in Weld County, Colorado to a private buyer for an adjusted price of $606,000. The sale included wellbore and surface equipment only for the Company’s 17 operated wells in its D-J Basin Asset, with the Company retaining ownership in all its existing leasehold. The effective date of the sale is January 1, 2025. As a result, the Company recorded a gain on sale of oil and gas properties of $1,021,000 in its consolidated statements of operations for the three and six months ended June 30, 2025.

During the six months ended June 30, 2025, the Company also acquired approximately 63 net mineral acres and 224 net lease acres in and around its existing footprint in the D-J Basin through multiple transactions at total acquisition and due diligence costs of $79,000 and $134,000, respectively.

Depletion expense recorded for production on proved properties for the three and six months ended June 30, 2025 and 2024, amounted to $2,766,000, compared to $4,042,000, and $6,808,000, compared to $7,207,000, respectively.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2025

Commitments and contingencies

COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Lease Agreements

Currently, the Company has one operating lease for office space that requires Accounting Standards Codification (“ASC”) Topic 842 treatment, discussed below.

The Company’s leases typically do not provide an implicit rate. Accordingly, the Company is required to use its incremental borrowing rate in determining the present value of lease payments based on the information available at the commencement date. The Company’s incremental borrowing rate would reflect the estimated rate of interest that it would pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. However, the Company currently maintains no debt, and in order to apply an appropriate discount rate, the Company used a borrowing rate obtained from a financial institution at which it maintains banking accounts.

In December 2022, the Company entered into a lease agreement for approximately 5,200 square feet of office space in Houston, Texas, that commenced on September 1, 2023, which expires on February 28, 2027. The remaining monthly payments are approximately $15,800 through February 2026 and increase to approximately $16,000 through the end of the lease. The Company paid a security deposit of $14,700.

Supplemental cash flow information related to the Company’s operating office lease is included in the table below (in thousands):

	Six Months Ended
	June 30, 2025
Cash paid for amounts included in the measurement of lease liabilities	$	75

Supplemental balance sheet information related to operating leases is included in the table below (in thousands):

	June 30, 2025
Operating lease – right-of-use asset	$	299

Operating lease liabilities - current	$	174
Operating lease liabilities - long-term		125
Total lease liability	$	299

The weighted-average remaining lease term for the Company’s operating lease is 1.7 years as of June 30, 2025, with a weighted-average discount rate of 7.90%.

Lease liability with enforceable contract terms that have greater than one-year terms are as follows (in thousands):

Remainder of 2025	$	95
2026		191
Thereafter		32
Total lease payments		318
Less imputed interest		(19	)
Total lease liability	$	299

Leasehold Drilling Commitments

The Company’s oil and gas leasehold acreage is subject to expiration of leases if the Company does not drill and hold such acreage by production or otherwise exercise options to extend such leases, if available, in exchange for payment of additional cash consideration. In the D-J Basin, 129 net acres expire during the remainder of 2025, and 5,371 net acres expire within the next two-year period (net to our direct ownership interest only). In the Permian Basin, no net acres are due to expire during the remainder of 2025, and no net acres expire within the next two-year period (net to our direct ownership interest only). The Company plans to hold significantly all of this acreage through a program of drilling and completing producing wells. If the Company is not able to drill and complete a well before lease expiration, the Company may seek to extend leases where able.

Other Commitments

Although the Company may, from time to time, be involved in litigation and claims arising out of its operations in the normal course of business, the Company is not currently a party to any material legal proceeding. In addition, the Company is not aware of any material legal or governmental proceedings against it or contemplated to be brought against it.

As part of its regular operations, the Company may become party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies concerning its commercial operations, products, employees and other matters.

Although the Company provides no assurance about the outcome of any future legal and administrative proceedings and the effect such outcomes may have on the Company, the Company believes that any ultimate liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered by insurance, will not have a material adverse effect on the Company’s financial condition or results of operations.

Milnesand Sale Dispute and Tilloo Note Default

On November 4, 2024, the Company received correspondence from legal counsel to Tilloo Exploration & Production, LLC seeking to recover damages which Tilloo is alleging were caused by alleged intentional misrepresentations made by principals of the Company to principals of Tilloo in connection with Tilloo’s acquisition of the Milnesand and Sawyer fields in New Mexico from the Company for aggregate consideration of $1,122,436 effective August 1, 2023 (the “Milnesand Sale”), which consideration was paid to the Company by Tilloo via a five-year secured promissory note with 10% annual interest and no payments due until January 8, 2025 (the “Tilloo Note”). The Company does not believe any misrepresentations were made by the Company or its principals in the Milnesand Sale and that the claims will fail as a matter of law. The Company has not received any correspondence from Tilloo regarding the allegations made in November 4, 2024 correspondence subsequent to receipt of the same from Tilloo, and Tilloo failed to make the initial installment payment due under the Tilloo Note on January 8, 2025. The Company issued a notice of default under the Tilloo Note to Tilloo in mid-January 2025, and the Company continues to consider avenues and remedies available to collect on all amounts due and owing to the Company from Tilloo.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company has provided a discussion of significant accounting policies, estimates and judgments in its 2024 Annual Report. There have been no changes to the Company’s significant accounting policies since December 31, 2024.

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, as well as information related to income taxes paid to enhance the transparency and decision usefulness of income tax disclosures. This ASU will be effective for the annual period ending December 31, 2025. The Company is currently evaluating the timing and impacts of adoption of this ASU.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure about specified categories of expenses included in relevant expense captions presented on the income statement. The amendments are effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recently Issued Accounting Pronouncements

COMMITMENTS AND CONTINGENCIES (Details 1) $ in Thousands	Jun. 30, 2025 USD ($)
Commitments and contingencies
Remainder of 2025	$ 95
2026	191
Thereafter	32
Total lease payments	318
Less imputed interest	(19)
Total lease liability	$ 299

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows From Operating Activities:
Net (loss) income	$ (1,536)	$ 3,454
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, amortization and accretion	7,203	7,727
Impairment of oil and gas properties	742	0
Note receivable - credit loss	1,378	0
Amortization of right-of-use asset	75	55
Share-based compensation expense	949	937
Disposition of escrow cash account	0	(50)
Deferred income taxes	(414)	0
Gain on sale of oil and gas properties, net	(1,021)	0
Gain on disposal of fixed asset	0	(12)
Changes in operating assets and liabilities:
Accounts receivable - oil and gas	(672)	(2,837)
Note receivable accrued interest	(41)	(53)
Prepaid expenses and other current assets	349	125
Accounts payable	(2,224)	(359)
Accrued expenses	(481)	(6,613)
Revenue payable	1,201	(2,079)
Net cash provided by operating activities	5,508	295
Cash Flows From Investing Activities:
Cash paid for drilling and completion costs	(3,675)	(12,290)
Cash received for sale of oil and gas properties	2,635	0
Cash received for sale of vehicle	0	12
Cash paid for vehicle	0	(55)
Net cash used in investing activities	(1,040)	(12,333)
Cash Flows From Financing Activities:
Proceeds from issuance of shares, net of offering costs	139	0
Net cash provided by investing activities	139	0
Net increase (decrease) in cash and restricted cash	4,607	(12,038)
Cash and restricted cash at beginning of period	6,607	20,715
Cash and restricted cash at end of period	11,214	8,677
Noncash investing and financing activities:
Change in accrued oil and gas development costs	(4,780)	5,067
Changes in estimates of asset retirement costs, net	119	145
Issuance of restricted common stock	$ 3	$ 2

CASH (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
CASH
Cash	$ 8,467	$ 4,010
Restricted Cash Included In Other Assets	2,747	2,597
Total cash and restricted cash	$ 11,214	$ 6,607	$ 8,677	$ 20,715

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-21

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 210
-Topic 946
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-20

+ Details

COMMITMENTS AND CONTINGENCIES (Details Narrative)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jun. 30, 2025 USD ($)
Commitments and contingencies
Weighted-average discount rate	7.90%
Previous Expiry of lease date	Sep. 01, 2023
Monthly rent thereafter	$ 15,800
Aggregate consideration	$ 1,122,436
Annual interest rate	10.00%
Expiry of lease date	Feb. 28, 2027
Monthly rent for the first 18 months	$ 16,000
Security deposit and prepaid rent	$ 14,700
Weighted-average remaining lease term	1 year 8 months 12 days
Description of lease hold commitments	In the D-J Basin, 129 net acres expire during the remainder of 2025, and 5,371 net acres expire within the next two-year period (net to our direct ownership interest only). In the Permian Basin, no net acres are due to expire during the remainder of 2025, and no net acres expire within the next two-year period (net to our direct ownership interest only)

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2025

BASIS OF PRESENTATION

BASIS OF PRESENTATION

NOTE 1 – BASIS OF PRESENTATION

The accompanying interim unaudited consolidated financial statements of PEDEVCO Corp. (“PEDEVCO” or the “Company”), have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in PEDEVCO’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the interim unaudited consolidated financial statements that would substantially duplicate disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 31, 2025 (the “2024 Annual Report”), have been omitted.

The Company’s consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and subsidiaries in which the Company has a controlling financial interest. All significant inter-company accounts and transactions have been eliminated in consolidation.

The Company’s future financial condition and liquidity will be impacted by, among other factors, the success of our drilling program, the number of commercially viable oil and natural gas discoveries made and the quantities of oil and natural gas discovered, the speed with which we can bring such discoveries to production, the actual cost of exploration, appraisal and development of our prospects, and the prevailing prices and demand for oil and natural gas.

SHAREBASED COMPENSATION

6 Months Ended

Jun. 30, 2025

SHAREBASED COMPENSATION

SHARE-BASED COMPENSATION

NOTE 11 – SHARE-BASED COMPENSATION

The Company measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period.

Common Stock

On January 23, 2025, restricted stock awards were granted to officers and employees of the Company for an aggregate of 1,844,118 shares of the Company’s restricted common stock under the Company’s 2021 Plan. The grant for the 1,844,118 shares of restricted common stock vest as follows: 33.3% vesting on the 10-month anniversary of the vesting commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the recipient’s continued service with the Company. These shares have a total fair value of $1,568,000 based on the market price on the grant date.

Stock-based compensation expense recorded relating to the vesting of restricted stock for the three and six months ended June 30, 2025 and 2024, was $419,000 and $394,000 and $838,000 and $795,000, respectively. The remaining unamortized stock-based compensation expense at June 30, 2025 related to restricted stock was $1,537,000.

Options

On January 23, 2025, the Company granted options to purchase an aggregate of 464,000 shares of common stock to various Company employees at an exercise price of $0.85 per share under the Company’s 2021 Plan. The options have a term of five years and fully vest in November 2027, with 33.3% vesting on the 10-month anniversary of the vesting commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the recipient’s continued service with the Company. The aggregate fair value of the options on the date of grant, using the Black-Scholes model, was $195,000. Variables used in the Black-Scholes option-pricing model for the options issued include: (1) a discount rate of 4.45% based on the applicable US Treasury bill rate, (2) expected term of 3.5 years, (3) expected volatility of 64.5% based on the trading history of the Company, and (4) zero expected dividends.

During the three and six months ended June 30, 2025 and 2024, the Company recognized stock option expense of $55,000 and $68,000 and $111,000 and $142,000, respectively. The remaining amount of unamortized stock options expense at June 30, 2025 was $210,000.

The intrinsic value of outstanding and exercisable options at June 30, 2025 was $-0-.

Option activity during the six months ended June 30, 2025, was:

	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contract Term (Years)
Outstanding at December 31, 2024		1,835,667		$	1.12		2.4
Granted		464,000		$	0.85
Expired/Canceled		(215,667	)	$	1.68
Outstanding at June 30, 2025		2,084,000		$	1.00		2.8
Exercisable at June 30, 2025		1,156,666		$	1.14		1.8

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenue:
Oil and gas sales	$ 6,972	$ 11,811	$ 15,708	$ 19,927
Operating expenses:
Lease operating costs	2,799	3,548	6,211	6,079
Selling, general and administrative expense	1,693	1,383	3,289	2,878
Impairment of oil and gas properties	510	0	742	0
Depreciation, depletion, amortization and accretion	3,857	4,242	7,203	7,727
Total operating expenses	8,859	9,173	17,445	16,684
Gain on sale of oil and gas properties	1,021	0	1,021	0
Gain (Loss) on Sale of Financing Receivable	(1,378)	0	(1,378)	0
Operating income (expense)	(2,244)	2,638	(2,094)	3,243
Other income (expense), net:
Interest income	63	93	127	242
Gain on sale of fixed asset	0	0	0	12
Other income (expense)	15	(50)	17	(43)
Total other income	78	43	144	211
Income (loss) before income taxes	(2,166)	2,681	(1,950)	3,454
Income tax benefit	490	0	414	0
Net (loss) income	$ (1,676)	$ 2,681	$ (1,536)	$ 3,454
Income (loss) per common share:
Basic	$ (0.02)	$ 0.03	$ (0.02)	$ 0.04
Diluted	$ (0.02)	$ 0.03	$ (0.02)	$ 0.04
Weighted average number of common shares outstanding:
Basic	91,403,552	89,326,805	91,137,310	89,040,322
Diluted	91,403,552	89,326,805	91,137,310	89,040,322

NOTE RECEIVABLE (Details Narrative) - USD ($)	6 Months Ended
NOTE RECEIVABLE (Details Narrative) - USD ($)	Jun. 30, 2025	Jun. 30, 2024
Interest rate	10.00%
Bad debt expense	$ 1,378,000	$ 1,378,000
Tilloo Exploration and Production LLC
Note receivable	111,000
Bad debt expense	$ 1,267,000	$ 1,267,000

NOTE RECEIVABLE

6 Months Ended

Jun. 30, 2025

NOTE RECEIVABLE

NOTE RECEIVABLE

NOTE 7 – NOTE RECEIVABLE

On November 9, 2023, in accordance with the sale of our then wholly-owned subsidiary EOR Operating Company (“EOR”) to Tilloo Exploration and Production LLC (“Tilloo”), the Company entered into a five-year secured promissory note (the “Note”) with Tilloo, bearing interest at 10% per annum, with no payments due until January 8, 2025, and fully-amortized payments due monthly over the remaining four years of the term thereafter until maturity. The Note contains customary events of default and is secured by a lien over all the assets and capital shares of EOR created under a Security Agreement, a Security Agreement (Pledge of Corporate Securities), and a Mortgage entered into by and between the Company and Tilloo.

Tilloo failed to make its initial installment payment on January 8, 2025, and has not made any subsequent payments as of June 30, 2025. The Company issued a notice of default under the Note to Tilloo in mid-January 2025, and sought to work with Tilloo into April 2025 in an effort to either restructure the Note or arrange for the sale of the assets securing the same to an unaffiliated third-party buyer, with proceeds of such sale to be applied toward repayment of the Note. However, as the Company’s efforts to work with Tilloo were unsuccessful through April 2025, and due to Tilloo’s sustained default and a determination by the Company that the prospect of recovery is remote, the Company has fully written off the outstanding balance of the Note as of June 30, 2025. Accordingly, a $1,267,000 bad debt expense has been recognized in the consolidated statements of operations for the three and six months ended June 30, 2025. However, the Company continues to consider avenues and remedies available to collect on all amounts due and owing to the Company from Tilloo. Additionally, the Company has fully written off post-closing adjustments receivable due from Tilloo related to the sale of EOR in the amount of $111,000. These write-offs reflect the Company's decision that the carrying value of the Note and post-closing adjustments receivable are no longer recoverable. Taken together, the Company recognized a total of $1,378,000 in bad note receivable - credit loss in the consolidated statements of operations for the three and six months ended June 30, 2025.

SHAREHOLDERS EQUITY

6 Months Ended

Jun. 30, 2025

SHAREHOLDERS EQUITY

SHAREHOLDERS EQUITY

NOTE 10 – SHAREHOLDERS’ EQUITY

Common Stock

During the six months ended June 30 2025, the Company granted an aggregate of 2,105,000 restricted stock awards to various employees of the Company.

During the month of June 2025, the Company sold an aggregate of 489,967 shares of common stock in five separate sales at sales prices ranging between $0.716 to $0.801 per share via an ongoing “at the market offering” (the “ATM Offering”) for net proceeds of $354,000, which includes $11,000 in commission fees. The Company also incurred $214,000 in initial and subsequent legal and audit-related fees and expenses incurred in connection with the registration and placement of the ATM Offering.

The ATM Offering was made pursuant to the terms of that certain December 20, 2024, Sales Agreement (the “Sales Agreement”) entered into with Roth Capital Partners, LLC (the “Lead Agent”) and A.G.P./Alliance Global Partners (“AGP”, and collectively with the Lead Agent, the “Agents”), pursuant to which the Company may sell securities from time to time in an “at the market offering” (the “ATM Offering”). The Company will pay the Lead Agent a commission of 3.0% of the gross sales price of any shares sold under the Sales Agreement. The Company also agreed to reimburse the Agents for their reasonable and documented out-of-pocket expenses in an amount not to exceed $75,000, in connection with entering into the Sales Agreement and for the Agents’ reasonable and documented out-of-pocket expenses related to quarterly maintenance of the Sales Agreement on a quarterly basis in an amount not to exceed $5,000.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

EARNINGS (LOSS) PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Income (loss) per common share:

Shedule of Earnings Per Share

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
Numerator:
Net (loss) income	$	(1,676	)	$	2,681	$	(1,536	)	$	3,454

Denominator:
Weighted average common shares – basic		91,403,552			89,326,805		91,137,310			89,040,322

Dilutive effect of common stock equivalents:
Options		-			-		-			-

Denominator:
Weighted average common shares – diluted		91,403,552			89,326,805		91,137,310			89,040,322

Earnings per share – basic	$	(0.02	)	$	0.03	$	(0.02	)	$	0.04
Earnings per share – diluted	$	(0.02	)	$	0.03	$	(0.02	)	$	0.04

CASH (Tables)

6 Months Ended

Jun. 30, 2025

CASH

Schedule of Cash And Restricted Cash

	June 30, 2025		December 31, 2024
Cash	$	8,467	$	4,010
Restricted cash included in other assets*		2,747		2,597
Total cash and restricted cash	$	11,214	$	6,607

SHAREBASED COMPENSATION (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
SHAREBASED COMPENSATION (Details Narrative) - USD ($)	Jan. 23, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Stock-based compensation expense, restricted stock		$ 419,000	$ 838,000	$ 394,000	$ 795,000
Stock or Unit Option Plan Expense		55,000	$ 111,000	68,000	$ 142,000
Intrinsic value of outstanding and exercisable options		0		0
Unamortized stock-based compensation expense, restricted stock		1,537,000		1,537,000
Unamortized stock-based compensation expense, stock option		$ 210,000		$ 210,000
Common stock shares	464,000
Common stock shares,exercise price	$ 0.85
Aggregate fair value of the options	$ 195,000
Fair value of the options discount rate	4.45%
Fair value of the options, expexted term	3 years 6 months
Fair value of the options, expected volatility	64.50%
Description of option term	The options have a term of five years and fully vest in November 2027, with 33.3% vesting on the 10-month anniversary of the vesting commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the recipient’s continued service with the Company
Amended and Restated 2012 Equity Incentive Plan [Member]
Common stock shares issued	1,844,118
Description of restricted stock	The grant for the 1,844,118 shares of restricted common stock vest as follows: 33.3% vesting on the 10-month anniversary of the vesting commencement date, 33.3% vesting on the 22-month anniversary date of the vesting commencement and 33.4% vesting on the 34-month anniversary date of the vesting, contingent upon the recipient’s continued service with the Company. These shares have a total fair value of $1,568,000 based on the market price on the grant date

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Cureent asset retirement	$ 580,000	$ 663,000
RAZO
Plugging and abandonment costs related to SFO	297,000
Minimum payment per month	$ 30,000
Assets rate per barrel	$ 2.00

OIL AND GAS PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2025

OIL AND GAS PROPERTIES

Schedule Oil And Gas Properties

	December 31, 2024*			Additions			Disposals			Transfers			June 30, 2025
Oil and gas properties, subject to amortization	$	210,039		$	2,344		$	-		$	5,561		$	217,944
Oil and gas properties, not subject to amortization		14,738			6,111			(2,028	)		(5,561	)		13,260
Asset retirement costs		4,326			119			(91	)		-			4,354
Accumulated depreciation and depletion		(81,015	)		(6,808	)		-			-			(87,823	)
Accumulated impairment		(44,576)			(742)			-			-			(45,318)
Total oil and gas properties, net	$	103,512		$	1,024		$	(2,119	)	$	-		$	102,417

SHAREBASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

SHAREBASED COMPENSATION

Schedule of Stock Option Activity

	Number of Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contract Term (Years)
Outstanding at December 31, 2024		1,835,667		$	1.12		2.4
Granted		464,000		$	0.85
Expired/Canceled		(215,667	)	$	1.68
Outstanding at June 30, 2025		2,084,000		$	1.00		2.8
Exercisable at June 30, 2025		1,156,666		$	1.14		1.8

OIL AND GAS PROPERTIES (Details) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Oil and gas properties, subject to amortization	$ 217,944,000	$ 210,039,000
Oil and gas properties, not subject to amortization	13,260,000	14,738,000
Asset retirement costs	4,354,000	4,326,000
Accumulated depreciation and depletion	(87,823,000)	(81,015,000)
Accumulated impairment	(45,318,000)	(44,576,000)
Total oil and gas properties, net	102,417,000	103,512,000
Oil and gas properties, subject to amortization	(217,944,000)	(210,039,000)
Accumulated impairment	45,318,000	44,576,000
Total oil and gas properties, net	(102,417,000)	$ (103,512,000)
Additions
Oil and gas properties, subject to amortization	2,344,000
Oil and gas properties, not subject to amortization	6,111,000
Asset retirement costs	119,000
Accumulated depreciation and depletion	(6,808,000)
Accumulated impairment	(742,000)
Total oil and gas properties, net	1,024,000
Oil and gas properties, subject to amortization	(2,344,000)
Accumulated impairment	742,000
Total oil and gas properties, net	(1,024,000)
Disposals
Oil and gas properties, subject to amortization	0
Oil and gas properties, not subject to amortization	(2,028)
Asset retirement costs	(91)
Accumulated depreciation and depletion	0
Accumulated impairment	0
Total oil and gas properties, net	2,119,000
Oil and gas properties, subject to amortization	0
Accumulated impairment	0
Total oil and gas properties, net	(2,119,000)
Transfers
Oil and gas properties, subject to amortization	5,561
Oil and gas properties, not subject to amortization	(5,561)
Asset retirement costs	0
Accumulated depreciation and depletion	0
Accumulated impairment	0
Total oil and gas properties, net	0
Oil and gas properties, subject to amortization	(5,561)
Accumulated impairment	0
Total oil and gas properties, net	$ 0

ASSET RETIREMENT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2025

ASSET RETIREMENT OBLIGATION

Schedule of Asset Retirement Obligation

	Six Months Ended June 30, 2025
Balance at the beginning of the period ⁽¹⁾	$	6,371
Accretion expense		369
Liabilities settled		(297	)
Disposition of liabilities		(505	)
Changes in estimates, net		119
Balance at end of period ⁽²⁾	$	6,057

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 15 – SUBSEQUENT EVENTS

On July 7, 2025, the Company appointed John K. Howie to the Company's Board of Directors and as a member of the Company's Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. As consideration for Mr. Howie joining the Board of Directors, the Board granted Mr. Howie 150,000 shares of restricted common stock of the Company pursuant to the Company’s 2021 Equity Incentive Plan, as amended. which shares vest on July 7, 2026, subject to Mr. Howie continuing to serve as a member of the Company’s Board of Directors on such vesting date, and subject to the terms and conditions of a Restricted Shares Grant Agreement entered into by and between the Company and Mr. Howie.

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

6 Months Ended

Jun. 30, 2025

REVENUE FROM CONTRACTS WITH CUSTOMERS

Schedule of disaggregation of revenue from contract with customers

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Oil sales	$	6,180	$	10,952	$	13,254	$	18,406
Natural gas sales		323		290		1,165		623
Natural gas liquids sales		469		569		1,289		898
Total oil and gas sales	$	6,972	$	11,811	$	15,708	$	19,927

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Dec. 31, 2023		87,250,267
Balance, amount at Dec. 31, 2023	$ 98,766	$ 87	$ 225,156	$ (126,477)
Issuance of restricted common stock, shares		2,105,000
Issuance of restricted common stock, amount	0	$ 2	(2)	0
Share-based compensation	475	0	475	0
Net income	773	$ 0	0	773
Balance, shares at Mar. 31, 2024		89,355,267
Balance, amount at Mar. 31, 2024	100,014	$ 89	225,629	(125,704)
Balance, shares at Dec. 31, 2023		87,250,267
Balance, amount at Dec. 31, 2023	98,766	$ 87	225,156	(126,477)
Share-based compensation	937
Net income	3,454
Balance, shares at Jun. 30, 2024		89,285,267
Balance, amount at Jun. 30, 2024	103,157	$ 89	226,091	(123,023)
Balance, shares at Mar. 31, 2024		89,355,267
Balance, amount at Mar. 31, 2024	100,014	$ 89	225,629	(125,704)
Share-based compensation	462	0	462	0
Net income	2,681	$ 0	0	2,681
Rescinded restricted common stock, shares		(70,000)
Rescinded restricted common stock, amount	0	$ 0	0	0
Balance, shares at Jun. 30, 2024		89,285,267
Balance, amount at Jun. 30, 2024	103,157	$ 89	226,091	(123,023)
Balance, shares at Dec. 31, 2024		89,495,267
Balance, amount at Dec. 31, 2024	121,100	$ 89	227,013	(106,002)
Issuance of restricted common stock, shares		1,844,118
Issuance of restricted common stock, amount	0	$ 2	(2)	0
Share-based compensation	475	0	475	0
Net income	140	$ 0	0	140
Balance, shares at Mar. 31, 2025		91,339,385
Balance, amount at Mar. 31, 2025	121,715	$ 91	227,486	(105,862)
Balance, shares at Dec. 31, 2024		89,495,267
Balance, amount at Dec. 31, 2024	121,100	$ 89	227,013	(106,002)
Share-based compensation	949
Net income	(1,536)
Balance, shares at Jun. 30, 2025		91,829,352
Balance, amount at Jun. 30, 2025	120,652	$ 92	228,098	(107,538)
Balance, shares at Mar. 31, 2025		91,339,385
Balance, amount at Mar. 31, 2025	121,715	$ 91	227,486	(105,862)
Share-based compensation	474	0	474	0
Net income	(1,676)	$ 0	0	(1,676)
Issuance of common stock for cash proceeds, net, shares		489,967
Issuance of common stock for cash proceeds, net, amount	139	$ 1	138	0
Balance, shares at Jun. 30, 2025		91,829,352
Balance, amount at Jun. 30, 2025	$ 120,652	$ 92	$ 228,098	$ (107,538)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
CONSOLIDATED BALANCE SHEETS
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Issued	91,829,352	89,355,267
Common Stock, Shares Outstanding	91,829,352	89,355,267

EARNINGS (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2025

Income (loss) per common share:

EARNINGS (LOSS) PER COMMON SHARE

NOTE 12 – EARNINGS (LOSS) PER COMMON SHARE

Earnings (loss) per common share-basic is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Net income (loss) per common share-diluted assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock, as defined above, outstanding plus potentially dilutive securities. Net income (loss) per common share-diluted considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares, as defined above, would have an anti-dilutive effect.

The calculation of earnings (loss) per share for the periods indicated below were as follows (amounts in thousands, except share and per share data):

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
Numerator:
Net (loss) income	$	(1,676	)	$	2,681	$	(1,536	)	$	3,454

Denominator:
Weighted average common shares – basic		91,403,552			89,326,805		91,137,310			89,040,322

Dilutive effect of common stock equivalents:
Options		-			-		-			-

Denominator:
Weighted average common shares – diluted		91,403,552			89,326,805		91,137,310			89,040,322

Earnings per share – basic	$	(0.02	)	$	0.03	$	(0.02	)	$	0.04
Earnings per share – diluted	$	(0.02	)	$	0.03	$	(0.02	)	$	0.04

For the three and six months ended June 30, 2025 and 2024, share equivalents related to options to purchase 2,294,000, compared to 1,835,667, and 2,294,000 compared to 1,835,667, shares of common stock, respectively, were excluded from the computation of diluted net income per share as the inclusion of such shares would be anti-dilutive.

ASSET RETIREMENT OBLIGATION

6 Months Ended

Jun. 30, 2025

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION

NOTE 8 – ASSET RETIREMENT OBLIGATIONS

Activity related to the Company’s asset retirement obligations is as follows (in thousands):

	Six Months Ended June 30, 2025
Balance at the beginning of the period ⁽¹⁾	$	6,371
Accretion expense		369
Liabilities settled		(297	)
Disposition of liabilities		(505	)
Changes in estimates, net		119
Balance at end of period ⁽²⁾	$	6,057

(1)	Includes $663,000 of current asset retirement obligations at December 31, 2024.

(2)	Includes $580,000 of current asset retirement obligations at June 30, 2025.

In New Mexico, the Company, through its New Mexico operating subsidiary Ridgeway Arizona Oil Corp. (“RAZO”), has entered into a Stipulated Final Order (“SFO”) with Director of the Oil and Gas Conservation Division of New Mexico (the “OCD”) pursuant to which, among other things, RAZO agreed to reimburse the OCD for actual costs incurred by the OCD for plugging and abandoning approximately 299 inactive legacy wells in the Permian Basin Asset at a rate of $2.00 per gross barrel of oil sold by RAZO during any production reporting period, subject to a minimum payment of $30,000 per month by RAZO. RAZO has been timely paying each reimbursement invoice received from the OCD in accordance with the SFO and is in full compliance with the SFO. The SFO superseded all previous Agreed Compliance Orders, as amended, entered into by and between RAZO and the OCD. During the six months ended June 30, 2025, the Company reimbursed the OCD $297,000 in plugging and abandoning costs related to the SFO.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 8,467	$ 4,010
Note receivable, current	0	293
Accounts receivable - oil and gas	8,556	7,995
Prepaid expenses and other current assets	568	917
Total current assets	17,591	13,215
Oil and gas properties:
Oil and gas properties, subject to amortization, net	96,194	95,070
Oil and gas properties, not subject to amortization	6,223	8,442
Total oil and gas properties, net	102,417	103,512
Note receivable	0	933
Operating lease - right-of-use asset	299	224
Deferred income taxes	13,165	12,751
Other assets	3,346	3,210
Total assets	136,818	133,845
Current liabilities:
Accounts payable	5,782	2,625
Accrued expenses	1,561	2,255
Revenue payable	2,467	1,266
Operating lease liabilities - current	174	99
Asset retirement obligations - current	580	663
Total current liabilities	10,564	6,908
Long-term liabilities:
Operating lease liabilities, net of current portion	125	129
Asset retirement obligations, net of current portion	5,477	5,708
Total liabilities	16,166	12,745
Shareholders' equity:
Common stock, $0.001 par value, 200,000,000 shares authorized; 91,829,352 and 89,355,267 shares issued and outstanding, respectively	92	89
Additional paid-in capital	228,098	227,013
Accumulated deficit	(107,538)	(106,002)
Total shareholders' equity	120,652	121,100
Total liabilities and shareholders' equity	$ 136,818	$ 133,845

INCOME TAXES (Details Narrative) - USD ($)	6 Months Ended
INCOME TAXES (Details Narrative) - USD ($)	Jun. 30, 2025	Jun. 30, 2024
INCOME TAXES
Effective income tax rate	21.30%	0.00%
Income tax expense	$ 414,000

CASH

6 Months Ended

Jun. 30, 2025

CASH

CASH

NOTE 5 – CASH

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the consolidated statements of cash flows (in thousands):

	June 30, 2025		December 31, 2024
Cash	$	8,467	$	4,010
Restricted cash included in other assets*		2,747		2,597
Total cash and restricted cash	$	11,214	$	6,607

* Increase in restricted cash is related to additional collateral for a surety bond required by the Colorado Bureau of Land Management with respect to the Company’s Colorado operations.

DESCRIPTION OF BUSINESS

6 Months Ended

Jun. 30, 2025

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS

NOTE 2 – DESCRIPTION OF BUSINESS

PEDEVCO is an oil and gas company focused on the development, acquisition and production of oil and natural gas assets where the latest in modern drilling and completion techniques and technologies have yet to be applied. In particular, the Company focuses on legacy proven properties where there is a long production history, well defined geology and existing infrastructure that can be leveraged when applying modern field management technologies. The Company’s current properties are located in the San Andres formation of the Permian Basin situated in West Texas and eastern New Mexico (the “Permian Basin”) and in the Denver-Julesberg Basin (“D-J Basin”) in Colorado and Wyoming. The Company holds its Permian Basin acres located in Chaves and Roosevelt Counties, New Mexico, through its wholly-owned operating subsidiary, Pacific Energy Development Corp. (“PEDCO”), which asset the Company refers to as its “Permian Basin Asset,” and it holds its D-J Basin acres located in Weld and Morgan Counties, Colorado, and Laramie County, Wyoming, through its wholly-owned subsidiary, PRH Holdings LLC, and which asset the Company refers to as its “D-J Basin Asset.”

The Company believes that horizontal development and exploitation of conventional assets in the Permian Basin and development of the Wattenberg and Wattenberg Extension in the D-J Basin represent among the most economic oil and natural gas plays in the United States (“U.S.”). Moving forward, the Company plans to optimize its existing assets and opportunistically seek additional acreage proximate to its currently held core acreage, as well as other attractive onshore U.S. oil and gas assets that fit the Company’s acquisition criteria, that Company management believes can be developed using its technical and operating expertise and be accretive to shareholder value.

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

SEGMENT INFORMATION

SEGMENT INFORMATION

NOTE 14 — SEGMENT INFORMATION

Operating segments are defined as components of an enterprise for which separate financial information is available and regularly evaluated by the Chief Operating Decision Maker (“CODM”) for the purpose of making key operating decisions, allocating resources, and assessing operating performance. The Company operates in one reportable operating segment, oil and natural gas development, exploration and production. The Company’s oil and gas properties are managed as a whole rather than through discrete operating segments. Financial and operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company’s entire portfolio without regard to geographic area, and considers among other things, return on investment, current market conditions, including commodity prices and market supply, availability of services and human resources, and contractual commitments. The Company’s President and Chief Executive Officer is its CODM.

The Company’s profitability measure is consolidated net income which is used to assess budgeted versus actual results and drives the Company’s operating cash flow. The CODM reviews significant consolidated forecasts and results of operations, including return on capital, operating expenses, and cash flow when making decisions such as the allocation of capital. The financial position, results of operations and cash flows of the Company’s reportable operating segment are consistent with the Company’s consolidated financial statements included herein.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

EARNINGS (LOSS) PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Numerator
Net Income	$ (1,676)	$ 2,681	$ (1,536)	$ 3,454
Weighted average common shares - basic	91,403,552	89,326,805	91,137,310	89,040,322
Dilutive Effect Of Common Stock Equivalents:
Options And Warrants	$ 0	$ 0	$ 0	$ 0
Denominator:
Weighted average common shares - diluted	91,403,552	89,326,805	91,137,310	89,040,322
Earnings per share - basic	$ (0.02)	$ 0.03	$ (0.02)	$ 0.04
Earnings per share - diluted	$ (0.02)	$ 0.03	$ (0.02)	$ 0.04

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

SUBSEQUENT EVENTS (Details Narrative)	Jul. 07, 2025 shares
Subsequent Event [Member]
Issuance shares of restricted common stock	150,000

Insider Trading Arrangements	6 Months Ended
Insider Trading Arrangements	Jun. 30, 2025 shares
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non Rule 10b5-1 Arrangement Adopted [Flag]	false
Non Rule 10b5-1 Arrangement Terminated [Flag]	false
Material Terms of Trading Arrangement [Text Block]	Our directors and executive officers may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. During the quarter ended June 30, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement”, except as follows:
Paul A Pinkston [Member]
Insider Trading Arrangements [Line Items]
Name	Paul A. Pinkston
Title	Chief Accounting Officer
Adoption Date	May 20, 2025
Expiration Date	May 19, 2027
Arrangement Duration	729 days
Aggregate Available	108,000
J. Douglas Schick [Member]
Insider Trading Arrangements [Line Items]
Name	J. Douglas Schick
Title	President and Chief Executive Officer
Adoption Date	May 20, 2025
Expiration Date	May 19, 2027
Arrangement Duration	729 days
Aggregate Available	320,000
Jody Crook [Member]
Insider Trading Arrangements [Line Items]
Name	Jody Crook
Title	Chief Commercial Officer
Adoption Date	May 20, 2025
Expiration Date	May 19, 2027
Arrangement Duration	729 days
Aggregate Available	316,667
Clark R Moore [Member]
Insider Trading Arrangements [Line Items]
Name	Clark R. Moore
Title	Executive Vice President and General Counsel
Adoption Date	May 20, 2025
Expiration Date	May 19, 2027
Arrangement Duration	729 days
Aggregate Available	84,962

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Total revenue from customers	$ 6,972	$ 11,811	$ 15,708	$ 19,927
Oil Sales
Total revenue from customers	6,180	10,952	13,254	18,406
Natural Gas Sales
Total revenue from customers	323	290	1,165	623
Natural Gas Liquids Sales
Total revenue from customers	$ 469	$ 569	$ 1,289	$ 898

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

INCOME TAXES

6 Months Ended

Jun. 30, 2025

INCOME TAXES

INCOME TAXES

NOTE 13 – INCOME TAXES

The Company’s effective tax rate was approximately 21.3% and 0.0% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rate was primarily due to recognized tax benefits in the current period compared to the impact of the full valuation allowance recorded in the prior period. As a result, the Company recognized an income tax benefit of $414,000 for the period ended June 30, 2025.

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA”) into law. The OBBBA includes, among other things, a permanent extension of 100% bonus depreciation for certain capital expenditures and modifications to the interest expense limitation under Section 163(j). In accordance with ASC Topic 740, Income Taxes, the effects of the tax law are recognized in the period of enactment and therefore not reflected in the Company’s unaudited condensed consolidated financial statements for the three and six months ended June 30, 2025. The Company is evaluating the potential tax impacts of the OBBBA on the consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Commitments and contingencies
Cash paid for amounts included in the measurement of lease liabilities	$ 75
Operating lease - right-of-use asset	299	$ 224
Operating lease liabilities - current	174
Operating lease liabilities - long-term	125	$ 129
Total lease liability	$ 299

ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	6 Months Ended
ASSET RETIREMENT OBLIGATIONS (Details) $ in Thousands	Jun. 30, 2025 USD ($)
ASSET RETIREMENT OBLIGATION
Balance at the beginning of the period	$ 6,371
Accretion expense	369
Liabilities settled	(297)
Disposition of liabilities	(505)
Changes in estimates, net	119
Balance at end of period	$ 6,057

OIL AND GAS PROPERTIES (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
OIL AND GAS PROPERTIES (Details Narrative) - USD ($)	Apr. 30, 2025	Feb. 28, 2025	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
OIL AND GAS PROPERTIES
Gain (Loss) on Sale of Operating Assets	$ 606,000		$ 1,021,000		$ 1,021,000
Proceeds from Partner in Joint Venture		$ 1,700,000
Gain Loss On Disposition Of Assets		$ 300,000
Capital costs for recently completed wells					8,455,000
Impairment of oil and gas properties					742,000
Depletion			$ 2,766,000	$ 4,042,000	$ 6,808,000	$ 7,207,000
Description of additional paid					During the six months ended June 30, 2025, the Company also acquired approximately 63 net mineral acres and 224 net lease acres in and around its existing footprint in the D-J Basin through multiple transactions at total acquisition and due diligence costs of $79,000 and $134,000, respectively

EARNINGS (LOSS) PER COMMON SHARE (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Income (loss) per common share:
Share Equivalents Related To Options To Purchase	2,294,000	1,835,667	2,294,000	1,835,667