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Here’s the Reason Why PEDEVCO Corp. (PED) Stock is in Decline After a Tremendous Monday

PEDEVCO Corp. (PED), an oil and gas company has surged 7.92% in aftermarket trading session. Consequently, the stock was trading at $2.18 when last checked. The decline could be attributed to the profit-taking factor after the stock went berserk during Monday’s regular trading session. The stock surged 27.04% to close the day at $2.02. The surge could be attributed to the announcement regarding the company’s participation in the root conference.

Participation in Roth Conference

On Monday, PED announced that it would participate in the 34th Annual Roth Conference. The conference would be held in Dana Point, California from 13th to 15th of March 2022. The president of the company, J. Douglas Schick, would host one-on-one meetings with investors of the company during the conference.

Closing of Acquisition

On the 7th of February, PED reported that it closed the acquisition of certain additional D-J Basin assets which are located in Weld County, Colorado, from the third party. The closing became effective from the 1st of July 2021. The assets include the 46.6 net leasehold acres which are located in the core of the Wattenberg Extension as well as interest in 14 horizontal wells which were produced from the acreage.

PED Completed Drilling of Wells

On the 6th of January, PED announced the completion of drilling of two horizontal wells in the Permian basin asset. The lateral length of each of the wells was landing 100% in the san Andrea’s zone, which was targeted by the administration. The State 402H well had a total vertical depth of 4,373 feet and a lateral length of 5,286 feet. On contrary, the State 403H well had a total vertical depth of 4,362 feet and a lateral length of 5,610 feet. The company expressed the hope that it would be able to begin the completion operations in January and commence production from February 2022.

What’s Next for PED?

Looking ahead, analysts believe that even though PED stock holds several positive signals, they are not enough for it to be considered for buying. Hence, at the current level, the stock should be considered a hold candidate while waiting for upcoming developments.

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