PED - Pedevco surges on well completions closing of asset sale

Pedevco (PED) +15.6% pre-market after saying it completed two new horizontal wells in its Permian Basin development program and closed the sale of some non-core assets in the D-J Basin for $1.9M.Pedevco says it is encouraged by the IP30 rates of the two San Andres wells, which it believes further demonstrates the development potential of its Permian Basin Asset.The company says it has $18.5M of free cash, zero debt and a highly prospective drilling inventory, which it plans to leverage in developing assets, pursuing accretive M&A opportunities and seeking to deliver shareholder value.Pedevco "wants to profit from conventional opportunities left behind in the mad rush to unconventional opportunities," Long Player writes in a bullish analysis posted on Seeking Alpha.

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Pedevco surges on well completions, closing of asset sale