PEDEVCO Corp. (NYSE American: PED) announced on September 16, 2026, that it successfully acquired approximately 5,678 net acres in Wyoming. The company was the high bidder on multiple tracts during the Bureau of Land Management’s competitive lease sale held on September 9 and 10, 2026.
The acquisition was finalized for approximately $5.9 million, which translates to a cost of $1,045 per net acre. The company stated that the transaction was funded through cash on hand. The acquired acreage is located in the Powder River Basin and targets the Mowry formation, a highly prospective area for the company.
Following this purchase, PEDEVCO’s total position in the Mowry formation is expected to nearly double to approximately 12,000 net acres. The company noted that the leases carry a 10-year primary term and a 12.5% royalty rate, allowing the company to retain a 87.5% net revenue interest.
According to the company, the newly acquired tracts are adjacent to existing acreage and share geological characteristics with nearby producing areas. The press release cited nearby horizontal Mowry wells that averaged approximately 1,400 barrels of oil equivalent per day during their peak production month.
J. Douglas Schick, President and Chief Executive Officer of PEDEVCO, commented on the acquisition, stating that the leases were secured at an attractive cost basis and provide flexibility for future development.
