PEDEVCO Corp. Amends Citibank Credit Agreement to Update Borrowing Terms

Key Facts

PEDEVCO Corp. has officially amended its credit agreement with Citibank, N.A., focusing on updating financial definitions and schedules related to its oil and gas collateral. The amendments introduce significant adjustments to the calculation of EBITDAX, ensuring a more refined measure of the company's operational performance. A key component of the update is the transition to a trailing twelve-month EBITDAX Test Period for debt covenant compliance. These changes are designed to align the company’s financial framework with current energy asset valuations and provide enhanced operational flexibility. While the move is a standard procedural update for a small-cap energy firm, it reflects a proactive approach to managing debt obligations. This restructuring ensures that PEDEVCO remains compliant with its financial covenants while navigating the inherent volatility of the energy sector.