PEDEVCO Corp. announced that it has entered into an agreement to acquire from a private operator approximately 22,000 leasehold acres in the Permian Basin, with closing scheduled to occur on or about February 1, 2019, subject to satisfaction of closing conditions. These assets are located in the San Andres play on the Northwest Shelf of the Permian Basin situated in eastern New Mexico and are contiguous with the Company's Chaveroo field acquired in September 2018. The acquisition includes one producing horizontal well and several wells capable of producing that, with some remedial work, are expected to increase production from this asset to above 100 BOPD, as well as a salt water disposal well capable of satisfying the acquired asset's intermediate-term development needs. Following closing, the Company plans to commence drilling a new horizontal well on this acreage before March 1, 2019 to satisfy a unit agreement, with results anticipated to be announced in second quarter of 2019. The company also announced that it has reached total depth (TD) on the first four wells of its anticipated 16 horizontal well program in its Permian Basin asset and anticipates completing all four wells by the end of the first quarter of 2019, with initial results expected to be announced in early second quarter of 2019.