PEDEVCO Corp Expands Mowry Shale Position in Wyoming Lease Sale

HOUSTON, Sept. 16, 2026 /CourierPR/ -- PEDEVCO Corp., a domestic energy company focused on the Rocky Mountain region, has expanded its presence in the Mowry Shale play by acquiring approximately 5,678 net acres in Wyoming through a Bureau of Land Management (BLM) lease sale. The acquisition, which was funded through the company’s cash reserves, nearly doubles its position in the Powder River Basin to approximately 12,000 net acres.

According to J. Douglas Schick, President and CEO of PEDEVCO, the acquisition represents a strategic move to secure a prime location in a highly prospective area of the Powder River Basin.

The newly acquired acreage targets the organic-rich, silica-rich Middle Mowry formation, which extends from nearby producing areas into PEDEVCO’s new holdings. Nearby horizontal Mowry wells have averaged approximately 1,400 barrels of oil equivalent per day (Boe/d) during their peak month of production, indicating the formation's development potential in this area.

PEDEVCO’s existing assets in the Powder River Basin include a substantial 6,322 net acres, which, combined with the newly acquired 5,678 net acres, bring the total to approximately 12,000 net acres. The company’s strategic fit in the Mowry play is further enhanced by the favorable lease terms, which include a 10-year primary term and a 12.5% royalty rate. These terms provide PEDEVCO with significant flexibility to develop the acreage in a disciplined and value-accretive manner.

Schick added, "The Mowry could potentially become a cornerstone of our portfolio, with successful development establishing a repeatable drilling program and a substantially larger production and cash flow base. Securing this position gives us greater scope to build a meaningful development program and participate in the value created as the play advances."

The geological characteristics of the newly acquired tracts are consistent with what the company has observed across its existing acreage, reinforcing its confidence in the Mowry's long-term development potential. PEDEVCO remains committed to executing on its growth strategy and creating value for its shareholders.

With over 300,000 net acres across its D-J Basin, Powder River Basin, and Permian Basin assets, PEDEVCO continues to expand its footprint in the Rocky Mountain region. The company’s diversified portfolio positions it well to capitalize on the evolving energy landscape and capitalize on the emerging Mowry play.