Houston Energy Investor Dr. Simon Kukes Commits To The Oil Industry
PEDEVCO Corp. Flourishes Under Expert in Leadership and Business
HOUSTON, Feb. 11, 2020 /PRNewswire/ -- As CEO and Director of PEDEVCO Corp. since June 2018, Dr. Simon Kukes has taken the Houston-based oil company from the brink of financial ruin to a successful and growing company with a stock price that has increased by over 400 percent since the reorganization. He utilized his vast experience to lead the charge on rebuilding PEDEVCO Corp. after his personal investment company, SK Energy LLC, partnered with American Resources, Inc. to make a strategic investment to reorganize the business.
Prior to Dr. Kukes' involvement with PEDEVCO Corp., the company primarily focused on the development of its properties in the D-J Basin, had accumulated $73.4 million in debt through the oil downturn of 2014-2017 and was in danger of losing its NYSE American listing. With their investment in 2018, Dr. Kukes' SK Energy LLC along with American Resources Inc. acquired a sizable Permian position and hired a new management team to operate PEDEVCO. Eventually all outstanding liabilities were eliminated, and SK Energy LLC became the largest shareholder resulting in a simplified balance sheet, the complete elimination of debt and a new management team with an enhanced corporate and operational focus.
In partnership with his team, Dr. Kukes was able to utilize his industry knowledge and experience to completely turn the company around. Now extremely successful, the exploration and production (E&P) company is focused on bringing the latest in modern drilling and completion techniques and technologies to the oil and natural gas assets they acquire and develop.
Dr. Kukes and the PEDEVCO Corp. team expect continued growth through the drill bit and acquisitions and aim to dictate the pace of development in their projects and maintain capital discipline. The company has significantly increased production and revenue year over year and was recently awarded "Best Independent Company in North America - 2019" by World Finance Oil and Gas Awards.
About PEDEVCO Corp:
PEDEVCO Corp, is a publicly-traded energy company engaged in the acquisition and development of strategic, high growth energy projects in the United States. The Company's principal assets are its San Andres Asset located in the Northwest Shelf of the Permian Basin in eastern New Mexico, and its D-J Basin Asset located in the D-J Basin in Weld and Morgan Counties, Colorado. PEDEVCO is headquartered in Houston, Texas.
SOURCE Dr. Simon Kukes
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