Pacific Energy Development Announces Entry into Significant Equity Funding and Company Restructuring Agreement
(World News USA)

DANVILLE, CA / ACCESSWIRE / August 18, 2017 / PEDEVCO Corp., d/b/a Pacific Energy Development (NYSE American: PED) (the ``Company``), announced today that it has entered into a definitive subscription agreement to receive $12 million in equity financing as part of the previously announced company restructuring. A Hong Kong investment group (the ``Equity Investors``) led by investor Dragon Gem Limited has agreed to the terms of the restructuring whereby approximately $61 million of the Company`s debt will be converted into common stock of the Company, leaving only the current $5.8 million of senior secured debt but with a lower interest rate, no sweep or payments due until May, 2019. Both the...