PEDEVCO Wins 5,678 Wyoming Acres in BLM Lease Sale for $5.9M
PEDEVCO Corp. outbid rivals at a federal lease sale, adding Mowry Shale acreage in Wyoming's Powder River Basin at roughly $1,045 per acre.
Houston-based PEDEVCO Corp. (NYSE American: PED) announced Wednesday that it was the high bidder on multiple tracts at a Bureau of Land Management competitive lease sale held September 9-10, 2026, securing approximately 5,678 net acres in Wyoming for about $5.9 million. The deal expands the company's footprint in the highly prospective Mowry Shale formation within the Powder River Basin, one of the Rocky Mountain region's most active oil and gas plays.
The acquisition cost breaks down to roughly $1,045 per net acre, a price point that reflects competitive demand for federal mineral rights in the basin. PEDEVCO funded the purchase entirely through cash on hand, signaling financial flexibility without the need for new debt or equity raises.
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The Mowry Shale has drawn growing operator interest as drilling technology improves recoveries from tighter formations, and PEDEVCO's expanded leasehold positions the company to capitalize on that trend. By locking in acreage through a federal BLM sale, the company gains long-term development rights under a structured regulatory framework.
The move fits squarely within PEDEVCO's stated strategy of acquiring and developing strategic oil and gas assets across the Rocky Mountain region. Adding nearly 5,700 net acres in a single competitive auction represents a meaningful step-change in the company's Powder River Basin exposure and could underpin future drilling programs as the company outlines its development schedule.
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