PEDEVCO CORP CEO Transition; Interim CEO Named

What Happened

• PEDEVCO Corp announced on September 21, 2026 that J. Douglas Schick has ceased serving as the Company’s President, Chief Executive Officer and as a director. R.T. (Reagan Tuck) Dukes, the Company’s Chief Operating Officer, was appointed interim President and Chief Executive Officer effective the same day.
• Mr. Schick will remain employed to provide transition services through December 31, 2026 (the Separation Date) under a Transition and Separation Agreement; his departure is not due to any disagreement with the Company’s operations, policies or practices.

Key Details

• Separation payments: Schick will receive 2.5× the sum of his annual base salary and target annual bonus per his employment agreement.
• Additional benefits: Company will pay or reimburse group health plan continuation premiums for up to 30 months, accelerate vesting of unvested equity awards, and pay $255,000 in lieu of any 2026 annual bonus; up to $10,000 reimbursement for legal fees related to the agreement.
• Interim CEO background: R.T. Dukes, age 42, has 20+ years in oil & gas investing, finance and operations; he has served as PEDEVCO COO since the company’s 2025 merger activity and earlier held senior roles at Century Natural Resources and Wood Mackenzie.
• Governance note: Dukes was not selected via any related arrangement, has no family ties to other executives/directors, and no related-party transactions requiring disclosure were reported.

Why It Matters

• Leadership change is material for investors because it affects who will run day-to-day operations and strategic execution; an internal interim CEO with sector experience may support operational continuity.
• The separation package (cash, benefit continuation and accelerated equity vesting) creates a near-term cash and compensation charge that could affect liquidity and reported compensation expense.
• Investors should watch for updates on a permanent CEO appointment, any changes in strategic direction, and disclosures showing the financial impact of the separation payments on upcoming filings.