Greetings. And welcome to Pacific Energy Development Investor Conference Call on Q3 Results and Operations. At this time all participants are in a listen-only mode. [Operator Instructions] I would now turn the conference over to your host, Clark Moore. Please go ahead, sir.

Good afternoon and welcome to Pacific Energy Development's third quarter earnings results and operational update conference call. My name is Clark Moore, Executive Vice President and General Counsel of Pacific Energy Development. Joining me from the company today are Mr. Frank Ingriselli, Pacific Energy Development's Chairman and Chief Executive Officer and Michael Peterson, the company's President and Chief Financial Officer. Following today's discussion, an archive of the call will be available on the company’s website. Before we begin, I’d like to remind listeners that on this conference call, managements prepared remarks contain forward-looking statements and estimates of future performance which are subject to risks and uncertainties. There are numerous risks associated with forward-looking statements and forward estimates, there can be no assurance that these statements or estimates will be realized, and actual results may differ from those discussed today due to various risks. Although seen many of the risk factors you need to consider as part of the material discussed on this call has been outlined in the company's filings with United States Securities and Exchange Commission and we incorporate these materials by reference for all discussion in this call. In addition, any projections as of company’s future performance represent management's estimates as of today, November 17, 2014. Pacific Energy Development assumes no obligation to update these projections in the future as market conditions change. Accordingly, although the company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and the company claims the protection of the Safe Harbor for forward-looking statements as contained in the Private Securities Litigation Reform Act of 1995. In addition, all statements in this conference call related to oil and gas resources, aspects, potential and volumes are not references to proved reserves as defined in our SEC Regulations and are now presented in Pacific Energy Development's filings with the SEC. With that, it is my pleasure to turn the call over to our Chairman and CEO, Mr. Frank Ingriselli, who will proceed with the discussion of the company's third quarter earnings results and operational update.

Thank you, Clark for that introduction and good afternoon shareholders and potential shareholders. I’m Frank Ingriselli, Chairman and CEO of Pacific Energy Development Corporation PEDEVCO. It is our honor and privilege to be able to highlight today some of the recent achievements of our company and what plans we have for the future. After I am finished with my opening remarks, Michael Peterson, our President and CFO will provide a more detailed update. 2014 has so far been a momentous year of achievements for Pacific Energy Development. We have increased our acreage position in one of the hardest oil shale basins in the USA, the Wattenberg and the Wattenberg Extension, that are part of the overall Niobrara Play in the D-J Basin of Colorado, and we did this twice. In March of this year, we dramatically increased our position in the Niobrara Play by acquiring much more attractive acreage in the Wattenberg and the Wattenberg Extension. This increased our company's net acreage position there by more than 500%. Then just a month ago, we announced the acquisition of an additional 850 plus net acres, while not as much as in the March acquisition, these new acres are in the heart of the prolific Wattenberg core area. As I have previously noted in these conference calls, what is true in the real estate industry is likewise true in the energy industry. It is all about location, location, location. And what we have learned is, the Fifth Avenue - what we have acquired is the Fifth Avenue in the Niobrara, the location that everyone would like to be in. And as I’ll mention later on, in recent reports done by independent financial institutions, it is one of the most prolific economic areas for investment today notwithstanding the low oil prices. Getting to…

Thank you very much, Frank. Good afternoon. And thank you all for participating in PEDEVCO's earning call for the third quarter, ending September 30, 2014. I tend to walk through some of the financial results and provide a further more detailed operational update where we are today. Quarterly sales volume for the three months ended September 30, 2014, grew to 16,984 barrels of oil equivalent or 185 BOE per day, which represents over 200% year-over-year growth. Year-to-date sales volume grew to 58,240 barrels of oil equivalent or 213 BOE per day, which represents over 300% year-over-year growth. PEDEVCO generated revenues of $1.1 million over this past quarter, which represents a 450% year-over-year growth. We’re very excited about that growth. I look forward to adding to that in the quarter's ahead. I would note that our revenues compared to second quarter declined are primarily because we did not add any additional new wells during the third quarter, so we didn’t have the benefit of additional production. And with the typical decline curves of these unconventional shale wells, you have a sort of decline in oil production. Also I think the impact of foreign commodity prices had some effect. And lastly there was a bottleneck of access to sufficient produced water disposal resources that affected most of the majority of operators in the D-J Basin during the quarter. : As Frank, mentioned the D-J Basin is one of the lower cost shale plays in the U.S. So despite declining oil prices, we believe that PEDEVCO’s assets with D-J Basin continue to be economic, meaning a 15% rate-of-return at the $40 to $60 WTI per barrel price. : As Frank, mentioned the D-J Basin is one of the lower cost shale plays in the U.S. So despite declining oil prices, we believe that…

Thank you, Mike. And thank you for listening to today’s call. Let me end on a personal note. I’ve been blessed to have so far an incredible 35 year career in this industry. But I can tell you that I’ve never had more fun and excitement in over the last three plus years as we have participated and contributed to the shale revolution, and the USA moving down the path of energy self sufficiency. That is something 35 years ago, I could have never envisioned. What I can assure you is that our whole team is diligently, and ethically, and efficiently, and safely, working to deliver shareholder value. I am proud to be the CEO of this company. We all take your investment in our company very seriously and always keep in mind the goal to deliver shareholder value. Now let me turn it back over here to, Clark Moore.

Thank you, Frank and Mike. On behalf of the entire Pacific Energy Development management team, we would like to thank all of you for your interest and participation on this call. An archive of today’s call will be archived on the company's website shortly afterward. Thanks.

Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.