Date of Graduation
5-2026
Document Type
Thesis
Degree Name
Bachelor of Science in Business Administration
Degree Level
Undergraduate
Department
Finance
Advisor/Mentor
Stephen Rowe
Abstract
This thesis examines the valuation drivers in small-cap upstream oil and gas M&A, using the November 2025 PEDEVCO–Juniper Capital transaction as an anchor case against comparable DJ Basin acquisitions from 2018 to 2026. Drawing on SEC filings and EIA pricing data, the analysis standardizes deals across $/flowing barrel, reserve mix, liquids exposure, and commodity environment. Regression testing shows that daily production scale is the dominant driver of total enterprise value, while oil weighting and PDP-heavy reserves command per-unit pricing premiums; short-term WTI and Henry Hub prices show little explanatory power. PEDEVCO–Juniper's moderate scale, 77% oil weighting, and PDP-heavy profile place the deal squarely within these empirical patterns.
Keywords
Energy; Finance; M&A; Oil & Gas; Valuation
Citation
Schick, J. D. (2026). Identifying and Evaluating Valuation Drivers in Upstream Oil and Gas M&A: A Comparative Analysis of the Pedevco-Juniper Transaction. Finance Undergraduate Honors Theses Retrieved from https://scholarworks.uark.edu/finnuht/155
