HOUSTON, April 23, 2020 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA, OTC Pink: YUMAQ) ("Yuma," the "Company," "we" or "our") today announced that the Company has been notified by the New York Stock Exchange (the "NYSE") that its common stock has been suspended from trading on the NYSE American as it is "no longer suitable for listing" pursuant to Section 1003(c)(iii) of the NYSE American Company Guide.  In reaching its delisting determination, the NYSE noted the uncertainty as to the timing and outcome of the Company's bankruptcy process in addition to the ultimate effect of this process on the value of the Company's common stock.  As previously disclosed, on April 15, 2020, the Company and certain subsidiaries (collectively "Debtors") announced that they had filed voluntary Chapter 11 petitions ("Bankruptcy Filings") for relief under the United States Bankruptcy Code ("Bankruptcy Code") in the U.S. Bankruptcy Court for the Northern District of Texas. 

The Company's common stock has commenced trading on the OTC Pink marketplace ("OTC Pink") under the symbol "YUMAQ".  The OTC Pink is operated by the OTC Markets Group, Inc. which operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks.  Investors can find quotes for the Company's common stock on www.otcmarkets.com.

Bankruptcy Filings and Liquidation

The Bankruptcy Filings were a direct result of the continued financial deterioration of the Debtors during 2020, reduced commodity prices and economic effects of COVID-19, among other factors.  The Debtors currently intend to use the Chapter 11 process to implement the orderly liquidation of their assets in an effort to maximize values and recoveries for all stakeholders.  The Debtors are in the process of seeking court approval to conduct an auction for all of their assets, which primarily consist of operated and non-operated oil and gas interests located in Louisiana, Texas, Wyoming and Oklahoma.  The auction is expected to occur within the first 90 days following the Bankruptcy Filings made on April 15, 2020.  Should the collapse in oil prices continue and the Debtors' production and cashflows further deteriorate, the bankruptcy proceedings could be converted to a liquidation under Chapter 7 of the Bankruptcy Code.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
M. Carol Coale
Managing Director
Dennard Lascar Investor Relations
1800 West Loop South, Suite 200
Houston, TX  77027
713-529-6600
ccoale@dennardlascar.com

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SOURCE Yuma Energy, Inc.

HOUSTON, April 15, 2020 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma", "Company", "we" or "our"), together with its subsidiaries Yuma Exploration and Production Company, Inc., Davis Petroleum Corp., and The Yuma Companies, Inc. (collectively, the Company and the filing subsidiaries, the "Debtors"), announced today that they have filed voluntary Chapter 11 petitions for relief under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Texas (the "Bankruptcy Court").  During the first quarter of 2020, Yuma's cash position deteriorated, and its cash flow from operations is no longer sufficient to cover its operating costs.  The Company plans to continue to operate its business in the normal course during the court-supervised bankruptcy process. 

The Debtors intend to use the Chapter 11 process to implement the orderly liquidation of their assets in an effort to maximize values and recoveries to stakeholders.  The Debtors intend to seek immediate court approval to conduct an auction for substantially all of their assets, which primarily consist of operating and non-operating interests in several properties in Louisiana, Texas, Wyoming and Oklahoma.  The auction is expected to occur within the first 90 days of the bankruptcy filings. 

The Debtors may negotiate to obtain a new Debtor-in-Possession ("DIP") financing to provide working capital to support normal operations and the sale of assets during the Chapter 11 process.  However, it is not certain that these negotiations to obtain DIP financing will be successfully completed.

Separately, effective on April 10, 2020, Anthony C. Schnur resigned from his positions as Interim Chief Executive Officer, Interim Chief Financial Officer, and Chief Restructuring Officer of the Company.  Shortly after with the effectiveness of Mr. Schnur's resignations, the Company engaged Ankura Consulting Group, LLC ("Ankura") as its financial advisor.  Mr. Schnur was recently hired by Ankura, and Mr. Schnur will oversee the operation of the Debtors during the bankruptcy process as he provides his services to the Company through Ankura.

Mr. Schnur commented, "In 2019 and early 2020, we took proactive steps to recapitalize our Company's financial structure under a Credit Agreement with our lender YE Investment, LLC ("YE") and a Restructuring and Exchange Agreement (the "Restructuring Agreement") with Red Mountain Capital Partners LLC ("Red Mountain") and certain of its affiliates including YE.  Unfortunately, YE recently notified us that it was terminating the Credit Agreement due to the Company's failures to make timely interest payments and to comply with other covenants, and further, that it was also accelerating all payments due under the Credit Agreement so that all outstanding principal, accrued interest, fees and other obligations under the Credit Agreement became immediately due and payable.  Simultaneous with the termination of the Credit Agreement, Red Mountain notified us that it was terminating the Restructuring Agreement.

"Our revenues and cash position have eroded to the point of unsustainability primarily driven by the severe downturn in oil prices.  After much consideration, the Company's Board of Directors came to the decision that the use of the Chapter 11 liquidation process was the best path forward to maximize values and recoveries."

Mr. Schnur continued, "Although I am stepping down from my executive positions at the Company, I intend to actively oversee this restructuring process.  Also, I want to express my sincere gratitude to the employees for their continued dedication and hard work during this time."

Effective as of April 13, 2020, Ankura will be acting as the financial advisor to the Company, including assuming the role of Chief Restructuring Officer, responsible for leading the Company through the bankruptcy process.  The decision to retain Ankura was reached by the Company's Board of Directors, who believe the selection is in the best interest of all stakeholders of the Company. 

Seaport Gordian Energy LLC, an affiliate of Seaport Global Holdings LLC has been engaged as the investment banker for the Company, and FisherBroyles, LLP will serve as legal advisors to the Company.

Please refer to our prior press releases and prior filings with the Securities and Exchange Commission for more comprehensive information regarding the agreements and transactions. 

Copies of all documents filed in this case can be accessed at no charge through Stretto, the Debtors' claims & noticing agent (at https://cases.stretto.com/yumaenergy). For questions, Stretto can be contacted by email at TeamYumaEnergy@stretto.com or toll-free at 855-303-9310. Stretto cannot give legal or financial advice.

Upon Court approval, cash generated from the Debtors' ongoing operations will be used to support our business during the liquidation process.  Yuma has filed several customary motions with the U.S. Bankruptcy Court seeking authorization to operate its business in the normal course during the Chapter 11 process, including paying vendors and suppliers under normal terms for goods and services provided on or after the filing date in the ordinary course of business.  Yuma expects to receive Court approval for all of these requests.

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, the quarter ended June 30, 2019, and the quarter ended September 30, 2019, raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: our ability to raise additional funding as needed; our ability to pay our debts as they come due; rights that Red Mountain has under outstanding loan and other agreements, including security interests in our assets and their rights to foreclose on such security interests;  the ability of the Company to enter into an amended, extended and modified credit facility; the ability to maintain sufficient liquidity to fund operations; the ability to remain listed on the NYSE American; the ability to continue as a going concern; the risk of being forced into, or determining to seek, bankruptcy protection; and the ability to use net operating losses to offset cancellation of indebtedness income. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q,  recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect the Company's business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600
ccoale@dennardlascar.com

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SOURCE Yuma Energy, Inc.

HOUSTON, April 7, 2020 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma", "Company", "we" or "our") announced today that it has been notified by its lender, YE Investment LLC, ("YE" or the "Lender"), an affiliate of Red Mountain Capital LLC.("Red Mountain"), that all outstanding payments under its existing Credit Agreement are currently due and that its Restructuring Agreement with Red Mountain has been terminated.

In a press release issued on March 20, 2020, Yuma disclosed that it was not in compliance with the various terms of the Restructuring Agreement and related credit arrangements, and no further funds were available to Yuma under the facility.  Please refer to our prior press releases and prior filings with the Securities and Exchange Commission for more comprehensive information regarding the agreements and transactions. 

On March 30, 2020 the Company disclosed that effective March 26, 2020, J. Christopher Teets, who was appointed as a member of the Board of Directors on September 30, 2019, resigned as a member of the Board of Directors of Yuma Energy.

On April 3, 2020, Yuma Energy and its related affiliates received written notice from Red Mountain that numerous defaults and events of default have occurred and are continuing under the Credit Agreement and the other loan documents, including failure to pay interest within the time provided and failure to comply with other covenants.  Consequentially, Red Mountain has terminated all loan commitments and has accelerated the payments including accrued interest, fees and other obligations, are now due immediately.  Also, Yuma received simultaneous written notice from Red Mountain that the Restructuring Agreement and related Voting Agreement have been automatically terminated.

As disclosed in September 2019, YE Investment, LLC, an affiliate of Red Mountain, purchased all of the Company's outstanding senior secured bank indebtedness and related liabilities under the Company's senior credit facility (the "Credit Facility").  The Credit Facility was then modified to reduce the outstanding principal balance from approximately $32.8 million, plus accrued and unpaid interest and expenses, to approximately $1.4 million (the "Modified Note").  Yuma also entered into a Restructuring and Exchange Agreement (the "Restructuring Agreement") with Red Mountain and affiliates, which was to result in the i) exchange of the Modified Note for a new convertible note that would be convertible into Yuma common stock, and ii) conversion of the Company's Series D Preferred Stock into Yuma Common stock. Finally, in December 2019, the parties entered into an amendment to the Restructuring Agreement and Credit Facility under which Red Mountain provided an additional two-year senior secured delayed-draw term loan for up to $2 million, maturing on September 30, 2022, from which the Company has drawn $850,000 to date.  The transactions contemplated by the Restructuring Agreement were subject to stockholder approval pursuant to NYSE American rules and requirements, and the Restructuring Agreement included a termination right in the event such stockholder approval was not received by December 31, 2019.

Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer of Yuma commented, "Despite our efforts to remedy our financial distress and evaluate strategic alternatives over the past few months, we have not come to a mutually agreeable understanding with Red Mountain regarding the extension/modification of the Restructuring Agreement, Modified Note and related agreements.  We are disappointed that YE and Red Mountain, our Senior Lender and majority owner of our Series D Preferred stock and holder of approximately 10% of our outstanding common stock, have taken this action.  Our ability to make timely interest payments has been hampered by the dramatic collapse in oil prices, certain well failures, and economic uncertainty caused by the COVID-19 virus.  The acceleration of all outstanding payments demanded by Red Mountain at this time will likely force the Company to cease our business plan, sell assets or possibly take other remedial steps such as seeking bankruptcy protection."

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, the quarter ended June 30, 2019, and the quarter ended September 30, 2019, raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: our ability to raise additional funding as needed; our ability to pay our debts as they come due; rights that Red Mountain has under outstanding loan and other agreements, including security interests in our assets and their rights to foreclose on such security interests;  the ability of the Company to enter into an amended, extended and modified credit facility; the ability to maintain sufficient liquidity to fund operations; the ability to remain listed on the NYSE American; the ability to continue as a going concern; the risk of being forced into, or determining to seek, bankruptcy protection; and the ability to use net operating losses to offset cancellation of indebtedness income. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q,  recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect the Company's business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600
ccoale@dennardlascar.com

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SOURCE Yuma Energy, Inc.

HOUSTON, March 20, 2020 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma", "Company", "we" or "our") today provided an update on the Company's financial status and ability to restructure its liabilities and capital structure.  As previously disclosed, in September 2019, YE Investment, LLC, an affiliate of Red Mountain Capital Partners, LLC ("Red Mountain"), purchased all of the Company's outstanding senior secured bank indebtedness and related liabilities under the Company's senior credit facility (the "Credit Facility").  The Credit Facility was then modified to reduce the outstanding principal balance from approximately $32.8 million, plus accrued and unpaid interest and expenses, to approximately $1.4 million (the "Modified Note").  In September 2019, Yuma entered into a Restructuring and Exchange Agreement (the "Restructuring Agreement") with Red Mountain and affiliates, which was to result in the i) exchange of the Modified Note for a new convertible note that would be convertible into Yuma common stock, and ii) conversion of the Company's Series D Preferred Stock into Yuma Common stock. Finally, in December 2019, the parties entered into an amendment to the Restructuring Agreement and Credit Facility under which Red Mountain provided an additional two-year senior secured delayed-draw term loan for up to $2 million, maturing on September 30, 2022, from which the Company has drawn $850,000 to date.  The transactions contemplated by the Restructuring Agreement were subject to stockholder approval pursuant to NYSE American rules and requirements and the Restructuring Agreement included a termination right in the event such stockholder approval was not received by December 31, 2019. Please refer to our prior press releases and prior filings with the Securities and Exchange Commission for more comprehensive information regarding the above.

At present, Yuma is not in compliance with the various terms of the Restructuring Agreement and related credit arrangements.  As a result, no further funds are currently available to Yuma under the facility. The parties have been and continue to negotiate to modify the various agreements and arrive at a mutually agreeable path forward; however, there is no assurance that any transaction or alternate restructuring plan will materialize.

Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer of Yuma commented, "Over the past few months, we have been diligently working to complete our financial restructuring and have been reviewing potential transactions to expand our footprint, improve our economics, increase our production volumes, and ultimately, generate positive cash flow.  However, certain well failures and the recent significant collapse in oil prices, combined with the uncertainty about the economy caused by the COVID-19 virus, has adversely impacted our ability to complete the restructuring process and appropriately re-capitalize the Company.  A Special Committee of the Board of Directors has been established to evaluate strategic or financing alternatives, if any.  However, the current unfavorable energy market and volatile economic environment may limit our options at this time.

"In the event we are unable to come to a mutually agreeable understanding with Red Mountain regarding the extension/modification of the Restructuring Agreement, Modified Note and related agreements, and/or find other available financing, we may be forced to cease our business plan, sell assets or take other remedial steps, which may include seeking bankruptcy protection."

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, the quarter ended June 30, 2019, and the quarter ended September 30, 2019, raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: our ability to raise additional funding as needed; our ability to pay our debts as they come due; rights that Red Mountain has under outstanding loan and other agreements, including security interests in our assets and their rights to foreclose on such security interests;  the ability of the Company to enter into an amended, extended and modified credit facility; the ability to maintain sufficient liquidity to fund operations; the ability to remain listed on the NYSE American; the ability to continue as a going concern; the risk of being forced into, or determining to seek, bankruptcy protection; and the ability to use net operating losses to offset cancellation of indebtedness income. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q,  recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect the Company's business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600
ccoale@dennardlascar.com

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SOURCE Yuma Energy, Inc.

HOUSTON, Dec. 2, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma" or "Company," "we" or "our") today announced that the Company and certain of its subsidiaries have entered into an amended and restated Credit Agreement ("Credit Agreement") with its lender, YE Investments LLC, an affiliate of Red Mountain Capital Partners, LLC. ("Red Mountain").  The Credit Agreement provides for an additional three-year senior secured delayed-draw term loan of up to $2.0 million with a maturity date of September 30, 2022 and was entered into in conjunction with the Restructuring and Exchange Agreement dated September 30, 2019, by and among Yuma, Red Mountain and certain of their affiliates (the "Restructuring Agreement"). The latest agreement provides capital availability subject to the terms of the Credit Agreement where advances are made at the sole discretion of the lender.

Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer of Yuma commented, "With the cooperation of Red Mountain, we continue to drive our restructuring process.  Importantly, access to the funds under the Credit Agreement will allow us to conduct oil and gas production enhancement operations while our efforts in restructuring our balance sheet and capital structure continue."

In addition to the Credit Agreement detailed herein, there are a number of transactions in connection with the Restructuring Agreement that are outlined in our press release dated November 14, 2019 and our quarterly report on Form 10-Q filed on November 14, 2019 with the Securities and Exchange Commission ("SEC"). While the Company anticipates the completion of the contemplated transactions, there is no guarantee that some terms and conditions will not change.

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, the quarter ended June 30, 2019, and the quarter ended September 30, 2019 raise substantial doubt about the Company's ability to continue as a going concern.

Please refer to our recently filed Quarterly Report on Form 10-Q for the three months ended September 30, 2019 and all our filings with the SEC for further information.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the ability to obtain stockholder approval of the transactions; the ability to consummate the transactions; the consequences of consummating the transactions; the ability of the Company to enter into an amended and restated credit facility; the ability to maintain sufficient liquidity to fund operations; the ability to remain listed on the NYSE American; the ability to continue as a going concern; and the ability to use net operating losses to offset cancellation of indebtedness income. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q.  recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600
ccoale@dennardlascar.com

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SOURCE Yuma Energy, Inc.

HOUSTON, Nov. 14, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma" or "Company," "we" or "our") today announced its financial results for the third quarter ended September 30, 2019. 

The 2019 third quarter balance sheet reflects the extinguishment of $34.7 million of senior secured bank debt, which was purchased by an affiliate of Red Mountain Capital Partners, LLC ("Red Mountain"), and other liabilities as part of the restructuring of Yuma's existing senior credit facility.  As previously disclosed and as part of the Restructuring and Exchange Agreement dated September 30, 2019, by and among Yuma, Red Mountain and certain of their affiliates (the "Restructuring Agreement"), Yuma and Red Mountain entered into a Loan Modification Agreement (the "Loan Modification Agreement") on September 30, 2019 which modified Yuma's existing credit agreement by reducing the outstanding principal balance from $32.8 million to $1.4 million, forgiving approximately $31.4 million plus accrued and unpaid interest and expenses, and hedge loss liability.  This amount of forgiveness from the reduction in principal balance, accrued and unpaid interest and hedge loss liability has been recorded to additional paid-in-capital on the Company's balance sheet.   As a result of the Loan Modification Agreement, the Company reduced its total current liabilities to $11.9 million as of September 30, 2019 from $44.2 million as of December 31, 2018.  Total liabilities were $27.7 million as of September 30, 2019 compared to $55.6 million as of December 31, 2018.

Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer of Yuma commented, "We are pleased with the significant progress that the Company made during the third quarter in restructuring our balance sheet.  As the first step following our entry into the Restructuring Agreement with Red Mountain, the Loan Modification Agreement dramatically reduced Yuma's outstanding indebtedness and hedge liabilities, resulting in the write-down of our senior secured note to $1.4 million from $32.8 million and the reclassification of the note from a current liability to long-term debt.  This effectively reduced our current liabilities by 73% and our total liabilities by approximately 50% when compared to year-end 2018 and improved total shareholders' equity.  Further steps in the restructuring will now take priority."

In addition to the Loan Modification Agreement, the transactions to be consummated in connection with the Restructuring Agreement are as follows:

• The Company and Red Mountain are negotiating, in good faith, an amended and restated credit facility providing for a delayed draw term loan of up to $2.0 million with a maturity date of September 30, 2022.
• Upon shareholder approval, the $1.4 million note under the credit facility will be exchanged for a convertible note (the "Convertible Note") that will be convertible into approximately 10.9 million shares of Yuma common stock, which would represent approximately 70% of the outstanding shares on a pro forma basis, assuming full conversion of the outstanding shares of Series D Preferred Stock as discussed below. Additionally, hedge liabilities in the amount of $360,000 will be eliminated as part of this exchange.
• Upon shareholder approval, the conversion price of the Series D Preferred Stock will be reduced such that the Series D Preferred Stock will be convertible into approximately 3.1 million shares of Yuma common stock, which would represent approximately 20% of the outstanding shares on a pro forma basis, assuming full conversion of the Convertible Note as discussed above.
• Following the consummation of the transactions, there will effectively be a change in control wherein Red Mountain, its affiliates and its investors will own approximately 91% of the Company's fully-diluted outstanding shares. 
• At the closing of the Restructuring Agreement, Red Mountain will have the right (but not the obligation) to nominate an aggregate of four directors to the Company's Board of Directors.
• The terms and conditions of the transactions are subject to change during the final negotiations between the Company, Red Mountain and its affiliates.

All of the transactions cited above are being negotiated between the parties and may or may not come to fruition under the terms described.  While the Company anticipates the transactions will be consummated as outlined above, there is no guarantee that some terms and conditions will not change. Once the restructuring is consummated, the Company plans to leverage its improved capital structure to grow through merger and acquisition opportunities and potential capital markets transactions, including the sale of debt or equity securities.

The Company also continues to reduce its operating and general and administrative expenses.  During the 2019 third quarter, lease operating expenses declined to $1.3 million, a 26.4% sequential decrease, from $2.0 million in the 2019 second quarter and a 48.4% decrease from $2.5 million in the same period last year.  General and administrative expense fell to $1.1 million in the 2019 third quarter, a 27.8% sequential decrease, from $1.5 million in the 2019 second quarter and a 9.5% decrease from $1.2 million in the same period last year. 

Mr. Schnur continued, "These accretive transactions only partially reflect the positive impact on our balance sheet that we expect when the restructuring is completed.  Subject to a shareholder vote that is anticipated in early 2020, we plan to exchange the modified $1.4 million note with a convertible note, which will eliminate certain remaining hedge liabilities, and also convert the outstanding Series D Preferred Stock into common stock, which will eliminate a liquidation preference of approximately $23.8 million. These anticipated transactions, if approved, are expected to be further accretive to our balance sheet and favorably position Yuma for the future. 

"Management will continue to control overhead and operating costs and address our production operations at the field level.  Yuma's reformed capital structure will allow management to focus on growth opportunities from a stronger financial footing."  

Quarterly Report Form 10-Q Filed
On November 14, 2019, Yuma filed its quarterly report on Form 10-Q for the three months ended September 30, 2019 with the Securities and Exchange Commission ("SEC").  Investors and stockholders may obtain our Form 10-Q, Form 10-K and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov. In addition, copies of our filings are available on our website at www.yumaenergyinc.com. 

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, the quarter ended June 30, 2019, and the quarter ended September 30, 2019 raise substantial doubt about the Company's ability to continue as a going concern.

Please refer to our recently filed Quarterly Report on Form 10-Q for the three months ended September 30, 2019 and all our filings with the SEC for further information.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the ability to obtain stockholder approval of the transactions; the ability to consummate the transactions; the consequences of consummating the transactions; the ability of the Company to enter into an amended and restated credit facility; the ability to maintain sufficient liquidity to fund operations; the ability to remain listed on the NYSE American; the ability to continue as a going concern; and the ability to use net operating losses to offset cancellation of indebtedness income. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q.  recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600
ccoale@dennardlascar.com

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SOURCE Yuma Energy, Inc.

HOUSTON, Oct. 2, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today announced that it has entered into a Restructuring and Exchange Agreement (the "Restructuring Agreement") with Red Mountain Capital Partners LLC and its affiliates ("Red Mountain"). As previously disclosed, YE Investment LLC, an affiliate of Red Mountain ("YE"), purchased all of the Company's outstanding senior secured bank indebtedness and related liabilities under the Company's credit facility (the "Credit Facility"), including the Company's remaining hedge obligations due to its hedge counterparties ("Hedge Liabilities"). The primary purposes of the Restructuring Agreement are to reform Yuma's capital structure, address the Company's liquidity needs, and regain compliance with the NYSE American LLC listing standards.  The Company plans to hold a Special Meeting of Stockholders to vote on matters required to be approved by stockholders in connection with the transactions contemplated by the Restructuring Agreement (the "Transactions").

Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer commented, "The Restructuring Agreement and the modification of the Credit Facility, will immediately reduce Yuma's debt-related and hedge liabilities by $34.7 million, and increase Yuma's shareholder equity by the same amount.  Yuma's internal review indicates that the Company has sufficient NOLs to offset the associated cancellation of indebtedness income.  In addition, the anticipated conversion of the Series D Preferred Stock into common stock will eliminate a liquidation preference of approximately $23.8 million.  These factors indicate that the Transactions are accretive to the current shareholder equity of the Company and that the restructuring plan as adopted, with dramatically reduced levels of debt, favorably positions Yuma for the future. 

"Management will continue to control overhead and operating costs as we have done over the previous six months, and we continue to be diligent in meeting the Company's obligation to reduce its other liabilities in order to complete all phases of the restructuring.  With additional capital availability, we will continue to address our production enhancement opportunities at the field level.  Yuma's reformed capital structure will significantly improve our ability to pursue merger and acquisition opportunities and/or equity financings."   

A summary of the Transactions are as follows:

• The Credit Facility has been modified to (i) reduce the outstanding principal balance from approximately $32.8 million, plus accrued and unpaid interest and expenses, to $1.4 million (the "Modified Note") with the forgiveness of approximately $31.4 million plus the accrued and unpaid interest and expenses, (ii) increase the interest rate to 10% per annum payable monthly beginning in January 2020, and (iii) extend the maturity date to September 30, 2022. In addition, Hedge Liabilities in the amount of $750,000 have been eliminated.
• The Company and YE will negotiate in good faith to enter into an amended and restated credit facility providing for up to $2.0 million of availability with a maturity date of September 30, 2022.
• Upon stockholder approval, the Modified Note will be exchanged for a convertible note (the "Convertible Note") that will be convertible into approximately 10.9 million shares of Yuma common stock, which would represent approximately 70% of the outstanding shares on a pro forma basis, assuming full conversion of the outstanding shares of Series D Preferred Stock as discussed below. Additionally, Hedge Liabilities in the amount of $360,000 will be eliminated as part of this exchange.
• Upon stockholder approval, the conversion price of the Series D Preferred Stock will be reduced such that the Series D Preferred Stock will be convertible into approximately 3.1 million shares of Yuma common stock, which would represent approximately 20% of the outstanding shares on a pro forma basis, assuming full conversion of the Convertible Note as discussed above.
• Upon the conversion of the Convertible Note and the Series D Preferred Stock, there will be a change in control of the Company as Red Mountain and its affiliates will hold approximately 90% of Yuma's outstanding common stock.
• At the closing of the Restructuring Agreement, Red Mountain will have the right (but not the obligation) to nominate an aggregate of four directors to the Company's Board of Directors.

Concurrently with the execution of the Restructuring Agreement, the Company has appointed Red Mountain's nominee, J. Christopher Teets as a director.  Mr. Teets is a partner of Red Mountain and previously served on the Yuma Board of Directors.

For further details regarding the Restructuring Agreement and the Transactions, please reference our Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on October 2, 2019.

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification. The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, and the quarter ended June 30, 2019 raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved.  We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the ability to obtain stockholder approval of the Transactions; the ability to consummate the Transactions; the consequences of consummating the Transactions; the ability of the Company to enter into an amended and restated credit facility; the ability to maintain sufficient liquidity to fund operations; the ability to remain listed on the NYSE American; the ability to continue as a going concern; and the ability to use net operating losses to offset cancellation of indebtedness income.  The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
M. Carol Coale
Managing Director
Dennard Lascar Investor Relations
1800 West Loop South, Suite 200
Houston, TX  77027
713-529-6600
ccoale@dennardlascar.com

View original content:http://www.prnewswire.com/news-releases/yuma-energy-inc-enters-into-restructuring-and-exchange-agreement-300929423.html

SOURCE Yuma Energy, Inc.

HOUSTON, Sept. 25, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today announced that the Company has executed a settlement agreement with Sam Banks ("Banks"), the former Chief Executive Officer of the Company.  Yuma made no admission of liability under the settlement agreement but agreed to fully settle the matter by way of compromise. The agreement resolves claims that Banks asserted against Yuma in relation to his termination.

"This settlement represents another step in our restructuring process as it eliminates ongoing legal costs and unnecessary management time," said Anthony C. Schnur, Yuma's Interim Chief Executive Officer and Chief Restructuring Officer.  "We continue to seek to execute on our objectives of reducing our liabilities, lowering operational costs and improving our balance sheet."

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification. The risk factors and uncertainties described in our Securities and Exchange Commission ("SEC") filings for the year ended December 31, 2018, the quarter ended March 31, 2019, and the quarter ended June 30, 2019 raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
M. Carol Coale
Managing Director
Dennard Lascar Investor Relations
1800 West Loop South, Suite 200
Houston, TX  77027
713-529-6600
ccoale@dennardlascar.com

View original content:http://www.prnewswire.com/news-releases/yuma-energy-inc-reaches-settlement-agreement-with-former-executive-300925534.html

SOURCE Yuma Energy, Inc.

HOUSTON, Sept. 17, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American:YUMA) ("Yuma," the "Company," "we" or "our") today announced that the Company has entered into a Forbearance Agreement with YE Investment LLC (the "Lender"), an affiliate of Red Mountain Capital Partners LLC ("Red Mountain") and the new lender under the Company's reserve-based Credit Agreement.

Under the terms of the Forbearance Agreement, the Lender has agreed to forbear from exercising its rights and remedies under the Credit Agreement as a result of the Company not making scheduled interest payments due and payable on December 31, 2018, March 31, 2019, and June 30, 2019 and certain other defaults.  The Forbearance Agreement extends until October 26, 2019 unless certain specified events occur.  All interest and principal amounts that would have been payable by the Company shall accrue and be deferred until the expiration or termination of the Forbearance Agreement.

The Forbearance Agreement provides Yuma the time required to address the restructuring goals previously outlined by the Company and Red Mountain in the Company's press release dated September 10, 2019.  In connection with the proposed restructuring, Yuma's senior management will conduct a thorough review of its balance sheet with a plan to reduce the Company's overall liabilities including its outstanding debt and trade payables.  Any modification of the Senior Secured Debt on mutually agreeable terms will be subject to the Company making progress on these objectives.

"Today's announcement is an important step in the restructuring process announced last week.  By operating under the Forbearance Agreement, the Company can focus on its efforts to restructure its balance sheet," said Anthony C. Schnur, Yuma's Interim Chief Executive Officer and Chief Restructuring Officer.  "While working through the restructuring process, the Company plans to continue to evaluate various strategic options to preserve the value of its business.  The Forbearance Agreement will allow the Company, the Lender, and their respective legal and financial advisors to evaluate these various strategic options."

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification. The risk factors and uncertainties described in our Securities and Exchange Commission ("SEC") filings for the year ended December 31, 2018, the quarter ended March 31, 2019, and the quarter ended June 30, 2019 raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
M. Carol Coale
Managing Director
Dennard Lascar Investor Relations
1800 West Loop South, Suite 200
Houston, TX  77027
713-529-6600
ccoale@dennardlascar.com

View original content:http://www.prnewswire.com/news-releases/yuma-energy-inc-reaches-forbearance-agreement-with-lender-300920138.html

SOURCE Yuma Energy, Inc.

HOUSTON, Sept. 10, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today announced that an affiliate of Red Mountain Capital Partners, LLC ("Red Mountain") has purchased all of Yuma's outstanding senior secured bank indebtedness and related liabilities (the "Senior Secured Debt") totaling approximately $35 million from the Company's lending group, led by Société Générale. The purchase includes a principal balance of the Company's credit facility of $32.8 million, plus accrued interest of $1.3 million, and the release or purchase of losses associated with the Company's prior hedging arrangements totaling approximately $1.1 million. 

In anticipation of a contemplated comprehensive debt restructuring (the "Restructuring"), Red Mountain and Yuma have signed a non-binding Letter of Intent broadly outlining the terms that the parties expect to pursue in an effort to restructure the Company's balance sheet and position the Company for growth.  The Letter of Intent contemplates that Red Mountain would  enter into a forbearance agreement with respect to the Senior Secured Debt and provide Yuma with funding on a senior secured basis for certain capital expenditures. In addition, the Letter of Intent contemplates that Red Mountain and Yuma would work towards a restructuring approved by Yuma's Board of directors by September 30, 2019, which would provide for the modification of the Senior Secured Debt on mutually agreeable terms and, subject to obtaining applicable stockholder approval, the exchange of the Senior Secured Debt for debt convertible into a mutually agreed amount of newly-issued Yuma common stock and the conversion of the existing Yuma preferred stock into a mutually-agreed amount of newly-issued Yuma common stock.  The Letter of Intent contemplates that the exchange and conversion described above would occur prior to December 31, 2019.  The contemplated Restructuring, if completed, is subject to definitive agreements on mutually agreeable terms to be negotiated by the parties.

As the restructuring effort progresses, management will endeavor to reduce other liabilities on Yuma's balance sheet.  Management will also endeavor to meet the requirements of Yuma's continued listing on the NYSE American stock exchange, maintain the continued service by the current members of Yuma's Board of directors and retain Mr. Anthony C. Schnur, Yuma's Interim CEO and CRO, as Yuma's CEO and a director, which are expected to be conditions to the  contemplated Restructuring.  Other expected conditions to the contemplated Restructuring include the availability of net operating losses to offset all cancellation of indebtedness income arising as a result of the contemplated Restructuring, the right (but not the obligation) of Red Mountain to appoint up to four new directors to the Yuma Board, the payment by Yuma of all expenses associated with the contemplated Restructuring, including Red Mountain's legal expenses, and the receipt by Yuma of required Board and stockholder approvals. Following, or concurrent with, the Restructuring, Yuma will re-establish a management incentive plan approved by its Board and attempt to secure a new lender to fund its operations and to refinance any outstanding loans extended to Yuma by Red Mountain.  Finally, Yuma will seek to merge with a third party or acquire assets of a scope and size to provide for the profitability and growth of the Company.   

"We are pleased to have the opportunity to work with Red Mountain in an effort to realign our outstanding debt with the combined goal of establishing a meaningful path forward for the Company," said Anthony C. Schnur, Yuma's Interim Chief Executive Officer and Chief Restructuring Officer.  "This is the first step toward strengthening our capital base, improving our liquidity and positioning the Company to pursue growth opportunities.  Final terms and results of any restructuring will be negotiated as soon as practicable with the mutual goal of significantly reduced leverage and enhanced flexibility by the end of 2019.  While there is much work to be done to accomplish the plan as set out, we are working diligently to restructure the Company into a financially sustainable organization on which we can deliver shareholder returns."

Continuing Uncertainty
Substantial risk continues to exist that the Company will be unable to reach agreements on key issues envisioned by the non-binding Letter of Intent or meet conditions necessary to fully effect any debt or equity restructuring or the other actions contemplated by the Letter of Intent. In addition, the Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification. The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, and the quarter ended June 30, 2019 raise substantial doubt about the Company's ability to continue as a going concern.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
M. Carol Coale
Managing Director
Dennard Lascar Investor Relations
1800 West Loop South, Suite 200
Houston, TX  77027
713-529-6600
ccoale@dennardlascar.com

View original content:http://www.prnewswire.com/news-releases/yuma-energy-inc-announces-third-party-purchase-of-senior-secured-bank-debt-300915606.html

SOURCE Yuma Energy, Inc.

HOUSTON, Sept. 3, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma,"  the "Company," "we" or "our") today announced that on August 30, 2019, the NYSE American LLC (the "Exchange") accepted the Company's recently submitted plan to regain compliance with the continued listing standards of the Exchange (the "Plan").  The Plan is in response to both compliance notices issued by the NYSE American which the Company previously announced on June 20, 2019 and on August 28, 2019.

The Company now has until December 17, 2020 to regain compliance with the Exchange's continued listing standards as set forth in Section 1003(a)(ii) and (iii) of the NYSE American Company Guide since it reported shareholders' equity of $2.4 million on June 30, 2019, which is below the minimum standard of $4 million, and reported losses from continuing operations and/or net losses in its five most recent fiscal years. 

At or before December 17, 2020, the Company must either be in compliance or must have made progress that is consistent with the Plan during that period.  In order to maintain its listing on the Exchange, the Exchange has requested that the Company provide quarterly updates to the Exchange concurrent with its interim and annual Securities and Exchange Commission ("SEC") filings.  Failure to meet the requirements to regain compliance could result in the initiation of delisting proceedings. 

"We are pleased to have received the Plan acceptance from the Exchange and look forward to the opportunity to demonstrate our ability to execute on our strategic restructuring initiatives," said Anthony C. Schnur, Yuma's Chief Restructuring Officer and Interim Chief Executive Officer.  "As we have previously disclosed, Yuma's management has recognized the need to engage in financing transactions or other strategic alternatives to address the Company's financial requirements and is currently involved in restructuring discussions.  We are continuing to work with Seaport Global Securities LLC, an investment banking firm, to advise the Company on various strategic alternatives.'

About Yuma Energy, Inc.

Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600

View original content:http://www.prnewswire.com/news-releases/yuma-energy-receives-acceptance-of-compliance-plan-from-nyse-american-300910880.html

SOURCE Yuma Energy, Inc.

HOUSTON, Aug. 28, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") was notified by the NYSE American (the "Exchange") that the Company is not in compliance with one of the Exchange's continued listing standards as set forth in Part 10 of the NYSE American Company Guide (the "Company Guide").

Specifically, Yuma is not in compliance with Section 1003(a)(ii) of the Company Guide in that it reported shareholders' equity of $2.4 million on June 30, 2019, which is below the minimum standard of $4 million, and reported losses from continuing operations and/or net losses in its five most recent fiscal years.  The Exchange also warned that the Company may be close to falling below compliance with Section 1003(a)(i) which requires minimum shareholder's equity of $2 million.  As previously reported, on June 20, 2019, the Company received notice from the Exchange the Company was not in compliance with Section 1003(a)(iii) of the Company Guide having reported a stockholders' equity of $5,998,045 as of March 31, 2019 and sustained continuing operations and/or net losses in its five most recent fiscal years.  While these events require separate notification and disclosure the remedy to resolve each is the same, and the plan to regain compliance will address both events of non-compliance.

The notice is based on a review by the Exchange of information that the Company has publicly disclosed, including information contained in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on August 19, 2019 which included the interim consolidated financial statements for the three and six month periods ended June 30, 2019.

In order to maintain its listing on the Exchange, the Company submitted a plan of compliance (the "Plan") on July 16, 2019 and intends to supplement the plan to address how it intends to regain compliance with the continued listing standards by December 17, 2020. 

The Exchange notification of continued listing deficiency does not affect the Company's business operations or its SEC reporting obligations.  Yuma's management previously recognized the need to engage in financing transactions or other strategic alternatives to address the Company's financial requirements, and the Company has publicly announced those initiatives.  As previously disclosed, Yuma is involved in restructuring discussions.  Management continues to work with Seaport Global Securities LLC, an investment banking firm, to advise the Company on various strategic alternatives; however, there is no assurance that any transaction or restructuring alternatives will materialize.

Receipt of the notice does not have any immediate effect on the listing of the Company's shares on the Exchange, except that until the Company regains compliance with the Exchange's listing standards, a ".BC" indicator will be affixed to the Company's trading symbol. The Company's business operations, SEC reporting requirements and debt instruments are unaffected by the notification, provided that if the Plan is not acceptable, or the Company does not make sufficient progress under the Plan or reestablish compliance by December 17, 2020, then the Company will be subject to the Exchange's delisting procedures. The Company may then appeal a staff determination to initiate such proceedings in accordance with the Company Guide.

Please refer to our Current Report on Form 8-K with the SEC for further information.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600

View original content:http://www.prnewswire.com/news-releases/yuma-energy-inc-receives-second-notice-of-noncompliance-from-nyse-american-300908004.html

SOURCE Yuma Energy, Inc.

HOUSTON, Aug. 19, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma" or "Company," "we" or "our") today provided an operational and corporate update and reported its 2019 second quarter financial results. During the second quarter, the Company has taken significant steps to arrest the recent declines of our daily production. Specifically, we successfully installed a new jet pump on the Nettles 39-1 well, resulting in approximately 40 barrels a day of gross oil (bbl/d) or 15 bbl/d net production, up from 10 bbl/d gross prior to the workover. We also repaired the gravel pack on the State Lease 18194 well which has produced approximately 140 bbl/d gross, or 60 bbl/d net, for the most recent two weeks. Prior to the workover, the well was producing 90 bbl/d gross. We continue to diligently review our operations and evaluate opportunities to improve production where those activities result in short payback periods.

The Company also continues to reduce its operating and general and administrative costs and has significantly curtailed its planned 2019 capital expenditures. We plan to take further steps to mitigate our limited liquidity, which may include, but are not limited to, restructuring our existing debt; selling additional assets; further reducing general and administrative expenses; seeking merger and acquisition related opportunities and potentially raising proceeds from capital markets transactions, including the sale of debt or equity securities.

Discussions regarding the restructuring of the Company and its debt are ongoing, and management is hopeful that an accord can be reached. Management continues to work with Seaport Global Securities LLC, an investment banking firm, which advises the Company on its strategic alternatives and is engaged in various discussions regarding its debt, potential acquisitions and other initiatives generally considered part of the restructuring process.

Quarterly Report Form 10-Q Filed
On August 16, 2019, Yuma filed its quarterly report on Form 10-Q for the three months ended June 30, 2019 with the Securities and Exchange Commission ("SEC"). Investors and stockholders may obtain our Form 10-Q, Form 10-K and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov. In addition, copies of our filings are available on our website at www.yumaenergyinc.com.

Management Comments
Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer stated, "We are pleased that the field work conducted to date has increased our production at certain wells and are high-grading additional activities to further improve our production. On the restructuring front, while the process is taking some time, we have been engaged in in various discussions. However, a substantial risk exists that the Company will be unable to reach agreements on key issues related to our outstanding indebtedness which will continue to impair our ability to move the Company forward. The Yuma team continues to work toward a workable solution for all of the stakeholders of your Company."

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification. The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018, the quarter ended March 31, 2019, and the quarter ended June 30, 2019, as well as continuing events of default under our credit agreement, raise substantial doubt about the Company's ability to continue as a going concern basis of accounting.

Please refer to our recently filed Quarterly Report on Form 10-Q for the three months ended June 30, 2019 and all our filings with the SEC for further information.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources. Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q. recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600

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SOURCE Yuma Energy, Inc.

HOUSTON, June 21, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today announced that its Board of Directors has approved a one-for-fifteen reverse stock split of its issued and outstanding shares of common stock. The reverse split will be effective at 12:01 a.m. Eastern Time on July 3, 2019, and shares of the Company's common stock will begin trading on a split-adjusted basis when the NYSE American market opens on that date.

The Company's common stock will continue to trade on the NYSE American under the trading symbol "YUMA," but will trade under the following new CUSIP number starting July 3, 2019: 98872F 204.    As a result of the reverse split, each fifteen pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the stockholder. The number of outstanding common shares will be reduced from approximately 23.2 million to approximately 1.5 million shares. The authorized number of shares of common stock will not be reduced and will remain at 100.0 million. All fractional shares will be rounded up to the nearest whole share. As previously disclosed, at the Company's Annual Meeting of Stockholders held on June 12, 2019, the Company's stockholders approved a proposal authorizing the Company's Board of Directors to effect a reverse stock split by a ratio of not less than one-for-ten and not more than one-for-twenty-five.

The reverse split is being implemented for the purpose of complying with the NYSE American continued listing standards regarding the low selling price of the Company's common stock. Additional information about the reverse split, including the reasons therefor, can be found in the Company's Definitive Proxy Statement on Schedule 14A filed with Securities and Exchange Commission on April 30, 2019.

Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split. For those stockholders holding physical stock certificates, the Company's transfer agent, Computershare Trust Company, N.A., will send instructions for exchanging those certificates for new certificates representing the post-split number of shares. Computershare can be reached at 800-962-4284.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600

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SOURCE Yuma Energy, Inc.

HOUSTON, June 20, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today announced that on June 17, 2019, Yuma was notified by the NYSE American LLC (the "Exchange") that the Company is not in compliance with one of the Exchange's continued listing standards as set forth in Part 10 of the NYSE American Company Guide (the "Company Guide").

Specifically, Yuma is not in compliance with Section 1003(a)(iii) of the Company Guide in that it has reported a stockholders' equity of less than $6 million as of March 31, 2019 and reported losses from continuing operations and/or net losses in its five most recent fiscal years.

The notice is based on a review by the Exchange of information that the Company has publicly disclosed, including information contained in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on May 20, 2019, which included the interim consolidated financial statements for the three month period ended March 31, 2019.

In order to maintain its listing on the Exchange, the Company was requested to submit a plan of compliance (the "Plan") by July 17, 2019 addressing how it intends to regain compliance with Section 1003(a)(iii) of the Company Guide by December 17, 2020.  Yuma intends to fully comply with the Exchange's requests and will submit its Plan accordingly. 

In addition, as previously reported, the Company received a notification from the Exchange indicating the Company's common stock has been selling for a low price per share for a substantial period of time, and the Company must demonstrate an improved share price or effect a reverse stock split of its common stock by no later than July 4, 2019, in order to maintain the listing of the Company's common stock on the Exchange.  On June 12, 2019, the Company's stockholders voted to approve a potential amendment to the Company's amended and restated certificate of incorporation to effect a reverse split of the Company's common stock, as determined by the Board of Directors at its sole discretion, of a ratio of not less than one-for-ten and not more than one-for-twenty-five. Additionally, the Company could be subject to immediate de-listing should the stock price decline to $0.06 per share.

The Exchange notification of continued listing deficiency does not affect the Company's business operations or its SEC reporting obligations.  Yuma's management previously recognized the need to engage in financing transactions or other strategic alternatives to address the Company's financial requirements and has publicly announced those initiatives.  Yuma is actively exploring restructuring the Company's credit facility through a third-party desiring to acquire the facility or combining with or acquiring companies or assets to create a larger company with greater operating leverage.  The Company continues to work with Seaport Global Securities LLC, an investment banking firm, to advise the Company on various strategic alternatives; however, there is no assurance that any transaction or restructuring alternative will materialize.

Receipt of the notice from the Exchange does not have any immediate effect on the listing of the Company's shares of common stock on the Exchange, except that until the Company regains compliance with the Exchange's listing standards, a ".BC" indicator will be affixed to the Company's trading symbol. The Company's business operations and SEC reporting requirements are unaffected by the notification, provided that if the Plan is not acceptable, or the Company does not make sufficient progress under the Plan or reestablish compliance by December 17, 2020, then the Company will be subject to the Exchange's delisting procedures. The Company may then appeal a staff determination to initiate such proceedings in accordance with the Company Guide.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor Relations
713-529-6600

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SOURCE Yuma Energy, Inc.

HOUSTON, May 21, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma" or the "Company," "we" or "our") announced today that on May 20, 2019, it filed its quarterly report on Form 10-Q for the three months ended March 31, 2019 with the Securities and Exchange Commission ("SEC").  Investors and stockholders may obtain our Form 10-Q, Form 10-K and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov. In addition, copies of our filings are available on our website at www.yumaenergyinc.com.

Recent Developments 
On April 26, 2018, the Company closed the previously announced sale of our California assets for $2.1 million, resulting in net proceeds of $1.8 million.  Approximately $1.2 million was applied against the principal of our outstanding debt, and the balance ($0.6 million) provided working capital to the Company. 

On March 1, 2019, Mr. Anthony C. Schnur was appointed Chief Restructuring Officer, and on March 28, 2019, he was appointed Interim Chief Executive Officer of the Company following the departure of Mr. Sam L. Banks.  On April 5, 2019, Mr. Schnur was further appointed Interim Chief Financial Officer in addition to his other duties.  As reported, Mr. Schnur will not receive any additional compensation for the incremental duties.   

The Company believes that with the leadership and management of Mr. Schnur, it has the requisite experience and expertise in place to affect a restructuring of its business operations and its balance sheet; however, significant uncertainty exists as to the viability of a restructuring and the Company's ability to continue as a going concern.

During the first quarter and continuing to date, the Company has taken significant steps to reduce corporate overhead.  These reductions will be reflected in the Company's second quarter results.  Additional cost cutting measures are being considered and will be implemented when determined that those reductions will not impair the Company's ability to reasonably manage the business.

In addition, the Company is conducting a comprehensive review of its operations, particularly regarding those wells and facilities with high operating costs.  Funds allocated to field work will be directed toward those activities that provide short payback periods, maintain production levels, or provide additional production from higher margin operations.  We do not anticipate our activities will include expensive workovers or the drilling of new wells through the restructuring process.

Multiple options to restructure the Company are being investigated and pursued.  These include, but are not limited to, restructuring the Company's credit facility, which may involve the sale of our existing commercial bank loan to a third party, sales of additional properties, or acquisitions from or with a financial sponsor to create a larger company with greater operating activities.  The Company is engaged in various discussions on these fronts and continues to work with Seaport Global Securities LLC, an investment banking firm, to advise the Company on its strategic alternatives.  

Please refer to our recently filed Quarterly Report on Form 10-Q for the three months ended March 31, 2019 and our Annual report on Form 10-K for the year ended December 31, 2018, and all our filings with the SEC for further information.

Management Comments
Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer stated, "We are acting swiftly and diligently to identify an actionable restructuring solution to better position the Company for the future benefit of all stakeholders.  We are committed to this process and pursuing a strategy and resulting transaction which may include additional asset sales, one or more acquisitions, restructured debt facilities, equity financings and/or a corporate merger.  We believe that a successful resolution to Yuma's financial circumstances will require not only improving cash flow margins, but a likely blend of debt refinancing and asset combinations."

Continuing Uncertainty
The Company's audited consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The risk factors and uncertainties described in our SEC filings for the year ended December 31, 2018 and the quarter ended March 31, 2019, as well as continuing events of default under our credit agreement, and our substantial working capital deficit of approximately $40.0 million as of March 31, 2019, including approximately $34.0 million of bank debt, continue to raise substantial doubt about the Company's ability to continue as a going concern.

Other Matters
Finally, as previously reported, the Company received a deficiency letter from the NYSE American stock exchange ("NYSE American") indicating the Company's common stock has been selling for a low price per share for a substantial period of time, and the Company must demonstrate an improved share price or effect a reverse stock split of its common stock by no later than July 4, 2019, in order to maintain the listing of the Company's common stock on the NYSE American. The Company could be subject to immediate de-listing should the stock price decline to $0.06.  The NYSE American notification of continued listing deficiency does not affect the Company's business operations or its SEC reporting obligations.  At present, the Company intends to affect a reverse stock split to maintain its listing, pending the approval of our shareholders at our annual meeting scheduled for June 12, 2019.  

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.  Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved.  The Company's annual report on Form 10-K for the year ended December 31, 2018, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition.  The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

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SOURCE Yuma Energy, Inc.

HOUSTON, April 25, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma" or the "Company) announces that management is unaware of any material change in the Company's operations that would account for the recent increase in market activity.

On April 22, 2019, Sam L. Banks resigned from his position as a member of the Board of Directors of the Company.

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018,  recent current reports on Form 8-K, and  other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

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SOURCE Yuma Energy, Inc.

HOUSTON, April 2, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma" or the "Company," "we" or "our") announced today that on April 2, 2019, it filed its annual report on Form 10-K for the year ended December 31, 2018, with the Securities and Exchange Commission ("SEC").  Investors and stockholders may obtain our Form 10-K and other documents filed with the SEC free of charge at the SEC's website, www.sec.gov. In addition, a copy of our Form 10-K is available on our website at www.yumaenergyinc.com

Recent Developments
Interested parties are encouraged to access and read the Form 10-K in its entirety. The risk factors and uncertainties described therein for the year ended December 31, 2018, as well as other more recent risk factors which include, but are not limited to, events of default under the Company's credit agreement, declines in production, reduction of personnel, the failure to establish commercial production on our Permian properties, and our substantial working capital deficit of approximately $37.0 million as of year-end, all of which raise substantial doubt about our ability to continue as a going concern.

On March 28, 2019, Mr. Anthony C. Schnur was appointed Interim Chief Executive Officer of the Company, replacing Mr. Sam L. Banks.  Mr. Schnur has also served as Chief Restructuring Officer of the Company since March 1, 2019.   

The Company continues to reduce corporate overhead and operating costs, and is focused on higher margin operations and cash conservation following a comprehensive review of its business and assets.  We recently entered into an agreement to sell our California assets for $2.1 million to provide near term liquidity.  Similar asset sales are under review and may follow but are undetermined at this time.  

Other Matters
As previously reported, the Company has retained and continues to work with Seaport Global Securities LLC, an investment banking firm, to advise the Company on its strategic alternatives and divestitures. The Company has also engaged Energy Advisors Group (formerly "PLS Divestment Services") to market certain properties. In addition, as previously reported, the Company received a deficiency letter from the NYSE American stock exchange ("NYSE American") indicating the Company's common stock has been selling for a low price per share for a substantial period of time and the Company must demonstrate an improved share price or effect a reverse stock split of its common stock by no later than July 4, 2019, in order to maintain the listing of the Company's common stock on the NYSE American. The Company could be subject to immediate de-listing should the stock price decline to $0.06. The NYSE American notification of continued listing deficiency does not affect the Company's business operations or its SEC reporting obligations.

Going Concern Uncertainty
The Company's consolidated financial statements for the year ended December 31, 2018, included a going concern qualification.  The financial statements were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, which was filed with the SEC on April 2, 2019.  Generally, events of default under the Company's credit agreement, declines in production, reduction of personnel, the failure to establish commercial production on our Permian properties, and our substantial working capital deficit of approximately $37.0 million as of year-end, as noted above, raise a substantial doubt about the Company's ability to continue as a going concern.

Please refer to our recently filed Annual Report on Form 10-K for the year ended December 31, 2018, and all our filings with the SEC for further information.

Management Comments
Mr. Anthony C. Schnur, Interim Chief Executive Officer and Chief Restructuring Officer stated, "The Board of Directors and I are committed to address Yuma's financial circumstances on behalf of all stakeholders by reducing operating and administrative costs and improving the cash flow margins of the Company.  We have an open and constructive dialogue with our lenders and are fully engaged with the Seaport team to pursue any and all reasonable options for the Company and its stakeholders. We are undertaking a corporate restructuring initiative which may include additional asset sales, one or more acquisitions, restructured debt facilities, equity financings or a corporate merger intended to better position the Company for the future." 

About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's activities have focused on inland and onshore properties, primarily located in central and southern Louisiana and southeastern Texas.   Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").  Any and all statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2018,  recent current reports on Form 8-K, and  other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

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SOURCE Yuma Energy, Inc.

HOUSTON, Jan. 10, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) (the "Company") today announced that on January 4, 2019, it received a deficiency letter ("Letter") from the NYSE American LLC (the "NYSE American") stock exchange indicating that pursuant to Section 1003(f)(v) of the NYSE American Company Guide, the Company's common stock has been selling for a low price per share for a substantial period of time. Accordingly, the Letter states that the Company must demonstrate an improved share price improvement or effect a reverse stock split of its common stock by no later than July 4, 2019, in order to maintain the listing of the Company's common stock on the NYSE American.

As previously reported, the Company has retained Seaport Global Securities LLC, an investment banking firm, to advise the Company on its strategic and tactical alternatives, including possible mergers, acquisitions and divestitures.

The Company will continue to consider opportunities that are in the best interests of the Company and its stockholders, with respect to specific measures regarding the continued listing of the Company's common stock on the NYSE American, including the potential to seek approval of the Company's stockholders to permit its Board to effect a reverse stock split of the Company's common stock.  If the Company is unable to regain compliance, the NYSE American will initiate procedures to suspend and delist the Company's common stock.  In the interim, the Company's common stock continues to be listed on the NYSE American, under the trading symbol "YUMA", subject to the Company's compliance with other continued listing requirements and subject to the trading price remaining above a required $0.06 minimum per share.  The NYSE American will add the designation of ".BC" to indicate that the Company is below compliance with the listing standards set forth in the NYSE American Company Guide. The NYSE American notification of continued listing deficiency does not affect the Company's business operations or its reporting obligations under the Securities and Exchange Commission ("SEC") regulations.

About Yuma Energy, Inc.

Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's operations have focused on onshore properties located in central and southern Louisiana and southeastern Texas where it has a long history of drilling, developing and producing both oil and natural gas assets.  In addition, during 2017 the Company began acquiring acreage in Yoakum County, Texas, with plans to explore and develop oil and natural gas assets in the Permian Basin.  Finally, the Company has operated positions in Kern County, California, and non-operated positions in the East Texas Woodbine.  Its common stock is listed on the NYSE American under the trading symbol "YUMA." 

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The Company's annual report on Form 10-K for the year ended December 31, 2017, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

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SOURCE Yuma Energy, Inc.

HOUSTON, Nov. 14, 2018 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) (the "Company") today announced that it has retained Seaport Global Securities LLC, an investment banking firm, to advise the Company on its strategic and tactical alternatives, including possible mergers, acquisitions and divestitures.  The Company also reported on its liquidity as well as its financial results for the quarter ended September 30, 2018.

Liquidity

As previously reported, the Company initiated several strategic alternatives to mitigate its limited liquidity (defined as cash on hand and undrawn borrowing base), its financial covenant compliance issues, and to provide it with additional working capital to develop its existing assets.  

During the second quarter of 2018, the Company agreed to sell its Kern County, California properties for $4.7 million in gross proceeds and the buyer's assumption of certain plugging and abandonment liabilities, and received a non-refundable deposit of $275,000.  The sale did not close as scheduled, and the buyer forfeited the deposit.  The Company currently anticipates that it will close the sale with the same buyer in the fourth quarter of 2018 on re-negotiated terms.  Upon closing, the Company anticipates that the majority of the proceeds will be applied to the repayment of borrowings under the credit facility; however, there can be no assurance that the transaction will close. 

On August 20, 2018, the Company sold its 3.1% leasehold interest consisting of 9.8 net acres in one section in Eddy County, New Mexico for $127,400.  On October 23, 2018, the Company sold substantially all of its Bakken assets in North Dakota for approximately $1.16 million in gross proceeds and the buyer's assumption of certain plugging and abandonment liabilities.  On October 24, 2018, the Company sold certain deep rights in undeveloped acreage located in Grady County, Oklahoma for approximately $120,000.  Proceeds of $1.0 million from these non-core asset sales were applied to the repayment of borrowings under the credit facility in October 2018, bringing the current outstanding balance and borrowing base under the credit facility to $34.0 million, with the balance of the proceeds used for working capital purposes.

Additionally, the Company has reduced its personnel by nine employees since December 31, 2017, a 26% decrease.  This brings the Company's headcount to 25 employees at September 30, 2018.  Also, the Company has taken additional steps to further reduce its general and administrative costs by reducing subscriptions, consultants and other non-essential services, as well as eliminating certain of its capital expenditures planned for 2018. 

The Company plans to take further steps to mitigate its limited liquidity which may include, but are not limited to, further reducing or eliminating capital expenditures; selling additional assets; further reducing general and administrative expenses; seeking merger and acquisition related opportunities; and potentially raising proceeds from capital markets transactions, including the sale of debt or equity securities.  There can be no assurance that the exploration of strategic alternatives will result in a transaction or otherwise improve the Company's limited liquidity.

The Company has borrowings under its credit facility that require, among other things, compliance with certain financial ratios and covenants.  Due to operating losses the Company sustained during recent quarters, at September 30, 2018, the Company was not in compliance under the credit facility with its (i) total debt to EBITDAX covenant for the trailing four quarter period, (ii) current ratio covenant, (iii) EBITDAX to interest expense covenant for the trailing four quarter period, and (iv) the liquidity covenant requiring the Company to maintain unrestricted cash and borrowing base availability of at least $4.0 million.  Due to this non-compliance, the Company classified its entire bank debt as a current liability in its financial statements as of September 30, 2018. 

On October 9, 2018, the Company received a notice and reservation of rights from the administrative agent under its credit facility advising that an event of default has occurred and continues to exist by reason of the Company's noncompliance with the liquidity covenant requiring it to maintain cash and cash equivalents and borrowing base availability of at least $4.0 million. As a result of the default, the lenders may accelerate the outstanding balance under the credit facility, increase the applicable interest rate by 2.0% per annum or commence foreclosure on the collateral securing the loans. As of the date of this release, the lenders have not accelerated the outstanding amount due and payable on the loans, increased the applicable interest rate or commenced foreclosure proceedings, but they may exercise one or more of these remedies in the future. The Company intends to commence discussions with the lenders under the credit facility concerning a forbearance agreement or waiver of the event of default; however, there can be no assurance that the Company and the lenders will come to any agreement regarding a forbearance or waiver of the event of default.

As of September 30, 2018, the Company had outstanding borrowings of $35.0 million under its credit facility, and its total borrowing base was $35.0 million, leaving no undrawn borrowing base.  Due to drilling activities and other factors, the Company had a working capital deficit of $41.07 million (inclusive of the Company's outstanding debt under its credit facility) and a loss from operations of $6.89 million for the nine months ended September 30, 2018.

The factors and uncertainties described above raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty. 

Third Quarter 2018 Financial Results

Production

The following table presents the net quantities of oil, natural gas and natural gas liquids produced and sold by the Company for the three and six months ended September 30, 2018 and 2017, and the average sales price per unit sold.

Revenues

The following table presents the Company's revenues for the three and six months ended September 30, 2018 and 2017.

Expenses

The Company's lease operating expenses ("LOE") and LOE per Boe for the three and six months ended September 30, 2018 and 2017, are set forth below:

Commodity Derivative Instruments

Commodity derivative instruments open as of September 30, 2018 are provided below.  Natural gas prices are NYMEX Henry Hub prices, and crude oil prices are NYMEX West Texas Intermediate.

About Yuma Energy, Inc.

Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's operations have focused on onshore properties located in central and southern Louisiana and southeastern Texas where it has a long history of drilling, developing and producing both oil and natural gas assets.  In addition, during 2017 the Company began acquiring acreage in Yoakum County, Texas, with plans to explore and develop oil and natural gas assets in the Permian Basin.  Finally, the Company has operated positions in Kern County, California, and non-operated positions in the East Texas Woodbine.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The forward-looking statements include statements about future operations, and estimates of reserve and production volumes. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: our limited liquidity and the Company's ability to repay outstanding loans when due; the Company's ability to continue as a going concern; reduction in the borrowing base of the Company's credit facility; the risks of the oil and natural gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas); risks and uncertainties involving geology of oil and natural gas deposits; the uncertainty of reserve estimates; revisions to reserve estimates as a result of changes in commodity prices; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather; declines in oil and natural gas prices; inability of management to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change.  The Company's annual report on Form 10-K for the year ended December 31, 2017, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.

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SOURCE Yuma Energy, Inc.

HOUSTON, Aug. 9, 2018 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) (the "Company" or "Yuma") today provided information related to its liquidity and operations. The Company also reported its financial results for the quarter ended June 30, 2018.

Liquidity

As previously reported, the Company initiated several strategic alternatives to remedy its limited liquidity (defined as cash on hand and undrawn borrowing base), its financial covenant compliance issues, and to provide it with additional working capital to develop its existing assets.  During the second quarter, the Company entered into an Asset Purchase and Sale Agreement on May 21, 2018 regarding its Kern County, California properties, including the sale of all of the Company's oil and gas properties, fee properties, land, buildings, other property and equipment in consideration of $4.7 million in gross proceeds and the buyer's assumption of certain plugging and abandonment liabilities.  The transaction is scheduled to close by August 31, 2018.  Upon the closing of the transaction, it is anticipated that the majority of the proceeds will be applied to the repayment of borrowings under the Company's credit facility.  In addition, the Company has reduced its personnel by eight employees since December 31, 2017, a 24% decrease, including five positions that were eliminated on June 30, 2018.  This brings the Company's headcount to 26 employees as of June 30, 2018.  It should also be noted that, during the second quarter of 2018, the Company took additional steps to further reduce its general and administrative costs by reducing subscriptions, consultants and other non-essential services, as well as eliminating certain of its capital expenditures planned for 2018.

Additionally, the Company plans to take further steps to remedy its limited liquidity which may include, but are not limited to, further reducing or eliminating capital expenditures; entering into additional commodity derivatives for a portion of the Company's anticipated production; further reducing general and administrative expenses; selling certain non-core assets; seeking merger and acquisition related opportunities; and potentially raising proceeds from capital markets transactions, including the sale of debt or equity securities.  There can be no assurance that the exploration of strategic alternatives will result in a transaction or otherwise remedy the Company's limited liquidity.

The Company has borrowings under its credit facility which require, among other things, compliance with certain financial ratios and covenants.  Due to operating losses the Company sustained during recent quarters, at June 30, 2018 the Company was not in compliance under the credit facility with its (i) total debt to EBITDAX covenant for the trailing four quarter period, (ii) current ratio covenant, (iii) EBITDAX to interest expense covenant for the trailing four quarter period, and (iv) the liquidity covenant requiring the Company to maintain unrestricted cash and borrowing base availability of at least $4.0 million.  In addition, due to this non-compliance, the Company classified its entire bank debt as a current liability in its financial statements as of June 30, 2018.  On July 31, 2018, the Borrowers entered into the Waiver and Third Amendment to Credit Agreement (the "Third Amendment") with the Lender.  Pursuant to the Third Amendment, effective as of June 30, 2018, the Borrowers were granted a waiver for non-compliance from the liquidity covenant to have cash and cash equivalent investments together with borrowing base availability under the Credit Agreement of at least $4.0 million.  In addition, as part of the Third Amendment, the Lenders requested that the Borrowers provide weekly cash flow forecasts and a monthly accounts payable report to the Lenders.   The Third Amendment also provides for a redetermination of the borrowing base on August 15, 2018.

As of June 30, 2018, the Company had outstanding borrowings of $35.0 million under its credit facility, and its total borrowing base was $35.0 million, leaving no undrawn borrowing base.  Due to drilling activities and other factors, the Company had a working capital deficit of $40.93 million (inclusive of the Company's outstanding debt under its credit facility) and a loss from operations of $2.90 million for the six months ended June 30, 2018. 

These breaches of the terms and conditions of the Credit Agreement could result in acceleration of the Company's indebtedness, in which case the debt would become immediately due and payable thereby giving its lenders various rights and remedies, including foreclosure. 

The significant risks and uncertainties described above raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets, and satisfaction of liabilities and commitments in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of the going concern uncertainty.

Operations Update

In 2017, the Company entered the Permian Basin through a joint venture with two privately held energy companies and established an Area of Mutual Interest ("AMI") covering approximately 33,280 acres in Yoakum County, Texas, located in the Northwest Shelf of the Permian Basin. The primary target within the AMI is the San Andres formation, which has been one of the largest producing formations in Texas to date. As of June 30, 2018, the Company held a 62.5% working interest in approximately 4,823 gross acres (3,014 net acres) within the AMI.  In November 2017, the Company drilled a salt water disposal well, the Jameson SWD #1. In December 2017, the Company spudded the State 320 #1H horizontal San Andres well, which was subsequently completed in February 2018.  The Company opened the well on March 1, 2018 and placed the well on production. As of July 17, 2018, the well has produced a total of 1,708 barrels of oil, 12,748 Mcf of gas, and 421,603 barrels of water.  The well is currently shut-in pending evaluation of the commerciality and future development of the prospect area.  Given the well performance to date, the ability to establish commercial production in the prospect area is uncertain at this time. 

Second Quarter 2018 Financial Results

Production

The following table presents the net quantities of oil, natural gas and natural gas liquids produced and sold by the Company for the three and six months ended June 30, 2018 and 2017, and the average sales price per unit sold.

Revenues

The following table presents the Company's revenues for the three and six months ended June 30, 2018 and 2017.

Expenses

The Company's lease operating expenses ("LOE") and LOE per Boe for the three and six months ended June 30, 2018 and 2017, are set forth below:

Commodity Derivative Instruments

Commodity derivative instruments open as of June 30, 2018 are provided below.  Natural gas prices are NYMEX Henry Hub prices, and crude oil prices are NYMEX West Texas Intermediate.

About Yuma Energy, Inc.

Yuma Energy, Inc., a Delaware corporation, is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.  Historically, the Company's operations have focused on onshore properties located in central and southern Louisiana and southeastern Texas where it has a long history of drilling, developing and producing both oil and natural gas assets.  In addition, during 2017 the Company began acquiring acreage in Yoakum County, Texas, with plans to explore and develop oil and natural gas assets in the Permian Basin.  Finally, the Company has operated positions in Kern County, California, and non-operated positions in the East Texas Woodbine and the Bakken Shale in North Dakota.  Its common stock is listed on the NYSE American under the trading symbol "YUMA."

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects," "believes," "intends," "anticipates," "plans," "estimates," "potential," "possible," or "probable" or statements that certain actions, events or results "may," "will," "should," or "could" be taken, occur or be achieved. The forward-looking statements include statements about future operations, and estimates of reserve and production volumes. Forward-looking statements are based on current expectations and assumptions and analyses made by the Company in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: our limited liquidity and the Company's ability to repay outstanding loans when due; the Company's ability to continue as a going concern; reduction in the borrowing base of the Company's credit facility; the risks of the oil and natural gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas); risks and uncertainties involving geology of oil and natural gas deposits; the uncertainty of reserve estimates; revisions to reserve estimates as a result of changes in commodity prices; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather; declines in oil and natural gas prices; inability of management to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change.  The Company's annual report on Form 10-K for the year ended December 31, 2017, quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. The Company undertakes no obligation to revise or update publicly any forward-looking statements, except as required by law.