HOUSTON, May 23, 2017 /PRNewswire/ -- Yuma Energy,
Inc. (NYSE MKT: YUMA) (the "Company" or "Yuma") today announced
that it has sold certain oil and gas properties for $5.5 million located in Brazos County, Texas held by a wholly owned
subsidiary and known as the El Halcón property. Yuma's El Halcón
property consisted of an average working interest of approximately
10% (1,557 net acres) producing approximately 140 Boe/d net from 50
Eagle Ford wells and one Austin
Chalk well.
Yuma also announced that on May 19,
2017 the lenders under its bank credit facility reaffirmed
the Company's borrowing base of $44.0
million. Upon closing of the sale of the El Halcón
property, the borrowing base was adjusted for the sale to
$40.5 million. The next
scheduled redetermination date under the credit facility will be
September 15, 2017.
Sam L. Banks, Chief Executive
Officer of the Company, commented, "The sale of the El Halcón oil
and gas properties furthers our strategy of selling certain
non-core assets, reducing our debt, improving our balance sheet and
focusing our resources on our newly acquired Permian Basin
acreage. We also consider the reaffirmation of our borrowing
base by our lenders to be a positive step forward for our
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,
primarily in the U.S. Gulf Coast, the Permian Basin of west
Texas, and California. Yuma
has employed a 3-D seismic-based strategy to build an inventory of
development and exploration prospects. Yuma's operations are
currently focused on onshore properties located in southern
Texas, and the Permian Basin of
west Texas. In addition, Yuma has a non-operated position in
the Bakken Shale in North Dakota
and operated positions in Kern and
Santa Barbara Counties in
California. Yuma's common
stock is traded on the NYSE MKT under the trading symbol "YUMA."
For more information about Yuma Energy, Inc., please visit our
website at www.yumaenergyinc.com.
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 Yuma 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: 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; further 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. Yuma's annual report on Form 10-K for the
year ended December 31, 2016,
quarterly reports on Form 10-Q, recent current reports on Form 8-K,
and other Securities and Exchange Commission filings discuss some
of the important risk factors identified that may affect its
business, results of operations, and financial condition. Yuma
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.