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.
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KlaymanToskes ("KT"), www.klaymantoskes.com, announced today that it is investigating the damages sustained during the Coronavirus ("COVID-19") pandemic by employees and investors who held large positions in Yuma Energy (NYSE:YUMA) stock at full-service brokerage firms. Investment portfolios holding large positions can carry significant downside risks. The investigation focuses on full-service brokerage firms’ negligence and mismanagement of large positions that resulted in employees and investors suffering substantial losses.
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.
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.
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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.
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.
HOUSTON , Sept. 25, 2019 /PRNewswire/ -- Yuma Energy, Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today announced that the Company has executed ...
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.
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.
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.
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.
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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").
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. The Company also continues to reduce its operating and general and administrative costs and has significantly curtailed its planned 2019 capital expenditures.
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.