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8-K - CURRENT REPORT - Yuma Energy, Inc. | yuma_8k.htm |
Exhibit 99.1
Yuma Energy, Inc.
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NEWS
RELEASE
Yuma Energy, Inc. Announces Reaffirmation of its Borrowing Base at
$40.5 Million
HOUSTON, TX – (PR Newswire – September 12, 2017)
– Yuma Energy, Inc. (NYSE American: YUMA) (the
“Company” or “Yuma”) today announced that, as a result of its
lenders’ semiannual review, the borrowing base under its
revolving credit facility has been reaffirmed at $40.5
million. The next regularly scheduled borrowing base
redetermination is expected to occur on or about April 1,
2018.
About Yuma Energy, Inc.
Yuma Energy, Inc. 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, Yuma’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. More
recently, Yuma has begun acquiring acreage in Yoakum County, Texas,
with plans to explore and develop oil and natural gas assets in the
Permian Basin. Finally, Yuma has operated positions in Kern County,
California, and non-operated positions in the East Texas Woodbine
and the Bakken Shale in North Dakota. Yuma’s 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: the risks of the oil and 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. The Company’s
annual report on Form 10-K for the year ended December 31, 2016,
recent 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 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:
James
J. Jacobs
Executive
Vice President, Treasurer and Chief Financial Officer
Yuma
Energy, Inc.
1177
West Loop South, Suite 1825
Houston,
TX 77027
Telephone:
(713) 968-7000