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8-K - CURRENT REPORT - Yuma Energy, Inc. | yuma_8k.htm |
Exhibit
99.1
Yuma Energy,
Inc.
NEWS
RELEASE
Yuma Energy, Inc. Announces Closing of Upsized Public Offering of
Common Stock
HOUSTON, TX – (PR Newswire – October 3, 2017) –
Yuma Energy, Inc. (NYSE American: YUMA) (the
“Company” or “Yuma”) today announced the closing of its previously
announced underwritten public offering of 9,600,000 shares of its
common stock at a public offering price of $1.00 per share for
aggregate gross proceeds of $9,600,000, before deducting
underwriting discounts, commissions and offering expenses. In
addition, Yuma has granted the underwriters a 30-day option to
purchase up to an additional 1,440,000 shares of its common stock
at the public offering price of $1.00 per share, to cover
over-allotments, if any.
Yuma intends to use the net proceeds from the offering to expand
its horizontal San Andres play located in Yoakum County, Texas.
Specifically, these funds will provide for additional leasehold
acquisitions in the Permian Basin, the drilling of a San Andres
horizontal oil well along with a Devonian salt water disposal well
and other field infrastructure, and for general working capital
purposes.
Northland Capital Markets and Euro Pacific Capital acted as joint
book-running managers for the offering.
A registration statement on Form S-1 relating to these securities
has been filed with, and declared effective by, the U.S. Securities
and Exchange Commission (the “SEC”). The offering
of these securities was made only by means of a prospectus. A copy
of the final prospectus relating to the offering may be obtained
without charge by visiting the SEC’s website
at www.sec.gov or by contacting Northland Capital Markets
at 45 South Seventh Street, Suite 2000, Minneapolis, Minnesota
55402, by calling toll free at (800) 851-2920, or by
e-mailing cgoltermann@northlandcapitalmarkets.com or Euro
Pacific Capital at 1201 Dove Street, Suite 200, Newport Beach,
California 92660, attention: Jayson Schroeder, by calling toll free
at (800) 727-7922, or by e-mailing
jschroeder@europac.net.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 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. Examples of forward-looking statements
include, among others, statements relating to Yuma’s
expectations with respect to the use of net proceeds from the
public offering. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they 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. Forward-looking
statements involve risks and uncertainties, which could cause
actual results to differ materially, and reported results should
not be considered as an indication of future performance. These
risks and uncertainties include, but are not limited to, the risks
set forth in Yuma’s filings with the SEC, including the
risks set forth in the “Risk Factors” section of the
prospectus, Yuma’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 SEC filings that
discuss the risks 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.
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