Attached files
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| EX-10.1 - WAIVER AND THIRD AMENDMENT TO CREDIT AGREEMENT DATED JULY 31, 2018 - Yuma Energy, Inc. | yuma_ex101.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report: July 31, 2018
(Date of earliest event reported)
Yuma Energy, Inc.
(Exact name of registrant as specified in its charter)
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DELAWARE
(State or other jurisdiction
of incorporation)
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001-37932
(Commission File Number)
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94-0787340
(IRS Employer Identification No.)
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1177 West Loop South, Suite 1825
Houston, Texas 77027
(Address of principal executive offices) (Zip Code)
(713) 968-7000
(Registrant’s telephone number, including area
code)
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(Former name or former address, if changed since last
report)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
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☐
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Written
communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01.
Entry into a Material Definitive Agreement.
On
July 31, 2018, Yuma Energy, Inc. (the “Company”)
entered into the Waiver and Third Amendment to Credit Agreement
(the “Amendment”) amending the Credit Agreement dated
October 26, 2016 and as amended on May 19, 2017 and May 8, 2018
(the “Credit Agreement”) among the Company and certain
of its subsidiaries (collectively, the “Borrowers”),
Société Générale, as administrative agent, and
the lenders and guarantors party thereto.
The
Amendment provides, among other things, (i) the waiver of the
Company’s compliance with its liquidity covenant requiring
the Company to maintain unrestricted cash and borrowing base
availability of at least $4.0 million, (ii) that the Company is
required to provide weekly cash flow forecasts and a monthly
accounts payable report to the lenders, and (iii) that a
redetermination of the borrowing base will occur on August 15,
2018.
The
preceding is a summary of the material provisions of the Amendment
and is qualified in its entirety by reference to the complete text
of the Amendment filed as Exhibit 10.1 to this Current Report on
Form 8-K and incorporated by reference herein.
Item
9.01.
Financial
Statements and Exhibits.
(d)
Exhibits.
The
following exhibit is filed with this Current Report on Form
8-K:
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Exhibit
No.
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Description
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Waiver
and Third Amendment to Credit Agreement dated July 31, 2018 among
Yuma Energy, Inc., Yuma Exploration and Production Company, Inc.,
Pyramid Oil LLC, Davis Petroleum Corp., Société
Générale, as Administrative Agent, and each of the
lenders and guarantors party thereto.
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SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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YUMA ENERGY, INC.
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By:
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/s/ Sam
L. Banks
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Name:
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Sam L.
Banks
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Date:
August 3, 2018
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Title:
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Chief
Executive Officer
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