Attached files
Exhibit 99.1
NEWS
RELEASE
YUMA ENERGY, INC. ANNOUNCES STOCKHOLDER APPROVAL OF THE MERGER WITH
DAVIS PETROLEUM ACQUISITION CORP., CONVERSION OF ITS SERIES A
PREFERRED STOCK INTO COMMON STOCK, A 1-FOR-20 REVERSE COMMON STOCK
SPLIT, AND A REINCORPORATION IN DELAWARE
HOUSTON,
TEXAS – October 26, 2016 – Yuma Energy, Inc. (NYSE MKT:
YUMA) (“Yuma”) announced today that its stockholders
and the stockholders of Davis Petroleum Acquisition, Inc. have
approved the merger of the two companies and all of the other
approvals relating to the merger, including reincorporation of Yuma
in Delaware. Also, in connection with the merger and the
stockholder approval, Yuma converted each share of its existing
Series A Preferred Stock into 35 shares of common stock, and
subsequently completed a 1-for-20 reverse split of its common
stock.
Computershare,
the Company’s transfer agent, will mail letters of
transmittal to all Yuma stockholders of record with instructions on
how to deliver their stock certificates in connection with
Yuma’s reincorporation into Delaware. Yuma stockholders
should not surrender their stock certificates until they have
completed their letter of transmittal.
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,
primarily in the U.S. Gulf Coast and California. Yuma has employed
a 3-D seismic-based strategy to build a multi-year inventory of
development and exploration prospects. Yuma's operations are
currently focused on onshore properties located in central and
southern Louisiana, where it is targeting the Austin Chalk,
Tuscaloosa, Wilcox, Frio, Marg Tex and Hackberry formations. 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 Yuma's 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, estimates of reserve and production volumes, and the
anticipated timing for closing the proposed merger. 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: problems may arise in
the integration of the operations of Yuma and Davis Petroleum
Acquisition Corp.; the risks of exploration and production segment
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 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; declines in oil and 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/A for the year ended
December 31, 2015, quarterly reports on Form 10-Q, recent current
reports on Form 8-K, and other Securities and Exchange Commission
("SEC") filings discuss some of the important risk factors
identified that may affect Yuma’s 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
Treasurer
and Chief Financial Officer
Yuma
Energy, Inc.
1177
West Loop South, Suite 1825
Houston,
Texas 77027
Telephone:
(713) 968-7000