•  
BACK SEND PRINT-

Yuma Energy, Inc.
Yuma Energy, Inc. Announces Third Quarter 2017 Financial Results



November 14, 2017

Yuma Energy, Inc. (NYSE American: YUMA) (the "Company" or "Yuma") announced its financial results for the quarter ended September 30, 2017.

Third Quarter 2017 Highlights

  • Net average production of 2,348 Boe/d for the third quarter of 2017, a 53.5 percent increase over the third quarter of 2016.
  • Cash provided by operations of $4,472,028 for the nine months ended September 30, 2017, compared to cash used in operations of $927,802 in the same period in 2016.
  • Yuma's Permian Basin acreage position has increased to 3,068 acres (2,685 net acres) in Yoakum County, Texas to horizontally develop the San Andres Oil Play. Yuma is the operator of the acreage with an 87.5 percent working interest, and has spud its salt water disposal well and intends to drill its first joint venture well in 2017, as well as continue to acquire additional acreage within its 33,280 acre Area of Mutual Interest ("AMI").
  • Yuma's borrowing base on its credit facility was reaffirmed on September 8, 2017 at $40.5 million, with the next scheduled redetermination set for April 1, 2018.

Recent Developments

  • Yuma closed its common stock offering of 9,600,000 shares of common stock on October 3, and subsequently on October 31, 2017, the Underwriters exercised their overallotment option and purchased 500,000 additional shares of common stock to bring the total gross proceeds of the offering to $10,100,000 before deducting underwriters' fees and offering expenses.

Management Comments

Sam L. Banks, CEO of Yuma Energy, Inc., commented, "We have continued to increase our acreage position in the Permian Basin at very attractive prices and are currently preparing to drill our first horizontal well and salt water disposal well in the San Andres horizontal oil play. We intend to finish drilling operations for both wells in 2017 and to establish commercial production during the first quarter of 2018.  We continue to believe that increasing our exposure to the Permian Basin, and more specifically the San Andres horizontal oil play, will lead to significant shareholder value over time.  As can be seen in the results of our first three quarters, the merger with Davis has improved our cash flows and financial position and significantly increased our production."

Click here to read the full press release.

For more information:

Organization:
Yuma Energy, Inc.
www.yumaenergyinc.com


Link http://electricenergyonline.com/detail_news.php?ID=666665
BACK SEND PRINT
Most consulted news
Click here to try the new version of Electric Energy Online!