HOUSTON, May 23, 2017 /PRNewswire/ — Yuma Energy, Inc. (NYSE MKT: YUMA) (the “Company” or “Yuma”) today announced that it has sold certain oil and gas properties for $5.5 million located in Brazos County, Texas held by a wholly owned subsidiary and known as the El Halcón property. Yuma’s El Halcón property consisted of an average working interest of approximately 10% (1,557 net acres) producing approximately 140 Boe/d net from 50 Eagle Ford wells and one Austin Chalk well.
Yuma also announced that on May 19, 2017 the lenders under its bank credit facility reaffirmed the Company’s borrowing base of $44.0 million. Upon closing of the sale of the El Halcón property, the borrowing base was adjusted for the sale to $40.5 million. The next scheduled redetermination date under the credit facility will be September 15, 2017.
Sam L. Banks, Chief Executive Officer of the Company, commented, “The sale of the El Halcón oil and gas properties furthers our strategy of selling certain non-core assets, reducing our debt, improving our balance sheet and focusing our resources on our newly acquired Permian Basin acreage. We also consider the reaffirmation of our borrowing base by our lenders to be a positive step forward for our Company.”
About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware corporation, 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, the Permian Basin of west Texas, and California. Yuma has employed a 3-D seismic-based strategy to build an inventory of development and exploration prospects. Yuma’s operations are currently focused on onshore properties located in southern Texas, and the Permian Basin of west Texas. 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 our website at www.yumaenergyinc.com.