HOUSTON, Sept. 29, 2017 /PRNewswire/ — Yuma Energy, Inc. (NYSE American: YUMA) (the “Company” or “Yuma”) today announced that it has upsized and priced an underwritten public offering of its common stock, consisting of 9,600,000 shares of 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. All of the shares are being offered by Yuma. 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, which if exercised in full would bring the aggregate gross proceeds to $11,040,000, before deducting underwriting discounts, commissions and offering expenses. The offering is expected to close on October 3, 2017, subject to the satisfaction of customary closing conditions.
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 are acting 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 is being made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained, when available, 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 email@example.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 firstname.lastname@example.org.
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.”