23 May 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.3 million and a net loss of $3.7 million for the period ended 2016-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 May 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.3 million and a net loss of $3.7 million for the period ended 2016-03-31.
16 May 2016late filing notice▼ Bad
Yuma Energy, Inc. notified the SEC that its quarterly report would be filed late.
6 Apr 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.3 million and a net loss of $3.7 million for the period ended 2016-03-31.
16 Feb 2016capital raising announcement● Neutral
This amendment to the February 10, 2016 Davis Petroleum merger filing only replaces Exhibit 2.1 (the merger agreement, which had left out Exhibit I and had formatting errors) and Exhibit 10.1 (a minor typo). The filing states no disclosure changed, so the deal terms are the same as already reported.
12 Feb 2016business combination● NeutralMajor
On February 10, 2016 Yuma signed a merger agreement with Davis Petroleum Acquisition Corp. Yuma will first reincorporate in Delaware with a 1-for-10 reverse split, with each Series A preferred share converting into 3.5 common shares (including accrued dividends), then merge with Davis. Davis common holders will receive about 61.1% of the combined company's common stock, and Davis preferred holders about 3.3 million new Series D preferred shares ($18.7 million liquidation preference). Existing Yuma common holders will be substantially diluted. The deal needs two-thirds approval of Series A holders, both companies' shareholder votes, Davis's audited 2015 financials and an effective Form S-4. It must close by September 30, 2016 or either side may terminate, and a $1.5 million fee may be payable in some terminations. Sam Banks (about 57.2% holder) has agreed to vote in favor. This is plausibly the response to the credit agreement's March 31, 2016 requirement, though the filing does not say so (inference). Banks stays as CEO, Paul McKinney as COO and James Jacobs as CFO.
5 Jan 2016material agreement▼ BadMajor
On December 30, 2015 Yuma Exploration signed a Waiver, Borrowing Base Redetermination and Ninth Amendment with Société Générale. The borrowing base falls from $35.0 million to $29.8 million and automatically drops to $20.0 million on May 31, 2016 unless the lenders set a different amount. The lenders waived the debt-to-EBITDA covenant for the quarter ended September 30, 2015 and any failure on certain financial covenants for the quarter ended December 31, 2015. Yuma must hire an investment bank by February 6, 2016 and by March 31, 2016 either secure underwritten capital sufficient to cover any borrowing base shortfall or sign a definitive deal for a third party to acquire all or substantially all of its assets. This is a sharp escalation from the earlier small cuts.
16 Nov 2015quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $8.5 million and a net loss of $90 thousand for the period ended 2015-09-30.
16 Nov 2015quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $8.5 million and a net loss of $90 thousand for the period ended 2015-09-30.
14 Aug 2015quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.8 million and a net loss of $9.5 million for the period ended 2015-06-30.
14 Aug 2015quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.8 million and a net loss of $9.5 million for the period ended 2015-06-30.
12 Aug 2015material agreement▼ Bad
On July 27, 2015 Yuma Exploration signed an Eighth Amendment to its Société Générale credit agreement, reducing the borrowing base from $36.0 million to $35.0 million ($33.5 million conforming, $1.5 million non-conforming) until the next redetermination on October 1, 2015. This continues the stepwise reduction seen in April.
7 July 2015production update▲ GoodMajor
Yuma announced its Talbot 23-1 well (45% interest) tested at about 7.0 MMcf/d and 180 Bbl/d of condensate gross on June 23, 2015, adding about 431 BOE/d net, which the company says is roughly a 24% increase on its first-quarter 2015 average of about 1,794 BOE/d. This follows the February update on the Talbot drilling. The Crosby 14-1 well, reported in February as being cleaned out, failed to establish sustainable production and is being temporarily abandoned. Artificial lift raised output at the Livingston wells, the Bullock A-1 well and others. Cat Canyon's first operated well is still being permitted.
15 May 2015quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $5.6 million and a net loss of $3.7 million for the period ended 2015-03-31.
15 May 2015quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $5.6 million and a net loss of $3.7 million for the period ended 2015-03-31.
22 Apr 2015material agreement▼ BadMajor
On April 7, 2015 Yuma Exploration signed a Seventh Amendment to its Société Générale credit agreement, cutting the borrowing base from $40.0 million to $36.0 million ($33.0 million conforming, $3.0 million non-conforming) until the next redetermination on June 15, 2015. This resolves the February 1 redetermination thread and is a smaller amount of credit available than before.
5 Feb 2015production update● Neutral
Yuma issued an operational update on its properties. Fourth-quarter 2014 output at La Posada (12.5% interest) averaged 4.7 MMcf/d of gas and 87 Bbl/d of oil net, and was about 5.5 MMcf/d and 99 Bbl/d net at the filing date after new water-handling equipment. Several fields had downtime from repairs. The Crosby 14-1 Austin Chalk well (61% interest) was not yet flowing and was being cleaned out, and the Talbot 23 No. 1 well (about 45% interest) logged about 45 feet of hydrocarbon-bearing Marg Tex sands, with total depth expected by mid-February 2015. The company is reviewing the timing of its Glacier prospect due to market conditions.
29 Jan 2015material agreement● NeutralMajor
On January 23, 2015 Yuma Exploration signed a Sixth Amendment to its August 10, 2011 credit agreement with Société Générale. The borrowing base stays at $40.0 (the filing gives no unit) until the next review on February 1, 2015, and the company may issue more series of preferred stock under restrictions. The parent pledged its Yuma Exploration stock, Yuma Exploration pledged its interest in Pyramid Oil LLC, and the California properties held by Pyramid Oil were mortgaged to the lenders. This continues the October 2014 credit amendment.
29 Dec 2014material agreement● Neutral
On December 19, 2014 Yuma signed a sales agreement with MLV & Co. to sell up to $18,829,742 of common stock and 9.25% Series A preferred stock from time to time on the market, under its existing shelf registration. MLV earns up to 6.0% commission on sales. Any sales could add new shares, but the filing does not say any have been made.
19 Dec 2014securities registration● Neutral
Yuma Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
14 Nov 2014quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $10.2 million and a net loss of $11.2 million for the period ended 2014-09-30.
14 Nov 2014quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $10.2 million and a net loss of $11.2 million for the period ended 2014-09-30.
23 Oct 2014listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Yuma Energy, Inc.'s securities for listing, clearing them to begin trading.
20 Oct 2014securities registration● Neutral
Yuma Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
17 Oct 2014securities registration● Neutral
Yuma Energy, Inc. filed a free-writing prospectus - marketing material for an offering in progress.
14 Oct 2014securities registration● Neutral
Yuma Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
14 Oct 2014material agreement● Neutral
On October 14, 2014, Yuma's subsidiary Yuma Exploration and Production signed a Fifth Amendment to its credit agreement with Société Générale and its lenders. It lets the subsidiary send cash to the parent to pay dividends on Series A Cumulative Redeemable Preferred Stock, subject to limits, and requires majority lender approval before any Series A preferred is redeemed. This is the first mention of the bank credit facility in this history.
22 Sept 2014substantial holder notice● Neutral
Sam L. Banks disclosed a new substantial Yuma Energy, Inc. shareholding (57.70% of votes).
17 Sept 2014substantial holder notice● Neutral
Michael D. Herman reported a Yuma Energy, Inc. shareholding of 2,002,580 shares (2.81% of votes) in a periodic institutional filing.
16 Sept 2014business combination● NeutralMajor
The Yuma merger closed on September 10, 2014. About 66,336,701 Pyramid shares were issued to former Yuma holders, who now hold about 93.0% of the voting power, leaving about 71,224,786 shares outstanding, so original Pyramid shareholders were heavily diluted as the February 2014 deal planned. Pyramid was renamed Yuma Energy, Inc., shares began trading on the NYSE MKT as 'YUMA' on September 11, and the company stayed a California corporation as per the August amendment. Sam Banks became CEO, Michael Conlon President and COO, and Kirk Sprunger CFO; the board went to six Yuma directors, Herman and the other former Pyramid directors resigned, and Grant Thornton replaced SingerLewak as auditor.