15 Nov 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.6 million and a net loss of $2.1 million for the period ended 2016-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.6 million and a net loss of $2.1 million for the period ended 2016-09-30.
14 Nov 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.6 million and a net loss of $2.1 million for the period ended 2016-09-30.
14 Nov 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $3.6 million and a net loss of $2.1 million for the period ended 2016-09-30.
8 Nov 2016director interest notice● Neutral
Willem Mesdag became a Yuma Energy, Inc. 10%+ owner and company insider (initial ownership filing).
7 Nov 2016director interest notice● Neutral
Willem Mesdag became a Yuma Energy, Inc. 10%+ owner and company insider (initial ownership filing).
7 Nov 2016director interest notice● Neutral
Bain Capital Credit Member, LLC became a Yuma Energy, Inc. 10%+ owner and company insider (initial ownership filing).
1 Nov 2016business combination● NeutralMajor
On October 26, 2016 Yuma's shareholders approved all proposals and the Delaware reincorporation and the Davis merger were completed. Each Series A preferred share converted into 35 Yuma California common shares (including accrued unpaid dividends), then a 1-for-20 reverse split was applied. Davis holders received about 7,455,000 common shares and about 1,754,000 Series D preferred shares, leaving about 12,201,000 common shares outstanding. The old Yuma California Series A preferred and common listings were suspended from October 27, with a Form 25 filed and a Form 15 planned to end reporting obligations. This resolves the merger thread; the filing does not say whether the new Delaware company will be listed, so the end of reporting for the old securities is not itself a sign of equity being wiped out. Cutoff of the old preferred and common is through conversion to new Yuma Delaware common stock.
28 Oct 2016listing compliance notice● NeutralMajor
Yuma Energy, Inc.'s exchange filed to remove a class of its securities from listing.
28 Oct 2016listing compliance notice● NeutralMajor
Yuma Energy, Inc.'s exchange filed to remove a class of its securities from listing.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. President and CEO Sam L. Banks acquired 510,929 shares and disposed of 190,832 in a set of related equity transactions.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. Chief Financial Officer James J Jacobs acquired 264,481 shares and disposed of 98,784 in a set of related equity transactions.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. EVP and COO Paul D. Mckinney acquired 420,765 shares and disposed of 115,079 in a set of related equity transactions.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. director Frank Alan Lodzinski received 420,345 shares as part of the equity award.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. director Ben T Morris received 367,802 shares as part of the equity award.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. director James W Christmas received 420,345 shares as part of the equity award.
20 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. director Richard K Stoneburner received 420,345 shares as part of the equity award.
19 Oct 2016director interest notice● Neutral
Yuma Energy, Inc. EVP and COO Paul D. Mckinney had 13,332 shares withheld for taxes on vesting stock.
29 Sept 2016business combination▲ Good
Yuma and Davis announced that both special shareholder meetings will be held on October 26, 2016 (Yuma at 8:00 a.m., Davis at 9:00 a.m. in Houston). Yuma's record date is September 1, 2016 and Davis's is September 22, 2016. The filing states the SEC declared the Form S-4 effective on September 22, 2016, which clears the main condition the lenders had tied to the credit agreement waiver, and the merger is expected to close in the fourth quarter of 2016. Closing still requires shareholder approval and NYSE MKT listing of the new shares.
23 Sept 2016business combination● NeutralMajor
Yuma filed its final proxy statement asking shareholders to approve the Davis Petroleum merger, the move to Delaware, and a reverse split of between 1-for-10 and 1-for-20 (Yuma board's choice). Series A preferred would convert into 1.75 to 3.5 Yuma Delaware common shares each (the filing's range depends on the split). Assuming a 1-for-10 split, Davis common holders would get about 14.5 million Yuma Delaware common shares and Davis preferred holders about 3.3 million Series D preferred shares, leaving former Davis common holders with about 61.1% and existing Yuma common and preferred holders about 38.9%. The Yuma board unanimously recommends voting for all proposals, which need a majority of common and two-thirds of Series A preferred and are all linked. This continues the merger thread and moves it to the shareholder vote.
6 Sept 2016business combination● NeutralMajor
On September 2, 2016 Yuma and Davis amended the merger agreement to push the outside date from September 30 to October 31, 2016, which meets the lender condition set on August 25. The amendment also lets Yuma's board set the reverse split anywhere from 10-for-1 up to 20-for-1 (previously 1-for-10), and lets Davis's board reallocate employee bonuses without raising the total. The filing says the Form S-4 has been filed but does not say it is effective.
25 Aug 2016material agreement● NeutralMajor
On August 25, 2016 Yuma Exploration signed a Waiver and Amendment to the Tenth Amendment, curing the August default situation: it waives the $9.8 million lump-sum payment due August 17 and the covenant breaches through June 30, 2016. The borrowing base still drops by $9.8 million to $20.0 million when the Tenth Amendment ends, unless lenders set another amount or a new facility is put in place with the merger. It now ends at the earliest of September 23, 2016 (S-4 not effective), 47 days after S-4 effectiveness, October 31, 2016, September 6, 2016 if the merger agreement's end date is not extended to at least October 31, or merger termination. This resolves the August 19 default notice for now but keeps the lenders on a short leash tied to the merger.
19 Aug 2016debt financing▼ BadMajor
The Tenth Amendment ended on August 15, 2016 because the Form S-4 was not declared effective. The borrowing base automatically fell to $20.0 million against $29.8 million outstanding, and the $9.8 million payment due within two days was not made, which is an event of default. On August 19 the agent sent a notice of defaults (also citing June 30, 2016 covenant breaches) and reserved all rights; lenders could accelerate the $29.8 million and add 2.0% to the interest rate but had not done either, and no extension had been obtained. This is the credit trouble flagged in the Dec 2015 deadlines now materialising.
15 Aug 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $1.9 million and a net loss of $15.1 million for the period ended 2016-06-30.
15 Aug 2016quarterly activities report▼ Bad
Yuma Energy, Inc. reported quarterly revenue of $1.9 million and a net loss of $15.1 million for the period ended 2016-06-30.
15 July 2016director interest notice● Neutral
Yuma Energy, Inc. Chief Financial Officer James J Jacobs had 10,858 shares withheld for taxes on vesting stock.
12 July 2016director interest notice● Neutral
Yuma Energy, Inc. Chief Financial Officer James J Jacobs had 39,810 shares withheld for taxes on vesting stock.
12 July 2016director interest notice● Neutral
Yuma Energy, Inc. EVP and COO Paul D. Mckinney had 56,935 shares withheld for taxes on vesting stock.
12 July 2016director interest notice● Neutral
Yuma Energy, Inc. President and CEO Sam L. Banks had 86,752 shares withheld for taxes on vesting stock.
6 June 2016debt financing● NeutralMajor
On June 6, 2016 (effective May 31) Yuma Exploration signed a Waiver and Tenth Amendment with Société Générale that keeps the borrowing base at $29.8 million instead of the scheduled drop to $20.0 million on May 31. The base falls by $9.8 million to $20.0 million when the amendment ends, which happens at the earliest of August 15, 2016 (if the Davis merger Form S-4 is not effective), 47 days after the S-4 is effective, September 30, 2016, or termination of the merger agreement. Covenant waivers were extended, including the no-going-concern audit requirement for 2015, and lender fees are payable. This tied the lenders' patience to the Davis merger timetable.