Yuma Energy, Inc. (NYSEMKT:PDO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
First Amendment to Credit Agreement and Borrowing Base
Redetermination (the Amendment) amending the Credit Agreement
dated October 26, 2016 (the Credit Agreement) among the Company
and certain of its subsidiaries (collectively, the Borrowers),
Socit Gnrale, as administrative agent, and the lenders and
guarantors party thereto.
required to be maintained by the Company was increased from
$3,000,000 to $4,000,000;
to an automatic reduction of $3,500,000 upon completion of
the Companys sale of certain oil and gas properties for
$5,500,000. Proceeds from the sale, net of customary closing
adjustments, are required to reduce the amount outstanding
under the Credit Agreement;
base under the Credit Agreement will occur on or about
September 15, 2017; and
Agreement continue in full force and effect.
Amendment and is qualified in its entirety by reference to the
complete text of the Amendment filed as Exhibit 10.1 to this
Current Report on Form 8-K and incorporated by reference herein.
the borrowing base redetermination and the sale of certain
non-core assets located in Brazos County, Texas. A copy of the
press release is included with this Current Report on Form 8-K as
Exhibit 99.1 and is incorporated herein by reference.
Form 8-K:
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Exhibit No.
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Description
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10.1
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First Amendment to Credit Agreement and Borrowing Base
Redetermination dated May 19, 2017 among Yuma Energy, Inc., Yuma Exploration and Production Company, Inc., Pyramid Oil LLC, Davis Petroleum Corp., Socit Gnrale, as Administrative Agent, and each of the lenders and guarantors party thereto. |
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99.1
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Press Release dated May 23, 2017.
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About Yuma Energy, Inc. (NYSEMKT:PDO)
Yuma Energy, Inc. is an independent exploration and production company. The Company is oil and gas company focused on the acquisition, development and exploration for conventional and unconventional oil and natural gas resources in the United States Gulf Coast and California. It has approximately 13.3 million barrel of oil equivalent (Boe) of proved reserves. Its operations are focused on onshore assets located in central and southern Louisiana, where it is targeting the Austin Chalk, Tuscaloosa, Wilcox, Frio, Marg Tex and Hackberry formations. In addition, it has a non-operated position in the Bakken Shale in North Dakota and operated positions in Kern and Santa Barbara Counties in California. Its Greater Masters Creek Field properties are located in the Austin Chalk Trend in west central Louisiana. It also has interests in La Posada, Livingston, Lake Fortuna Field, Gardner Island and Branville Bay, Kern County Field Area, Livingston 3-D Project and Amazon 3-D Project in Louisiana. Yuma Energy, Inc. (NYSEMKT:PDO) Recent Trading Information
Yuma Energy, Inc. (NYSEMKT:PDO) closed its last trading session down -4.157 at 0.963 with shares trading hands.
