Exhibit 99.1
 |
Yuma
Energy, Inc.
|
NEWS
RELEASE
Yuma Energy, Inc. Announces Upsizing and Pricing of Public Offering
of Common Stock
HOUSTON, TX – (PR Newswire – September 29, 2017)
– 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 cgoltermann@northlandcapitalmarkets.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
jschroeder@europac.net.
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.”
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Forward-Looking Statements
This
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the
“Securities Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).
Statements that are not strictly historical statements constitute
forward-looking statements and may often, but not always, be
identified by the use of such words as “expects,”
“believes,” “intends,”
“anticipates,” “plans,”
“estimates,” “potential,”
“possible,” or “probable” or statements
that certain actions, events or results “may,”
“will,” “should,” or “could” be
taken, occur or be achieved. Examples of forward-looking statements
include, among others, statements relating to Yuma’s
expectations regarding the completion, timing and size of the
public offering and its intentions with respect to the use of net
proceeds from the public offering. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based on current expectations and assumptions and
analyses made by Yuma in light of experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors appropriate under the
circumstances. Forward-looking statements involve risks and
uncertainties, which could cause actual results to differ
materially, and reported results should not be considered as an
indication of future performance. These risks and uncertainties
include, but are not limited to, those relating to completion of
the public offering on the anticipated terms or at all, market
conditions, the satisfaction of conditions to the closing of the
public offering, and other risks set forth in Yuma’s filings
with the SEC, including the risks set forth in the “Risk
Factors” section of the prospectus, Yuma’s annual
report on Form 10-K for the year ended December 31, 2016, recent
quarterly reports on Form 10-Q, recent current reports on Form 8-K,
and other SEC filings that discuss the risks that may affect its
business, results of operations, and financial condition. Yuma
undertakes no obligation to revise or update publicly any
forward-looking statements, except as required by law.
For more information, please contact:
James
J. Jacobs
Executive
Vice President, Treasurer and Chief Financial Officer
Yuma
Energy, Inc.
1177
West Loop South, Suite 1825
Houston,
TX 77027
Telephone:
(713) 968-7000
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