HOUSTON, Sept. 25, 2019 /PRNewswire/ -- Yuma Energy, Inc.
(NYSE American: YUMA) ("Yuma," the "Company," "we" or "our") today
announced that the Company has executed a settlement agreement
with Sam Banks ("Banks"), the former
Chief Executive Officer of the Company. Yuma made no
admission of liability under the settlement agreement but agreed to
fully settle the matter by way of compromise. The agreement
resolves claims that Banks asserted against Yuma in relation to his
termination.
"This settlement represents another step in our restructuring
process as it eliminates ongoing legal costs and unnecessary
management time," said Anthony C.
Schnur, Yuma's Interim Chief Executive Officer and Chief
Restructuring Officer. "We continue to seek to execute on our
objectives of reducing our liabilities, lowering operational costs
and improving our balance sheet."
Continuing Uncertainty
The Company's audited
consolidated financial statements for the year ended December 31, 2018, included a going concern
qualification. The risk factors and uncertainties described in our
Securities and Exchange Commission ("SEC") filings for the year
ended December 31, 2018, the quarter
ended March 31, 2019, and the quarter
ended June 30, 2019 raise substantial
doubt about the Company's ability to continue as a going
concern.
About Yuma Energy, Inc.
Yuma Energy, Inc., a
Delaware corporation, 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, the Company's activities have
focused on inland and onshore properties, primarily located in
central and southern Louisiana and
southeastern Texas. Its common stock is listed on the NYSE
American under the trading symbol "YUMA."
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"). Any and all 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 such
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. The Company's annual report
on Form 10-K for the year ended December 31,
2018, quarterly reports on Form 10-Q, recent current reports
on Form 8-K, and other SEC filings discuss some of the important
risk factors identified that may affect its business, results of
operations, and financial condition. The Company undertakes no
obligation to revise or update publicly any forward-looking
statements, except as required by law.
For more information, please contact
M. Carol Coale
Managing Director
Dennard Lascar Investor
Relations
1800 West Loop South, Suite 200
Houston, TX 77027
713-529-6600
ccoale@dennardlascar.com
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SOURCE Yuma Energy, Inc.