HOUSTON, April 23, 2020 /PRNewswire/ -- Yuma Energy,
Inc. (NYSE American: YUMA, OTC Pink: YUMAQ) ("Yuma," the "Company,"
"we" or "our") today announced that the Company has been notified
by the New York Stock Exchange (the "NYSE") that its common stock
has been suspended from trading on the NYSE American as it is "no
longer suitable for listing" pursuant to Section 1003(c)(iii) of
the NYSE American Company Guide. In reaching its delisting
determination, the NYSE noted the uncertainty as to the timing and
outcome of the Company's bankruptcy process in addition to the
ultimate effect of this process on the value of the Company's
common stock. As previously disclosed, on April 15, 2020, the
Company and certain subsidiaries (collectively "Debtors") announced
that they had filed voluntary Chapter 11 petitions ("Bankruptcy
Filings") for relief under the United States Bankruptcy Code
("Bankruptcy Code") in the U.S. Bankruptcy Court for the Northern
District of Texas.
The Company's common stock has commenced trading on the OTC Pink
marketplace ("OTC Pink") under the symbol "YUMAQ". The OTC
Pink is operated by the OTC Markets Group, Inc. which operates the
world's largest electronic marketplace for broker-dealers to trade
unlisted stocks. Investors can find quotes for the Company's
common stock on www.otcmarkets.com.
Bankruptcy Filings and Liquidation
The Bankruptcy Filings were a direct result of the continued
financial deterioration of the Debtors during 2020, reduced
commodity prices and economic effects of COVID-19, among other
factors. The Debtors currently intend to use the Chapter 11
process to implement the orderly liquidation of their assets in an
effort to maximize values and recoveries for all stakeholders.
The Debtors are in the process of seeking court approval to
conduct an auction for all of their assets, which primarily consist
of operated and non-operated oil and gas interests located in
Louisiana, Texas, Wyoming and Oklahoma. The auction is
expected to occur within the first 90 days following the Bankruptcy
Filings made on April 15, 2020.
Should the collapse in oil prices continue and the Debtors'
production and cashflows further deteriorate, the bankruptcy
proceedings could be converted to a liquidation under Chapter 7 of
the Bankruptcy Code.
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.
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
View original
content:http://www.prnewswire.com/news-releases/yuma-energy-inc-announces-delisting-of-trading-on-the-nyse-american-exchange-301046496.html
SOURCE Yuma Energy, Inc.