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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yuma Energy Inc New | AMEX:YUMA | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.55 | 0 | 01:00:00 |
DELAWARE
(State or other jurisdiction of incorporation)
|
|
|
|
94-0787340
(IRS Employer Identification No.)
|
1177 West Loop South, Suite 1825
Houston, Texas
(Address of principal executive offices)
|
|
|
|
77027
(Zip Code)
|
|
|
(713) 968-7000
(Registrant’s telephone number, including area
code)
|
|
|
|
|
(Former name, former address and former fiscal year, if changed
since last report)
|
|
|
Larger
accelerated filer ☐
|
Accelerated filer
☐
|
Non-accelerated
filer ☐ (Do not check if a smaller reporting
company)
|
Smaller
reporting company ☒
|
|
Emerging growth
company ☐
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Financial
Statements (unaudited)
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets as of June 30, 2017 and December 31,
2016
|
4
|
|
|
|
|
|
|
Consolidated
Statements of Operations for the Three and Six Months Ended June
30, 2017 and 2016
|
6
|
|
|
|
|
|
|
Consolidated
Statement of Changes in Equity for the Six Months Ended June 30,
2017
|
7
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows for the Six Months Ended June 30, 2017 and
2016
|
8
|
|
|
|
|
|
|
Notes
to the Unaudited Consolidated Financial Statements
|
9
|
|
|
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
22
|
|
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
30
|
|
|
|
|
|
Item
4.
|
Controls
and Procedures
|
30
|
|
|
|
|
|
|
PART II – OTHER INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Legal
Proceedings
|
31
|
|
|
|
|
|
Item
1A.
|
Risk
Factors
|
31
|
|
|
|
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
31
|
|
|
|
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
31
|
|
|
|
|
|
Item
4.
|
Mine
Safety Disclosures
|
31
|
|
|
|
|
|
Item
5.
|
Other
Information
|
31
|
|
|
|
|
|
Item
6.
|
Exhibits
|
32
|
|
|
|
|
|
|
Signatures
|
33
|
|
Three
Months Ended
June 30, |
Six
Months Ended
June 30, |
||
|
2017
|
2016
|
2017
|
2016
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
Sales
of natural gas and crude oil
|
$
6,554,704
|
$
3,351,956
|
$
13,699,128
|
$
5,530,888
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
Lease
operating and production costs
|
3,059,124
|
1,091,079
|
5,720,388
|
2,077,776
|
General
and administrative – stock-based
|
|
|
|
|
compensation
|
385,097
|
1,087,471
|
436,832
|
1,284,395
|
General
and administrative – other
|
1,906,629
|
4,270,733
|
4,082,631
|
6,436,247
|
Depreciation,
depletion and amortization
|
2,763,444
|
2,044,105
|
5,904,384
|
3,832,330
|
Asset
retirement obligation accretion expense
|
141,454
|
55,016
|
280,023
|
107,075
|
Impairment
of oil and gas properties
|
-
|
7,700,296
|
-
|
17,548,183
|
Bad
debt expense
|
73,513
|
12,562
|
73,513
|
15,750
|
Total
expenses
|
8,329,261
|
16,261,262
|
16,497,771
|
31,301,756
|
|
|
|
|
|
LOSS
FROM OPERATIONS
|
(1,774,557
)
|
(12,909,306
)
|
(2,798,643
)
|
(25,770,868
)
|
|
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
|
|
Net
gains (losses) from commodity derivatives
|
2,138,080
|
(745,652
)
|
5,694,863
|
(289,338
)
|
Interest
expense
|
(482,285
)
|
(71,130
)
|
(978,376
)
|
(113,838
)
|
Gain
(loss) on other property and equipment
|
(70,874
)
|
-
|
484,768
|
-
|
Other,
net
|
5,659
|
13,465
|
42,067
|
13,465
|
Total
other income (expense)
|
1,590,580
|
(803,317
)
|
5,243,322
|
(389,711
)
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
(183,977
)
|
(13,712,623
)
|
2,444,679
|
(26,160,579
)
|
|
|
|
|
|
Income
tax expense (benefit)
|
(20,581
)
|
(29,371
)
|
5,950
|
(26,769
)
|
|
|
|
|
|
NET
INCOME (LOSS)
|
(163,396
)
|
(13,683,252
)
|
2,438,729
|
(26,133,810
)
|
|
|
|
|
|
PREFERRED
STOCK:
|
|
|
|
|
Dividends
paid in kind
|
349,300
|
325,869
|
688,910
|
646,148
|
|
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO
|
|
|
|
|
COMMON
STOCKHOLDERS
|
$
(512,696
)
|
$
(14,009,121
)
|
$
1,749,819
|
$
(26,779,958
)
|
|
|
|
|
|
INCOME
(LOSS) PER COMMON SHARE:
|
|
|
|
|
Basic
|
$
(0.04
)
|
$
(1.88
)
|
$
0.14
|
$
(3.60
)
|
Diluted
|
$
(0.04
)
|
$
(1.88
)
|
$
0.14
|
$
(3.60
)
|
|
|
|
|
|
WEIGHTED
AVERAGE NUMBER OF
|
|
|
|
|
COMMON
SHARES OUTSTANDING:
|
|
|
|
|
Basic
|
12,235,286
|
7,442,381
|
12,223,337
|
7,448,222
|
Diluted
|
12,235,286
|
7,442,381
|
12,407,996
|
7,448,222
|
|
Preferred Stock
|
Common Stock
|
Additional Paid-in Capital
|
Treasury
Stock
|
Accumulated Deficit
|
Stockholders' Equity
|
||
|
Shares
|
Value
|
Shares
|
Value
|
|
|
|
|
December 31, 2016
|
1,776,718
|
$
1,777
|
12,201,884
|
$
12,202
|
$
43,877,563
|
$
-
|
$
(12,386,668
)
|
$
31,504,874
|
Net
income
|
-
|
-
|
-
|
-
|
-
|
-
|
2,438,729
|
2,438,729
|
Payment
of Series "D" dividends in kind
|
62,209
|
62
|
-
|
-
|
688,848
|
-
|
(688,910
)
|
-
|
Stock
awards vested
|
-
|
-
|
29,729
|
30
|
(30
)
|
-
|
-
|
-
|
Restricted
stock awards issued
|
-
|
-
|
329,491
|
329
|
(329
)
|
-
|
-
|
-
|
Restricted
stock awards forfeited
|
-
|
-
|
(2,213
)
|
(2
)
|
2
|
-
|
-
|
-
|
Amortization
of stock-based compensation
|
-
|
-
|
-
|
-
|
392,325
|
-
|
-
|
392,325
|
Treasury
stock - surrendered to settle
|
|
|
|
|
|
|
|
|
employee
tax liabilities
|
-
|
-
|
-
|
-
|
-
|
(23,270
)
|
-
|
(23,270
)
|
June 30, 2017
|
1,838,927
|
$
1,839
|
12,558,891
|
$
12,559
|
$
44,958,379
|
$
(23,270
)
|
$
(10,636,849
)
|
$
34,312,658
|
|
Six Months Ended June 30,
|
|
|
2017
|
2016
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
Reconciliation
of net income (loss) to net cash provided by (used in)
|
|
|
operating
activities:
|
|
|
Net
income (loss)
|
$
2,438,729
|
$
(26,133,810
)
|
Depreciation,
depletion and amortization of property and equipment
|
5,904,384
|
3,832,330
|
Impairment
of oil and gas properties
|
-
|
17,548,183
|
Amortization
of debt issuance costs
|
172,826
|
-
|
Net
deferred income tax benefit
|
-
|
(26,769
)
|
Stock-based
compensation expense
|
436,832
|
1,284,395
|
Settlement
of asset retirement obligations
|
(227,346
)
|
(17,890
)
|
Accretion
of asset retirement obligation
|
280,023
|
107,075
|
Bad
debt expense
|
73,513
|
15,750
|
Net
(gains) losses from commodity derivatives
|
(5,694,863
)
|
289,338
|
Gain
on sales of fixed assets
|
(556,141
)
|
-
|
Loss
on write-off of abandoned facilities
|
71,373
|
-
|
Gain
on write-off of liabilities net of assets
|
(34,835
)
|
-
|
Changes
in assets and liabilities:
|
|
|
Decrease
in accounts receivable
|
426,945
|
1,273,576
|
(Increase)
decrease in prepaids, deposits and other assets
|
521,167
|
269,522
|
(Decrease)
increase in accounts payable and other current and
|
|
|
non-current
liabilities
|
(923,200
)
|
(884,576
)
|
|
|
|
NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
2,889,407
|
(2,442,876
)
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|
|
Capital
expenditures for oil and gas properties
|
(4,526,587
)
|
(8,858,743
)
|
Proceeds
from sale of oil and gas properties
|
5,400,563
|
-
|
Proceeds
from sale of other fixed assets
|
641,556
|
-
|
Derivative
settlements
|
550,675
|
1,059,900
|
|
|
|
NET
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
|
2,066,207
|
(7,798,843
)
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|
|
Proceeds
from borrowings
|
-
|
9,000,000
|
Net
repayments on the senior credit facility
|
(7,500,000
)
|
-
|
Repayments
of borrowings - insurance financing
|
(512,783
)
|
-
|
Debt
issuance costs
|
(2,152
)
|
-
|
Treasury
stock repurchases
|
(23,270
)
|
(389,740
)
|
|
|
|
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(8,038,205
)
|
8,610,260
|
|
|
|
NET
DECREASE IN CASH AND CASH EQUIVALENTS
|
(3,082,591
)
|
(1,631,459
)
|
|
|
|
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
3,625,686
|
4,064,094
|
|
|
|
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$
543,095
|
$
2,432,635
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Interest
payments (net of interest capitalized)
|
$
811,042
|
$
113,838
|
Income
tax payments
|
$
-
|
$
-
|
Supplemental
disclosure of significant non-cash activity:
|
|
|
(Increase)
decrease in capital expenditures financed by accounts
payable
|
$
(386,337
)
|
$
441,393
|
|
Six Months Ended
|
|
June 30, 2017
|
Asset
retirement obligations at December 31, 2016
|
$
10,196,383
|
Liabilities
incurred
|
-
|
Liabilities
settled
|
(99,594
)
|
Liabilities
sold
|
(418,527
)
|
Accretion
expense
|
280,023
|
Revisions
in estimated cash flows
|
70,145
|
|
|
Asset
retirement obligations at June 30, 2017
|
$
10,028,430
|
|
June 30,
|
December 31,
|
|
2017
|
2016
|
|
|
|
Senior
credit facility
|
$
32,000,000
|
$
39,500,000
|
Installment
loan due 7/15/17 originating from the financing of
|
|
|
insurance
premiums at 4.38% interest rate
|
86,558
|
599,341
|
Total
debt
|
32,086,558
|
40,099,341
|
Less:
current maturities
|
(86,558
)
|
(599,341
)
|
Total
long-term debt
|
$
32,000,000
|
$
39,500,000
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Production
volumes:
|
|
|
|
|
Crude
oil and condensate (Bbls)
|
66,242
|
39,297
|
142,640
|
74,015
|
Natural
gas (Mcf)
|
786,111
|
646,020
|
1,685,538
|
1,046,385
|
Natural
gas liquids (Bbls)
|
35,092
|
20,117
|
68,566
|
50,379
|
Total (Boe)
(1)
|
232,353
|
167,084
|
492,129
|
298,792
|
Average
prices realized:
|
|
|
|
|
Crude
oil and condensate (per Bbl)
|
$
47.14
|
$
44.07
|
$
48.65
|
$
37.45
|
Natural
gas (per Mcf)
|
$
3.29
|
$
1.95
|
$
3.05
|
$
1.96
|
Natural
gas liquids (per Bbl)
|
$
24.05
|
$
17.87
|
$
23.61
|
$
14.16
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Sales
of natural gas and crude oil:
|
|
|
|
|
Crude
oil and condensate
|
$
3,122,848
|
$
1,731,952
|
$
6,938,780
|
$
2,771,640
|
Natural
gas
|
2,587,968
|
1,260,500
|
5,141,410
|
2,046,110
|
Natural
gas liquids
|
843,888
|
359,504
|
1,618,938
|
713,138
|
Total
revenues
|
$
6,554,704
|
$
3,351,956
|
$
13,699,128
|
$
5,530,888
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Lease
operating expenses
|
$
1,844,896
|
$
597,966
|
$
3,542,804
|
$
1,227,954
|
Severance,
ad valorem taxes and
|
|
|
|
|
marketing
|
1,214,228
|
493,113
|
2,177,584
|
849,822
|
Total
LOE
|
$
3,059,124
|
$
1,091,079
|
$
5,720,388
|
$
2,077,776
|
|
|
|
|
|
LOE
per Boe
|
$
13.17
|
$
6.53
|
$
11.62
|
$
6.95
|
LOE
per Boe without severance,
|
|
|
|
|
ad
valorem taxes and marketing
|
$
7.94
|
$
3.58
|
$
7.20
|
$
4.11
|
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
General
and administrative:
|
|
|
|
|
Stock-based
compensation
|
$
385,097
|
$
2,803,281
|
$
436,832
|
$
3,000,205
|
Capitalized
|
-
|
(1,715,810
)
|
-
|
(1,715,810
)
|
Net
stock-based compensation
|
385,097
|
1,087,471
|
436,832
|
1,284,395
|
|
|
|
|
|
Other
|
2,329,938
|
5,101,865
|
4,926,860
|
7,641,828
|
Capitalized
|
(423,309
)
|
(831,132
)
|
(844,229
)
|
(1,205,581
)
|
Net
other
|
1,906,629
|
4,270,733
|
4,082,631
|
6,436,247
|
|
|
|
|
|
Net
general and administrative expenses
|
$
2,291,726
|
$
5,358,204
|
$
4,519,463
|
$
7,720,642
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
DD&A
|
$
2,763,444
|
$
2,044,105
|
$
5,904,384
|
$
3,832,330
|
|
|
|
|
|
DD&A
per Boe
|
$
11.89
|
$
12.23
|
$
12.00
|
$
12.83
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Interest
expense
|
$
549,871
|
$
71,130
|
$
1,090,512
|
$
113,838
|
Interest
capitalized
|
(67,586
)
|
-
|
(112,136
)
|
-
|
Net
|
$
482,285
|
$
71,130
|
$
978,376
|
$
113,838
|
|
|
|
|
|
Bank
debt
|
$
32,000,000
|
$
9,000,000
|
$
32,000,000
|
$
9,000,000
|
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
||
|
2017
|
2016
|
2017
|
2016
|
Consolidated
net income (loss)
|
|
|
|
|
before
income taxes
|
$
(183,977
)
|
$
(13,712,623
)
|
$
2,444,679
|
$
(26,160,579
)
|
Income
tax expense (benefit)
|
$
(20,581
)
|
$
(29,371
)
|
$
5,950
|
$
(26,769
)
|
Effective
tax rate
|
11.19
%
|
0.21
%
|
0.24
%
|
0.10
%
|
|
June 30, 2017
|
December 31, 2016
|
||
|
Oil
|
Natural Gas
|
Oil
|
Natural Gas
|
Assets
|
|
|
|
|
Current
|
$
1,546,865
|
$
(40,159
)
|
$
-
|
$
-
|
Noncurrent
|
$
1,038,787
|
$
42,693
|
$
-
|
$
-
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
|
$
-
|
$
-
|
$
(24,140
)
|
$
(1,316,311
)
|
Noncurrent
|
$
-
|
$
-
|
$
(932,857
)
|
$
(282,694
)
|
|
of Shares
|
Price Paid
|
Announced Plans or
|
Purchased Under the Plans or
|
|
Purchased
(1)
|
Per Share
|
Programs
|
Programs
|
April 2017
|
-
|
-
|
-
|
-
|
May 2017
|
10,791
|
$
1.77
|
-
|
-
|
June 2017
|
-
|
-
|
-
|
-
|
|
|
|
|
||
|
|
YUMA ENERGY, INC.
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Sam
L. Banks
|
|
|
|
Name:
|
|
Sam L.
Banks
|
|
Date:
August 14, 2017
|
|
Title:
|
|
Chief
Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/
James J. Jacobs
|
|
Date:
August 14, 2017
|
|
Name:
|
|
James
J. Jacobs
|
|
|
|
Title:
|
|
Chief
Financial Officer (Principal Financial Officer)
|
|
1 Year Yuma Energy Chart |
1 Month Yuma Energy Chart |
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