Yuma Energy sells certain TX oil and gas properties for $5.5M

Yuma Energy Inc. (NYSE MKT: YUMA) has sold certain oil and gas properties for $5.5 million located in Brazos County, Texas held by a wholly owned subsidiary and known as the El Halcón property. Yuma's El Halcón property consisted of an average working interest of approximately 10% (1,557 net acres) producing approximately 140 Boe/d net from 50 Eagle Ford wells and one Austin Chalk well. 

Yuma also announced that on May 19, 2017 the lenders under its bank credit facility reaffirmed the company's borrowing base of $44.0 million. Upon closing of the sale of the El Halcón property, the borrowing base was adjusted for the sale to $40.5 million. The next scheduled redetermination date under the credit facility will be September 15, 2017.

Sam L. Banks, CEO, commented, "The sale of the El Halcón oil and gas properties furthers our strategy of selling certain non-core assets, reducing our debt, improving our balance sheet and focusing our resources on our newly acquired Permian Basin acreage. We also consider the reaffirmation of our borrowing base by our lenders to be a positive step forward for ourcompany."

 

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