Blueprint
Exhibit 99.1
NEWS
RELEASE
NYSE American Notifies Yuma Energy, Inc. About
Low Share Price Continued Listing Deficiency
HOUSTON, TX – (PR Newswire – January 10, 2019) –
Yuma Energy, Inc. (NYSE American: YUMA) (the
“Company”) today announced
that on January 4, 2019, it received a deficiency letter
(“Letter”) from the NYSE American LLC (the “NYSE
American”) stock exchange indicating that pursuant to
Section 1003(f)(v) of the NYSE American Company Guide,
the Company’s common stock has been selling for a low price
per share for a substantial period of time. Accordingly, the Letter
states that the Company must demonstrate an improved share price
improvement or effect a reverse stock split of its common stock by
no later than July 4, 2019, in order to maintain the listing of the
Company’s common stock on the NYSE
American.
As previously reported, the Company has retained Seaport Global
Securities LLC, an investment banking firm, to advise the
Company on its strategic and tactical alternatives, including
possible mergers, acquisitions and divestitures.
The
Company will continue to consider opportunities that are in the
best interests of the Company and its stockholders, with respect to
specific measures regarding the continued listing of the
Company’s common stock on the NYSE American, including the
potential to seek approval of the Company’s stockholders to
permit its Board to effect a reverse stock split of the
Company’s common stock. If the Company is unable to
regain compliance, the NYSE American will initiate procedures to
suspend and delist the Company’s common stock. In the
interim, the Company’s common stock continues to be listed on
the NYSE American, under the trading symbol “YUMA”,
subject to the Company’s compliance with other continued
listing requirements and subject to the trading price remaining
above a required $0.06 minimum per share. The NYSE American
will add the designation of “.BC” to indicate that the
Company is below compliance with the listing standards set forth in
the NYSE American Company Guide. The NYSE American notification of
continued listing deficiency does not affect the Company’s
business operations or its reporting obligations under the
Securities and Exchange Commission (“SEC”)
regulations.
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 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. In addition, during 2017 the
Company began acquiring acreage in Yoakum County, Texas, with plans
to explore and develop oil and natural gas assets in the Permian
Basin. Finally, the Company has operated positions in Kern County,
California, and non-operated positions in the East Texas Woodbine.
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”).
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, 2017, 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:
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