HOUSTON, Aug. 9, 2018 /PRNewswire/ -- Yuma Energy, Inc.
(NYSE American: YUMA) (the "Company" or "Yuma") today provided
information related to its liquidity and operations. The Company
also reported its financial results for the quarter ended
June 30, 2018.
Liquidity
As previously reported, the Company initiated several strategic
alternatives to remedy its limited liquidity (defined as cash on
hand and undrawn borrowing base), its financial covenant compliance
issues, and to provide it with additional working capital to
develop its existing assets. During the second quarter, the
Company entered into an Asset Purchase and Sale Agreement on
May 21, 2018 regarding its
Kern County, California
properties, including the sale of all of the Company's oil and gas
properties, fee properties, land, buildings, other property and
equipment in consideration of $4.7
million in gross proceeds and the buyer's assumption of
certain plugging and abandonment liabilities. The transaction
is scheduled to close by August 31,
2018. Upon the closing of the transaction, it is anticipated
that the majority of the proceeds will be applied to the repayment
of borrowings under the Company's credit facility. In
addition, the Company has reduced its personnel by eight employees
since December 31, 2017, a 24%
decrease, including five positions that were eliminated on
June 30, 2018. This brings the
Company's headcount to 26 employees as of June 30, 2018. It should also be noted
that, during the second quarter of 2018, the Company took
additional steps to further reduce its general and administrative
costs by reducing subscriptions, consultants and other
non-essential services, as well as eliminating certain of its
capital expenditures planned for 2018.
Additionally, the Company plans to take further steps to remedy
its limited liquidity which may include, but are not limited to,
further reducing or eliminating capital expenditures; entering into
additional commodity derivatives for a portion of the Company's
anticipated production; further reducing general and administrative
expenses; selling certain non-core assets; seeking merger and
acquisition related opportunities; and potentially raising proceeds
from capital markets transactions, including the sale of debt or
equity securities. There can be no assurance that the
exploration of strategic alternatives will result in a transaction
or otherwise remedy the Company's limited liquidity.
The Company has borrowings under its credit facility which
require, among other things, compliance with certain financial
ratios and covenants. Due to operating losses the
Company sustained during recent quarters, at June 30, 2018 the Company was not in compliance
under the credit facility with its (i) total debt to EBITDAX
covenant for the trailing four quarter period, (ii) current ratio
covenant, (iii) EBITDAX to interest expense covenant for the
trailing four quarter period, and (iv) the liquidity covenant
requiring the Company to maintain unrestricted cash and borrowing
base availability of at least $4.0
million. In addition, due to this non-compliance, the
Company classified its entire bank debt as a current liability in
its financial statements as of June
30, 2018. On July 31,
2018, the Borrowers entered into the Waiver and Third
Amendment to Credit Agreement (the "Third Amendment") with the
Lender. Pursuant to the Third Amendment, effective as of
June 30, 2018, the Borrowers were
granted a waiver for non-compliance from the liquidity covenant to
have cash and cash equivalent investments together with borrowing
base availability under the Credit Agreement of at least
$4.0 million. In addition, as
part of the Third Amendment, the Lenders requested that the
Borrowers provide weekly cash flow forecasts and a monthly accounts
payable report to the Lenders. The Third Amendment also
provides for a redetermination of the borrowing base on
August 15, 2018.
As of June 30, 2018, the Company
had outstanding borrowings of $35.0
million under its credit facility, and its total borrowing
base was $35.0 million, leaving no
undrawn borrowing base. Due to drilling activities and other
factors, the Company had a working capital deficit of $40.93 million (inclusive of the Company's
outstanding debt under its credit facility) and a loss from
operations of $2.90 million for the
six months ended June 30,
2018.
These breaches of the terms and conditions of the Credit
Agreement could result in acceleration of the Company's
indebtedness, in which case the debt would become immediately due
and payable thereby giving its lenders various rights and remedies,
including foreclosure.
The significant risks and uncertainties described above raise
substantial doubt about the Company's ability to continue as a
going concern. The consolidated financial statements have been
prepared on a going concern basis of accounting, which contemplates
continuity of operations, realization of assets, and satisfaction
of liabilities and commitments in the normal course of business.
The consolidated financial statements do not include any
adjustments that might result from the outcome of the going concern
uncertainty.
Operations Update
In 2017, the Company entered the Permian Basin through a joint
venture with two privately held energy companies and established an
Area of Mutual Interest ("AMI") covering approximately 33,280 acres
in Yoakum County, Texas, located
in the Northwest Shelf of the Permian Basin. The primary target
within the AMI is the San Andres formation, which has been one of
the largest producing formations in Texas to date. As of June 30, 2018, the Company held a 62.5% working
interest in approximately 4,823 gross acres (3,014 net acres)
within the AMI. In November
2017, the Company drilled a salt water disposal well, the
Jameson SWD #1. In December 2017, the
Company spudded the State 320 #1H horizontal San Andres well, which
was subsequently completed in February 2018. The Company
opened the well on March 1, 2018 and
placed the well on production. As of July 17, 2018, the well has produced a total of
1,708 barrels of oil, 12,748 Mcf of gas, and 421,603 barrels of
water. The well is currently shut-in pending evaluation of
the commerciality and future development of the prospect
area. Given the well performance to date, the ability to
establish commercial production in the prospect area is uncertain
at this time.
Second Quarter 2018 Financial Results
Production
The following table presents the net quantities of oil, natural
gas and natural gas liquids produced and sold by the Company for
the three and six months ended June 30,
2018 and 2017, and the average sales price per unit
sold.
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Production
volumes:
|
|
|
|
|
|
|
|
Crude oil and
condensate (Bbls)
|
47,322
|
|
66,242
|
|
94,479
|
|
142,640
|
Natural gas
(Mcf)
|
538,241
|
|
786,111
|
|
1,171,681
|
|
1,685,538
|
Natural gas liquids
(Bbls)
|
28,974
|
|
35,092
|
|
54,217
|
|
68,566
|
Total
(Boe) (1)
|
166,003
|
|
232,353
|
|
343,976
|
|
492,129
|
Average prices
realized:
|
|
|
|
|
|
|
|
Crude
oil and condensate (per Bbl)
|
$67.69
|
|
$47.14
|
|
$66.36
|
|
$48.65
|
Natural
gas (per Mcf)
|
$3.30
|
|
$3.29
|
|
$3.04
|
|
$3.05
|
Natural
gas liquids (per Bbl)
|
$29.11
|
|
$24.05
|
|
$30.09
|
|
$23.61
|
|
|
(1)
|
Barrels of oil
equivalent have been calculated on the basis of six thousand cubic
feet (Mcf) of natural gas equal to one barrel of oil equivalent
(Boe).
|
Revenues
The following table presents the Company's revenues for the
three and six months ended June 30,
2018 and 2017.
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Sales of natural gas
and crude oil:
|
|
|
|
|
|
|
|
Crude oil and
condensate
|
$
3,203,260
|
|
$
3,122,848
|
|
$
6,269,517
|
|
$
6,938,780
|
Natural
gas
|
1,775,919
|
|
2,587,968
|
|
3,567,170
|
|
5,141,410
|
Natural gas
liquids
|
843,398
|
|
843,888
|
|
1,631,426
|
|
1,618,938
|
Total
revenues
|
$
5,822,577
|
|
$
6,554,704
|
|
$
11,468,113
|
|
$
13,699,128
|
Expenses
The Company's lease operating expenses ("LOE") and LOE per Boe
for the three and six months ended June 30,
2018 and 2017, are set forth below:
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Lease operating
expenses
|
$1,890,809
|
|
$1,844,896
|
|
$3,556,129
|
|
$3,542,804
|
Severance, ad valorem
taxes and marketing
|
905,016
|
|
1,214,228
|
|
1,865,464
|
|
2,177,584
|
Total LOE
|
$2,795,825
|
|
$3,059,124
|
|
$5,421,593
|
|
$5,720,388
|
|
|
|
|
|
|
|
|
LOE per
Boe
|
$16.84
|
|
$13.17
|
|
$15.76
|
|
$11.62
|
LOE per Boe without
severance, ad valorem taxes and
marketing
|
$11.39
|
|
$7.94
|
|
$10.34
|
|
$7.20
|
Commodity Derivative Instruments
Commodity derivative instruments open as of June 30, 2018 are provided below. Natural
gas prices are NYMEX Henry Hub prices, and crude oil prices are
NYMEX West Texas Intermediate.
|
|
2018
|
|
2019
|
|
2020
|
|
|
Settlement
|
|
Settlement
|
|
Settlement
|
NATURAL GAS
(MMBtu):
|
|
|
|
|
|
|
Swaps
|
|
|
|
|
|
|
Volume
|
|
887,533
|
|
1,660,297
|
|
1,095,430
|
Price
|
|
$2.97
|
|
$2.75
|
|
$2.68
|
|
|
|
|
|
|
|
CRUDE OIL
(Bbls):
|
|
|
|
|
|
|
Swaps
|
|
|
|
|
|
|
Volume
|
|
89,995
|
|
156,320
|
|
|
Price
|
|
$53.17
|
|
$53.77
|
|
|
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 and the Bakken
Shale in North Dakota. 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 forward-looking statements include statements about future
operations, and estimates of reserve and production volumes.
Forward-looking statements are based on current expectations and
assumptions and analyses made by the Company in light of experience
and perception of historical trends, current conditions and
expected future developments, as well as other factors appropriate
under the circumstances. However, whether actual results and
developments will conform with expectations is subject to a number
of risks and uncertainties, including but not limited to: our
limited liquidity and the Company's ability to repay outstanding
loans when due; the Company's ability to continue as a going
concern; reduction in the borrowing base of the Company's credit
facility; the risks of the oil and natural gas industry (for
example, operational risks in exploring for, developing and
producing crude oil and natural gas); risks and uncertainties
involving geology of oil and natural gas deposits; the uncertainty
of reserve estimates; revisions to reserve estimates as a result of
changes in commodity prices; the uncertainty of estimates and
projections relating to future production, costs and expenses;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; health, safety and
environmental risks and risks related to weather; declines in oil
and natural gas prices; inability of management to execute its
plans to meet its goals, shortages of drilling equipment, oil field
personnel and services, unavailability of gathering systems,
pipelines and processing facilities and the possibility that
government policies may change. 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.
Yuma Energy,
Inc.
|
|
CONSOLIDATED BALANCE
SHEETS
|
(Unaudited)
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
CURRENT
ASSETS:
|
|
|
|
Cash and cash
equivalents
|
$
2,348,627
|
|
$
137,363
|
Accounts receivable,
net of allowance for doubtful accounts:
|
|
|
|
Trade
|
3,522,107
|
|
4,496,316
|
Officer and
employees
|
7,781
|
|
53,979
|
Other
|
441,795
|
|
1,004,479
|
Prepayments
|
622,843
|
|
976,462
|
Other deferred
charges
|
387,108
|
|
347,490
|
|
|
|
|
Total current
assets
|
7,330,261
|
|
7,016,089
|
|
|
|
|
OIL AND GAS
PROPERTIES (full cost method):
|
|
|
|
Proved
properties
|
504,060,185
|
|
494,216,531
|
Unproved properties -
not subject to amortization
|
534,627
|
|
6,794,372
|
|
|
|
|
|
504,594,812
|
|
501,010,903
|
Less:
accumulated depreciation, depletion and amortization
|
(425,547,424)
|
|
(421,165,400)
|
|
|
|
|
Net oil and gas
properties
|
79,047,388
|
|
79,845,503
|
|
|
|
|
OTHER PROPERTY AND
EQUIPMENT:
|
|
|
|
Assets held for
sale
|
2,309,243
|
|
-
|
Land, buildings and
improvements
|
-
|
|
1,600,000
|
Other property and
equipment
|
1,793,397
|
|
2,845,459
|
|
4,102,640
|
|
4,445,459
|
Less: accumulated
depreciation and amortization
|
(1,324,152)
|
|
(1,409,535)
|
|
|
|
|
Net other property
and equipment
|
2,778,488
|
|
3,035,924
|
|
|
|
|
OTHER ASSETS AND
DEFERRED CHARGES:
|
|
|
|
Deposits
|
467,592
|
|
467,592
|
Other noncurrent
assets
|
79,997
|
|
270,842
|
|
|
|
|
Total other assets
and deferred charges
|
547,589
|
|
738,434
|
|
|
|
|
TOTAL
ASSETS
|
$
89,703,726
|
|
$
90,635,950
|
Yuma Energy,
Inc.
|
|
CONSOLIDATED BALANCE
SHEETS – CONTINUED
|
(Unaudited)
|
|
|
June
30,
|
|
December
31,
|
|
2018
|
|
2017
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES:
|
|
|
|
Current maturities of
debt
|
$
35,094,226
|
|
$
651,124
|
Accounts payable,
principally trade
|
8,904,037
|
|
11,931,218
|
Commodity derivative
instruments
|
2,613,690
|
|
903,003
|
Asset retirement
obligations
|
88,722
|
|
277,355
|
Other accrued
liabilities
|
1,555,117
|
|
2,295,438
|
|
|
|
|
Total current
liabilities
|
48,255,792
|
|
16,058,138
|
|
|
|
|
LONG-TERM
DEBT
|
-
|
|
27,700,000
|
|
|
|
|
OTHER NONCURRENT
LIABILITIES:
|
|
|
|
Asset retirement
obligations
|
10,492,311
|
|
10,189,058
|
Commodity derivative
instruments
|
783,338
|
|
336,406
|
Deferred
rent
|
272,506
|
|
290,566
|
Employee stock
awards
|
143,961
|
|
191,110
|
|
|
|
|
Total other
noncurrent liabilities
|
11,692,116
|
|
11,007,140
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (Notes 2 and 15)
|
|
|
|
|
|
|
|
EQUITY
|
|
|
|
Series D convertible
preferred stock
|
|
|
|
($0.001 par value,
7,000,000 authorized, 1,971,072 issued and
outstanding as of June 30,
2018, and 1,904,391 issued and outstanding as of
December 31, 2017)
|
1,971
|
|
1,904
|
Common
stock
|
|
|
|
($0.001 par value,
100 million shares authorized, 23,242,969 outstanding as of
June 30, 2018 and 22,661,758 outstanding
as of December 31, 2017)
|
23,243
|
|
22,662
|
Additional paid-in
capital
|
57,304,534
|
|
55,064,685
|
Treasury stock at
cost (380,069 shares as of June 30, 2018 and 13,343 shares
as of December 31, 2017)
|
(438,890)
|
|
(25,278)
|
Accumulated earnings
(deficit)
|
(27,135,040)
|
|
(19,193,301)
|
|
|
|
|
Total
equity
|
29,755,818
|
|
35,870,672
|
|
|
|
|
TOTAL LIABILITIES AND
EQUITY
|
$
89,703,726
|
|
$
90,635,950
|
Yuma Energy,
Inc.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Sales of natural gas
and crude oil
|
$
5,822,577
|
|
$
6,554,704
|
|
$
11,468,113
|
|
$
13,699,128
|
|
|
|
|
|
|
|
|
EXPENSES:
|
|
|
|
|
|
|
|
Lease operating and
production costs
|
2,795,825
|
|
3,059,124
|
|
5,421,593
|
|
5,720,388
|
General and
administrative – stock-based compensation
|
64,230
|
|
385,097
|
|
360,524
|
|
436,832
|
General and
administrative – other
|
1,587,628
|
|
1,906,629
|
|
3,336,866
|
|
4,082,631
|
Depreciation,
depletion and amortization
|
2,245,170
|
|
2,763,444
|
|
4,462,491
|
|
5,904,384
|
Asset retirement
obligation accretion expense
|
140,161
|
|
141,454
|
|
283,101
|
|
280,023
|
Impairment of long
lived assets
|
176,968
|
|
-
|
|
176,968
|
|
-
|
Bad debt
expense
|
261,659
|
|
73,513
|
|
327,467
|
|
73,513
|
Total
expenses
|
7,271,641
|
|
8,329,261
|
|
14,369,010
|
|
16,497,771
|
|
|
|
|
|
|
|
|
LOSS FROM
OPERATIONS
|
(1,449,064)
|
|
(1,774,557)
|
|
(2,900,897)
|
|
(2,798,643)
|
|
|
|
|
|
|
|
|
OTHER INCOME
(EXPENSE):
|
|
|
|
|
|
|
|
Net gains (losses)
from commodity derivatives
|
(2,095,570)
|
|
2,138,080
|
|
(3,346,830)
|
|
5,694,863
|
Interest
expense
|
(567,635)
|
|
(482,285)
|
|
(1,033,927)
|
|
(978,376)
|
Gain (loss) on other
property and equipment
|
-
|
|
(70,874)
|
|
-
|
|
484,768
|
Other, net
|
81,884
|
|
5,659
|
|
78,348
|
|
42,067
|
Total other income
(expense)
|
(2,581,321)
|
|
1,590,580
|
|
(4,302,409)
|
|
5,243,322
|
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE
INCOME TAXES
|
(4,030,385)
|
|
(183,977)
|
|
(7,203,306)
|
|
2,444,679
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
-
|
|
(20,581)
|
|
-
|
|
5,950
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
(4,030,385)
|
|
(163,396)
|
|
(7,203,306)
|
|
2,438,729
|
|
|
|
|
|
|
|
|
PREFERRED
STOCK:
|
|
|
|
|
|
|
|
Dividends paid in
kind
|
374,416
|
|
349,300
|
|
738,433
|
|
688,910
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
(4,404,801)
|
|
$
(512,696)
|
|
$
(7,941,739)
|
|
$
1,749,819
|
|
|
|
|
|
|
|
|
INCOME (LOSS) PER
COMMON SHARE:
|
|
|
|
|
|
|
|
Basic
|
($0.19)
|
|
($0.04)
|
|
($0.35)
|
|
$0.14
|
Diluted
|
($0.19)
|
|
($0.04)
|
|
($0.35)
|
|
$0.14
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
NUMBER OF COMMON SHARES
OUTSTANDING:
|
|
|
|
|
|
|
|
Basic
|
23,082,334
|
|
12,235,286
|
|
22,948,475
|
|
12,223,337
|
Diluted
|
23,082,334
|
|
12,235,286
|
|
22,948,475
|
|
12,407,996
|
Yuma Energy,
Inc.
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2018
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Reconciliation of net
income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
Net income
(loss)
|
$
(7,203,306)
|
|
$
2,438,729
|
Depreciation,
depletion and amortization of property and equipment
|
4,462,491
|
|
5,904,384
|
Impairment of long
lived assets
|
176,968
|
|
-
|
Amortization of debt
issuance costs
|
260,803
|
|
172,826
|
Deferred rent
liability, net
|
25,668
|
|
-
|
Stock-based
compensation expense
|
360,524
|
|
436,832
|
Settlement of asset
retirement obligations
|
(575,817)
|
|
(227,346)
|
Asset retirement
obligation accretion expense
|
283,101
|
|
280,023
|
Bad debt
expense
|
327,467
|
|
73,513
|
Net (gains) losses
from commodity derivatives
|
3,346,830
|
|
(5,694,863)
|
Gain on sales of
fixed assets
|
-
|
|
(556,141)
|
Loss on write-off of
abandoned facilities
|
-
|
|
71,373
|
(Gain) loss on
write-off of liabilities net of assets
|
(103,045)
|
|
(34,835)
|
Changes in assets and
liabilities:
|
|
|
|
(Increase) decrease
in accounts receivable
|
1,339,227
|
|
426,945
|
Decrease in prepaids,
deposits and other assets
|
297,321
|
|
521,167
|
(Decrease) increase
in accounts payable and other current and non-current liabilities
|
65,487
|
|
(923,200)
|
NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES
|
3,063,719
|
|
2,889,407
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Capital expenditures
for oil and gas properties
|
(6,928,684)
|
|
(4,526,587)
|
Proceeds from sale of
oil and gas properties
|
1,000,000
|
|
5,400,563
|
Proceeds from sale of
other fixed assets
|
-
|
|
641,556
|
Derivative
settlements
|
(1,189,211)
|
|
550,675
|
NET CASH PROVIDED BY
(USED IN) INVESTING ACTIVITIES
|
(7,117,895)
|
|
2,066,207
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Proceeds from
borrowings on senior credit facility
|
14,300,000
|
|
-
|
Repayment of
borrowings on senior credit facility
|
(7,000,000)
|
|
(7,500,000)
|
Repayments of
borrowings - insurance financing
|
(556,898)
|
|
(512,783)
|
Debt issuance
costs
|
-
|
|
(2,152)
|
Shelf registration
costs
|
(64,050)
|
|
-
|
Treasury stock
repurchases
|
(413,612)
|
|
(23,270)
|
NET CASH PROVIDED BY
(USED IN) FINANCING ACTIVITIES
|
6,265,440
|
|
(8,038,205)
|
|
|
|
|
CHANGE IN CASH AND
CASH EQUIVALENTS
|
2,211,264
|
|
(3,082,591)
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT BEGINNING OF PERIOD
|
137,363
|
|
3,625,686
|
|
|
|
|
CASH AND CASH
EQUIVALENTS AT END OF PERIOD
|
$
2,348,627
|
|
$
543,095
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
Interest payments
(net of interest capitalized)
|
$
773,150
|
|
$
811,042
|
Interest
capitalized
|
$
133,772
|
|
$
112,136
|
Supplemental
disclosure of significant non-cash activity:
|
|
|
|
(Increase) decrease
in capital expenditures financed by accounts payable
|
$
3,252,112
|
|
$
(386,337)
|
View original
content:http://www.prnewswire.com/news-releases/yuma-energy-inc-provides-an-update-to-its-liquidity-and-operations-and-reports-second-quarter-2018-financial-results-300695123.html
SOURCE Yuma Energy, Inc.