Current Report Filing (8-k)
September 05 2018 - 4:37PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Date of Report: August 30, 2018
(Date of earliest event reported)
Yuma Energy, Inc.
(Exact name of registrant as specified in its charter)
DELAWARE
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001-37932
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94-0787340
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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1177 West Loop South, Suite 1825
Houston, Texas 77027
(Address of principal executive offices) (Zip Code)
(713) 968-7000
(Registrant’s telephone number, including area
code)
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(Former name or former address, if changed since last
report)
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Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If an
emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01.
Entry into a
Material Definitive Agreement.
Effective
August 30, 2018, Yuma Energy, Inc. (the “Company”)
entered into a limited waiver (the “Waiver”) to the
Credit Agreement dated October 26, 2016 and as amended on May 19,
2017, May 8, 2018 and July 31, 2018 (the “Credit
Agreement”) among the Company and certain of its subsidiaries
(collectively, the “Borrowers”), Société
Générale, as administrative agent, and the lenders and
guarantors party thereto.
The
Waiver provides, among other things, (i) the waiver of the
Company’s compliance with its total debt to EBITDAX covenant
for the trailing four quarter period ended June 30, 2018, (ii) the
waiver of the Company’s current ratio covenant as of the
quarter ended June 30, 2018, (iii) the Company’s EBITDAX to
interest expense covenant for the trailing four quarter period
ended June 30, 2018, and (iv) that a redetermination of the
borrowing base will occur on or about September 15,
2018.
The
preceding is a summary of the material provisions of the Waiver and
is qualified in its entirety by reference to the complete text of
the Waiver filed as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated by reference herein.
Item
9.01. Financial Statements and
Exhibits.
The
following exhibit is filed with this Current Report on Form
8-K:
Exhibit No.
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Description
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Limited
Waiver dated as of August 30, 2018 among Yuma Energy, Inc., Yuma
Exploration and Production Company, Inc., Pyramid Oil LLC, Davis
Petroleum Corp., Société Générale, as
Administrative Agent, and each of the lenders and guarantors party
thereto.
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SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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YUMA ENERGY, INC.
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By:
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/s/ Sam
L. Banks
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Name:
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Sam L.
Banks
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Date:
September 5, 2018
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Title:
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Chief
Executive Officer
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