Yuma Energy, Inc. (ticker: YUMA) reported a net loss attributable to common stockholders of $6.8 million, or $(0.46) per share for 2017. Net average production for the year-ended December 31, 2017 was 2,454 BOEPD, or 34.8% higher than the prior year of 1,820 BOEPD.
The company spud its first San Andres horizontal well in December 2017 and completed it during Q1 2018. Yuma said all of the associated facilities have been installed and the well is currently in the early stages of production, recovering frac fluids and dewatering the near wellbore area.
Financially, Yuma reduced its debt by $11.8 million during 2017, bringing its bank debt down to $27.7 million. The company also closed its common stock offering of 10,100,000 shares in October 2017 (including 500,000 shares purchased pursuant to the underwriters’ overallotment option) for gross proceeds of $10,100,000 before deducting underwriters’ fees and offering expenses.
CEO Sam L. Banks commented, “We are looking forward to the results of our first San Andres horizontal well, and continuing to expand our position in the play. During 2018, we intend to take advantage of the low-risk and low-cost growth opportunities within our existing inventory, continue the development and expansion of our San Andres play and actively pursue acquisitions and mergers.”
Production, revenues
- Production volumes for 2017 reached 895,767 total BOE
- This compares to 2016’s 664,425 total BOE
- Total revenues for 2017 were $25.4 million
- This compares to 2016’s revenue of $14.8 million
Reserves
Netherland, Sewell & Associates, Inc. (NSAI) prepared Yuma Energy’s year-end 2017 reserves report, and the findings are as follows:
Oil (MBbls) |
Natural Gas Liquids (MBbls) |
Natural Gas (MMcf) |
Total (MBOE)(1) |
Present Value Discounted at 10% ($ in thousands) (2) |
|||||
| Proved developed | 1,763 | 1,009 | 21,131 | 6,295 | $ 64,028 | ||||
| Proved undeveloped | 599 | 285 | 2,465 | 1,295 | 8,875 | ||||
| Total proved | 2,362 | 1,294 | 23,596 | 7,590 | $ 72,903 | ||||
| (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) | |||||||||
| (2) PV10 is a non-GAAP financial measure | |||||||||
