Yuma Energy, Inc. was an independent exploration and production company headquartered in Houston, Texas, primarily engaged in acquiring, developing, and exploring conventional and unconventional oil and natural gas resources in the United States Gulf Coast and California regions. The company's operations focused on onshore properties in central and southern Louisiana, targeting formations such as the Austin Chalk, Tuscaloosa, Wilcox, Frio, Marg Tex, and Hackberry. Additionally, Yuma held non-operated positions in the Bakken Shale in North Dakota and operated positions in Kern and Santa Barbara Counties in California.
In April 2020, Yuma Energy filed for Chapter 11 bankruptcy protection due to a severe downturn in oil prices that eroded its revenues and cash position, rendering its operations unsustainable. The company planned to liquidate its assets, which included operating and non-operating interests in properties across Louisiana, Texas, Wyoming, and Oklahoma. The bankruptcy filing was made in the U.S. Bankruptcy Court for the Northern District of Texas.
Prior to its bankruptcy, Yuma Energy had undertaken strategic initiatives to recapitalize its financial structure. In 2019 and early 2020, the company entered into a credit agreement with YE Investment LLC and a restructuring and exchange agreement with Red Mountain Capital Partners LLC. However, due to failures in making timely interest payments and complying with other covenants, these agreements were terminated, leading to the acceleration of all payments due under the credit agreement.
In October 2016, Yuma Energy completed a merger with Davis Petroleum Acquisition Corp., resulting in Davis becoming a wholly-owned subsidiary of Yuma. This all-stock transaction aimed to create a company with improved cash flows and production, along with a multi-year inventory of growth opportunities. As part of the merger, Yuma entered into a $75 million revolving credit facility with an initial borrowing base of $44 million.
The leadership team during the bankruptcy filing included Anthony C. Schnur, who served as Interim CEO and CFO. Schnur resigned from his positions on April 10, 2020, and subsequently joined Ankura Consulting Group, which was engaged as Yuma's financial adviser during the bankruptcy process.
Yuma Energy's competitors included companies such as Blue Hill Partners, HASI (Hannon Armstrong Sustainable Infrastructure Capital), CoPower, and Barakah Offshore Petroleum. These companies operate in sectors related to energy investment, sustainable infrastructure financing, and offshore petroleum services.
During the bankruptcy proceedings, Yuma Energy engaged in strategic collaborations to facilitate the liquidation process. Ankura Consulting Group served as the financial adviser and assumed the role of chief restructuring officer, while Seaport Gordian Energy LLC, an affiliate of Seaport Global Holdings LLC, was engaged as the investment banker. FisherBroyles LLP served as Yuma's legal adviser.
As of the bankruptcy filing in April 2020, Yuma Energy's operations ceased, and the company proceeded with the orderly liquidation of its assets. The company's official website and contact information are no longer active.
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