The credit agreement provides for an additional three-year senior secured delayed-draw term loan of up to $2 million with a maturity date of September 30, 2022. The amended was completed in conjunction with the restructuring and exchange agreement dated September 30, 2019, by and among Yuma, Red Mountain and certain of their affiliates. The latest agreement provides capital availability subject to the terms of the credit agreement where advances are made at the sole discretion of the lender.
“With the cooperation of Red Mountain, we continue to drive our restructuring process. Importantly, access to the funds under the credit agreement will allow us to conduct oil and gas production enhancement operations while our efforts in restructuring our balance sheet and capital structure continue,” said Anthony C. Schnur, Yuma’s interim CEO and chief restructuring office.
Yuma Energy is an independent Houston-based exploration and production company focused on acquiring, developing and exploring for conventional and unconventional oil and natural gas resources.