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SERVICES Yuma Exploration and Production Company, cancelled. Additionally, the secured creditor,
Davis Petroleum and the Yuma Companies, YE Investment an affiliate of Red Mountain
Seadrill Partners announced today that its voluntary Chapter Capital Partners and the Unsecured Creditors
11 petition for relief under the United States
Committee (UCC) were unable to resolve
announces contract award Bankruptcy Code in the US Bankruptcy disputes. Subsequently, with the concurrence
of YEI and the UCC, the company engaged
Court for the Northern District of Texas, filed
for the West Vela on April 15, 2020, has been converted to a in discussions with a potential acquirer in
Chapter 7 liquidation.
an attempt to reorganise through a business
Seadrill Partners has secured additional work The debtors intended to use the Chapter 11 sale. The potential acquirer terminated these
for the West Vela in the US Gulf of Mexico process to implement the orderly liquidation discussions on October 13, 2020. Having no
with BP. The contract value for the firm of their assets in an effort to maximise further viable options, the Bankruptcy Court
portion is expected to be $23.8mn and the values and recoveries for all stakeholders issued an order approving the conversion
contract is expected to run until early of April and subsequently obtained court approval of the Chapter 11 cases of the debtors to
2021. to conduct an auction for all of their assets, Chapter 7 liquidations on October 19, 2020.
SEADRILL PARTNERS, October 15, 2020 which primarily consist of operating and Concurrent with the appointment of a
non-operating interests in several properties Chapter 7 Trustee, Mr. Anthony C. Schnur
located in Louisiana, Texas, Wyoming and (Yuma’s chief restructuring officer) and the
MOVES Oklahoma. company’s directors will no longer control
Unfortunately, as a result of the severe the debtors, including any operation of the
Chapter 11 bankruptcy downturn in commodity prices, multiple debtors, the liquidation of assets, and the
operating issues affecting production and
resolution of liabilities.
proceedings converted to operating costs, the inability of debtors to YUMA ENERGY, October 20, 2020
conduct remedial well operations to maintain
Chapter 7 liquidation cash flows, general industry conditions
and other factors, bids received for the
Yuma Energy, together with its subsidiaries properties were minimal and the auction was

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