On April 26, 2017, the Board of Directors of Yuma Energy, Inc. unanimously adopted a resolution to not fill the vacancy on the Board from the prior resignation of Stuart E. Davies as a director and to reduce the size of the Board from seven to six directors. In order to achieve a more equal balance of membership among the three classes of directors as required by the Companys amended and restated certificate of incorporation, the Board requested that one of the Class III directors with a term expiring at the 2019 annual meeting of stockholders move to a Class I director with a term expiring at the 2017 annual meeting of stockholders. Accordingly, on April 26, 2017, Richard K. Stoneburner resigned as a Class III director and Chairman of the Board with a term expiring at the 2019 annual meeting of stockholders and was immediately appointed to the Board as a Class I director and to Chairman of the Board with a term expiring at the 2017 annual meeting of stockholders. The resignation and reappointment of Mr. Stoneburner was effected solely to rebalance the Board classes and was not due to any disagreement with the Board, the Company or its management on any matter relating to the Companys operations, policies or practices. For all other purposes, including vesting and other compensation matters, Mr. Stoneburners service on the Board is deemed to have continued uninterrupted. Mr. Stoneburner will continue to serve on the Companys Compensation Committee.