With the proceeds from the East Texas and Oklahoma sales, the company will eliminate all outstanding debt under its current revolving credit facility, which has been amended to a temporary company status. The Company plans to close the amended credit facility by December 31st.
“We are very pleased to have completed the closing of the East Texas and Oklahoma transactions, consistent with our previously announced portfolio simplification strategic plan,” said Dan Furby, CEO of Amplify. “The company intends to focus its resources on its strongest upside assets. Additionally, after completing these transactions, Amplify expects to significantly reduce general and administrative expenses. We believe Amplify is well-positioned to create significant upside value on both transactions.” Beta and Bayroil. ”
Mr. Furby continued, “I would like to thank our talented and dedicated team for their hard work on these transactions, as well as their continued commitment to safe and efficient operations.”
About amplification energy
Amplify Energy Corp. is an independent oil company engaged in the acquisition, development, development and production of petroleum. Amplify’s operations are concentrated in Beta (Pacific Offshore Continental Shelf) and Bioil (Rocky Mountains). For more information, please visit www.amplifyenergy.com.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, contained in this press release refer to activities, events or developments that the Company expects, believes or expects to occur or may occur in the future. Words such as “may,” “will,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “seek,” “target,” “outlook,” “continue” or the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding the expected closing of the Amended Credit Facility, the impact of the East Texas and Oklahoma sales on our business and future financial and operating results, and our plans, objectives, strategies (including actions to implement the strategy), goals and expectations for anticipated results with respect thereto. These statements refer to activities, events and developments that the Company expects or expects to occur in the future or that may occur in the future, including statements regarding forecasts of operating results, growth plans, objectives, future capital expenditures, competitiveness, future intentions and other similar references. These forward-looking statements involve risks, uncertainties and other factors that could cause our actual results of operations and financial condition to differ materially from those expressed or implied by the forward-looking statements. These include, among other things, risks and uncertainties related to: evaluating and implementing our strategic alternatives; risks related to the ability to close the Amended Credit Facility and the redetermination of future borrowing bases under the Company’s Amended Revolving Credit Facility; the company’s ability to meet its obligations; the need for us to make incremental acquisitions or significant capital expenditures to maintain our declining asset base, including the existence of unanticipated liabilities or problems related to acquired or divested businesses or assets; fluctuations in oil, natural gas and NGL prices; that the terms and conditions governing our indebtedness, including financial covenants, allow us to access funds on acceptable terms; general political and economic conditions worldwide and in the jurisdictions in which we operate, including Russia’s invasion of Ukraine, ongoing conflicts in the Middle East, trade wars and the destabilizing effects such conflicts may have on global oil and natural gas markets; expectations regarding general economic conditions, including inflation; the effects of local, state and federal regulations, including those related to climate change and hydraulic fracturing, and potential changes to these regulations; Please read our SEC filings, including “Risk Factors,” in our Annual Report on Form 10-K. If applicable, please also see our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on our Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx. Please refer to the SEC’s website at http://www.sec.gov for a discussion of risks and uncertainties that could cause actual results to differ from such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. We undertake no obligation, and do not intend, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise, except as required by law.
contact address
Jim Frew — President and Chief Financial Officer
(832) 219-9044
[email protected]
Michael Jordan — Vice President of Finance and Finance
(832) 219-9051
[email protected]
