Amplify Energy Corp (AMPY)

ampy..............................................https://stockcharts.com/h-sc/ui?s=AMPY&p=W&b=5&g=0&id=p86431144783

Not selling--- buy on the dip!!

AMPY up almost 25% today, and nearly 50% in last two months.
Still a long way to go to get back to wehre it was before the pipeline incident, which has made the company a much safer bet

check the youtube video on this stock. Just go to YouTube and check the podcast from the guy named felix. He's very bullish.

Even at $6/share, AMPY is just back to where it was before the previous CEO and Board launched the poorly timed bid to merge with Juniper. The stock lost about 50% in the months after that attempted merger, which was eventually called off. It would have added a pile of debt, with the price of oil in question. Now the company is focused on maximizing return from its most profitable field-- the offshore Beta well in CA. And at the same time, CA is loosening restrictions on oil companies and trying to keep CA oil production high, to avoid gas price hikes. Perfect storm for AMPY. I think the youtube podcaster Felix is right, this is at least an $8 stock, maybe much more. I bought my first shares about three years or so ago when it was $8-9, and loaded up when it was $3.

Nice move up today. I think we are going to hold over $4, and should eventually get back to the $7-8 range.

I'm bullish on this too, but it looks like we're staring right at the face of a pull back for the next few days, especially with today's decline. I'm holding through the correction but will add some more if it goes below 3.

I'm not much of a chart reader, but what I do know are these facts:
Insider buying over the last few months is over $1.3 million. Insider sells,~$20,000
The price has not been this low since the aftermath of the Beta pipeline rupture back in October of 2021. Before that it traded down here when oil prices completely tanked during the pandemic.
The current situation is far different, and AMPY is profitable.
The price has nowhere to go but up.
I'm a buyer today.

AMPY......................................................https://stockcharts.com/h-sc/ui?s=AMPY&p=W&b=5&g=0&id=p86431144783

AMPY.....................................................p/m

A second adjournement of the shareholders meeting-- can only mean that AMPY management still doesn't have the votes for their self-serving merger deal with Juniper.

I'm voting no, because it is now quiite clear that management doesn't give a rat's ass about shareholders. Every time they adjourn the meeting, the stock tanks, and it did again today. The stock is ridiculous cheap, but management still doens't get the message.

VOTE NO on the JUNIPER merger!!

See the news story for today, ANOTHER very large investor, with over 2.5 million shares of AMPY, encourages a " NO" vote on the merger. Clint Coghill, of Stoney Lonesome group, owns over 2.5 million shares as of the last report. He says vote NO. Management, in contrast, owns far fewer shares. As shareholders, our interests are more aligned with these large investors, like Clint Coghill and Scott Larson, than they are with management

Just read a report from Chris DeMuth, whose recommendation put me in this stock originally. He urges a "no" vote on the merger w Juniper, based on changed conditions and the huge new debt, which he believes cannot be refinanced in the current environment. He says with a "no" vote the company can survive; w a yes, it will likely go bankrupt. Based on current price, the market apparently thinks bankruptcy is a real possibility. I am going to change my vote before tonight's dedline. Ayone else have thoughts on this merger??

Another great earnings report..... should be a very good year for AMPY

Solid earnings, upwardly revised guidance, and.... the stock drops today, after yesterday's big jump.
I think overall this is at mi9nimum a $9-10 stock. People are still nervouse about a company that is engaged in offshore oil production. And off the coast of California, no less. What could go wrong? But I think the company is doing all the right things, cleaning up it's environmental footprint, and even more careful about spill prevention after a ship dragged it's anchor over there line two years ago.

Looks like a new high for AMPY today. It's been moving up steadily on no news that I have seen. Usually a good sign.
Earnings ahould continue to be strong, and the stock still trades at a low mutiple- about 4-5 times earnings. Very comfortable holding a big chunk here as we move over $8/share

Excellent earnings in the 10K.
AMPY is way undervalued here. When they sell the Baroil propertty, and eliminate debt- this will fly!!
Buying more after the earnings report.

Great story on Amplify:

https://seekingalpha.com/article/4648874-amplify-energy-stock-q3-2023-earnings-suggests-attractive-trajectory?utm_source=simplywall.st&utm_medium=referral&feed_item_type=article

This stock is so "unloved" it just can't seem to get any traction at all. I predict very nice numbers in the upcoming 10Q.
Maybe that will help get AMPY out of the basement. Meanwhile, it remains a very solid investment under $7. They've got a diverse portfolio of relatively low-cost oil and gas producing properties that are going to keep throwing off cash for a long time to come.
Unless you agree with Sleepy Joe, that we'll only need oil for another 10 years.

I'm very comfortable holding a big position in AMPY until the market recognizes the value here. And adding on dips.

2023 Q1 Earnings: over $8.00/share...... and the stock is till trading under $7.00.
Even if the company earns ZERO for the next nine months, the PE is uner 1.

The fact is the Beta well is back on line, after the 2021 shutdown due to an anchor strike on the pipeline. Oil is trading at unnatural lows right now, which will eventually correct to more reasonable levels related to long term demand.

I've been a buyer lately, and I am pretty certain this will be a lot higher a year from now.
That's my main criteria.

Beta restart adds about 1,255 MBbls of annual oil production to Amplify's production. (according to numbers in their 2021 10K Annual Report)
That's a very big deal for a company for a company that had total production of 3,351MBbls in 2021 (including just 9 months of Beta production) and 2,327MBbls in 2022.

So the re-start of the Beta platform will add nearly 50% more oil production going forward.

Huge mpact on sales and earnings.

Another settlement with the shipping companies. This time with AMplify's insurers, who have been paying Amplify for loss of production since 2021
https://www.offshore-energy.biz/msc-reaches-settlement-deal-with-amplifys-subrogated-insurers/

AMPY should be MUCH higher on the news yesterday.
Let's face it, we are in an environment where both the Federal govt, and the State govt in California are doing everything in their power to reduce production of oil and natgas. IN SPITE OF THAT, Amplify Energy just received permission to restart production at its Beta offshore platform this past weekend and has begun the process.

This is AFTER a major oil spill from it's pipeline about a year and a half ago, settlements with the state, and a settlement with the shipping companuies whose anchors damaged the pipeline.

This also occurs after a BIG earning beat in the last quarter results.

So here we have a big bump in AMPY's oil production beginning this month, for the second quarter, after their insurer paid for loss of production right up until the end of the first quarter. I've seen all the negative posts about bad management, but from my perspective, tehy are doing what needs to be done, and should do quite well going foraward, as long as oil prices hold fairly steady.
This is a buy at this level. Period.

Amplify Energy restarts operations at Beta field offshore California
World Oil Staff April 10, 2023
(WO) —Amplify Energy Corp. has received the required approvals from federal regulatory agencies to restart operations at the Beta field offshore California. Initial steps to resume full operations will involve filling the San Pedro Bay pipeline with production, a process which began over the past weekend and is expected to take approximately two weeks to complete.

Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of $85 million in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the Company, and we are eager to focus our attention on safely operating our Beta assets, our business as a whole and the strategic direction of the Company.

Amplify Energy Commences Restart Operations at Beta Field
Provided by GlobeNewswire
Apr 10, 2023 7:00 AM EDT
HOUSTON, April 10, 2023 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Initial steps to resume full operations will involve filling the San Pedro Bay Pipeline with production, a process which commenced over the past weekend and is expected to take approximately two weeks to complete. Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of $85 million in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the Company, and we are eager to focus our attention on safely operating our Beta assets, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner, and we remain committed to ensuring the protection of our employees, the environment and our surrounding communities.”

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies (Bairoil), federal waters offshore Southern California (Beta), East Texas / North Louisiana, and the Eagle Ford (Non-op). For more information, visit www.amplifyenergy.com.

Investor Relations Contact

Martyn Willsher – President and Chief Executive Officer
(832) 219-9047
martyn.willsher@amplifyenergy.com

Michael Jordan – Director, Finance and Treasurer
(832) 219-9051
michael.jordan@amplifyenergy.com

Media Contact

Amy Conway
Amy.Brown@fticonsulting.com

Huge news:
Amplify gets permission to restart Beta pipeline, after almost 2 year shutdown!!!

April 10 2023 - 07:00AM
GlobeNewswire Inc.
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Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the required approvals from federal regulatory agencies to restart operations at the Beta Field. Initial steps to resume full operations will involve filling the San Pedro Bay Pipeline with production, a process which commenced over the past weekend and is expected to take approximately two weeks to complete. Following the line fill process, the pipeline will be operated in accordance with the restart procedures that were reviewed and approved by the Pipeline and Hazardous Materials Safety Administration (PHMSA).
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “Safety has driven every aspect of our response, repair and restart operations, and safety will continue to guide our operating philosophy as we bring the Beta asset back online. The approval from federal regulatory agencies and the receipt of $85 million in net proceeds from the vessels that struck and damaged our pipeline substantially concludes a very challenging last 18 months for the Company, and we are eager to focus our attention on safely operating our Beta assets, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner, and we remain committed to ensuring the protection of our employees, the environment and our surrounding communities.”

https://www.nasdaq.com/articles/iea:-global-oil-demand-to-hit-new-highs-in-2023

Way oversold today.
I bought more under $8.... those shares will be worth lots more later this year, when Beta starts pumping again.

AMPY results for Q4:
https://finance.yahoo.com/news/amplify-energy-announces-fourth-quarter-210500802.html

I'm reading concerns about the earnings outlook, which in theory should be assisted by the re-start of the SoCal pipeline. Hangover from that incident may persist this year, but honestly, in this market everything is taking a hit.....it will recover, hopefully :)

Anyone here see why the stock is down so much on the Q4 earnings report?
I know the prices were a little soft, especially for natgas, but this decline seems an over-reaction.

Or is it the lack of an announcement on the Beta restart?

Any other ideas?

Anyone here see why the stock is down so much on the Q4 earnings report?
I know the prices were a little soft, especially for natgas, but this decline seems an over-reaction.

Or is it the lack of an announcement on the Beta restart?

Any other ideas?

From Oilprice.com
https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Are-Set-To-Rise-Throughout-2023.html

Amplify Energy Reaches $96.5 Million Settlement with the Shipping Companies Related to the Containerships’ Anchor Strikes of Amplify’s Pipeline (3/01/23)

Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached a settlement of its claims against the M/V Danit (in rem) and its affiliated corporate entities; the M/V Beijing and its affiliated corporate entities, as well as the COSCO marine entities and the Marine Exchange. The M/V Danit and its affiliated corporate entities and the M/V Beijing and its affiliated corporate entities have agreed to pay Amplify $96.5 million in connection with the anchor strikes by the containerships that damaged the pipeline, interrupted Amplify’s business and led to the 2021 Southern California Pipeline Incident. The overall resolution includes subrogation claims by Amplify’s property damage and loss of production insurers, with Amplify ultimately receiving a net payment of approximately $85 million.
The Marine Exchange has agreed to non-monetary terms in this settlement as well. The parties are working to finalize the settlement agreement documentation. The settlement resolves Amplify’s affirmative claims related to the 2021 Southern California Pipeline Incident. As part of the settlement, after payment is made, Amplify will dismiss all of its legal claims against those parties.

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “The resolution of Amplify’s claims against the vessels and their affiliated entities concludes our involvement in the litigation related to the 2021 pipeline incident, which has demanded considerable focus and allocation of Company resources. We are eager to move forward and turn the page on this unfortunate and preventable event and to dedicate all of our attention to operations at Beta, our business as a whole and the strategic direction of the Company. Amplify has operated off the coast of California for years in a safe and responsible manner and we remain committed to ensuring the safety and protection of our employees, the environment and our surrounding communities.”

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.

Yahoo Finance up with the story:
https://finance.yahoo.com/news/shipping-companies-reach-97m-california-170855705.html

This is going to go much higher once the Beta offshore well begins pumping again. See my earlier posts.
They've already begun hiring workers for the rig!!

Just as I predicted, the shipowners settled the pipeline anchor dragging case with Amplify.
Great news.... mnow we just waait for news that the pipeline is repaired and re-started.

Could come any day now/

More goodness :)

https://www.globenewswire.com/news-release/2023/03/01/2618065/18120/en/Amplify-Energy-Reaches-96-5-Million-Settlement-with-the-Shipping-Companies-Related-to-the-Containerships-Anchor-Strikes-of-Amplify-s-Pipeline.html

Another report on the settlement agreed to by MSC, the shipping company that owne one of the ships that draagged anchor over Amplify's Beta pipeline:
https://www.offshore-energy.biz/msc-agrees-to-pay-settlement-over-california-oil-spill/

Thanks bro. Shared on Stocktwits. :)

Shipowners in pipeline spill agree to settlement:
https://budsoffshoreenergy.com/2023/02/17/huntington-beach-pipeline-spill-another-settlement-but-still-no-investigation-report/

As this payment to the settlement is a tacit acknowledgement that the shipowners recognize they have some liability for the Amplify Pipeline oil spill, this settlement has to be good news for Amplify. A settlement with Amplify would seem to be the next logical announcement.

More Amplify Energy postings for jobs on their offshore oil platform at Long Beach, CA.
All posted January 20, 2023.
All signs point to resumption of production at the Beta field.

https://www.rigzone.com/oil/jobs/postings/1179643_plant_operator_oil_and_gas?s=7&tid=5
https://www.rigzone.com/oil/jobs/postings/1179639_roughneck_roustabout?s=7&tid=5
https://www.rigzone.com/oil/jobs/postings/1179638_floor_hand?s=7&tid=5
https://www.rigzone.com/oil/jobs/postings/1179642_wellbay_operator?s=7&tid=5

Amplify hiring offshore oil rig hands:
Posted January 20, 2023: https://www.rigzone.com/oil/jobs/postings/1179638_floor_hand?s=7&tid=4529

The only reason to be hiring offshore oil rig hands would be if you are going to re-start operations at the offshore rig, that has been shut down by the spill since October 2021.

Amplify announced at it's last earning call in November that they had Army Corp approval for the pipeline repairs. This new hiring indicates the pipeline repairs must be close to completion.

Good news soon!!

....did I mention Director Hamm bought $130,000 worth of additional shares on Dec 23, at prices between 7.50 and 7.79

I love insider buying!!

Good news is coming for AMPY this quarter.... we just don't know exactly when.
Here are the headlines to expect:
AMPY completes repair of damaged pipeline.
AMPY reaches settlement with shipping companies that damaged pipeline with anchors.
AMPY completes PHMSA required pipeline integrity tests, expects approval and pipeline re-start soon.

Each of these will have a very positive impact on the share price.
Now is the time to buy.

I picked up another 2,000 shares today, at prices between 7.80 and 8.20...... a screaming deal.
Energy down today, but it's not going to be down for the year, that's for sure.

This has been beaten down, and insiders are buying. That's a very good sign.

AMPY available today for less than $8.00 /share

About what the insider bought it for last month:
Director Christopher W. Hamm acquired 17,000 shares of Amplify Energy stock in a transaction on Thursday, December 22nd. The stock was purchased at an average cost of $7.65 per share, with a total value of $130,050.00. Following the purchase, the director now directly owns 75,618 shares in the company, valued at $578,477.70.

I love buying at the same price insiders are buying the shares at!!!

Amplify Energy Announces Extension of its Revolving Credit Facility and Borrowing Base Redetermination (12/13/22)

HOUSTON, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it completed its regularly scheduled semi-annual borrowing base redetermination and entered into an amendment to extend its credit agreement from November 2, 2023 to May 31, 2024. The redetermination resulted in a revised borrowing base of $215 million effective immediately with scheduled monthly reductions of $5 million until otherwise redetermined or adjusted in accordance with the provisions of the Credit Agreement.

As of November 30, 2022, Amplify had total net debt of $167 million, with $190 million outstanding under its credit facility and $23 million of cash on hand.

Martyn Willsher, Amplify’s President and Chief Executive Officer commented, “We’d like to thank all the lenders in our bank group for their continued support and working collaboratively to extend the credit facility into May of 2024. The extension of our credit facility’s maturity provides more time and flexibility to refinance after Beta returns to production, which we anticipate occurring by the end of the first quarter of 2023.”

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.

https://www.globenewswire.com/news-release/2022/12/13/2573242/18120/en/Amplify-Energy-Announces-Extension-of-its-Revolving-Credit-Facility-and-Borrowing-Base-Redetermination.html

Amplify Energy Announces Third Quarter 2022 Results and Issues Updated Guidance (11/01/22)

HOUSTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today its operating and financial results for the third quarter of 2022 and updated its full-year 2022 guidance.

Key Highlights

During the third quarter of 2022, the Company:
- Achieved average total production of 21.0 MBoepd

- Generated net cash provided by operating activities of $18.9 million and net income of $47.2 million

- Delivered Adjusted EBITDA of $30.8 million

- Generated $17.0 million of free cash flow

- As of October 28, 2022, net debt was $179 million, consisting of $205 million outstanding under the revolving credit facility and $26 million of cash on hand
Net Debt to Last Twelve Months (“LTM”) EBITDA of 2.2x1

Southern California Release Incident (the “Incident”) Updates:

Pipeline repair operations are currently underway, and the Company expects to safely repair and restart the pipeline by the end of the first quarter of 2023
On October 1, 2022, the Company announced that it had received the U.S. Army Corps of Engineers Nationwide Permit 12 to proceed with the permanent repair plans which were previously reviewed and approved by federal pipeline safety regulators earlier this year

On August 26, 2022 and September 8, 2022, respectively, Amplify announced that it had reached agreements to resolve all federal and state criminal matters involving the Company and its subsidiaries arising from the Incident; the courts have approved those agreements

On August 25, 2022, Amplify announced that it had reached an agreement in principle, which is subject to court approval, to settle all civil claims against Amplify and its subsidiaries, which will be funded under the Company’s insurance policies
(1) Net debt as of October 28, 2022, and LTM EBITDA as of the third quarter of 2022

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “We are excited to report that operations are currently underway to repair the sections of our pipeline that were damaged by anchor strikes from two shipping vessels in 2021. As we have previously announced, we have resolved all federal and state criminal matters and have reached an agreement in principle with the plaintiffs in the class action to resolve all civil matters against Amplify and its subsidiaries. With the resolution of these matters substantially complete, we are concentrated on safely repairing the damaged pipeline and working with regulators to promptly receive the required approvals to restart our pipeline and bring the Beta field back online.”

Mr. Willsher concluded, “Amplify performed well operationally and financially during the third quarter. We increased production, reduced operating expenses, and improved cash margins, which allowed us to further reduce total debt outstanding and improve our leverage metrics. For the remainder of 2022, we remain focused on improving our future free cash flow generation through prudent asset investments and cost optimization of our assets, while delevering our balance sheet.”

Southern California Pipeline Incident

For more information and disclosures regarding the Incident, please see our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission (“SEC”).

Key Financial Results

During the third quarter of 2022, Amplify generated $30.8 million of Adjusted EBITDA, an increase of approximately $14.5 million from $16.3 million in the prior quarter. The increase was primarily attributable to higher production, lower operating expenses, timing variances regarding the recognition of loss of production income (“LOPI”) insurance proceeds related to the Incident, and lower third quarter commodity hedge settlement payments. For the third quarter, the Company recognized $13.3 million of LOPI proceeds, which represents three months of LOPI payments, compared to $8.8 million, or two months LOPI payments, for the prior quarter. Amplify will continue to recognize LOPI proceeds at the time they are approved by insurers for the remainder of the policy period or until Beta is returned to full production.

Free cash flow, defined as Adjusted EBITDA less cash interest expense and capital expenditures, was $17.0 million in the third quarter of 2022, compared to negative $0.6 million in the prior quarter and $14.3 million in the first half of the year. The positive change was primarily related to rolling off out-of-the-money commodity hedges, reduced capital expenditures in East Texas and Bairoil and LOPI payment recognition during the third quarter.[...]

https://www.globenewswire.com/news-release/2022/11/01/2545971/18120/en/Amplify-Energy-Announces-Third-Quarter-2022-Results-and-Issues-Updated-Guidance.html

Amplify Energy Update on San Pedro Bay Pipeline Permit (10/01/22)

Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the Nationwide Permit 12 from the U.S. Army Corps of Engineers to proceed with repair plans that were reviewed and approved by federal pipeline safety regulators earlier this year. This is the next phase of the Company’s repair plan and includes removing the damaged segments of the pipeline from the ocean floor. By removing the damaged segments of the pipeline, regulators, the parties in the litigation and Amplify will be able to complete further analysis of the impact from the vessels dragging their anchors and striking the pipeline on January 25, 2021.

Following the removal of the pipe segments, new segments will be installed in accordance with the approved repair plans. The Company estimates the work will take approximately three to four weeks to complete after the repair barge is deployed.

After the pipeline is repaired, it will undergo a series of safety integrity tests as required by both federal pipeline safety regulations and the Oct. 5, 2021 PHMSA corrective action order. Thereafter, Amplify anticipates that PHMSA will review the pipeline restart plan. Once finalized, the Company will begin the process of bringing the Beta field back online, which is expected to occur in the first quarter of 2023.

Amplify Energy is committed to safely operating in a way that ensures the protection of the environment and the surrounding communities – communities where many of Amplify’s employees live and raise their families.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.

https://www.globenewswire.com/news-release/2022/10/01/2526408/18120/en/Amplify-Energy-Update-on-San-Pedro-Bay-Pipeline-Permit.html

Amplify Energy Reaches Agreement with State of California to Resolve Matters Associated with Southern California Pipeline Incident (9/08/22)

HOUSTON, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached an agreement with the State of California to resolve all criminal matters involving the Company and its subsidiaries stemming from the October 2021 Southern California Pipeline Incident.

As part of the resolution with the State of California, Amplify has agreed to enter a plea of No Contest to six misdemeanor charges. If approved by the Court, the Company will pay a fine in the amount of $4.9 million to be distributed among the State of California, including the State’s Fish and Game Preservation Fund, and Orange County. Amplify also will serve a one-year term of probation and has agreed to certain compliance enhancements to its operations. This resolution, along with the plea agreement regarding federal criminal matters previously announced, if approved by both courts, will resolve all criminal matters stemming from the Southern California Pipeline Incident.

Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “This resolution with the State of California, which follows Amplify’s plea agreement with the U.S. Attorney’s office, further reflects the commitments we made immediately following the incident to the communities and environment impacted by the release. We worked diligently to support the successful clean-up and remediation efforts, including deploying upwards of 1,800 oil spill response contractors, have paid covered claims as expeditiously as possible, and continue to work cooperatively with the various state and federal agencies investigating these matters. Amplify Energy remains committed to safely operating in a way that ensures the protection of the environment and the surrounding communities.”

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.

https://www.globenewswire.com/news-release/2022/09/08/2512995/0/en/Amplify-Energy-Reaches-Agreement-with-State-of-California-to-Resolve-Matters-Associated-with-Southern-California-Pipeline-Incident.html