Amplify Energy Reaches Settlement Terms In Southern California Pipeline Civil Litigation
August 25 2022 - 7:00AM
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY)
announced today that it has reached an agreement in principle with
plaintiffs in the class action to resolve all civil claims against
Amplify and its subsidiaries. The settlement will be funded under
the Company’s insurance policies, and the final agreement will be
subject to court approval.
Martyn Willsher, Amplify’s President and Chief
Executive Officer, commented, “We are pleased to have reached an
agreement in principle regarding the civil litigation resulting
from the Southern California Pipeline Incident last October.
Although we are unable to provide additional detail at this time,
we negotiated in good faith and believe we have come to a
reasonable and fair resolution. We will continue to vigorously
pursue our substantial claims for damages against the ships that
struck our pipeline, and the Marine Exchange of Southern California
that failed to notify us of the anchor strikes.”
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.
Investor Relations Contact
Jason McGlynn – Chief Financial Officer(832)
219-9055jason.mcglynn@amplifyenergy.com
Media Contact
Amy ConwayAmy.Brown@fticonsulting.com
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