Amplify Energy Announces Successful Borrowing Base Redetermination
June 21 2022 - 4:35PM
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 its credit agreement. The redetermination affirmed the
borrowing base at $225 million. The next regularly scheduled
borrowing base redetermination is expected to occur in November
2022.
As of May 31, 2022, Amplify had total net debt
of $187 million, with $215 million outstanding under its credit
facility and $28 million of cash on hand.
Martyn Willsher, Amplify’s President and Chief
Executive Officer commented, “With today’s redetermination holding
the borrowing base flat at $225 million, the Company is well
positioned to continue improving its liquidity position and
leverage profile. For the remainder of 2022, in addition to
improving our balance sheet, we anticipate allocating additional
capital to high-return workover and non-operated development
projects to generate additional free cash flow and further drive
stockholder value.”
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.
Investor Relations Contacts
Jason McGlynn – Chief Financial Officer(832)
219-9055jason.mcglynn@amplifyenergy.com
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