Amplify Energy Announces Successful Borrowing Base Reaffirmation

Rhea-AI Summary

Amplify Energy Corp. (NYSE: AMPY) announced the successful completion of its semi-annual redetermination of the revolving credit facility (RCF), maintaining the borrowing base at $260 million. As of October 30, 2020, the company reported a total net debt of $243 million with $260 million drawn against the credit facility and $17 million in cash. Interim CEO Martyn Willsher highlighted the positive outcome reflecting the company's robust asset base and effective hedging strategy amid challenging market conditions.

Positive

• Borrowing base maintained at $260 million, indicating financial stability.
• Total net debt stands at $243 million, suggesting manageable debt levels.
• Effective commodity hedging program contributing to liquidity improvement.

Negative

• None.

HOUSTON, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it has completed the regularly scheduled semi-annual redetermination of its revolving credit facility (“RCF”) borrowing base and entered into an amendment to its credit agreement. The redetermination reaffirmed the borrowing base at $260 million. The next regularly scheduled borrowing base redetermination is expected to occur in April 2021.

As of October 30, 2020, Amplify had total net debt of $243 million, with $260 million outstanding under the credit facility and $17 million of cash on hand.

Martyn Willsher, Amplify’s Interim Chief Executive Officer and Chief Financial Officer commented, “With today’s redetermination holding the borrowing base flat at $260 million, the Company is well positioned to continue improving its liquidity position and leverage profile going forward. This was an excellent outcome, which demonstrates the sustainable value of our long-lived, low-decline asset base and the success of our disciplined commodity hedging program. We could not have realized this result without the support of our bank group and the exceptional work of our employees, who have worked tirelessly to reduce costs and increase free cash flow during the ongoing COVID-19 pandemic and resulting depressed commodity price environment.”

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, offshore California, East Texas / North Louisiana and South Texas. For more information, visit www.amplifyenergy.com.

Investor Relations Contacts

Martyn Willsher – Interim CEO & CFO
(832) 219-9047
martyn.willsher@amplifyenergy.com

Jason McGlynn – VP, Business Development
(832) 219-9055
jason.mcglynn@amplifyenergy.com

FAQ

What is Amplify Energy's borrowing base as of November 2020?

Amplify Energy's borrowing base is $260 million as of November 2020.

What is the total net debt of Amplify Energy Corp.?

As of October 30, 2020, Amplify Energy Corp. reported total net debt of $243 million.

When is the next borrowing base redetermination for Amplify Energy scheduled?

The next borrowing base redetermination for Amplify Energy is expected to occur in April 2021.

What challenges is Amplify Energy facing in the current market?

Amplify Energy is navigating a depressed commodity price environment due to the ongoing COVID-19 pandemic.