Amplify Energy Commences Restart Operations at Beta Field

Rhea-AI Summary

Amplify Energy Corp. (NYSE: AMPY) has received federal regulatory approvals to restart operations at the Beta Field after facing challenges over the past 18 months. The initial step includes filling the San Pedro Bay Pipeline with production, a process that began recently and will take approximately two weeks. Safety remains a priority throughout this restart phase, as emphasized by the company's President and CEO, Martyn Willsher. Additionally, Amplify has received $85 million in net proceeds from vessels that previously damaged its pipeline. This financial boost aims to enhance operational safety and focus on the strategic direction of the company.

Positive

• Received federal regulatory approvals to restart operations at the Beta Field.
• Commenced the pipeline filling process, expected to take about two weeks.
• Received $85 million in net proceeds from damaged vessels.

Negative

• None.

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

FAQ

What recent approvals did Amplify Energy receive?

Amplify Energy received federal regulatory approvals to restart operations at the Beta Field.

What is the significance of the $85 million received by Amplify Energy?

The $85 million in net proceeds from vessels that damaged the pipeline will support operational safety and strategic initiatives.

How long will the pipeline filling process take for Amplify Energy?

The pipeline filling process is expected to take approximately two weeks.

Who is the CEO of Amplify Energy and what did he say about the restart?

Martyn Willsher, the CEO, emphasized that safety will guide the company's operations as they bring the Beta asset back online.

What challenges did Amplify Energy face before the recent announcement?

Amplify Energy faced significant challenges over the past 18 months due to damage to its pipeline.