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Amplify Provides Additional Information on Acquisition of Assets from Juniper Capital

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Amplify Energy Corp. (NYSE: AMPY) has released additional details about its planned acquisition of Juniper Capital's upstream Rocky Mountain portfolio. The merger is projected to deliver significant financial benefits, including:

- An increase in 2025 free cash flow per share from $0.50 to over $0.70
- ~89% increase in total proved reserve value from $688 million to $1.3 billion
- 40% increase in pro-forma Adjusted EBITDA per BOE
- Over 20% decrease in pro-forma G&A per BOE

The acquisition provides portfolio flexibility, organic growth potential through high-quality drilling locations, and meaningful operating synergies. A special shareholder meeting is scheduled for April 14, 2025, at 9:00 a.m. Central Time to vote on two merger-related proposals, which the Board unanimously recommends shareholders approve.

Amplify Energy Corp. (NYSE: AMPY) ha rilasciato ulteriori dettagli riguardo alla sua acquisizione pianificata del portafoglio upstream Rocky Mountain di Juniper Capital. La fusione è prevista per offrire significativi vantaggi finanziari, tra cui:

- Un aumento del flusso di cassa libero per azione nel 2025 da $0,50 a oltre $0,70
- Aumento del ~89% del valore totale delle riserve provate da $688 milioni a $1,3 miliardi
- Aumento del 40% dell'EBITDA rettificato pro-forma per BOE
- Oltre il 20% di riduzione delle spese generali e amministrative pro-forma per BOE

L'acquisizione offre flessibilità del portafoglio, potenziale di crescita organica attraverso posizioni di perforazione di alta qualità e sinergie operative significative. Un incontro speciale degli azionisti è programmato per il 14 aprile 2025, alle 9:00 ora centrale, per votare su due proposte relative alla fusione, che il Consiglio raccomanda unanimemente di approvare.

Amplify Energy Corp. (NYSE: AMPY) ha publicado detalles adicionales sobre su adquisición planificada del portafolio upstream Rocky Mountain de Juniper Capital. Se proyecta que la fusión ofrecerá beneficios financieros significativos, incluyendo:

- Un aumento en el flujo de caja libre por acción en 2025 de $0.50 a más de $0.70
- Aumento del ~89% en el valor total de reservas probadas de $688 millones a $1.3 mil millones
- Aumento del 40% en el EBITDA ajustado pro forma por BOE
- Más del 20% de disminución en los gastos generales y administrativos pro forma por BOE

La adquisición proporciona flexibilidad en el portafolio, potencial de crecimiento orgánico a través de ubicaciones de perforación de alta calidad y sinergias operativas significativas. Se ha programado una reunión especial de accionistas para el 14 de abril de 2025, a las 9:00 a.m. hora central, para votar sobre dos propuestas relacionadas con la fusión, que el Consejo recomienda unánimemente que los accionistas aprueben.

앰플리파이 에너지 코프(Amplify Energy Corp.)(NYSE: AMPY)는 주니퍼 캐피탈(Juniper Capital)의 록키 마운틴 업스트림 포트폴리오 인수에 대한 추가 세부 정보를 발표했습니다. 이 합병은 다음과 같은 상당한 재정적 이점을 제공할 것으로 예상됩니다:

- 2025년 주당 자유 현금 흐름이 $0.50에서 $0.70 이상으로 증가
- 총 검증된 매장량 가치가 $688 백만에서 $1.3 십억으로 약 89% 증가
- BOE당 조정 EBITDA가 40% 증가
- BOE당 일반 관리비가 20% 이상 감소

이번 인수는 포트폴리오 유연성, 고품질 드릴링 위치를 통한 유기적 성장 잠재력, 그리고 의미 있는 운영 시너지를 제공합니다. 특별 주주 총회는 2025년 4월 14일 오전 9시 중앙 표준시(Central Time)에 두 가지 합병 관련 제안에 대한 투표를 위해 예정되어 있으며, 이사회는 주주들이 이를 승인할 것을 만장일치로 권장합니다.

Amplify Energy Corp. (NYSE: AMPY) a publié des détails supplémentaires concernant son acquisition prévue du portefeuille upstream Rocky Mountain de Juniper Capital. La fusion devrait offrir des avantages financiers significatifs, notamment :

- Une augmentation du flux de trésorerie libre par action en 2025 de 0,50 $ à plus de 0,70 $
- Augmentation d'environ 89 % de la valeur totale des réserves prouvées, passant de 688 millions $ à 1,3 milliard $
- Augmentation de 40 % de l'EBITDA ajusté pro forma par BOE
- Diminution de plus de 20 % des frais généraux et administratifs pro forma par BOE

L'acquisition offre une flexibilité de portefeuille, un potentiel de croissance organique grâce à des emplacements de forage de haute qualité et des synergies opérationnelles significatives. Une assemblée générale extraordinaire des actionnaires est prévue pour le 14 avril 2025 à 9h00, heure centrale, pour voter sur deux propositions liées à la fusion, que le conseil recommande à l'unanimité d'approuver.

Amplify Energy Corp. (NYSE: AMPY) hat zusätzliche Details zu ihrer geplanten Übernahme des upstream Rocky Mountain-Portfolios von Juniper Capital veröffentlicht. Die Fusion wird voraussichtlich erhebliche finanzielle Vorteile bringen, einschließlich:

- Eine Erhöhung des freien Cashflows pro Aktie im Jahr 2025 von 0,50 USD auf über 0,70 USD
- ~89% Anstieg des Gesamtwerts der nachgewiesenen Reserven von 688 Millionen USD auf 1,3 Milliarden USD
- 40% Anstieg des bereinigten EBITDA pro BOE
- Über 20% Rückgang der allgemeinen und administrativen Kosten pro BOE

Die Übernahme bietet Flexibilität im Portfolio, organisches Wachstumspotenzial durch hochwertige Bohrstandorte und bedeutende betriebliche Synergien. Eine außerordentliche Hauptversammlung der Aktionäre ist für den 14. April 2025 um 9:00 Uhr Central Time angesetzt, um über zwei fusionbezogene Vorschläge abzustimmen, die der Vorstand einstimmig zur Genehmigung durch die Aktionäre empfiehlt.

Positive
  • 89% increase in proved reserve value to $1.3 billion
  • 40% increase in pro-forma Adjusted EBITDA per BOE
  • Over 20% reduction in G&A costs per BOE
  • 40% projected increase in 2025 free cash flow per share
  • Addition of high-quality undeveloped drilling locations
  • Enhanced operational flexibility and cost structure improvements
Negative
  • Shareholder approval required for merger completion
  • Integration risks associated with portfolio acquisition

Insights

Amplify Energy's acquisition of Juniper Capital's Rocky Mountain portfolio represents a transformative transaction that significantly enhances the company's scale and financial outlook. The projected 89% increase in proved reserve value (from $688 million to $1.3 billion) is particularly substantial relative to Amplify's modest $155 million market capitalization.

The financial metrics detailed in the presentation show compelling improvements across key performance indicators. Most notably, 2025 free cash flow per share is expected to increase by approximately 40% (from $0.50 to over $0.70), providing a material enhancement to Amplify's financial profile. This cash flow improvement, combined with the 40% projected increase in Adjusted EBITDA per BOE, demonstrates that the acquired assets carry substantially better margins than Amplify's existing portfolio.

The transaction provides strategic diversification benefits beyond the immediate financial improvements. By expanding into the Rockies region, Amplify gains geographical diversification and operational flexibility that can help mitigate basin-specific risks. The acquisition addresses a critical growth challenge for small E&P companies by providing multi-year drilling inventory adjacent to premier operators, bypassing the typically expensive and competitive acreage acquisition process.

Operational synergies are expected to drive meaningful cost improvements, with G&A per BOE projected to decrease by over 20% through economies of scale. The enhanced free cash flow generation provides optionality for both deleveraging and potential shareholder returns, addressing two key investor priorities in the energy sector.

For a company with Amplify's size, this acquisition creates a more sustainable operational platform with improved financial characteristics and greater portfolio flexibility to navigate commodity price cycles.

HOUSTON, March 25, 2025 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) today posted a new presentation on its website, providing additional information on its previously announced definitive agreement to acquire Juniper Capital’s upstream Rocky Mountain portfolio companies.

The presentation, which can be found on the Company’s investor relations page of its website at https://www.amplifyenergy.com/Amplify-Rockies-Transaction-Highlights/, details the expected financial and diversification benefits of the merger and how it is expected to enhance Amplify’s ability to generate long-term shareholder value. Key highlights include:

  • Free cash flow and value accretion:
    • 2025 free cash flow per share projected to increase from $0.50 per share to greater than $0.70 per share1
    • Total proved reserve value projected to increase ~89% from $688 million to $1.3 billion2
  • Greater portfolio flexibility:
    • New Rockies asset base allows Amplify the opportunity to accelerate value creation through portfolio optimization
    • Lower operating cost to improve resiliency of asset base in low or high commodity price environment
  • Organic growth potential:
    • Juniper assets include multi-year inventory of identified, high quality undeveloped drilling locations
    • Proved undeveloped drilling locations adjacent to premier public company operators
  • Meaningful operating synergies:
    • Pro-forma Adjusted EBITDA per BOE expected to increase 40% due to higher oil weighting and lower cost structure3
    • Pro-forma G&A per BOE expected to decrease >20% due to economies of scale4
  • Path to enhance shareholder value:
    • Increased free cash flow and scale, along with expected refinancing, projected to increase liquidity and flexibility
    • Free cash flow provides optionality to reduce leverage and return capital to shareholders

Amplify also reminds shareholders to vote on the two proposals regarding the merger. The Special Meeting of Shareholders to approve the proposals is scheduled to take place virtually on April 14, 2025, at 9:00 a.m. Central Time. The methods for voting and submitting proxies are described in the distributed proxy materials for the Special Meeting.

The Board unanimously recommends that shareholders vote “FOR” both proposals. The proposals are critical to the completion of the merger agreement, which the Board has unanimously determined to be in the best interests of the Company and its shareholders.

Each vote is important, regardless of how many shares owned, and whether or not shareholders expect to attend the Special Meeting. Amplify asks that all shareholders vote as soon as possible “FOR” both proposals, to ensure that their shares are represented at the Special Meeting.

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

Forward-Looking Statements

This press release includes “forward-looking statements.” All statements, other than statements of historical fact, included in this press release that addresses activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Company and its affiliates. Please read the Company’s filings with the Securities and Exchange Commission (the “SEC”), including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Except as required by law, the Company undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Cautionary Note on Reserves and Resource Estimates

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves or locations not necessarily calculated in accordance with, or contemplated by, the SEC’s latest reserve reporting guidelines. You are urged to consider closely the oil and gas disclosures in the Company’s Annual Report on Form 10-K and our other reports and filings with the SEC.

Important Additional Information Regarding the Mergers Will Be Filed With the SEC.

In connection with the proposed mergers, the Company has filed a definitive proxy statement. The definitive proxy statement has been sent to the stockholders of record of the Company. The Company may also file other documents with the SEC regarding the mergers. INVESTORS AND SECURITY HOLDERS OF AMPLIFY ARE ADVISED TO CAREFULLY READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGERS, THE PARTIES TO THE MERGERS AND THE RISKS ASSOCIATED WITH THE MERGERS. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed by Amplify with the SEC from the SEC’s website at www.sec.gov. Security holders and other interested parties will also be able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents (when available) by (1) directing your written request to: 500 Dallas Street, Suite 1700, Houston, Texas or (2) contacting our Investor Relations department by telephone at (832) 219-9044 or (832) 219-9051. Copies of the documents filed by the Company with the SEC will be available free of charge on the Company’s website at http://www.amplifyenergy.com.

Participants in the Solicitation.

Amplify and certain of its respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of Amplify in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, is included in the definitive proxy statement filed with the SEC. Additional information regarding the Company’s directors and executive officers is also included in Amplify’s Notice of Annual Meeting of Stockholders and 2024 Proxy Statement, which was filed with the SEC on April 5, 2024. These documents are available free of charge as described above.

Footnotes

1)   Based on Amplify March 5, 2025 guidance and full year 2025 Juniper forecast at flat pricing; (NYMEX WTI, HH) - $71.00, $3.75. Free cash flow is a non-GAAP measure. Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of this non-GAAP financial measure would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. This forward-looking measure, or its probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided.
2)   2024 Year End reserves are evaluated at flat pricing: (NYMEX WTI, HH) - $70.00, $3.50.
3)   Based on Amplify 3Q24 reported results, 3Q24 Juniper unaudited results adjusted for G&A synergies (pro-forma G&A excluding synergies equal to $3.38/Boe).
4)   Based on Amplify G&A per BOE in 3Q24, assuming $1 MM of incremental G&A post-merger and Juniper production in 3Q24.

Contacts

Amplify Energy

Jim Frew -- Senior Vice President and Chief Financial Officer
(832) 219-9044
jim.frew@amplifyenergy.com 

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

FTI Consulting

Tanner Kaufman / Brandon Elliott / Rose Zu
amplifyenergy@fticonsulting.com


FAQ

What is the expected increase in Amplify Energy's (AMPY) free cash flow after the Juniper Capital acquisition?

AMPY's 2025 free cash flow per share is projected to increase from $0.50 to over $0.70 following the acquisition.

How much will AMPY's proved reserve value increase after the Juniper Capital merger?

The total proved reserve value is projected to increase by approximately 89%, from $688 million to $1.3 billion.

When is AMPY's special shareholder meeting for the Juniper Capital acquisition?

The virtual Special Meeting of Shareholders is scheduled for April 14, 2025, at 9:00 a.m. Central Time.

What operational improvements will AMPY achieve through the Juniper Capital merger?

The merger will result in a 40% increase in pro-forma Adjusted EBITDA per BOE and over 20% decrease in G&A per BOE due to economies of scale.
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