Amplify Energy Announces Successful Borrowing Base Reaffirmation
November 18 2020 - 4:05PM
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)
219-9047martyn.willsher@amplifyenergy.com
Jason McGlynn – VP, Business Development(832)
219-9055jason.mcglynn@amplifyenergy.com
Amplify Energy (NYSE:AMPY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Amplify Energy (NYSE:AMPY)
Historical Stock Chart
From Apr 2023 to Apr 2024