Amplify Energy Provides Hedging Update


HOUSTON, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that the Company has recently added to its commodity derivative positions in order to meet initial hedge requirements under its new senior secured reserve-based revolving credit facility (the “New Credit Facility”) which was announced on August 1, 2023.

Under the terms of the New Credit Facility, the Company was required to hedge projected Proved Developed Producing natural gas and crude oil production volumes (on an equivalent basis) totaling at least 75% for the first 24 consecutive calendar months, and at least 50% of the subsequent 12 months, following the closing date of the New Credit Facility on July 31, 2023.

Amplify posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section.

The following table reflects the hedged volumes under Amplify’s commodity derivative contracts and the average fixed floor and ceiling prices at which production is hedged for July 2023 through December 2026, as of August 31, 2023:

          
    2023  2024  2025  2026
          
 Natural Gas Swaps:        
 Average Monthly Volume (MMBtu)    662,500  675,000  291,667
 Weighted Average Fixed Price ($)   $3.72 $3.74 $3.72
          
 Natural Gas Collars:        
 Two-way collars        
 Average Monthly Volume (MMBtu)  1,248,000  627,083  500,000  291,667
 Weighted Average Ceiling Price ($) $5.55 $4.32 $4.10 $4.10
 Weighted Average Floor Price ($) $3.41 $3.43 $3.50 $3.50
          
 Oil Swaps:        
 Average Monthly Volume (Bbls)  113,167  61,333  53,000  30,917
 Weighted Average Fixed Price ($) $67.25 $73.55 $70.68 $70.68
          
 Oil Collars:        
 Two-way collars        
 Average Monthly Volume (Bbls)  15,000  102,000  59,500  
 Weighted Average Ceiling Price ($) $76.16 $80.20 $80.20  
 Weighted Average Floor Price ($) $65.00 $70.00 $70.00  
          
 Three-way collars        
 Average Monthly Volume (Bbls)  50,000      
 Weighted Average Ceiling Price ($) $74.54      
 Weighted Average Floor Price ($) $58.00      
 Weighted Average Sub-Floor Price ($) $43.00      
          

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 Contacts

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