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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): September 1, 2023

 

 

 

AMPLIFY ENERGY CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware 001-35512 82-1326219

(State or other jurisdiction
of Incorporation or Organization)

(Commission
File Number)

(I.R.S Employer
Identification No.)

     

 

500 Dallas Street, Suite 1700    
Houston, Texas   77002
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (713) 490-8900

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities Registered Pursuant to Section 12(b):

 

Title of each class   Trading
Symbol(s)
  Name of each exchange
on which registered
Common Stock   AMPY   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 


 

Item 7.01.     Regulation FD Disclosure.

 

On September 1, 2023, Amplify Energy Corp., a Delaware corporation (the “Company”), issued a press release announcing its recently added commodity derivative positions in order to meet initial hedge requirements under its new senior secured reserve-based revolving credit facility which was previously announced. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

On September 1, 2023, the Company posted to its website an updated investor presentation entitled, “Amplify Energy Corp. September 2023 Investor Presentation.” The presentation may be accessed by going to the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations and selecting Events and Presentations.

 

The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

 

Item 9.01.     Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit
Number
  Description
99.1   Press Release dated September 1, 2023
     
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: September 1, 2023 AMPLIFY ENERGY CORP.
   
  By: /s/ Martyn Willsher
    Name: Martyn Willsher
    Title:   President and Chief Executive Officer

 

 

 

EX-99.1 2 tm2325203d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

 

 

Amplify Energy Provides Hedging Update

 

HOUSTON, September 1, 2023 -- 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