Amplify Energy Announces Regaining of Compliance with NYSE Continued Listing Standards and Full Forgiveness of PPP Loan
12 Juli 2021 - 10:30PM
Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”)
announced today that on July 8, 2021, the Company received notice
from the New York Stock Exchange (“NYSE”) that it had regained
compliance with the continued listing standards set forth in Item
802.01B of the NYSE Listed Company Manual.
As previously disclosed, on September 4,
2020, Amplify received notice from the NYSE that the Company was
not in compliance with NYSE listing standard 802.01B because at
such time the Company’s average global market capitalization over a
consecutive 30 trading-day period was less than $50 million and, at
the same time, its shareholders’ equity was less than $50
million.
In addition, on June 22, 2021, the Company
received full forgiveness from the U.S. Small Business
Administration of its entire loan under the
Paycheck Protection Program, established as part of the
Coronavirus Aid, Relief, and Economic Security Act. The forgiveness
of the loan extinguishes approximately $5.5 million of debt from
the Company’s balance sheet. As of June 30, 2021, Amplify had net
debt of approximately $216 million, with $235 million outstanding
under the revolving credit facility and $19 million of cash on
hand.
Martyn Willsher, Amplify’s President and Chief
Executive Officer, commented, “Our near-term focus remains on
improving our balance sheet and maximizing free cash flow. We
expect that the current commodity price environment, coupled with
the low capital intensity of our long-lived, low-decline asset
base, will deliver strong free cash flow for the remainder of the
year and will accelerate in 2022, rapidly improving our leverage
ratio to less than 1.5x by the end of 2022. We believe
that our continuous focus on free cash flow generation and the
substantial delevering of our balance sheet will provide future
optionality to allocate additional capital towards asset
reinvestment, accretive transactions, and return of capital
initiatives.”
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, federal
waters offshore California, East Texas / North Louisiana, and the
Eagle Ford. For more information, visit www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Amplify expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Terminology such as “will,” “would,” “should,” “could,”
“expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,”
“believe,” “target,” “continue,” “potential,” the negative of such
terms or other comparable terminology are intended to identify
forward-looking statements. Amplify believes that these statements
are based on reasonable assumptions, but such assumptions may prove
to be inaccurate. Such statements are also subject to a number of
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the control of Amplify, which may cause
Amplify’s actual results to differ materially from those implied or
expressed by the forward-looking statements. Please read the
Company’s filings with the Securities and Exchange Commission,
including “Risk Factors” in its Annual Report on Form 10-K, and if
applicable, its Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, and other public filings and press releases for a
discussion of risks and uncertainties that could cause actual
results to differ from those in such forward-looking statements.
All forward-looking statements 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.
Amplify 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.
Investor Relations Contacts
Jason McGlynn – Chief Financial Officer(832)
219-9055jason.mcglynn@amplifyenergy.com
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