Amplify Energy announces update on strategic initiatives

Amplify is committed to simplifying its portfolio, focusing capital and management resources on the most attractive investment opportunities, and creating value for shareholders. Amplify intends to become more oil-weighted, reduce debt, lower operating costs, and streamline the organization. To accomplish the goals above, Amplify is undertaking several initiatives. First, Amplify recently engaged TenOaks Energy Advisors to explore market interest for the complete divestiture of Amplify’s assets in East Texas and Oklahoma. TenOaks has initiated outreach to potential buyers to gauge interest in the assets. Amplify believes running a broad-based competitive process will provide the highest likelihood of success. Monetizing these assets would allow Amplify to reduce debt, to meaningfully lower G&A, and to focus on our Beta and Bairoil operations. With respect to Beta, Amplify continues to invest in its 2025 development program. We are currently drilling the C-08 well off of the Eureka platform and we expect to start production in August. The potential monetization of assets would allow for further acceleration of the Beta development program in the future. At Bairoil, we are currently pursuing meaningful cost saving opportunities and optimization projects. Chris Hamm, Chairman of the Board, stated, “Amplify is pursuing multiple paths to enhance shareholder value. We are taking steps to not only simplify the portfolio, but also the organization. By focusing on our low decline, oil-weighted assets with significant drilling and optimization upside, we believe we can generate outstanding returns for our investors.”