HOUSTON, April 01, 2025 (GLOBE NEWSWIRE) — Amplify Energy Corp. (NYSE: AMPY) announced that Institutional Shareholder Services, a leading independent proxy advisory firm, has recommended that shareholders vote “FOR” the Company’s proposed merger with Juniper Capital’s upstream Rocky Mountain portfolio companies. The Company issued the following statement in response to ISS’ recommendation:
The Amplify Board of Directors (the “Board”) and management team are pleased that ISS agrees our pending merger will promote continued growth and long-term shareholder value. ISS took the time to discuss the merger with us, evaluated its benefits and assessed any potential concerns through its independent review process. We appreciate that, after conducting its diligence, ISS recommended FOR our proposed merger.
In its report, ISS concluded1 that: “[Amplify] appears to have run a reasonable process and the proposed transaction, which was the best option available following discussions with multiple parties, appears to be better than a standalone scenario given increased scale, projected free cash flow accretion, synergy opportunities, and the increased optionality for portfolio optimization.”
We believe this transaction represents a compelling opportunity to enhance long-term shareholder value by significantly strengthening Amplify’s financial position, diversifying its asset base, and creating operational efficiencies. We anticipate the proposed merger will:
- Drive free cash flow and value accretion:
- 2025 free cash flow per share projected to increase from $0.50 per share to greater than $0.70 per share2
- Total proved reserve value projected to increase ~89%, from $688 million to $1.3 billion3
- Increase portfolio flexibility:
- New Rockies asset base allows Amplify the opportunity to accelerate value creation through portfolio optimization
- Lower operating cost to improve resiliency of asset base in low or high commodity price environment
- Enhance organic growth potential:
- Juniper assets include multi-year inventory of identified, high quality undeveloped drilling locations
- Proved undeveloped drilling locations adjacent to premier public company operators
- Unlock meaningful operating synergies:
- Pro-forma Adjusted EBITDA per BOE expected to increase 40% due to higher oil weighting and lower cost structure4
- Pro-forma G&A per BOE expected to decrease >20% due to economies of scale5
- Preserve shareholder value:
- Increased free cash flow and scale, along with expected refinancing, projected to increase liquidity and flexibility
- Free cash flow provides optionality to reduce leverage and return capital to shareholders
The Board continues to recommend that shareholders vote “FOR” the two proposals regarding the merger. The Special Meeting of Shareholders to approve the proposals is scheduled to take place virtually on April 14, 2025, at 9:00 a.m. Central Time. The methods for voting and submitting proxies are described in the distributed proxy materials for the Special Meeting.
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,
