Amplify Energy Announces Closing of Oklahoma Divestiture

Core Viewpoint - Amplify Energy Corp. has successfully completed the sale of its interests in Oklahoma for a contract price of $92.5 million, which is part of its strategic plan to simplify its portfolio and improve its financial position [1][2]. Group 1: Financial Transactions - The sale of interests in Oklahoma is valued at $92.5 million, subject to customary post-closing adjustments [1]. - Proceeds from the divestitures in East Texas and Oklahoma have allowed the company to eliminate all outstanding debt under its current revolving credit facility [2]. - The company is in the process of amending its credit facility, which is expected to close by December 31 [2]. Group 2: Strategic Focus - The CEO of Amplify Energy expressed excitement about completing the transactions, emphasizing the company's intention to focus resources on its highest upside assets [3]. - Following the transactions, Amplify expects to significantly reduce general and administrative costs [3]. - The company aims to create substantial value at its remaining assets, specifically Beta and Bairoil [3]. Group 3: Company Overview - Amplify Energy Corp. is an independent oil company engaged in the acquisition, development, exploitation, and production of oil, with operations primarily focused in Beta (Pacific Offshore Continental Shelf) and Bairoil (Rockies) [4].