AMPY

HOUSTON, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) today announced operating and financial results for the second quarter of 2026. On August 6, 2026, the Company's board of directors approved a share repurchase program authorizing the repurchase of up to $15.0 million of Amplify's common stock, representing approximately 10% of the Company's currently outstanding shares using recent prices. Under the share repurchase program, repurchases may begin after market open on August 11, 2026 and continue through and including December 31, 2026. Recent Developments and Second Quarter Highlights Recently, Amplify achieved the following milestones: During the second quarter of 2026, the Company: (1) A non-GAAP financial measure; see the “Use of Non-GAAP Financial Measures” section in this release for more information including reconciliations to the most comparable GAAP measures. Dan Furbee, the Company's Chief Executive Officer, stated, “Amplify continues to focus on activities that we expect will meaningfully enhance shareholder returns. In the past two months, Amplify successfully drilled and completed the C29 and C16 wells at Beta. Both wells were drilled in the Joulters fault block and are producing at expected rates. These two new wells, in combination with royalty relief, have meaningfully increased our net production, revenue and cash flow at Beta.” Mr. Furbee continued, “At Bairoil, we continued to make progress on our carbon storage initiatives. Effective June 1, we amended our CO₂ purchase agreement to increase the amount of CO₂ delivered to the field. This additional CO₂ also qualifies for Section 45Q tax credits, which will generate a larger rebate from our CO₂ supplier. We expect the amended contract will lower lease operating expenses by approximately $5.0 million per year. This contract amendment helps demonstrate the intrinsic value associated with our existing CO₂ infrastructure and available pore space.” Mr. Furbee concluded, “In addition to the positive developments at Beta and Bairoil, the Company’s board of directors approved a share repurchase program. We believe the Company’s stock is trading at a meaningful discount to its net asset value and repurchasing up to $15.0 million will be accretive to our shareholders. We also believe returning capital to shareholders demonstrates our commitment to allocating capital to the opportunities demonstrating the highest risk adjusted return.” Share Repurchase Program The board of directors believes that the Company's current share price does not adequately reflect the underlying value of its assets, cash flow generation potential, and long-term strategic opportunities. As a result, the Board has approved a share repurchase program, reflecting its confidence in the Company's outlook and commitment to disciplined capital allocation. The Company believes opportunistic repurchases represent an attractive investment and an effective way to enhance long-term shareholder value. The authorization permits the repurchase of up to $15.0 million of Amplify's common stock, representing approximately 10% of the Company's currently outstanding shares using recent prices. Under the share repurchase program, repurchases may begin after market open on August 11, 2026 and continue through and including December 31, 2026. Repurchases under the share repurchase program may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares of its common stock under this authorization. The Company is not obligated under the share repurchase program to acquire any particular amount of common stock, and the Company may terminate or suspend the share repurchase program at any time. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. Bairoil CO₂ Agreement On June 1, 2026, the Company entered into a Second Amended and Restated Carbon Dioxide Sale and Purchase Agreement with its third-party supplier (the “CO₂ Agreement”). Under the CO₂ Agreement, Amplify’s counterparty continues to supply CO₂ for use in the Company’s enhanced oil recovery operations (“EOR”) in the Lost Soldier-Wertz field in Wyoming. The Company expects the amended agreement, together with the initial CO₂ agreement announced in 2025, will generate approximately $10 million in annual cost savings compared to the prior agreement. Key Financial Results – 2nd Quarter During the second quarter of 2026, the Company reported net income of approximately $17.3 million compared to a net loss of $38.1 million in the prior quarter. Net income in the quarter was primarily attributable to a $22.6 million non-cash unrealized gain on commodity derivatives during the period. Excluding the impact of the non-cash unrealized gain on commodity derivatives and additional other one-time impacts, Amplify generated an Adjusted Net Loss of $1.7 million in the second quarter of 2026. Second quarter 2026 Adjusted EBITDA was $8.6 million and Free Cash Flow was negative $12.9 million. Both Adjusted EBITDA and Free Cash Flow were in line with expectations. Corporate Production and Pricing During the second quarter of 2026, average daily production was approximately 6.8 MBopd and 100% crude oil. Compared to the prior quarter, Beta average daily production increased by approximately 11%, while Bairoil average daily production increased by 1%. As previously announced Amplify successfully obtained royalty relief at its Beta field effective May 1, 2026, which reduced the Company’s royalty burden by approximately 50.0% (from 25.0% to approximately 12.5%), resulting in higher production and revenue. Royalty relief is subject to pricing and production thresholds, detailed further in our latest Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which Amplify expects to file with the SEC on August 10, 2026. Total oil revenues for the second quarter of 2026 were approximately $52.6 million, before the impact of derivatives. The Company realized a net loss on commodity derivatives of $13.6 million during the second quarter of 2026. The following table sets forth information regarding average realized crude sales prices for the periods indicated: Marketing Update Over the past several quarters at Beta, Amplify has had to navigate changing market dynamics as refining capacity in California declines, reducing the number of available outlets for locally produced crude oil. As a result, marketing deducts have increased, reducing Amplify’s realized oil price. In response, the Company is pursuing multiple paths, including offshore buoys, new pipeline connections, and trucking, to increase its available markets and improve pricing. For the balance of the year, Amplify has updated its guidance to reflect larger deducts in its realized commodity price assumptions. Costs and Expenses In the second quarter of 2026, lease operating expenses were approximately $22.7 million, which was in line with expectations. Due to changes in the CO2 agreement and ongoing cost saving initiatives at Beta, full-year 2026 lease operating expense guidance has been reduced to $80.0 to $95.0 million. Severance and ad valorem taxes in the second quarter of 2026 were approximately $3.0 million, which was higher than the prior quarter due to higher physical prices. Severance and ad valorem taxes as a percentage of revenue were approximately 5.8% in the second quarter of 2026 and were in line with guidance. Amplify incurred approximately $0.7 million, or $1.11 per Bbl, of gathering, processing and transportation (“GP&T”) expenses in the second quarter of 2026. Cash G&A expenses in the second quarter of 2026 were approximately $5.1 million compared to $6.3 million in the first quarter of 2026. The Company expects full-year cash G&A to be in line with our previously announced guidance range of $17.0 to $22.0 million. In the second quarter of 2026, depreciation, depletion, and amortization expense totaled approximately $4.9 million and net interest expense was $0.9 million. As noted in last quarter’s earnings release, interest expense is primarily related to surety bond premiums for the Beta asset. Amplify recorded a $5.9 million deferred income tax expense for the second quarter of 2026. Second Quarter Capital Investments Cash capital investment during the second quarter of 2026 was approximately $20.7 million. The Company’s capital allocation in the quarter was primarily invested in development drilling and recompletions at Beta. The following table details Amplify’s capital invested during the second quarter of 2026: Operations Update Beta At Beta, Amplify continued to advance its development program during and shortly after the second quarter, drilling the C29 and C16 wells in the Joulters fault block targeting the D Sand reservoir. The C29 well was completed in June and achieved a peak IP30 rate of approximately 525 Bopd, while the C16 well was completed in July and delivered a peak IP30 rate of approximately 550 Bopd. At current commodity prices, Amplify expects both wells to achieve payout in approximately 15 months and generate an internal rate of return (IRR) of approximately 100%. Early production performance from both wells remains consistent with the Company's established type curves. These results further demonstrate the quality, predictability, and repeatability of the D Sand development program and reinforce management's confidence in the field's remaining drilling inventory and future development potential. In addition to the contribution from new wells, Beta began benefiting from royalty relief during the second quarter following the May 1, 2026, effective date of the program. The royalty relief materially increased net production, revenue, and cash flow during the quarter. Because the second quarter reflected only a partial-quarter benefit from royalty relief and only a limited contribution from the C29 and C16 wells, management expects future quarters to benefit from a meaningful increase in net production, revenue and cash flow as both royalty relief and recent development activity are reflected over full reporting periods. Beyond drilling, Amplify sees additional value creation opportunities through field optimization initiatives. During the second half of 2026, the Company plans to focus on 1) waterflood and pressure maintenance optimization efforts in portions of the reservoir that have experienced reduced injection support, and 2) targeted workover projects designed to restore production from existing wells that have been offline due to pump failures that occurred during the drilling campaign in the first half of 2026. Management believes these lower-capital projects can generate attractive returns while improving overall field performance. As part of its ongoing capital allocation process, Amplify is evaluating the appropriate level of development activity for the remainder of 2026. While the Company remains confident in the quality of its drilling inventory at Beta, management is considering all alternatives with respect to its go-forward capital allocation. Given the Company's recently approved share repurchase program and management's view that Amplify's shares trade below intrinsic value, the Company may reduce or defer portions of its remaining 2026 drilling activity in order to generate the highest risk adjusted returns for its shareholders. Bairoil At Bairoil, Amplify continues to execute a strategy focused on maximizing the value of its extensive CO₂ infrastructure, available pore space and its recently obtained certification under the CSA ANSI/ISO EOR Operations Management Plan. During the second quarter, the Company amended its CO₂ supply agreement, creating an opportunity to receive additional economic benefits associated with CO₂ volumes delivered to the field. Management views this agreement as an important first step in monetizing strategic assets that have historically been undervalued in the Company's market valuation. The amended agreement not only lowers the Company's net cost of CO₂ but also allows Amplify to participate in value generated from carbon-related incentives associated with CO₂ injected and retained within the reservoir. As a result, the agreement creates a new rebate and cost-saving opportunity that is largely independent of commodity prices and demonstrates how the Company's existing carbon management infrastructure can generate additional shareholder value beyond traditional oil production. In addition, recent increases in oil prices have improved the economics of operating additional compression capacity at Bairoil. As a result, Amplify has elected to increase CO₂ circulation rates through the reservoir by operating additional compressors following recent repairs and optimization efforts at the CO₂ plant. While this strategy is expected to increase lease operating expenses due to higher power and compression costs, management believes the incremental oil production generated by higher CO₂ circulation rates will more than offset the additional operating expense and enhance field-level free cash flow. This approach reflects Amplify's continued focus on dynamically optimizing operations in response to changing commodity prices and maximizing returns from its enhanced oil recovery program. Looking forward, management believes the amended CO₂ agreement highlights the broader strategic opportunity at Bairoil. The Company's available pore space, CO₂ infrastructure, and carbon management capabilities create the potential for additional commercial arrangements that could further enhance the value of these assets while simultaneously supporting continued oil production and enhanced recovery operations. Amplify believes this combination of traditional enhanced oil recovery operations and carbon-related value creation provides a differentiated opportunity to generate long-term shareholder value. Revolving Credit Facility and Liquidity On June 10, 2026, the Company completed its semi-annual borrowing base redetermination, which was reaffirmed at $25.0 million and elected commitments of $15.0 million. As of June 30, 2026, Amplify had no debt outstanding under its revolving credit facility. As of such date, Amplify’s liquidity was approximately $36.2 million, consisting of $21.2 million of cash on hand and available borrowing capacity of approximately $15.0 million. Full-Year 2026 Guidance Based on the aforementioned changes in capital allocation, commodity prices and marketing conditions, Amplify is providing updated guidance for 2026. Despite these changes, the Company’s projected 2026 Adjusted EBITDA remains relatively unchanged from its previous guidance. The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's 2026 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of $75/Bbl (WTI) and on the assumption that market demand and prices for oil will continue at levels that allow for economic production of these products. A summary of the guidance is presented below: (1) Includes production, ad valorem and franchise taxes (2) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of cash G&A and Adjusted EBITDA, non-GAAP measures (3) Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided. (4) Share Repurchases reflect the announced authorization from Amplify's board of directors to repurchase up to $15.0 million of Amplify's common stock. Amplify is not obligated to acquire any particular amount of common stock. Hedging Amplify maintains a robust hedge portfolio designed to support cash flows and provide downside protection in periods of commodity price volatility, further enhancing forward cash flow visibility. In the second quarter of 2026, the Company entered into Brent crude oil swaps covering portions of 2027 with a weighted average price of $75.00/Bbl. As of June 30, 2026, the Company was hedged approximately 70 – 75% of its expected PDP oil production for the remainder of 2026 and approximately 55 – 65% of its expected PDP oil production for 2027. Amplify has posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section. Quarterly Report on Form 10-Q Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which Amplify expects to file with the SEC on August 10, 2026. About Amplify Energy Amplify Energy Corp. is an independent oil company engaged in the acquisition, development, exploitation, and production of oil. Amplify’s operations are focused in Beta (Pacific Outer Continental Shelf) and Bairoil (Rockies). 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 fact, included in this press release that address activities, events, or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s evaluation and implementation of strategic alternatives; the Company’s implementation of the share repurchase program and the resulting purchases thereunder; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, trade wars and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; the remediation of a material weakness; and the impact of local, state and federal governmental regulations, including those related to climate change, and potential changes in these regulations. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which 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. Except as required by law, the Company 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. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted Net Income (Loss), Free Cash Flow and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does. Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense, net; Income tax expense (benefit); DD&A; Impairment expense; Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of properties; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related costs; Loss on settlement of AROs; Bad debt expense; Severance payments; Pipeline incident loss and other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities. Adjusted Net Income (Loss). Amplify defines Adjusted Net Income (Loss) as net income (loss) adjusted for unrealized loss (gain) on commodity derivative instruments, acquisition and divestiture-related expenses, impairment expense, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably. This measure is not meant to disassociate these items from management's performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted Net Income (Loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. Free Cash Flow. Amplify defines Free Cash Flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free Cash Flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to Free Cash Flow are net income and net cash provided by operating activities. Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; severance payments; and other non-routine items that we deem appropriate. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measure most directly comparable to cash G&A is total G&A expense. Contacts Jim Frew -- President and Chief Financial Officer(832) [email protected] Michael Jordan -- Vice President, Finance and Treasury(832) [email protected] Note: Impact of income tax effect of unrealized derivative instruments previously excluded.

HOUSTON, May 11, 2026 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today updates to its operating and financial results for the first quarter of 2026 and reaffirmed its full-year 2026 guidance. First Quarter Highlights and Recent Developments During the first quarter of 2026, the Company: Averaged total production of 6.4 Mbopd (100% oil) Generated net cash provided by operating activities of $4.5 million and a net loss of $38.1 million Delivered Adjusted EBITDA of $3.8 million and Adjusted Net Income of $5.3 million Concluded all transition services related to the East Texas and Oklahoma asset divestitures Obtained royalty relief at our Beta field, reducing the Company’s royalty burden to approximately 12.5% (from approximately 25.0%) effective May 1, 2026, increasing net production and revenue Continued the drilling program at Beta Completed the C04 well in March with a peak IP30 of 500 Bopd. At current pricing, Amplify expects the well to pay out in approximately six months with an IRR greater than 100% The C32 well was spud in late March and encountered mechanical complications in the shallow sections of the well leading to the abandonment of the well before setting intermediate casing Continued strategic evaluation of Bairoil’s potential role in carbon storage and low-carbon initiatives Reaffirmed prior guidance for full-year 2026 As of March 31, 2026, Amplify had no outstanding debt under its revolving credit facility and $41.5 million cash and cash equivalents Dan Furbee, the Company’s Chief Executive Officer, stated, “Amplify has entered 2026 with positive momentum, supported by a strong balance sheet, a more streamlined organization, a simplified oil-weighted portfolio and a constructive crude oil price environment. As we pursue value-adding opportunities at Beta and Bairoil, we believe we will continue to benefit from these dynamics.” Mr. Furbee continued, “At Beta, we continue to pursue our drilling program, and we are pleased with the performance of the C04 well that we brought on-line in March as it further demonstrates the prolific results of the Joulters fault block at Beta. Furthermore, the team recently secured royalty relief that has increased our net production and profitability at Beta. At Bairoil, we remain optimistic that we will find opportunities to leverage our available pore space to enhance the asset’s cash generating potential.” Beta Royalty Relief Amplify successfully obtained royalty relief at its Beta field effective May 1, 2026, which reduced the Company’s royalty burden by approximately 50.0% (from 25.0% to approximately 12.5%), resulting in higher production and revenue. This relief increases net production by over 600 barrels of oil per day and is expected to generate more than $1.0 million per month in incremental revenue at current commodity prices. Royalty relief is subject to pricing and production thresholds, detailed further in our latest Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which Amplify expects to file with the Securities and Exchange Commission (the “SEC”) on May 11, 2026. Key Financial Results – 1st Quarter The quarter-over-quarter comparisons presented herein are affected by the East Texas and Oklahoma asset divestures completed during the fourth quarter of 2025. These transactions materially impact reported results, and accordingly, period-to-period comparisons should be considered in light of these asset divestitures unless otherwise specified. During the first quarter of 2026, the Company reported a net loss of approximately $38.1 million compared to net income of $64.4 million in the prior quarter which included the gain on the divestiture of the East Texas and Oklahoma assets. The net loss in the quarter was primarily attributable to a $43.4 million non-cash unrealized loss on commodity derivatives during the period. Excluding the impact of the non-cash unrealized loss on commodity derivatives, and additional other one-time impacts, Amplify generated Adjusted Net Income of $5.3 million in the first quarter of 2026. First quarter 2026 Adjusted EBITDA was $3.8 million and Free Cash Flow was negative $18.1 million. Both Adjusted EBITDA and Free Cash Flow were in line with expectations. Corporate Production and Pricing During the first quarter of 2026, average daily production was approximately 6.4 MBopd and 100% crude oil. Compared to the prior quarter, Beta average daily production increased by approximately 1%, while Bairoil average daily production declined by 6% due to downtime from compression disruptions. Total oil, natural gas and NGL revenues for the first quarter of 2026 were approximately $37.3 million, before the impact of derivatives. The Company realized a net loss on commodity derivatives of $2.4 million during the first quarter of 2026. The following table sets forth information regarding average realized crude sales prices for the periods indicated: Costs and Expenses In the first quarter of 2026, lease operating expenses at Beta and Bairoil were approximately $22.0 million, which was in line with expectations. Compared to the first quarter of 2025, lease operating expenses in the first quarter of 2026 at Bairoil and Beta were lower by $1.8 million and $3.3 million, respectively. Full-year 2026 lease operating expense guidance remains unchanged at $80.0 to $100.0 million. Severance and ad valorem taxes for Beta and Bairoil in the first quarter of 2026 were approximately $2.3 million, which was in line with the prior quarter and consistent with expectations. Severance and ad valorem taxes as a percentage of revenue were approximately 6.3% in the first quarter of 2026. Amplify incurred approximately $0.8 million, or $1.31 per Boe, of gathering, processing and transportation (GP&T) expenses in the first quarter of 2026. Cash G&A expenses in the first quarter of 2026 were approximately $6.3 million compared to $7.3 million in the first quarter of 2025. The Company anticipates that quarterly cash G&A expenses will be significantly lower throughout the remainder of the year primarily due to annual year-end processes that impact various cost drivers in the first quarter and the significant reduction in Company overhead related to the East Texas and Oklahoma divestures. The Company expects costs to be in line with our previously announced guidance range of $17.0 to $22.0 million. In the first quarter of 2026, depreciation, depletion, and amortization expense totaled approximately $5.7 million and net interest expense was $1.0 million. As noted in last quarter’s earnings release, interest expense is primarily related to surety bond premiums for the Beta asset. Amplify recorded an $11.6 million deferred income tax benefit for the first quarter of 2026. First Quarter Capital Investments Cash capital investment during the first quarter of 2026 was approximately $21.0 million. The Company’s capital allocation in the quarter was primarily invested in development drilling and recompletions at Beta. The following table details Amplify’s capital invested during the first quarter of 2026: 2026 Remaining Year Outlook Beta At Beta, Amplify continues to advance its focused, high-return development program centered on the D Sand interval in the Joulters fault block. First quarter activity at Beta reinforces the technical quality and durability of this development area and highlights the Company’s disciplined approach to execution as it progresses its development program. During the first quarter of 2026, Amplify drilled the C04 well in the Joulters fault block targeting the D Sand, which delivered a strong IP30 production rate of approximately 500 barrels of oil per day. The performance of the C04 well is consistent with prior results in the Joulters block and further reinforces our assessment that this area represents a very attractive and value-accretive development opportunity. With significant additional D Sand drilling locations identified in our inventory, these results continue to support what we believe to be a repeatable, multi-year development opportunity within the Joulters fault block. The Company also initiated drilling operations on the C32 well and C55 well during the first quarter of 2026. While running intermediate casing, the C32 well encountered a tool failure that prevented further progression of the well. As a result, Amplify has elected not to complete the C32 well. Although disappointing, this decision reflects the Company’s disciplined development philosophy and focus on deploying capital only where risk adjusted returns meet established investment thresholds. With respect to the C55 well, the Company completed the planned plug back of the original wellbore, set a whipstock, milled the casing window for the sidetrack, and drilled a portion of the intermediate hole section. During these operations, an over pressured B Sand interval was encountered, requiring the installation of an expandable liner prior to completion. The required liner is expected to be available toward the end of the second quarter of 2026, at which time Amplify intends to complete the C55 well. Currently, the Company is drilling the C29 well in the Joulters fault block and plans to subsequently drill the C16 well, also targeting the Joulters fault block, followed by completion of the C55 well in the Main Fault block. As previously disclosed, the Company had expected to complete its first four wells by the end of June. Following the tool failure encountered in the C32 well, Amplify now anticipates completing these initial four wells early in the third quarter of 2026. Upon completion, the Company will evaluate well performance and determine the appropriate development pace for the remainder of 2026. Importantly, the recently granted royalty relief applicable to the Beta field is expected to more than offset the impact associated with the revised completion timing. Overall, Amplify remains encouraged by the technical results achieved at Beta, particularly within the Joulters fault block, and believes the field continues to offer a deep inventory of high return development opportunities. With a strengthened balance sheet and a more focused asset base, the Company is well positioned to execute its Beta development program in a disciplined manner while delivering long-term value to shareholders. Please see our recently released investor presentation for more details on our Beta assets and near-term drilling and development plans. Bairoil At Bairoil, Amplify continues to focus on enhancing asset value through operating efficiency, cost discipline, and the evaluation of carbon capture, utilization and sequestration (“CCUS”) opportunities. The Company believes Bairoil is well positioned for CCUS development given its reservoir characteristics, existing CO₂ infrastructure, and proximity to established CO₂ transportation corridors. Management continues to evaluate opportunities that could leverage these attributes to create incremental long-term value, extend the field life, and enhance future cash flow, while maintaining a disciplined and measured approach to capital investment. Bairoil production during the first quarter of 2026 was impacted by compressor run time interruptions, which led to temporary production curtailments across the field. Compression operations have since been restored, and base production is expected to return to prior rates. Notably, the downtime associated with these interruptions allowed the operations team to complete planned maintenance at the CO₂ gas plant that had originally been scheduled for mid-year. As a result, the Company will avoid a future planned shutdown, enabling continued operations and helping keep full year Bairoil production projections within guidance expectations. Looking forward, Amplify remains focused on maximizing the long-term value of the Bairoil asset through continued operational optimization and the advancement of CCUS initiatives that have the potential to generate additional cash flow and strategic optionality. Management believes these efforts, combined with improving operational reliability, position Bairoil to play an increasingly important role in the Company’s long-term value creation strategy. Revolving Credit Facility and Liquidity As of March 31, 2026, Amplify had no debt outstanding under its revolving credit facility, with a current borrowing base of $25.0 million and elected commitments of $15.0 million. As of such date, Amplify’s liquidity was approximately $56.5 million, consisting of $41.5 million of cash on hand and available borrowing capacity of approximately $15.0 million. The Company is currently in the process of completing its regularly scheduled semi-annual borrowing base redetermination, with results expected later in the month. Based on current expectations, Amplify does not anticipate any changes to the borrowing base as a result of this process. Full-Year 2026 Guidance The Company is reaffirming prior full-year 2026 guidance, as it expects production, cost, and capital to be in line with prior expectations. Based on higher commodity prices, Amplify expects adjusted EBITDA to be at the high end of the guidance range. The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's 2026 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of $65/Bbl (WTI) and on the assumption that market demand and prices for oil will continue at levels that allow for economic production of these products. A summary of the guidance is presented below: Hedging Amplify maintains a robust hedge portfolio designed to support cash flows and provide downside protection in periods of commodity price volatility, further enhancing forward cash flow visibility. In the first quarter of 2026, Amplify executed WTI crude oil swaps covering portions of 2026 and 2027 at a weighted average price of $68.61/Bbl and Brent crude oil swaps covering portions of 2026 and 2027 at a weighted average price of $80.29/Bbl. In addition, the Company entered into (i) WTI costless collars covering portions of 2027 with weighted average floors of $65.00/Bbl and weighted average ceilings of $77.50/Bbl and (ii) Brent costless collars covering portions of 2027 with weighted average floors of $74.00/Bbl and weighted average ceilings of $83.35/Bbl. Amplify has posted an updated investor presentation containing additional hedging information on its website, www.amplifyenergy.com, under the Investor Relations section. Quarterly Report on Form 10-Q Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which Amplify expects to file with the SEC on May 11, 2026. About Amplify Energy Amplify Energy Corp. is an independent oil company engaged in the acquisition, development, exploitation, and production of oil. Amplify’s operations are focused in Beta (Pacific Outer Continental Shelf) and Bairoil (Rockies). 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 fact, included in this press release that address activities, events or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, trade wars and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; the remediation of a material weakness; and the impact of local, state and federal governmental regulations, including those related to climate change, and potential changes in these regulations. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which 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. Except as required by law, the Company 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. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted Net Income (Loss), Free Cash Flow and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does. Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense, net; Income tax expense (benefit); DD&A; Impairment expense; Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of properties; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related costs; Loss on settlement of AROs; Bad debt expense; Severance payments; Pipeline incident loss and other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities. Adjusted Net Income (Loss). Amplify defines Adjusted Net Income (Loss) as net income (loss) adjusted for unrealized loss (gain) on commodity derivative instruments, acquisition and divestiture-related expenses, impairment expense, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably. This measure is not meant to disassociate these items from management's performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted Net Income (Loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. Free Cash Flow. Amplify defines Free Cash Flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free Cash Flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to Free Cash Flow are net income and net cash provided by operating activities. Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; severance payments; and other non-routine items that we deem appropriate. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measure most directly comparable to cash G&A is total G&A expense. Contacts Jim Frew – President and Chief Financial Officer (832) 219-9044 [email protected] Michael Jordan – Vice President, Finance and Treasury (832) 219-9051 [email protected] Selected Operating and Financial Data (Tables)

HOUSTON, March 09, 2026 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today updates to its strategic initiatives, year-end 2025 proved reserves, operating and financial results for the fourth quarter and full-year 2025, and full-year 2026 development plans and guidance for the Company. Strategic Initiatives Update In the third quarter of 2025, Amplify communicated its strategic plan with three core tenets: (1) simplify the portfolio, (2) strengthen the balance sheet, and (3) focus resources on our assets with the highest potential upside opportunities. In 2025, the Company made significant progress on all three fronts. Key highlights include: Completed six separate transactions for total consideration of approximately $250 million (excluding certain post-closing adjustments) In the fourth quarter, Amplify closed three divestitures representing a complete exit of our interests in East Texas, Louisiana, Oklahoma, and Magnify Repaid all outstanding debt under the credit facility As of December 31, 2025, Amplify had approximately $61 million in cash and cash equivalents Continued the Beta development program and significantly reduced operating costs at Bairoil At Beta, Amplify drilled and completed four wells, that in total exceeded our pre-drill type curves At Bairoil, Amplify implemented cost saving initiatives lowering annual run-rate lease operating expenses by approximately $10 million Dan Furbee, the Company’s Chief Executive Officer stated, “We are pleased to report that our strategic plan is delivering the results we set out to achieve. Last year, we committed to simplifying our portfolio, strengthening our balance sheet, and focusing our resources on the assets that we believe have substantial long‑term value creation potential. With the successful divestiture of our East Texas and Oklahoma assets, we have executed a key milestone of that strategy. These transactions have enabled us to eliminate debt and build a strong cash position, giving us greater financial flexibility and a sharper focus on the opportunities that drive meaningful growth.” Mr. Furbee continued, “We are excited about the continued success we are having with our drilling program at Beta, which has increased our confidence regarding the future inventory of the field for this prolific asset. Furthermore, we have started to realize meaningful cost savings at Bairoil, and we believe additional Carbon Capture, Utilization & Storage (CCUS) initiatives could further increase future cash flow associated with that asset.” Mr. Furbee concluded, “I am extremely proud of the discipline and focus our team demonstrated throughout the second half of 2025. The on-going execution of our strategic priorities has positioned the company to significantly add value to our shareholders.” 2025 Year-End Proved Reserve Update Using SEC prices, the 2025 year-end estimated proved reserves at Beta and Bairoil totaled 38.1 MMBoe, reflecting a year‑over‑year increase of approximately 2.6 MMBoe at these properties. Of the 38.1 MMBoe of total proved reserves, approximately 65% (24.6 MMBoe) were proved developed reserves, while approximately 35% (13.5 MMBoe) were proved undeveloped reserves. At year-end 2025, Amplify’s total proved reserves and proved developed reserves had PV-10 values of approximately $376 million and $195 million, respectively, using SEC pricing. At Beta, on a price normalized basis, the PV-10 of our proved reserves was up 27% compared to year-end 2024. This increase is due to converting four Beta PUDs to PDP, adding new PUDs to our inventory, and increasing the type curve on future PUD locations. At Bairoil, on a price normalized basis, the PV-10 of our proved reserves was up 15% compared to year-end 2024 due to the cost saving initiatives implemented in 2025. Details of the Company’s reserves are provided in the table below. Additionally, Amplify has provided more information regarding its Beta development program and the substantial value potential of the field in its latest investor presentation, which is available on its investor relations website. (1) Amplify’s year-end 2025 total proved reserves, utilizing SEC pricing of $65.34/Bbl for oil. Amplify’s reserves estimates were prepared by its third-party independent reserve consultant, Cawley, Gillespie & Associates, Inc. Key Financial Results – 4th Quarter During the fourth quarter of 2025, the Company reported net income of approximately $64.4 million compared to a net loss of $21.0 million in the prior quarter. The increase was primarily attributable to the gain on the sale of its East Texas and Oklahoma assets in the fourth quarter. Excluding the impact of the gain, and additional other one-time impacts, Amplify generated an Adjusted Net Loss of $10.4 million in the fourth quarter of 2025. Fourth quarter 2025 Adjusted EBITDA was $21.5 million, and free cash flow was $2.0 million. Amplify’s fourth quarter results include the impact of the East Texas and Oklahoma assets through their respective closing date. Corporate Production and Pricing During the fourth quarter of 2025, average daily production was approximately 17.1 MBoepd, with a product mix of 44% crude oil, 15% NGL’s, and 41% natural gas. During the fourth quarter of 2025, average daily production for Beta and Bairoil was approximately 6.6 MBopd (100% oil production). Beta production was approximately 6% lower than the prior quarter, primarily driven by the previously announced planned shut-in to complete an upgrade of a subsea flowline connecting Platform Eureka to Platform Elly. Bairoil production was approximately 5% lower than the prior quarter due to the completion of the CO2 compression optimization project. Despite lower production, the asset was more profitable due to reduced power costs realized by implementing the compression optimization project. Total oil, natural gas and NGL revenues for the fourth quarter of 2025 were approximately $54.7 million, before the impact of derivatives. The Company realized a net gain on commodity derivatives of $6.0 million during the fourth quarter. The following table sets forth information regarding average realized sales prices for the periods indicated: Costs and Expenses Lease operating expenses in the fourth quarter of 2025 were approximately $29.7 million, down $5.9 million compared to the prior quarter. The decrease was primarily due to lower CO2 and electricity costs at Bairoil and fewer workover projects at Beta. In total, lease operating expenses at Beta and Bairoil were $21.3 million in the fourth quarter, down $5.6 million compared to the prior quarter. Severance and ad valorem taxes in the fourth quarter were approximately $3.5 million, a decrease of $0.2 million compared to $3.7 million in the prior quarter. Severance and ad valorem taxes as a percentage of revenue were approximately 6.5% in the fourth quarter. Amplify incurred $3.5 million, or $2.25 per Boe, of gathering, processing and transportation (GP&T) expenses in the fourth quarter, compared to $5.2 million, or $2.89 per Boe, in the prior quarter. Going forward, Amplify expects lower GP&T costs with the divestitures of East Texas and Oklahoma. Cash G&A expenses in the fourth quarter were $5.1 million compared to $6.7 million in the prior quarter. The decrease in the quarter was primarily due to reclassing certain accrued expenses as severance expense as a result of the East Texas and Oklahoma transactions. In 2026, Amplify expects annual G&A costs of $17 to $22 million. In the fourth quarter, depreciation, depletion, and amortization expense totaled $5.2 million and net interest expense was $4.6 million. In 2026, Amplify expects net interest expense to be significantly lower following repayment of all outstanding balances under the credit facility. Going forward, interest expense will be primarily related to surety bond premiums for the Beta asset. Amplify recorded a $1.8 million current income tax benefit for the fourth quarter of 2025. The Company also does not expect any material income tax impact from the divested assets. Key Financial Results - 2025 For full year 2025, the Company generated net income of approximately $44.0 million compared to $12.9 million in 2024. Net cash provided by operating activities was $49.2 million compared to $51.3 million in the prior year. In 2025, Amplify’s average production was 18.4 Mboepd, while the company generated Adjusted EBITDA of $80.2 million and an Adjusted Net Loss of $5.6 million. Full year free cash flow totaled negative $16.1 million. Due to significant changes in Amplify’s asset portfolio (as a result of the aforementioned divestitures), future performance is expected to vary significantly from prior periods. Fourth Quarter and Full-Year Capital Investments Cash capital investment during the fourth quarter of 2025 was approximately $16.2 million. During the fourth quarter, the Company’s capital allocation was primarily invested in development drilling, recompletions and the subsea flowline upgrade at Beta. The following table details Amplify’s capital invested during the fourth quarter of 2025: 2026 Operational Plan With a simplified portfolio, Amplify’s operational focus in 2026 and beyond will be developing the highly economic drilling opportunities at Beta and continuing to reduce costs at Bairoil while exploring opportunities to benefit from CCUS initiatives. Beta In 2024 and 2025, Amplify implemented a development and delineation program at Beta which included six drilled and completed wells. With a strengthened balance sheet, we are initiating a more consistent development program and anticipate drilling and completing five to eight wells in 2026, with the majority of the development focused on the Joulters fault block in the southern portion of the field. We intend to complete four wells through June and will re-evaluate the development pace for the second half of 2026. Of the six wells completed to date, five wells were completed in the D-Sand (primary target), and one well was completed in the C-Sand (i.e., C48). Of the D-Sand completions, three wells were completed in the Joulters fault block (i.e., C59, C54, and C08) and two wells were completed in the Main fault block (i.e., A50, C61). The development in the Joulters fault block has been very consistent to date with minimal drilling hazards encountered and consistent production results with an average IP30 of 680 Bopd and an average completed lateral length of 862 feet. The Main fault block development has yielded solid, but less consistent results. For example, the A50 well, completed in June 2024, has a lateral length of only 266 feet but has performed well with an IP30 rate of 720 Bopd and current production of approximately 200 Bopd. The C61 well, completed in the Main fault block in October 2025, has a completed lateral length of 700 feet due to drilling into an unanticipated fault in the D-Sand resulting in an IP30 rate of only 170 Bopd and current production of approximately 120 Bopd. Based on these results, we intend to focus our 2026 drilling program primarily on the Joulters fault block with targeted completion lateral lengths of 1,000 feet to 1,500 feet per well. At Beta, the D-Sand is our current development priority, with all 2026 development planned in that target interval. We have identified 29 D-Sand drilling opportunities, with 22 locations in the Joulters fault block and 7 locations in the Main fault block. The average lateral length of this inventory is approximately 1200 feet. In addition to the currently identified inventory, Amplify’s D-Sand inventory may change over time based on well results, potentially extended completed lateral lengths, and further delineation of the water-oil contact in the Joulters fault block. In addition to the D-Sand, Amplify has identified upside in the F-Sand and has plans to delineate its potential in the future as the Company’s secondary target. Similar to the D-Sand, the F-Sand has very attractive petrophysical characteristics and significant remaining oil to be recovered. The tertiary target in the Beta reservoir’s development is the C-Sand, which we believe can achieve good results in select areas of the Beta field. The C-Sand is currently classified as a “bailout” zone that can be completed if Amplify encounters drilling challenges while drilling to the D or F Sands, as was done with the C48 well. As noted above, Amplify’s 2026 drilling campaign will focus on the D-Sand interval primarily within the Joulters fault block. Amplify estimates the D-Sand in the Joulters fault block has approximately 70 million barrels of oil in place, with an estimated total recovery of over 20 million barrels of oil. In addition to the high remaining oil in place, this fault block was historically less developed, making it very attractive for full-scale development as currently planned. As opposed to the Main fault block, Joulters had minimal development in the 1980’s (during the initial development of the Beta field) due to its distance from the Ellen and Eureka platforms in combination with the limited available technology at the time. The three wells recently drilled in the Joulters fault block from the Eureka platform have proven that we can effectively drill and complete horizontal wells (i.e., 1000+ feet in the completed section) in this prolific portion of the field. We are providing a new type curve for the D-Sand interval in the Joulters fault block. The new type curve is derived from the volumetrics of the Joulters fault block and the results of the three Joulters wells drilled and completed to date. The type curve projection, based on a $6.5 million drilling and completion cost and a 1000’ completed lateral length, has an EUR of approximately 670,000 barrels of oil and generates >100% IRR assuming a flat WTI price of $65 per barrel. This type curve is approximately 25% higher than the previous Beta type curve. The Main fault block will remain the same as the previous type curve. The Main fault block type curve has an approximate EUR of 540,000 barrels of oil and generates >70% IRRs utilizing the same capital cost and lateral length assumptions as the Joulters type curve. Please see our recently released investor presentation for more details on our Beta assets. Bairoil At Bairoil, the Company continues to enhance profitability by reducing the operating costs of the field. In the fourth quarter, Amplify started realizing the benefits of the previously announced new CO2 purchase contract and completion of the CO2 compression optimization project. In combination, these two initiatives are expected to generate annualized lease operating expense savings of approximately $10 million per year, which is represented in our 2026 full year-guidance. The Company remains highly encouraged by the upside potential at Bairoil, particularly its suitability for future CCUS development. Bairoil is strategically located along a major CO2 transportation corridor, as highlighted in our most recent investor presentation. In 2025, Bairoil achieved certification under the CSA ANSI/ISO EOR Operations Management Plan, an important milestone in positioning the asset to qualify for Section 45Q tax credits. In addition, Bairoil reservoirs contain substantial available pore space, creating a meaningful opportunity to unlock incremental value through CCUS initiatives. Amplify and its advisor, Marathon Capital, are undertaking a strategic evaluation of Bairoil’s potential as a large carbon storage site and its possible integration into broader low-carbon power and industrial projects. Revolving Credit Facility and Liquidity Update In the fourth quarter, Amplify used a portion of the transaction proceeds from the East Texas and Oklahoma transactions to pay down all of its debt under the credit facility. On December 31, 2025, Amplify worked with its lenders to amend and extend the credit facility. The initial borrowing base under the amended revolving credit facility is $25 million with elected commitments of $15 million, and the term of the maturity of the credit agreement was extended by 18 months through 2028. The next regularly scheduled borrowing base redetermination is expected to occur in the second quarter of 2026. As of December 31, 2025, Amplify had no outstanding balance under its revolving credit facility with more than $60 million in cash on the balance sheet. Full-Year 2026 Guidance The Company is projecting total capital investment in 2026 of $45 to $65 million with over 95% allocated to Beta. Beta capital is primarily focused on development drilling, with $10 to $12 million allocated for necessary facility upgrades as we grow production. As previously stated, we anticipate completing five to eight wells at Beta in 2026, with four wells drilled and completed in the first half of the year. At Bairoil, we are guiding capital of approximately $2 to $3 million for various facility upgrades associated with the CO2 plant and other infrastructure. The following guidance is subject to the cautionary statements and limitations described under the "Forward-Looking Statements" caption at the end of this press release. Amplify's 2026 guidance is based on its current expectations regarding capital investment levels and flat commodity prices for crude oil of $65/Bbl (WTI) and on the assumption that market demand and prices for oil will continue at levels that allow for economic production of these products. A summary of the guidance is presented below: (1) Includes production, ad valorem and franchise taxes (2) Refer to “Use of Non-GAAP Financial Measures” for Amplify’s definition and use of cash G&A and Adjusted EBITDA, non-GAAP measures (3) Amplify believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require Amplify to predict the timing and likelihood of future transactions and other items that are difficult to accurately predict. Neither of these forward-looking measures, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly, a reconciliation of the most directly comparable forward-looking GAAP measures is not provided. Annual Report on Form 10-K Amplify’s financial statements and related footnotes will be available in its Annual Report on Form 10-K for the year ended December 31, 2025, which Amplify expects to file with the SEC on March 9, 2026. About Amplify Energy Amplify Energy Corp. is an independent oil company engaged in the acquisition, development, exploitation, and production of oil. Amplify’s operations are focused in Beta (Pacific Outer Continental Shelf) and Bairoil (Rockies). 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 fact, included in this press release that address activities, events or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, trade wars and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; the remediation of a material weakness; and the impact of local, state and federal governmental regulations, including those related to climate change, and potential changes in these regulations. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which 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. Except as required by law, the Company 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. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted Net Income (Loss), free cash flow, PV-10, and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does. Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense, net; Income tax expense (benefit); DD&A; Impairment expense; Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of properties; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related costs; Loss on settlement of AROs; Bad debt expense; Severance payments; Pipeline incident loss and Other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities. Adjusted Net Income (Loss). Amplify defines Adjusted Net Income (Loss) as net income (loss) adjusted for unrealized loss (gain) on commodity derivative instruments, acquisition and divestiture-related expenses, impairment expense, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably. This measure is not meant to disassociate these items from management's performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted Net Income (Loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities. PV-10. PV-10 is a non-GAAP financial measure that represents the present value of estimated future cash inflows from proved oil and natural gas reserves that are calculated using the unweighted arithmetic average first-day-of-the-month prices for the prior 12 months, less future development and operating costs, discounted at 10% per annum to reflect the timing of future cash flows. The most directly comparable GAAP measure to PV-10 is standardized measure. PV-10 differs from standardized measure in its treatment of estimated future income taxes, which are excluded from PV-10. Amplify believes the presentation of PV-10 provides useful information because it is widely used by investors in evaluating oil and natural gas companies without regard to specific income tax characteristics of such entities. PV-10 is not intended to represent the current market value of our estimated proved reserves. PV-10 should not be considered in isolation or as a substitute for the standardized measure as defined under GAAP. Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measure most directly comparable to cash G&A is total G&A expense. Contacts Jim Frew -- President and Chief Financial Officer (832) 219-9044 [email protected] Michael Jordan -- Vice President, Finance and Treasury (832) 219-9051 [email protected] Selected Operating and Financial Data (Tables) (1) Adjusted EBITDA includes a revenue suspense release of $0.4 million and $8.4 million for the year ended December 31, 2025 and 2024, respectively. (1) Adjusted EBITDA includes a revenue suspense release of $0.4 million and $8.4 million for the year ended December 31, 2025 and 2024, respectively. (1) The federal statutory rates were utilized for all periods presented. (1) The federal statutory rates were utilized for all periods presented.

HOUSTON, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify,” the “Company,” “us,” or “our”) announced today an update on its strategic initiatives and operating and financial results for the third quarter of 2025. Strategic Initiatives Update As previously announced, Amplify has entered into definitive purchase agreements with three different counterparties to divest all its interests in the Company’s Oklahoma and East Texas assets for total consideration of $220.0 million, subject to certain post-closing adjustments (the “Asset Transactions”). One of the transactions closed in October of 2025 and the remaining two transactions are expected to close in the fourth quarter of 2025. These divestitures are an important step in the Company’s go-forward strategy. The Company intends to use the proceeds from the Asset Transactions to pay down the Company’s outstanding debt, and accelerate the development drilling program at Beta. The Company believes the Asset Transactions will also enable it to materially reduce future G&A costs. Dan Furbee, the Company’s Chief Executive Officer stated, “As previously discussed, we have initiated a new strategic plan with three core tenets. We intend to simplify our portfolio, strengthen our balance sheet, and focus our resources on our assets with the highest potential upside opportunities. The divestitures of the Oklahoma and East Texas assets is consistent with that strategic plan.” Mr. Furbee continued, “We are excited about the continued success we are having with our drilling program at Beta. Furthermore, we have started to realize meaningful cost savings at Bairoil, and we believe additional Carbon Capture, Utilization & Storage (CCUS) initiatives can further increase future cash flow associated with that asset. The Company has embraced this new strategic plan, and we are already seeing the benefits of this focus.” Key Highlights During the third quarter of 2025, the Company: Achieved an average total production of 19.7 MBoepd, an increase of approximately 0.6 MBoepd compared to the prior quarter, despite the divestiture of the Company’s Eagle Ford assets late in the second quarter Generated net cash provided by operating activities of $13.4 million and a net loss of $21.0 million Delivered Adjusted EBITDA of $20.3 million and an Adjusted Net Loss of $6.0 million Successfully drilled two additional wells at Beta with promising initial results The C08 well was completed in late August and has achieved an IP30 rate of approximately 550 Bopd, significantly exceeding the IP30 rate of the Company’s type curve The C61 well was spudded at the beginning of the fourth quarter and brought online in late October. Though the well has produced for less than a week, initial results have been promising At Bairoil, Amplify executed a new CO2 purchase contract and completed the previously announced CO2 gas plant facility project resulting in a combined projected annualized lease operating expense savings of approximately $10 million per year The new CO2 purchase contract utilizes the recently obtained certification under the EOR Operations Management Plan in accordance with the CSA ANSI/ISO Standard demonstrating the value of the assets, CCUS potential The facility project at the Bairoil CO2 gas plant reduces electricity usage by approximately 30% As of September 30, 2025, Amplify had $123.0 million outstanding under the revolving credit facility. Net debt to Last Twelve Months (“LTM”) Adjusted EBITDA of 1.5x1. The Company issued condensed 2024 results of its sustainability report which are now available on its website (1) Net debt as of September 30, 2025, consisting of $123 MM outstanding under its revolving credit facility with ~$0 MM of cash and cash equivalents, and LTM Adjusted EBITDA as of the third quarter of 2025. Key Financial Results During the third quarter of 2025, the Company reported a net loss of approximately $21.0 million compared to net income of $6.4 million in the prior quarter. The decrease was primarily attributable to an impairment charge recognized by the Company due to marketing its assets and reassessing the fair market value less costs to sell. Excluding the impact of the impairment expense, and additional other one-time impacts, Amplify generated an Adjusted Net Loss of $6.0 million in the third quarter of 2025. Third quarter 2025 Adjusted EBITDA was $20.3 million, which was 7% higher compared to the prior quarter primarily driven by lower lease operating expenses. Free cash flow was ($0.7) million for the third quarter, which was in-line with expectations, due to higher capital investments in the first three quarters of the year. Amplify has invested approximately 85% of its 2025 capital in the first three quarters of the year. Revolving Credit Facility and Liquidity Update As of September 30, 2025, Amplify had total debt of $123.0 million outstanding under its revolving credit facility. Net debt to LTM Adjusted EBITDA was 1.5x (net debt as of September 30, 2025 and 3Q25 LTM Adjusted EBITDA). Upon closing the Asset Transactions, the Company intends to use the proceeds to pay down its outstanding debt. Corporate Production and Pricing During the third quarter of 2025, average daily production was approximately 19.7 Mboepd, an increase of 0.6 Mboepd from the prior quarter. The increase in production was primarily due to contributions from our newly drilled non-operated wells in East Texas, which more than offset the volumes lost due to the Eagle Ford divestiture in the second quarter. Adjusting for the second quarter divestiture of Eagle Ford which had an effective date of June 15th, production increased approximately 10% or 1.9 Mboepd. The Company’s product mix for the quarter was 41% crude oil, 16% NGLs, and 43% natural gas. Total oil, natural gas and NGL revenues for the third quarter of 2025 were approximately $64.2 million, before the impact of derivatives. Despite higher production, oil, natural gas and NGL revenues were lower compared to the prior quarter due to lower commodity prices. The Company realized a net gain on commodity derivatives of $4.8 million during the third quarter. The following table sets forth information regarding average realized sales prices for the periods indicated: Costs and Expenses Lease operating expenses in the third quarter of 2025 were approximately $35.6 million, which was a $3.0 million decrease compared to the prior quarter. Lease operating expenses were $19.67 per Boe, a decrease of approximately 11%, compared to $22.20 per Boe in the prior quarter. Adjusting for the second quarter Eagle Ford divestiture lease operating expenses decreased approximately 5% compared to the prior quarter. Lease operating expenses are expected to decrease further for the remainder of the year driven by the significant cost reduction initiatives at Bairoil, consisting of lower CO2 purchase costs with the execution of a new CO2 purchase contract and reduced power consumption following the CO2 plant facility project. Additionally, lease operating expenses for the third quarter of 2025 do not reflect $1.1 million of Adjusted EBITDA generated by Magnify in the third quarter. Severance and ad valorem taxes in the third quarter were approximately $3.7 million, a decrease of $0.6 million compared to $4.3 million in the prior quarter. Severance and ad valorem taxes as a percentage of revenue were approximately 5.7% in the third quarter. The Company anticipates that taxes as a percentage of revenue will remain within its previously announced guidance range for 2025. Amplify incurred $5.2 million, or $2.89 per Boe, of gathering, processing and transportation expenses in the third quarter, compared to $4.7 million, or $2.71 per Boe, in the prior quarter. Cash G&A expenses in the third quarter were $6.7 million, down 2% compared to the prior quarter, and in-line with expectations. Depreciation, depletion, and amortization expense in the third quarter totaled $9.0 million, or $4.97 per Boe, compared to $9.8 million, or $5.61 per Boe, in the prior quarter. Net interest expense was $3.9 million in the third quarter, an increase of $0.3 million compared to $3.6 million in the prior quarter. Impairment expense was $34.0 million in the third quarter, due to the Company marketing its assets and reassessing the fair market value less costs to sell. Amplify recorded a $0.1 million current income tax benefit for the third quarter of 2025. The Company also does not expect any material income tax impact from the announced Asset Transactions. Capital Investment Update Cash capital investment during the third quarter of 2025 was approximately $17.5 million. During the third quarter, the Company’s capital allocation was approximately 89% for development drilling, recompletions and facility projects at Beta, and approximately 6% for non-operated development projects in East Texas, with the remainder distributed across the Company’s other assets. In the fourth quarter, Amplify expects capital to be between $8.0 - $12.0 million., The majority of fourth quarter capital is expected to be invested at Beta to drill the C61 well, to complete a pipeline upgrade project, and to upgrade facilities at Beta to handle anticipated future production growth. The following table details Amplify’s capital invested during the third quarter of 2025: Operations Update At Beta, the company recently drilled and completed two wells in the third and early fourth quarter. The C08 and the C61 wells were both drilled from the Eureka platform targeting the D-Sand reservoir. The C08 was brought online in early September and achieved an IP30 rate of approximately 550 Bopd and is currently producing approximately 520 Bopd. The C61 well was brought online in late October, and has produced for less than a week and initial rates look promising. Amplify began the current Beta development program in early 2024, marking the first major development in the field in over a decade. The Company is developing the high-quality stacked sandstone reservoirs of the Beta field with extended reach laterals to develop the sands individually with horizontal wells and modern open-hole gravel packing techniques. To date, the results have exceeded our expectations. With the completion of the most recent C08 and C61 wells, we have now successfully completed five wells in the D-Sand with an average capital cost of approximately $6.5 million per well and with IP rates and projected EURs significantly outperforming the previously disclosed Beta type curve. We expect all five wells will generate IRRs greater than 100%, assuming $65 WTI oil prices. The success of this development program has grown Beta production by approximately 40% since the beginning of 2024, after offsetting the asset’s base production decline. Following the closing of the Asset Transactions, Amplify expects to have additional liquidity to further accelerate Beta development in 2026. To accommodate the expected production growth, the Company continues to upgrade facilities needed to handle additional fluid volumes from increased production rates. Most notably, Amplify is upgrading a subsea flowline connecting Platform Eureka to Platform Elly that will be completed in the fourth quarter of 2025. As a result of the project, Amplify expects to shut in production for approximately 10 days in the fourth quarter. In addition to Beta development, the team is finding value enhancing opportunities in our Bairoil CO2 flood asset. Recently, the Company negotiated a new CO2 supply contract leveraging Bairoil’s potential to generate 45Q credits to lower our CO2 costs. Additionally, the Bairoil team finalized a CO2 facility project to reduce our electricity consumption. In combination, these two developments have decreased Bairoil’s run-rate lease operating expenses by approximately $10 million per year. Amplify believes that the Bairoil asset has the potential to create significant additional value through future CCUS initiatives. Given the assets large available reservoir pore space, current compression capacity, and the recently obtained certification under the EOR Operations Management Plan with the CSA ANSI/ISO Standard, the Company is well positioned to capture future upside value. Hedging Amplify maintains a robust hedge book to support its cash flow profile and provide downside protection in weak commodity price environments. Recently, the Company added to its hedge position, further protecting future cash flows. Amplify executed crude oil swaps covering portions of 2026 and 2027 at a weighted average price of $62.29. 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 October 2025 through December 2028, as of November 5, 2025: Quarterly Report on Form 10-Q Amplify’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which Amplify expects to file with the SEC on November 5, 2025. About Amplify Energy Amplify Energy Corp. is an independent oil company engaged in the acquisition, development, exploitation and production of oil properties. Amplify’s operations are focused in in federal waters offshore Southern California (Beta), and the Rockies (Bairoil). 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 fact, included in this press release that address activities, events or developments that the Company expects, believes, or anticipates will or may occur in the future are forward-looking statements. Terminology such as “may,” “will,” “would,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “outlook,” “continue,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the anticipated divestiture of Amplify’s assets in East Texas and Oklahoma, the impact of the Asset Transactions on the Company’s business and future financial and operating results, the expected use of proceeds of these potential sales of assets, and the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements address activities, events or developments that we expect or anticipate will or may occur in the future, including things such as projections of results of operations, plans for growth, goals, future capital expenditures, competitive strengths, references to future intentions and other such references. These forward-looking statements involve risks and uncertainties and other factors that could cause the Company’s actual results or financial condition to differ materially from those expressed or implied by forward-looking statements. These include risks and uncertainties relating to, among other things: the ability to complete the potential sale of the Asset Transactions on favorable terms, or at all; the Company’s evaluation and implementation of strategic alternatives; risks related to the redetermination of the borrowing base under the Company’s revolving credit facility; the Company’s ability to satisfy debt obligations; the Company’s need to make accretive acquisitions or substantial capital expenditures to maintain its declining asset base, including the existence of unanticipated liabilities or problems relating to acquired or divested business or properties; volatility in the prices for oil, natural gas and NGLs; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness, including financial covenants; general political and economic conditions, globally and in the jurisdictions in which we operate, including the Russian invasion of Ukraine, and ongoing conflicts in the Middle East, trade wars and the potential destabilizing effect such conflicts may pose for the global oil and natural gas markets; expectations regarding general economic conditions, including inflation; and the impact of local, state and federal governmental regulations, including those related to climate change and hydraulic fracturing, and potential changes in these regulations. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on Form 10-K, and if applicable, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, which are available on the Company’s Investor Relations website at https://www.amplifyenergy.com/investor-relations/sec-filings/default.aspx or on the SEC’s website at http://www.sec.gov, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which 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. Except as required by law, the Company 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. Use of Non-GAAP Financial Measures This press release and accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted Net Income (Loss), free cash flow, net debt, and cash G&A. The accompanying schedules provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flows provided by operating activities, standardized measure of discounted future net cash flows, or any other measure of financial performance calculated and presented in accordance with GAAP. Amplify’s non-GAAP financial measures may not be comparable to similarly titled measures of other companies because they may not calculate such measures in the same manner as Amplify does. Adjusted EBITDA. Amplify defines Adjusted EBITDA as net income (loss) plus Interest expense, net; Income tax expense (benefit); DD&A; Impairment expense; Accretion of AROs; Loss or (gain) on commodity derivative instruments; Cash settlements received or (paid) on expired commodity derivative instruments; Amortization of gain associated with terminated commodity derivatives; Losses or (gains) on sale of properties; Share-based compensation expenses; Exploration costs; Acquisition and divestiture related costs; Loss on settlement of AROs; Bad debt expense; Severance payments; Pipeline incident loss and Other non-routine items that we deem appropriate. Adjusted EBITDA is commonly used as a supplemental financial measure by management and external users of Amplify’s financial statements, such as investors, research analysts and rating agencies, to assess: (1) its operating performance as compared to other companies in Amplify’s industry without regard to financing methods, capital structures or historical cost basis; (2) the ability of its assets to generate cash sufficient to pay interest and support Amplify’s indebtedness; and (3) the viability of projects and the overall rates of return on alternative investment opportunities. Since Adjusted EBITDA excludes some, but not all, items that affect net income or loss and because these measures may vary among other companies, the Adjusted EBITDA data presented in this press release may not be comparable to similarly titled measures of other companies. The GAAP measures most directly comparable to Adjusted EBITDA are net income and net cash provided by operating activities. Adjusted Net Income (Loss). Amplify defines Adjusted Net Income (Loss) as net income (loss) adjusted for unrealized loss (gain) on commodity derivative instruments, acquisition and divestiture-related expenses, impairment expense, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our federal statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably. This measure is not meant to disassociate these items from management's performance but rather is intended to provide helpful information to investors interested in comparing our performance between periods. Adjusted Net Income (Loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. Free cash flow. Amplify defines free cash flow as Adjusted EBITDA, less cash interest expense and capital expenditures. Free cash flow is an important non-GAAP financial measure for Amplify’s investors since it serves as an indicator of the Company’s success in providing a cash return on investment. The GAAP measures most directly comparable to free cash flow are net income and net cash provided by operating activities. Net debt. Amplify defines net debt as the total principal amount drawn on the revolving credit facility less cash and cash equivalents. The Company uses net debt as a measure of financial position and believes this measure provides useful additional information to investors to evaluate the Company's capital structure and financial leverage. Cash G&A. Amplify defines cash G&A as general and administrative expense, less share-based compensation expense; acquisition and divestiture costs; bad debt expense; and severance payments. Cash G&A is an important non-GAAP financial measure for Amplify’s investors since it allows for analysis of G&A spend without regard to share-based compensation and other non-recurring expenses which can vary substantially from company to company. The GAAP measures most directly comparable to cash G&A is total G&A expenses. Contacts Jim Frew -- President and Chief Financial Officer (832) 219-9044 [email protected] Michael Jordan -- Vice President, Finance and Treasury (832) 219-9051 [email protected] Selected Operating and Financial Data (Tables)