Amplify Energy modifies credit facility with Wells Fargo

By Wendy Van Sickle

Columbus, Ohio, Dec. 6 – Amplify Energy Corp. subsidiary Amplify Energy Operating LLC amended its credit agreement entered in May 2017 with Wells Fargo Bank, NA as administrative agent on Nov. 30, according to an 8-K filing with the Securities and Exchange Commission.

The amendment removes the required mandatory prepayments of borrowings with unrestricted cash and cash equivalents greater than $35 million and increases the hedging requirement to 75% from 50% of reasonably anticipated projected production of hydrocarbons from proved developed producing reserves and extends the deadline for entry into the hedging arrangements to April 30, 2018 from Dec. 31.

Also, the borrowing base was reduced by $25 million to $450 million, effective Nov. 30, and is set to automatically decrease by $2.5 million each month until the next scheduled redetermination of the borrowing base on April 1, 2018.

Houston-based Amplify is focused on the acquisition, production and development of oil and natural gas properties in the United States.

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