Amplify Energy amends credit facility via Wells to cut borrowing base

By Wendy Van Sickle

Columbus, Ohio, May 17 – 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 Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment trimmed the borrowing base by $5 million to $430 million, effective Tuesday, with the borrowing base to be reduced by an additional $15 million upon the consummation of the indirect sale of the company’s interest in some properties in south Texas and by $5 million each month until the next scheduled redetermination on Oct. 1.

The minimum hedging requirement was also amended to disregard any reasonably anticipated production of hydrocarbons from the south Texas assets.

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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