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Amplify Energy Reaches Agreement with State of California to Resolve Matters Associated with Southern California Pipeline Incident (9/08/22)
HOUSTON, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached an agreement with the State of California to resolve all criminal matters involving the Company and its subsidiaries stemming from the October 2021 Southern California Pipeline Incident.
As part of the resolution with the State of California, Amplify has agreed to enter a plea of No Contest to six misdemeanor charges. If approved by the Court, the Company will pay a fine in the amount of $4.9 million to be distributed among the State of California, including the State’s Fish and Game Preservation Fund, and Orange County. Amplify also will serve a one-year term of probation and has agreed to certain compliance enhancements to its operations. This resolution, along with the plea agreement regarding federal criminal matters previously announced, if approved by both courts, will resolve all criminal matters stemming from the Southern California Pipeline Incident.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “This resolution with the State of California, which follows Amplify’s plea agreement with the U.S. Attorney’s office, further reflects the commitments we made immediately following the incident to the communities and environment impacted by the release. We worked diligently to support the successful clean-up and remediation efforts, including deploying upwards of 1,800 oil spill response contractors, have paid covered claims as expeditiously as possible, and continue to work cooperatively with the various state and federal agencies investigating these matters. Amplify Energy remains committed to safely operating in a way that ensures the protection of the environment and the surrounding communities.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/09/08/2512995/0/en/Amplify-Energy-Reaches-Agreement-with-State-of-California-to-Resolve-Matters-Associated-with-Southern-California-Pipeline-Incident.html
Amplify Energy Reaches Agreement with U.S. Attorney’s Office to Resolve Matters Associated with Southern California Pipeline Incident (8/26/22)
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has reached an agreement with the United States government, subject to court review and approval, to resolve all federal criminal matters involving the Company and its subsidiaries stemming from the October 2021 Southern California Pipeline Incident. As part of the resolution with the United States, Amplify has agreed to plead guilty to one count of misdemeanor negligent discharge of oil in violation of the Clean Water Act. If approved by the Court, Amplify will pay a fine of approximately $7.1 million in installments over a period of three years, serve a term of four years’ probation and reimburse governmental agencies approximately $5.8 million for their response to this event. Amplify also has agreed to implement certain compliance measures including installation of a new leak detection system and increased Remote Operated Vehicle inspections of the pipeline.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “From the outset, Amplify Energy has been committed to working cooperatively with the various agencies investigating this incident. We believe this resolution, which is subject to court review and approval, reflects the commitments we made immediately following the incident to impacted parties and is in the best interest of Amplify and its stakeholders. We are committed to safely operating in a way that ensures the protection of the environment and the surrounding communities.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/08/26/2505512/0/en/Amplify-Energy-Reaches-Agreement-with-U-S-Attorney-s-Office-to-Resolve-Matters-Associated-with-Southern-California-Pipeline-Incident.html
Amplify Energy Reaches Settlement Terms In Southern California Pipeline Civil Litigation (8/25/22)
HOUSTON, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it has reached an agreement in principle with plaintiffs in the class action to resolve all civil claims against Amplify and its subsidiaries. The settlement will be funded under the Company’s insurance policies, and the final agreement will be subject to court approval.
Martyn Willsher, Amplify’s President and Chief Executive Officer, commented, “We are pleased to have reached an agreement in principle regarding the civil litigation resulting from the Southern California Pipeline Incident last October. Although we are unable to provide additional detail at this time, we negotiated in good faith and believe we have come to a reasonable and fair resolution. We will continue to vigorously pursue our substantial claims for damages against the ships that struck our pipeline, and the Marine Exchange of Southern California that failed to notify us of the anchor strikes.”
About Amplify Energy
Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploitation and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.
https://www.globenewswire.com/news-release/2022/08/25/2504438/18120/en/Amplify-Energy-Reaches-Settlement-Terms-In-Southern-California-Pipeline-Civil-Litigation.html
So, 45 days, give or take, and it should be cleaned. I pray for the fishies!
Up to, 144,000 gallons spilled.
U.S. coast guard reported 3150 gallons recovered in a day.
Nothing like the BP Gulp spill of 200 million.
AMPY California oil spill state of emergency: criminal, civil probes reportedly launched
https://www.foxnews.com/us/california-oil-spill-state-of-emergency-criminal-civil-probes-reportedly-launched
Oops. Somebody's getting fired, and some oil leak detection equipment company is getting sued....Along with Amplify.
Let the cover up, and blame begin.
I was on vaca missed the whole shabang but looks like it touched $1's on finshizzle chart
https://finviz.com/quote.ashx?t=AMPY
AMPY When did the leak start?
It's not clear when the leak began but authorities were notified late Friday of reports of an oil sheen, more than 12 hours before Amplify Energy Corp., the operator of the line, reported it to state and federal officials, according to documents reviewed by CNN.
In an interview with CNN on Monday, Amplify CEO Martyn Willsher said a sheen was detected by company personnel Saturday morning, not Friday night. Willsher said while there is equipment to detect the leak without visibly seeing oil spills, there were no notices of a potential leak in the line before Saturday.
https://www.cnn.com/2021/10/04/us/california-oil-spill-what-we-know/index.html
$AMPY: YEeeeeeeehawwwwwwwwwww....... $3.52 halted again :)
GO $AMPY
$AMPY: Halted upside again at $3.10 now..........
CEO just issued some news on the spill.... 3200 barrels.
Thats it
GO $AMPY
$AMPY: Successfully scalped this 2x today
NO COMPLAINTS here
Awesome play to start off the weeek :)
GO $AMPY
I was in the middle of putting a buy order at 2.30 and got busy at work… had to put the phone down …. Came back moments later and it was already 2.80 … sheesh :(
$AMPY: HUGEEEEEEEEE pop there to $2.95 !!!!!!!!!
YESSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
LOVE IT
EASY MONEY baby
GO $AMPY
$AMPY: Added on this PreMarket Dipper at $1.90....... 10k shares
Seriously thats an OVERDONE Dump people.
Time to get it back over $3 !!!!!!!!!!
GO $AMPY
Seriously. Big trouble. Such a good year...and now this.
Time to return some gains.
Boy, this things going to burn in the morning...
Got an earnings report coming on the 5th. Nothing is showing an improvement. Got me scratching my head
This has moved up from just under $2 to near $3 in a month?
What gives? Been in and out of this a few times, even back in the MPOY days.
Why in the world is it moving up with the history of losses and current debt?
Anyone been more actively watching this? Whats the reason to be bullish?
Higher energy prices?
* * $AMPY Video Chart 07-22-2020 * *
Link to Video - click here to watch the technical chart video
Midstates Petroleum Company Inc. merged into Amplify Energy Corp., new ticker AMPY:
https://www.sec.gov/Archives/edgar/data/1533924/000119312519214089/d780768d8k.htm
Frequently, companies reorganizing in bankruptcy begin trading again under a new symbol with completely new share structures. Unfortunately the former share equity was cancelled so former shareholders are not included in the new equity unless specifically stated in the reorganization PLAN.
Whats up with this company now? I notice it's trading on the NYSE as MPO. $16.41
We see this type of irrational exuberance on too many BK stocks where share cancellation is a 99% probability. The high risk takers should join gamblers anonymous.
PPS was up 27% today and closed at .14 on 222,000 shares.
ouch.
MPOYQ: BK PLAN effective. All shares cancelled. *** PPS was up 27% today and closed at .14 on 222,000 shares.
http://otce.finra.org/DLDeletions
someone is gonna get these assets for Pennies on the dollar and we commons will get shafted!!!!---im half out and have written the rest off------------------tmonkey
All thier debt is unsecured... They can walk away from all their debt, how can that not be a plus????...
No surprise that Midstates goes BK (chapter 11)
12 months ago, smart money (not me) was shorting this at ~ $12.00. Early in 2016, smart money (not me) was shorting @ ~ $2.00. 5 years ago, WTI was ~ $100/bbl. Today, it dipped back below $45. Dammit ... shorties win !
Let the tax-loss harvesting begin.
Thanks for the response Tmonkey... Was starting to wonder if I was alone on this ride.....
oil coming back-this will rebound hard too----i bt in too early on the way Down from that big vol. spike to 7 bucks----i have avgd dn to under a buck now and sleep well at nite with oil coming back--my biggest holding now1!-im sure some of the giants out there would love the reserves here at a few dollars a share minimum----soeone already has a big piece on that run to 7$$$$$$$$$$$$$$--come on and tke the rest!!------------tmonkey
New to this board but not to MPOY.... Got on board after it delisted and picked up 20,000 plus shares in the .20's & .30's..... Can't wait for oil to start creeping up toward prices of the past.... GTLA
Maybe not this week, but soon. Slow and steady. Not a lot of sellers. Float is getting locked
agree...UPL run soon !!!!
just a matter of time before a whale buys this Company for a fraction of what there reserves are worth!!!!!---------tmonkey
Might be worth spending some time watching and reading up on this one
Was bizarre how pps moved up and then the delisting came.
actually you should talk to jason investor relations since specualting doesnt help, they have still plenty of cash in reserves and if oil rebounds during this year to 50 which is possible, mpo will be looking a lot better and probably uplist back on the nyse
When crude oil fell off a cliff, smart money (not me) was shorting a lot of these over-leveraged "Explorer & Producers"... including MPO. Shorting them right off the NYSE, de-listed down to the OTC pinks ... possible BK on the horizon. Including all costs of production (servicing massive debt, etc ), it probably now costs MPOY more than a dollar to lift a dollar's worth of oil.
It will be interesting to see what the 'end game' looks like ... doesn't seem likely that MPOY can survive in it's current form (?)
Tax-loss harvesting ?
GLTA
On whatch indeed
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