Amplify Energy Corp (AMPY)

[Enterprising Investor]

Amplify Energy Update on San Pedro Bay Pipeline Permit (10/01/22)

Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) today announced that it has received the Nationwide Permit 12 from the U.S. Army Corps of Engineers to proceed with repair plans that were reviewed and approved by federal pipeline safety regulators earlier this year. This is the next phase of the Company’s repair plan and includes removing the damaged segments of the pipeline from the ocean floor. By removing the damaged segments of the pipeline, regulators, the parties in the litigation and Amplify will be able to complete further analysis of the impact from the vessels dragging their anchors and striking the pipeline on January 25, 2021.

Following the removal of the pipe segments, new segments will be installed in accordance with the approved repair plans. The Company estimates the work will take approximately three to four weeks to complete after the repair barge is deployed.

After the pipeline is repaired, it will undergo a series of safety integrity tests as required by both federal pipeline safety regulations and the Oct. 5, 2021 PHMSA corrective action order. Thereafter, Amplify anticipates that PHMSA will review the pipeline restart plan. Once finalized, the Company will begin the process of bringing the Beta field back online, which is expected to occur in the first quarter of 2023.

Amplify Energy is committed to safely operating in a way that ensures the protection of the environment and the surrounding communities – communities where many of Amplify’s employees live and raise their families.

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/2022/10/01/2526408/18120/en/Amplify-Energy-Update-on-San-Pedro-Bay-Pipeline-Permit.html