Amplify Energy Corp.

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.