First Quarter Highlights and Recent Developments
| ● | During the first quarter of 2026, the Company: |
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| o | Averaged total production of 6.4 Mbopd (100% oil) |
| o | Generated net cash provided by operating activities of $4.5 million and a net loss of $38.1 million |
| o | Delivered Adjusted EBITDA of $3.8 million and Adjusted Net Income of $5.3 million |
| o | Concluded all transition services related to the East Texas and Oklahoma asset divestitures |
| o | Obtained royalty relief at our Beta field, reducing the Company’s royalty burden to approximately 12.5% (from approximately 25.0%) effective May 1, 2026, increasing net production and revenue |
| o | Continued the drilling program at Beta |
| o | Completed the C04 well in March with a peak IP30 of 500 Bopd. At current pricing, Amplify expects the well to pay out in approximately six months with an IRR greater than 100% |
| o | The C32 well was spud in late March and encountered mechanical complications in the shallow sections of the well leading to the abandonment of the well before setting intermediate casing |
| o | Continued strategic evaluation of Bairoil’s potential role in carbon storage and low-carbon initiatives |
| o | Reaffirmed prior guidance for full-year 2026 |
| o | As of March 31, 2026, Amplify had no outstanding debt under its revolving credit facility and $41.5 million cash and cash equivalents |
Dan Furbee, the Company’s Chief Executive Officer, stated, “Amplify has entered 2026 with positive momentum, supported by a strong balance sheet, a more streamlined organization, a simplified oil-weighted portfolio and a constructive crude oil price environment. As we pursue value-adding opportunities at Beta and Bairoil, we believe we will continue to benefit from these dynamics.”
Mr. Furbee continued, “At Beta, we continue to pursue our drilling program, and we are pleased with the performance of the C04 well that we brought on-line in March as it further demonstrates the prolific results of the Joulters fault block at Beta. Furthermore, the team recently secured royalty relief that has increased our net production and profitability at Beta. At Bairoil, we remain optimistic that we will find opportunities to leverage our available pore space to enhance the asset’s cash generating potential.”
