Beta Development Program Update
| ● | Amplify initiated a development drilling program in the prolific Beta oilfield in 2024 to demonstrate the significant upside potential of the asset and generate strong incremental cash flows for the Company, with results to date proving out the viability and long-term potential of the program |
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| ● | Completed the C54 well in mid-April 2025 |
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| o | Drilled well utilizing lessons learned from 2024 program including the implementation of a managed pressure drilling system |
| o | IP20 was approximately 800 Bopd, which has been the strongest initial well performance in the program |
| o | With the C54 online, the three wells completed in the D-Sand (our primary target formation) are all projected to have greater than 90% IRR at $60/bbl oil prices |
●Completed the C48 well in mid-February 2025 as the first C-Sand completion
| o | Initially planned as a D-Sand completion, but due to drilling complications elected to complete the shallower C-Sand |
| o | Current production rate of approximately 100 BOPD |
| o | Well exhibits lower oil gravities and reservoir pressures than the D-Sand completions |
| o | Future injection support in the area to increase reservoir pressure and deliverability is expected to prove the C-Sand as a viable future target zone |
| ● | With the recent completions of the C48 and C54, the field now has four new development wells online, which, after offsetting the asset’s base decline, have increased Beta production by approximately 35% since early 2024 |
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| ● | Based on Beta development success, at year-end 2024 Amplify had 25 SEC Proved Undeveloped (“PUD”) locations (21 D-Sand locations) with approximately $144 million in PV-10 value1 |
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| o | D-Sand completions to date are significantly outperforming the type curve utilized in SEC PUD value/reserves indicating material upside above the current valuation estimate |
| o | Substantial future development remains at Beta beyond the current SEC PUD locations which are based on conservative volumetric and recovery factor assumptions |
