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As previously announced, Amplify has entered into definitive purchase agreements with three different counterparties to divest all its interests in the Company's Oklahoma and East Texas assets for total consideration of $220.0 million, subject to certain post-closing adjustments (the "Asset Transactions"). One of the transactions closed in October of 2025 and the remaining two transactions are expected to close in the fourth quarter of 2025.
These divestitures are an important step in the Company's go-forward strategy. The Company intends to use the proceeds from the Asset Transactions to pay down the Company's outstanding debt, and accelerate the development drilling program at Beta. The Company believes the Asset Transactions will also enable it to materially reduce future G&A costs.
Dan Furbee, the Company's Chief Executive Officer stated, "As previously discussed, we have initiated a new strategic plan with three core tenets. We intend to simplify our portfolio, strengthen our balance sheet, and focus our resources on our assets with the highest potential upside opportunities. The divestitures of the Oklahoma and East Texas assets is consistent with that strategic plan."
Mr. Furbee continued, "We are excited about the continued success we are having with our drilling program at Beta. Furthermore, we have started to realize meaningful cost savings at Bairoil, and we believe additional Carbon Capture, Utilization & Storage (CCUS) initiatives can further increase future cash flow associated with that asset. The Company has embraced this new strategic plan, and we are already seeing the benefits of this focus."
Posted In: AMPY
