29 Aug 2019business combination● Neutral
The newly renamed Amplify Energy Corp. filed updated pro forma financial statements for its just-completed merger with legacy Amplify Energy, needed to support a coming stock registration.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2019substantial holder notice● Neutral
Brigade Capital Management GP, LLC, Donald E. Morgan, III disclosed a new substantial Amplify Energy Corp. shareholding (11.00% of votes).
15 Aug 2019substantial holder notice● Neutral
Avenue Capital Management II, L.P, Avenue Energy Opportunities Fund, L.P, Avenue Capital Management II GenPar, LLC, Avenue Energy Opportunities Partners, LLC, GL Energy Opportunities Partners, LLC, Marc Lasry reported a Amplify Energy Corp. shareholding of 2,561,375 shares (6.20% of votes) in a periodic institutional filing.
13 Aug 2019substantial holder notice● Neutral
Fir Tree Capital Management filed a Schedule 13D/A after the merger closed on 6 August 2019. Its funds' 6,673,865 legacy Amplify shares converted into 6,226,714 shares, and Fir Tree reported beneficial ownership of 10,912,114 shares (26.5%) of the combined Amplify Energy.
6 Aug 2019asset acquisition disposition▲ GoodMajor
Midstates completed its merger with Amplify Energy Corp. and renamed itself Amplify Energy Corp., trading as AMPY from August 7, 2019. About 21.2 million shares were issued to former Amplify holders, and the credit facility borrowing base rose from $425 million to $530 million.
5 Aug 2019quarterly activities report● Neutral
Midstates (the legacy company, later renamed Amplify) reported Q2 2019 total revenues of $25.8 million and a net loss of $36.9 million. The loss included a $33.6 million impairment of oil and gas properties.
28 June 2019securities registration● Neutral
Midstates and Amplify filed the final joint proxy statement/prospectus for their all-stock merger, with each Amplify share converting into 0.933 Midstates shares. Both shareholder meetings were set for 2 August 2019, and the exchange ratio was worth about $5.28 per Amplify share on 25 June.
26 June 2019business combination● Neutral
The amendment filled in the blanks and set the clock running: both shareholder votes fixed for 2 August 2019, record date 28 June, mailing 28 June, and the 0.933 exchange ratio priced for the first time at about $5.28 per Amplify share on 25 June closing prices. Terms unchanged; the deal moved from drafted to scheduled.
7 June 2019business combination● NeutralMajor
Midstates filed an S-4 registering up to about 23.7 million shares for its all-stock merger with Amplify Energy, with each Amplify share converting into 0.933 Midstates shares. Holders of about 35.5% of Midstates stock had signed voting agreements supporting the stock issuance.
15 May 2019substantial holder notice● Neutral
Amplify filed a Schedule 13D saying it may be deemed to beneficially own 7,246,775 Midstates Petroleum shares (35.5%) through voting agreements with Avenue and Fir Tree tied to the merger agreed May 5, 2019.
10 May 2019quarterly activities report▼ Bad
Midstates Petroleum reported a first-quarter 2019 net loss of $17.8 million ($0.78 per share), including a $7.7 million derivative loss and a $9.7 million impairment. Production was 13,239 Boepd, and it highlighted its pending merger with Amplify.
10 May 2019quarterly activities report▼ Bad
Midstates Petroleum, the merger partner, reported first-quarter 2019 total revenues of $22.1 million and a net loss of $17.8 million, with an impairment of $9.7 million and derivative losses of $7.7 million.
7 May 2019substantial holder notice● Neutral
Avenue Capital entities and Marc Lasry reported holding 2,561,375 Midstates Petroleum shares (12.5%). The Avenue fund agreed on May 5, 2019 to vote them for the merger with Amplify and not to transfer them.
6 May 2019business combination▲ GoodMajor
Midstates agreed to an all-stock merger with Amplify Energy Corp., with each Amplify share converting into 0.933 Midstates shares. Current Amplify and Midstates stockholders would each own 50% of the combined company.
6 May 2019merger communication● Neutral
Midstates signed a merger agreement with Amplify Energy on May 5, 2019, under which each Amplify share converts into 0.933 Midstates shares, leaving each side's holders with 50% of the combined company. A $4.5 million termination fee applies in certain cases, with an outside date of November 5, 2019.
22 Feb 2019substantial holder notice● Neutral
Avenue Capital Management II, L.P, Avenue Energy Opportunities Fund, L.P, Avenue Capital Management II GenPar, LLC, Avenue Energy Opportunities Partners, LLC, GL Energy Opportunities Partners, LLC, Marc Lasry reported a Amplify Energy Corp. shareholding of 2,561,375 shares (12.60% of votes) in a periodic institutional filing.
14 Jan 2019substantial holder notice● Neutral
Centerbridge Credit Partners Master AIV IV, L.P, Centerbridge Special Credit Partners II AIV III, L.P, Centerbridge Credit Partners Offshore General Partner, L.P, Centerbridge Credit Cayman GP Ltd, CSCP II Cayman GP Ltd, Centerbridge Special Credit Partners General Partner II, L.P, Mark T. Gallogly, Jeffrey H. Aronson reported a Amplify Energy Corp. shareholding of 550,000 shares (2.10% of votes) in a periodic institutional filing.
21 Nov 2018material agreement▲ GoodMajor
Midstates amended its exit credit facility to allow dividends and share buybacks for the first time since its 2016 bankruptcy, subject to minimum liquidity and leverage tests, signaling its post-bankruptcy financial recovery.
9 Nov 2018quarterly activities report▼ Bad
Midstates Petroleum (later Amplify Energy) reported Q3 2018 total revenues of $47.8 million and net income of $11.5 million. For the nine months, net income was $14.0 million.
8 Nov 2018quarterly activities report▼ Bad
Midstates (now Amplify) reported third-quarter 2018 net income of $11.5 million, or $0.44 per share, after a $6.6 million derivative loss. Adjusted EBITDA was $31.9 million, and Mississippian Lime production rose to 17,996 BOEPD.
12 Oct 2018substantial holder notice● Neutral
Centerbridge Credit Partners Master AIV IV, L.P, Centerbridge Special Credit Partners II AIV III, L.P, Centerbridge Credit Partners Offshore General Partner, L.P, Centerbridge Credit Cayman GP Ltd, CSCP II Cayman GP Ltd, Centerbridge Special Credit Partners General Partner II, L.P, Mark T. Gallogly, Jeffrey H. Aronson reported a Amplify Energy Corp. shareholding of 1,473,637 shares (5.70% of votes) in a periodic institutional filing.
6 Aug 2018quarterly activities report▼ Bad
In its 10-Q for the quarter ended June 30, 2018, Midstates (now Amplify) reported total revenues of $42.3 million and a net loss of $1.5 million, or $0.06 per share. Long-term debt had fallen to $28.1 million.
3 Aug 2018quarterly activities report▼ Bad
Midstates (now Amplify) reported a second-quarter 2018 net loss of $1.5 million, or $0.06 per share, with Adjusted EBITDA of $27.0 million. Mississippian Lime production rose 11% to 17,202 BOEPD.
10 May 2018quarterly activities report● Neutral
Amplify Energy Corp. (then Midstates Petroleum) reported first quarter 2018 total revenues of $48.9 million and net income of $4.0 million in its 10-Q. Long-term debt fell to $78.1 million from $128.1 million after a $50 million paydown.
10 May 2018quarterly activities report● Neutral
Amplify Energy Corp. (then Midstates Petroleum) reported first quarter 2018 net income of $4.0 million, or $0.15 per share, on production of 19,235 BOEPD. Oil, gas and NGL revenues were $51.8 million before derivatives.
2 May 2018securities registration● Neutral
Amplify Energy Corp. (then Midstates Petroleum) filed a prospectus allowing selling stockholders to resell up to 12,629,939 shares of common stock, including 300,000 issuable on warrant exercise. The company received no proceeds from the resales.
12 Apr 2018securities registration● Neutral
Amplify Energy Corp. amended an already-effective registration statement.
4 Apr 2018material agreement● NeutralMajor
Midstates agreed to sell substantially all of its Anadarko Basin wells and leases in Texas and Oklahoma for $58.0 million to a buyer the filing does not name, effective 1 January 2018 and expected to close by 30 May.
29 Mar 2018securities registration● Neutral
Amplify Energy Corp. amended an already-effective registration statement.
14 Feb 2018substantial holder notice● Neutral
Geode Diversified Fund, A Segregated Account of Geode Capital Master Fund Ltd, Geode Capital Management LP disclosed a new substantial Amplify Energy Corp. shareholding (7.31% of votes).