Amplify Energy Provides Update on the Southern California Release
01 March 2022 - 11:00PM
Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”)
issued the following update regarding the Southern California
release event:
On December 28, 2021 the United States Coast
Guard announced that the Unified Command had concluded cleanup
operations in all counties impacted by the release event in
October. On February 2, 2022, Unified Command stood down and
announced that the response phase was officially complete. Amplify
deployed upwards of 1,800 oil spill response contractors who worked
under the direction of the Unified Command alongside government
agencies, wildlife rescue organizations and local volunteers. We
are grateful to our Unified Command partners for their
collaboration and professionalism over the course of the
response.
Investigation Update
Amplify continues to comply with all regulatory
requirements and investigations and we look forward to reviewing
the findings of these investigations once completed.
On February 28, 2022, Amplify filed a complaint
against the two shipping companies whose anchors struck the San
Pedro Bay Pipeline, damaging the pipeline and causing the oil
release in early October. The Company also filed claims against the
Marine Exchange of Southern California, which failed to notify
Amplify of the anchor strikes.
Amplify filed complaints against these parties
because their actions or inactions caused the October 2021 release
event. If these parties had not been grossly negligent and if the
maritime notification laws had been observed in January 2021, this
entire event could have been avoided.
Operational Update
Amplify Energy continues to work cooperatively
with the appropriate regulatory agencies to safely and promptly
advance our permanent repair plan for the San Pedro Bay Pipeline,
which was damaged by vessel anchor strikes in January 2021. Working
with federal pipeline safety regulators and world class engineering
and dive teams, we designed an approved temporary repair plan and
have completed this phase of the work by safely and successfully
removing any oil in our pipeline that remained following the
shut-in of the pipeline on October 2, 2021.
We look forward to receiving the additional
required approvals from the relevant regulators and safely
executing the next stage of the repair plan, which will remove and
replace the damaged pipeline, so that regulators and investigators
can examine it and gain critical understanding for the entire
maritime and energy industries.
Amplify Energy is committed to safely operating
in a way that ensures the protection of the environment and the
surrounding communities – communities where many of our employees
live and raise their families. This commitment will continue to
guide our response to this incident, and we will work closely and
cooperate with all regulatory and governmental bodies.
About Amplify Energy
Amplify Energy Corp. is an independent oil and
natural gas company engaged in the acquisition, development,
exploitation and production of oil and natural gas properties.
Amplify’s operations are focused in Oklahoma, the Rockies, federal
waters offshore Southern California, East Texas / North Louisiana,
and the Eagle Ford. For more information, visit
www.amplifyenergy.com.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Amplify expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Terminology such as “will,” “would,” “should,” “could,”
“expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,”
“believe,” “target,” “continue,” “potential,” the negative of such
terms or other comparable terminology are intended to identify
forward-looking statements. Amplify believes that these statements
are based on reasonable assumptions, but such assumptions may prove
to be inaccurate. Such statements are also subject to a number of
risks and uncertainties, most of which are difficult to predict and
many of which are beyond the control of Amplify, which may cause
Amplify’s actual results to differ materially from those implied or
expressed by the forward-looking statements. Please read the
Company’s filings with the Securities and Exchange Commission,
including “Risk Factors” in its Annual Report on Form 10-K, and if
applicable, its Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, and other public filings and press releases for a
discussion of risks and uncertainties that could cause actual
results to differ from those in such forward-looking statements.
All forward-looking statements speak only as of the date of this
press release. All forward-looking statements in this press release
are qualified in their entirety by these cautionary statements.
Amplify undertakes no obligation and does not intend to update or
revise any forward-looking statements, whether as a result of new
information, future results or otherwise.
Media contact: media@amplifyenergy.com
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