Amplify Energy Update on San Pedro Bay Pipeline Permit
02 October 2022 - 10:46AM
Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY)
today announced that it has received the Nationwide Permit 12 from
the U.S. Army Corps of Engineers to proceed with repair plans that
were reviewed and approved by federal pipeline safety regulators
earlier this year. This is the next phase of the Company’s repair
plan and includes removing the damaged segments of the pipeline
from the ocean floor. By removing the damaged segments of the
pipeline, regulators, the parties in the litigation and Amplify
will be able to complete further analysis of the impact from the
vessels dragging their anchors and striking the pipeline on January
25, 2021.
Following the removal of the pipe segments, new
segments will be installed in accordance with the approved repair
plans. The Company estimates the work will take approximately three
to four weeks to complete after the repair barge is deployed.
After the pipeline is repaired, it will undergo
a series of safety integrity tests as required by both federal
pipeline safety regulations and the Oct. 5, 2021 PHMSA corrective
action order. Thereafter, Amplify anticipates that PHMSA will
review the pipeline restart plan. Once finalized, the Company will
begin the process of bringing the Beta field back online, which is
expected to occur in the first quarter of 2023.
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 Amplify’s
employees live and raise their families.
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.
Investor Relations Contact
Jason McGlynn – Chief Financial Officer(832)
219-9055jason.mcglynn@amplifyenergy.com
Media Contact
Amy ConwayAmy.Brown@fticonsulting.com
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