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Amplify Energy, Midstates Finalize Merger Deal; Talk 2019 Spending Outlook

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   |    Tuesday,August 06,2019

Amplify Energy and Midstates Petroleum have finalized their all-stock merger deal. The agreement was initially announced back in early May 2019.

Terms of the deal were not disclosed.

Pro Forma Assets:

Total position of ~218,000 net acres

  • MissLime: 100,000 net acres
  • Ark-La-Tex: 93,300 net acres
  • Eagle Ford: 750 net acres
  • Rockies CO2: 7,000 net acres
  • California Offshore: 17,000 net acres

Total production of ~40.1 MBOEPD

  • MissLime: 16.4 MBOEPD
  • Ark-La-Tex: 15.5 MBOEPD
  • Eagle Ford: 16.4 MBOEPD
  • Rockies CO2: 4.1 MBOEPD
  • California Offshore: 3.1 MBOEPD

 

Operations and Capital Spending Outlook

In 2H 2019, we anticipate capital spending of approximately $38 million across our operating areas. Approximately 53% (or $20 million) of this capital will be invested in Bairoil, primarily to fund the plant expansion project, which is expected to come online in the fourth quarter of 2019. The expansion will provide additional CO2 recycling capacity and allow currently shut-in wells to be turned back online, increasing oil production by approximately 900 Boe/d.

In addition, we anticipate spending approximately $11 million (29% of second half 2019 capital spend) on our Mississippi Lime asset on a capital workover program focused on converting electric submersible pumps to rod-lift, a more efficient artificial lift technology, as well as infrastructure build-out. We believe this investment to be low-risk while maximizing the economic life of producing wells and materially reducing future electricity and maintenance costs associated with these wells. The remaining capital budget will be spent predominantly on well work, facilities and other maintenance activities across our assets in offshore California, East Texas and Eagle Ford.

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