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Amplify Energy Corp.'s latest credit redetermination by its lenders reaffirmed the borrowing base at $260 million. The next regularly scheduled borrowing base redetermination is expected to occur in April 2021.
As of October 30, 2020, Amplify had total net debt of $243 million, with $260 million outstanding under the credit facility and $17 million of cash on hand.
Martyn Willsher, Amplify's Interim Chief Executive Officer and Chief Financial Officer commented, "With today's redetermination holding the borrowing base flat at $260 million, the Company is well positioned to continue improving its liquidity position and leverage profile going forward. This was an excellent outcome, which demonstrates the sustainable value of our long-lived, low-decline asset base and the success of our disciplined commodity hedging program. We could not have realized this result without the support of our bank group and the exceptional work of our employees, who have worked tirelessly to reduce costs and increase free cash flow during the ongoing COVID-19 pandemic and resulting depressed commodity price environment."
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