Juniper Capital and Amplify Energy Corp. have agreed to amend the terms to their $142.7 million merger agreement between Amplify and Juniper portfolio companies North Peak Oil & Gas Holdings LLC and Century Oil and Gas Holdings LLC, according to an April 15 press release.

Under the amended agreement, Juniper will contribute an additional $10 million in cash to further reduce the net debt of the combined companies, the release stated.

"In recognition of the recent market volatility, we believe the additional cash investment is justified to bolster the strength and liquidity of the combined company,” said Edward Geiser, Juniper’s managing partner.

Under the terms of the agreement, Amplify will issue Juniper approximately 26.7 million shares of Amplify common stock and assume approximately $133 million in net debt, the company said Jan. 15 when the deal was first announced.

At closing, Juniper shareholders will own 39% of the combined company and Amplify shareholders will retain 61%.

The combined entity is expected to add approximately 19 MMBoe of proved developed resources to Amplify’s Rockies portfolio.

It includes 287,000 net acres in the Denver-Julesburg and Powder River Basin with over 115,000 net acres operated and HBP.

Juniper’s updated audited reserves show a total PV-10 value of $356 million, assuming WTI is at $60/bbl held flat and Henry Hub is at $3.50/MMBtu held flat, the company said.

Amplify and Juniper have also taken steps to minimize commodity market volatility through hedging strategies.

“As a percentage of proved developed producing reserves, Amplify has 80-85% of oil hedged in 2025 and 40-45% hedged in 2026, while Juniper has 65-70% of oil hedged in 2025 and 50-55% hedged in 2026,” the companies said on April 15. “At current strip prices, Amplify's hedges have a present worth of approximately $25 million, while Juniper's hedges have a present worth of approximately $14 million."

 “We continue to believe that the combination of our Rockies assets with Amplify's existing operations offers investors a unique opportunity, which is capable of delivering significant shareholder value and free cash flow in a low or high commodity price environment,” Geiser said in the amendment announcement.

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