Amplify Updates $142MM Juniper Deal, Divests in East Texas Haynesville

Amplify Energy Corp. has disclosed additional information related to its all-stock merger of privately held Juniper Capital portfolio companies in the Denver-Julesburg (D-J) and Powder River basins in a deal valued at $142.7 million, according to March regulatory filings.

In conjunction with the Jan. 15 deal, Amplify will also assume approximately $133 million in debt to acquire Juniper’s North Peak Oil & Gas Holdings LLC and Century Oil and Gas Holdings LLC, according to a March 4 Securities and Exchange Commission filing. 

The deal adds approximately 19 MMBoe of proved developed resources with a PV-10 value of $330 million. It includes 287,000 net acres in the D-J and Powder River, with more than 115,000 net acres operated and held-by-production.

When the deal is complete, Juniper shareholders will own 39% of the combined company and Amplify shareholders will retain 61%.

Amplify also said it divested some East Texas Haynesville Shale assets, according to its March 5 earnings report.

Amplify said that in anticipation of closing the Juniper deal, the company is working with the private equity firm and its portfolio companies to integrate the assets.

The company also said it expects to refinance a substantial portion of its outstanding debt and approximately $133 million in principal amount of the portfolio companies’ outstanding debt prior to closing the transaction.

Amplify President and CEO Martyn Willsher said 2024 had the potential to be a transformative year for the company, “and we believe that we delivered on that expectation throughout the year.”

“The recently announced transaction with Juniper Capital expands our operations into the D-J and Powder River basins, increases our scale, operating efficiency and margins, improves our inventory of attractive drilling locations and provides us with a new core area for potential M&A activity,” Willsher said. “The transaction also resulted in a new long-term partnership with Juniper Capital, who have a long history of delivering substantial value to shareholders.”

A shareholder vote on the issuance of stock for the acquisition is scheduled for April 14.

The company also updated its efforts to monetize assets in the East Texas Haynesville Shale.

In 2024, several operators expressed increased interest in buying or partnering with Amplify on its Haynesville interests.

In December 2024, Amplify monetized 90% of its interests in certain units with Haynesville rights in Panola and Shelby counties, while retaining a 10% working interest and the ability to participate in any well drilled within the boundary of such units. At closing the transaction generated approximately $1.4 million in proceeds.

And in January 2025, Amplify closed a second deal with a separate party to sell 90% of its interest in certain units with Haynesville rights in Harrison County, Texas, in addition to 11 gross operated wells.

The transaction also established an area of mutual interest (AMI) with the buyer covering 10,000 gross acres. Amplify retained a 10% working interest in the units it divested and purchased a 10% working interest in the counterparty’s acreage.

The transactions generated net proceeds of $6.2 million. Amplify estimates the AMI holds more than 30 potential gross drilling locations.

Fourth-quarter results

During fourth-quarter 2024, the company reported a net loss of approximately $7.4 million, primarily attributable to a non-cash unrealized loss on commodity derivatives during the period. Excluding the loss and other one-time impacts, Amplify generated adjusted net income of $5.1 million in the quarter.

Amplify posted fourth-quarter adjusted EBITDA of $21.8 million, a decrease of approximately $3.7 million from $25.5 million in the prior quarter. Quarterly free cash flow was $2.9 million, a decrease of $0.7 million compared to the prior quarter.

Amplify said it has generated positive free cash flow in 18 of the last 19 fiscal quarters.

Total consideration payable to Juniper, as of Jan. 31, will be approximately $142.7 million. The consideration payable to Juniper consists of approximately 26.7 million shares of common stock.

Pro forma for the transactions, Amplify stockholders will retain approximately 61% of Amplify’s outstanding equity and approximately 39% will be owned by Juniper, each on a fully diluted basis, the company said Jan. 15.