RTTNews | Oct 4, 2021 10:21AM EDT

10:21 Monday, October 4, 2021 (RTTNews.com) - Texas-based energy company Amplify Energy Corp. (AMPY), saw its shares take a 45% nosedive on Monday after the company announced an oil spill in Southern California during the weekend.

The sudden news crashed the stock of the company which was recorded a yearlong high only on September 30. The company said through a press release that it has already sent a remotely operated vehicle to assess the source of the damage. They added, "As a precautionary measure, all of the Company's production and pipeline operations at the Beta Field have been shut down. Amplify Energy is a fully engaged member of and working cooperatively with the unified command, consisting of the Coast Guard, California Department of Fish and Wildlife's Office of Spill Prevention and Response (CDFW-OSPR)."

Currently, the stock is trading at $2.96, down $2.780r 48.47% since the previous close at $5.75. The shares opened at $2.88 in the morning. In the 52-week period, the stock has ranged between $0.62 and $5.78 per share.

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