GlobeNewswire Inc | Oct 18, 2021 08:21AM EDT

October 18, 2021

HOUSTON, Oct. 18, 2021 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (Amplify, Amplify Energy or the Company), parent company to Beta Operating Company, LLC, issued the following statement regarding the ongoing environmental remediation efforts in Southern California:

Over the course of the past two weeks, the AmplifyEnergy team has worked closely with the U.S.Coast Guard and the California Department of Fish and Wildlifes Office of Spill Prevention and Response (CDFW-OSPR) as part of the Unified Command,and also with many other federal, state and local agenciesonthe remediation efforts in response to this event. We are grateful for the efforts of all parties involved, and we will continue to collaborate closely as cleanup and restoration progresses. On October 15, 2021, Unified Command reported that trained oil observers and beach cleanup contractors witnessed significant progress in cleanup operations and are assessing the beaches to determine whether any further treatment is needed.

We are fully committed to supporting the Unified Command and complying with all regulatory requirements and investigations. These investigations take time, given their complexity, and Amplify Energy remains committed to cooperating with the federal and state agencies looking into this matter. It is our expectation that all other relevant parties will make this same commitment. The sharing of information with regulatory agencies is critical to understanding the events surrounding and potential impacts of the incident, including the magnitude of the spill. On October 14, 2021, the U.S. Coast Guard announced that it has a high degree of confidence the size of the release was approximately 588 barrels, which is below the previously reported maximum estimate of 3,134 barrels.

Offshore energy development and maritime traffic can and have coexisted in this region for decades and we are committed to working with maritime stakeholders to investigate this incident and ensure something like this does not happen again.

Amplify Energy is committed to safely operating in a way that ensures the protection of the environment and the surrounding communities communities where many of our employees live and raise their families. This commitment will continue to guide our response to this incident, and we will work closely and cooperate with all regulatory and governmental bodies.

For additional information on the Unified Command response, visit: https://socalspillresponse.com/.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, and production of oil and natural gas properties. Amplifys operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visitwww.amplifyenergy.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Amplify expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as will, would, should, could, expect, anticipate, plan, project, intend, estimate, believe, target, continue, potential, the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Amplify believes that these statements are based on reasonable assumptions, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Amplify, which may cause Amplifys actual results to differ materially from those implied or expressed by the forward-looking statements. Please read the Companys filings with the Securities and Exchange Commission, including Risk Factors in its Annual Report on Form 10-K, and if applicable, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. All forward-looking statements speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Amplify undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

Media contact: media@amplifyenergy.com