AMPY

• Beta Field Development: Continues to build on success of 2024 program; C54 well is strongest in the program. Four new development wells online have increased Beta production by ~35% since early 2024. D-Sand completions outperform type curve, indicating upside to valuation.
• East Texas Monetization: Sold Haynesville interests in Harrison, Panola, and Shelby Counties, generating net proceeds. Retained 10% working interest in non-operated development opportunities.
• Capital Budget: Temporarily deferred three development projects at Beta, saving ~$50 million due to oil price reduction. Conducting review of additional cost savings opportunities in capital projects, operating costs, and overhead.
• Operational Updates: C48 well completed (originally D-Sand but pivoted to C-Sand), current production ~100 bbl/day; Beta drilling team enhanced procedures with managed pressure drilling for C54 well success.

• Temporarily deferred three Beta development projects, resulting in ~$50 million capital savings.
• 2025 production guidance adjusted to 19,000-20,500 BOE per day.
• Intend to complete 3 wells at Beta in 2025, with option to add back wells if commodity prices improve.
• Conducting review of additional cost savings opportunities in capital projects, operating costs, and overhead.

Beta Field: Amplify generated $19.4 million of adjusted EBITDA, 17,900 BOE per day in the first quarter. The C54 well had an IP20 of approximately 800 barrels of oil per day. At year-end 2024, there were 25 PUD locations on reserves, 21 in the D-Sand, with a PV-10 value of ~$144 million at $65 flat WTI oil. East Texas Haynesville Acreage: Amplify monetized portions of its Haynesville acreage, generating $9.2 million net in total proceeds from three transactions since November 2024, while retaining a 10% working interest in non-operated development opportunities.

• Commodity price volatility impacting capital investment decisions for Beta projects.
• Adverse drilling conditions encountered in C48 well affecting production and costs.
• Uncertainty in market conditions affecting the timing and feasibility of asset monetization and development projects.

Q: Do you have a goal in mind to exit the year with bank debt? And what oil price would be needed to go back to the Beta development program?

A: Jim Frew states goal is to generate positive free cash flow and pay down debt, aiming for 0.5 to 1 turn of leverage. Martyn Willsher adds that Beta development depends on oil price, commodity price, and liquidity; would look to ramp up if oil prices move up in the 60s and liquidity has cushion.

Q: Are we talking more about Haynesville or other opportunities for portfolio optimization?

A: Martyn Willsher says looking at all potential opportunities in portfolio other than Beta that create liquidity to redeploy funds into higher return projects at Beta.