Midstates Petroleum, Amplify Energy Annonce Merger-Of-Equals Agreement

Amplify Energy and Midstates Petroleum Company (MPO) announced that they have entered into a definitive merger agreement pursuant to which Amplify will merge with a subsidiary of Midstates in an all-stock merger-of-equals.

Under the terms of the merger agreement, Amplify stockholders will receive 0.933 shares of newly issued Midstates common stock for each Amplify share of common stock. The merger is expected to close in the third quarter of 2019, at which time Amplify and Midstates stockholders will each own 50% of the outstanding shares of the combined company. The combined company will be headquartered in Houston and trade on the NYSE under the ticker AMPY.

Amplify's President and Chief Executive Officer Ken Mariani will lead the combined company. The new Board of Directors will include members who currently serve on the Amplify and Midstates Boards. Transaction Highlights: Pro forma total enterprise value greater than$720 million and market capitalization greater than$430 million; Pro forma 4Q18 production of ~40 MBoe/d; Pro forma 4Q18 Annualized Adjusted EBITDA of ~$241 million.

The merger agreement was unanimously approved by the participating directors of both boards. The Midstates Board of Directors has recommended that the Midstates stockholders vote their shares in favor of the issuance of Midstates common stock to Amplify stockholders in connection with the merger and the Amplify Board of Directors has recommended that the Amplify stockholders vote their shares in favor of the merger. 
 

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