By Stephen Nakrosis
Amplify Energy said it mutually agreed with Juniper Capital Advisors to terminate their previously announced merger deal, citing the extraordinary volatility in the market.
The deal, which was announced in January, called for Amplify Energy to combine with certain Juniper portfolio companies which hold oil-producing assets and leasehold interests in the Rocky Mountain's DJ and Powder River basins. Under the terms of the agreement, Amplify would have issued about 26.7 million shares of common stock.
Juniper will receive a cash payment of $800,000 in lieu of any termination fee which might have been otherwise payable, according to Amplify.
Amplify also said it plans to continue evaluating strategic alternatives to maximize value to stockholders, including potential portfolio-optimization strategies.
Following news of the merger termination, shares of Amplify Energy were trading higher. The stock closed the day's regular session at $2.69, up 5.9%. In the after-hours market, shares were up 17%, at $3.16.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
April 25, 2025 16:42 ET (20:42 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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