Current report Amplify Energy Holdings Llc

8-K - Current report

Published: 2017-08-01 21:47:18
Submitted: 2017-08-02
Period Ending In: 2017-07-31
d431155d8k.htm 8-K


ENT> 8-K 1 d431155d8k.htm 8-K

8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM

8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 1, 2017 (July 31, 2017)

 

 

AMPLIFY ENERGY CORP.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Delaware  
001-35364
 
82-1326219

(State or Other Jurisdiction of

Incorporation or Organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

500 Dallas Street, Suite 1600

Houston, Texas

  77002
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (713)

490-8900

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form

8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)

 

 
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))

 

 
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 7.01 Regulation FD Disclosure.

As previously disclosed, on January 16, 2017, Memorial Production Partners LP (“MEMP”) and certain of its subsidiaries (collectively with MEMP, the “Debtors”) filed voluntary petitions (the cases commenced thereby, the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Court”). On April 14, 2017, the Court entered an order approving the Second Amended Joint Plan of Reorganization of Memorial Production Partners LP and its affiliated Debtors, dated April 13, 2017 (as amended and supplemented, the “Plan”). On May 4, 2017, the Plan became effective pursuant to its terms and the Debtors emerged from the Chapter 11 Cases. In connection with the Chapter 11 Cases and the Plan, MEMP and certain Consenting Noteholders (as defined in the Plan) effectuated certain restructuring transactions, pursuant to which Amplify Energy Corp., a Delaware corporation (the “Company”), acquired all of the assets of MEMP, and in accordance with the Plan, MEMP was dissolved. As a result, the Company became the successor reporting company to MEMP pursuant to

Rule 15d-5 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

On July 31, 2017, the Debtors filed their quarterly disbursements report, which included financial information as of June 30, 2017 and for the period covering April 1, 2017 through June 30, 2017 (the “Quarterly Operating Report”) with the Court. The Quarterly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing.

Cautionary Note Regarding the Quarterly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Quarterly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Quarterly Operating Report is limited in scope, covers limited time periods, and has been prepared solely for the purpose of complying with the quarterly reporting requirements of the Court. The Quarterly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with U.S. generally accepted accounting principles, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Quarterly Operating Report is complete. The Quarterly Operating Report also contains information for a period which is shorter and otherwise different from those required in the Company’s periodic reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for a period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Information set forth in the Quarterly Operating Report should not be viewed as indicative of future results.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on

Form 8-K, including
the exhibit hereto, includes “forward-looking statements.” All statements, other than statements of historical facts, included in this Current Report on
Form 8-K that
address activities, events or developments that the Company 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. These statements include, but are not limited to, statements about financial restructuring or strategic alternatives and the Company’s expectations of plans, goals, strategies (including measures to implement strategies), objectives and anticipated results with respect thereto. These statements are based on certain assumptions made by the Company based on its experience and perception of historical trends, current conditions, expected future


developments and other factors it believes are appropriate in the circumstances, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company’s actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks and uncertainties relating to, among other things: the ability to improve the Company’s financial results and profitability following its emergence from bankruptcy; the Company’s efforts to reduce leverage; the Company’s level of indebtedness, including its ability to satisfy its debt obligations; the Company’s ability to generate sufficient cash flow to make payments on its obligations and to execute its business plan; the Company’s ability to maintain relationships with suppliers, customers, employees and other third parties following its emergence from bankruptcy; continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids; the Company’s ability to access funds on acceptable terms, if at all, because of the terms and conditions governing the Company’s indebtedness or otherwise; and changes in commodity prices and hedge positions and the risk that the Company’s hedging strategy may be ineffective or may reduce its income. Please read the Company’s filings with the SEC, including “Risk Factors” in the Company’s Annual Report on

Form 10-K, and
if applicable, the Company’s Quarterly Reports on
Form 10-Q and
Current Reports on
Form 8-K, which
are available on the Company’s Investor Relations website at http://investor.amplifyenergy.com/ or on the SEC’s website at http://sec.report, for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Current Report on
Form 8-K. All
forward-looking statements in this Current Report on
Form 8-K are
qualified in their entirety by these cautionary statements. Except as required by law, the Company 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.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

  

Description

99.1    Quarterly Operating Report as of June 30, 2017 and for the period covering April 1, 2017 through June 30, 2017, as filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division on July 31, 2017.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    AMPLIFY ENERGY CORP.

Date: August 1, 2017

  By:      

/s/ Robert L. Stillwell, Jr.

    Robert L. Stillwell, Jr.
    Senior Vice President and Chief Financial Officer


EXHIBIT INDEX

 

Exhibit

Number

  

Description

99.1    Quarterly Operating Report as of June 30, 2017 and for the period covering April 1, 2017 through June 30, 2017, as filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division on July 31, 2017.
d431155dex991.htm EX-99.1


ENT> EX-99.1 2 d431155dex991.htm EX-99.1

EX-99.1

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN AND WESTERN DISTRICTS OF TEXAS

HOUSTON DIVISION

 

IN RE:

   §     
   §     

Memorial Production Partners LP, et al.

   §                          CASE NO.   17-30262    
   §                          CHAPTER 11
   §     

DEBTOR

   §     

CHAPTER 11 POST-CONFIRMATION REPORT

FOR THE QUARTER ENDING JUNE                    2017        

 

1.         Quarterly or    Final (check one)

  

2.      SUMMARY OF DISBURSEMENTS*:

  

A. Disbursements made under the plan (itemize on page 3)

   $     25,889,692.00  

B. Disbursements not under the plan

   $   145,316,850.00  

Total Disbursements

   $   171,206,542.00  

*ALL DISBURSEMENTS MADE BY THE REORGANIZED DEBTOR, UNDER THE PLAN OR OTHERWISE, MUST BE ACCOUNTED FOR AND REPORTED HEREIN FOR THE PURPOSE OF CALCULATING THE QUARTERLY FEES.

 

3.         Has the order confirming plan become final?      Yes            No  
4.         Are Plan payments being made as required under the Plan?      Yes            No  
5.         If “No”, what Plan payments have not been made and why?     
  Please explain:  

N/A

    
   

 

    
   

 

    

 

6. If plan payments have not yet begun, when will the first plan payment be made?                          (Date)

 

7. What date did the reorganized debtor or successor of the debtor under the plan assume the business or management of the property treated under the plan? 5/4/2017                     (Date)

 

8. Please describe any factors which may materially affect your ability to obtain a final decree at this time.

None                                                                                                                                                          

 

    
    
     
                                                                                                                                                         

 

    
    
     
                                                                                                                                                         

 

9. Complete the form for Plan Disbursements attached.

 

10.    CONSUMMATION OF PLAN:

  
 

A.  If this is a final report, has an application for Final Decree been submitted*?

   INITIALS                 
    
  
 

  Yes Date application was submitted                                     

    

   DATE                            
 

  No Date when application will be submitted                         

       UST USE ONLY  
 

*(if required by Local Rule)

    

B.  Estimated Date of Final Payment Under Plan                             

    

  

 

I CERTIFY UNDER PENALTY OF PERJURY THAT THE ABOVE INFORMATION IS TRUE AND CORRECT TO THE BEST OF MY KNOWLEDGE.

SIGNED:

  

/s/ Matthew Hoss

                                 DATE:     

July 31, 2017

  

Matthew Hoss

        
   (PRINT NAME)         


Memorial Production Partners LP, et al.

2Q 2017 Consolidated Cash Flows

Amounts in thousands

 

    
Apr-17
    
May-17
   
Jun-17
    2Q 2017      

Beginning Cash Balance

   $ 73,154      $ 75,127     $ 13,824     $ 73,154     2)

Receipts

           

Collections

   $ 34,692      $ 34,779     $ 30,883     $ 100,354    

Other Receipts

     —          7,150       —         7,150    

Borrowing

     —          —         —         —      
  

 

 

    

 

 

   

 

 

   

 

 

   

Total Receipts

   $ 34,692      $ 41,929     $ 30,883     $ 107,504    

Operating Disbursements

           

LOE/Capex/Other Op. Ex.

   $ 16,566      $ 8,796     $ 14,613     $ 39,975    

G&A

     740        1,521       949       3,210    

Payroll

     3,344        6,346       3,631       13,321    

Royalties

     6,642        5,912       6,868       19,422    

Taxes

     770        1,178       736       2,684    
  

 

 

    

 

 

   

 

 

   

 

 

   

Total Operating Disbursements

   $ 28,062      $ 23,753     $ 26,797     $ 78,612    

Non-Operating
Disbursements

           

Restructuring Fees

   $ 3,150      $ 14,333     $ 138     $ 17,621    

Bank Fees

     —          8,631       68       8,699    

Debt / Interest Payments

     1,507        32,125       6,753       40,385    
  

 

 

    

 

 

   

 

 

   

 

 

   

Total

Non-Operating
Disbursements

   $ 4,657      $ 55,089     $ 6,959     $ 66,705    

Net Plan Disbursements

           

Plan Effects Receipts

   $ —        $ 1,500     $ —       $ 1,500    

Plan Effects Disbursements

     —          25,890       —         25,890    
  

 

 

    

 

 

   

 

 

   

 

 

   

Total Net Plan Disbursements

   $ —        $ 24,390     $ —       $ 24,390    

Net Cash Flow

   $ 1,973      $ (61,303   $ (2,873   $ (62,203  

Ending Cash Balance

   $ 75,127      $ 13,824     $ 10,951     $ 10,951     2)

Notes:

1) This Disbursement Summary is unaudited and does not purport to represent financial statements prepared in accordance with generally accepted accounting principles nor are they intended to fully reconcile to the financial statements prepared by the Reorganized Debtor (“the Company”). Information contained in the Disbursement Summary has been derived from the Company’s books and records. Therefore, in order to comply with their obligations to provide quarterly reporting during the Chapter 11 case, the Company has prepared this quarterly report using the best information presently available to them. This Disbursement Summary is true and accurate to the best of the Company’s knowledge, information and belief based on current available data. The financial results contained herein are not necessarily indicative of results that may be expected for any other period or for the full year and may not necessarily reflect the consolidated financial results of the Company in the future. The information contained herein is unaudited, limited in scope, and subject to change.
2) Ending Cash Balances reflect only operating bank accounts and exclude restricted cash accounts.


UNITED STATES BANKRUPTCY COURT

 

CASE NAME:  

Memorial Production Partners LP, et al.             

          PETITION DATE:  

01/16/17        

CASE NUMBER:  

17-30262

          DISTRICT OF TEXAS:  

Southern

PLAN EFFECTIVE DATE:  

5/4/2017

          DIVISION:  

Houston

 

Disbursement and Fee Summary - 2Q 2017

 

        Disbursements   Fees In USD
Case Number   Entity Name  
Apr-17
 
May-17
 
Jun-17
  2Q17 Total   Fee    Balance Due
per UST
  Difference

17-30262

  Memorial Production Partners LP   —     —     —     —     325    325   —  

17-30248

  Memorial Production Finance Corporation   —     —     —     —     325    325   —  

17-30249

  San Pedro Bay Pipeline Company   128,170   244,524   148,023   520,718   4,875    4,875   —  

17-30250

  Rise Energy Beta, LLC   2,653,732   1,879,552   2,346,841   6,880,125   13,000    13,000   —  

17-30251

  Rise Energy Minerals, LLC   —     —     —     —     325    325   —  

17-30252

  Rise Energy Operating, LLC   —     —     —     —     325    325   —  

17-30253

  Beta Operating Company, LLC   757,128   787,364   778,117   2,322,609   9,750    9,750   —  

17-30254

  Columbus Energy, LLC   1,122,525   1,093,636   1,429,856   3,646,018   10,400    10,400   —  

17-30255

  WHT Carthage LLC   —     —     —     —     325    325   —  

17-30256

  WHT Energy Partners LLC   639,559   531,715   599,927   1,771,201   6,500    6,500   —  

17-30257

  Memorial Energy Services LLC   —     —     —     —     325    325   —  

17-30258

  Memorial Midstream LLC   —     —     —       325    325   —  

17-30259

  Memorial Production Operating LLC   24,073,932   93,848,492   24,822,256   142,744,680   30,000    30,000   —  

17-30260

  MEMP Services LLC   3,344,265   6,346,366   3,630,561   13,321,192   13,000    13,000   —  

17-30261

  Memorial Production Partners GP LLC   —     —     —     —     325    325   —  
   

 

 

 

 

 

 

 

 

 

  

 

 

 

  Total            32,719,312   104,731,649   33,755,581   171,206,542   90,125    90,125   —  
   

 

 

 

 

 

 

 

 

 

  

 

 

 

Additional Files
FileSequenceDescriptionTypeSize
0001193125-17-244674.txt   Complete submission text file   110612

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