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Amplify Energy, Midstates Petroleum merger gets shareholder approval

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Amplify Energy, Midstates Petroleum merger gets shareholder approval

Shareholders of Amplify Energy Corp. and Midstates Petroleum Co. Inc. approved the oil and gas producers' all-stock merger of equals transaction at an Aug. 2 annual meeting.

Under the deal, Amplify stockholders will receive 0.933 common share of Midstates for each Amplify share held. The deal was announced May 6 and is expected to close Aug. 6, subject to satisfaction of customary closing conditions.

After the closing of the transaction, Midstates and Amplify stockholders will each own around 50% of the outstanding common stock of the merged entity, which will retain the name Amplify Energy Corp. and will remain based in Houston.

The combined company will be led by Amplify President and CEO Ken Mariani and its board of directors will include Amplify and Midstates board members.

On a pro forma basis, the merged entity would have a total enterprise value of over $720.0 million and a market capitalization of not less than $430.0 million, with annual general and administrative expenses synergies of at least $20.0 million.