Amplify Energy Corp. (AMPY, Financials) amended its merger agreement with Juniper Capital to include an additional $10 million in cash from Juniper, the company said Tuesday. The revision aims to reduce pro forma net debt and address shareholder feedback ahead of a special meeting scheduled for April 23.

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Under the revised deal, Juniper will contribute the added capital while Amplify will issue approximately 26.7 million shares and assume $133 million in net debt. Amplify said it plans to file updated proxy materials with the U.S. Securities and Exchange Commission in the coming days to reflect the amended agreement.

Amplify President and Chief Executive Officer Martyn Willsher said the new terms demonstrate both companies' commitment to shareholder engagement and long-term value creation. Juniper Managing Partner Edward Geiser said the cash contribution was justified given recent market volatility, adding that the combined business offers strong free cash flow potential in various commodity price environments.

In response to shareholder concerns over oil price declines since the original January announcement, Amplify released updated hedging data. As of April 15, the company has hedged between 80% and 85% of its 2025 oil output and 40% to 45% for 2026. Juniper's hedge coverage stands at 65% to 70% for 2025 and 50% to 55% for 2026. Amplify said the present value of its hedge book is approximately $25 million, while Juniper's stands at $14 million.

Amplify also disclosed updated reserve valuations for Juniper's assets. Based on flat pricing of $60 per barrel for oil and $3.50 per million British thermal units for gas, Juniper's proved reserves hold a PV-10 value of $356 million. The PV-10 metric reflects the discounted present value of future cash flows and excludes income taxes. The combined PV-10 value of Juniper's proved developed reserves and hedge book is $244 million, against an estimated pro forma debt of $123 million after the additional cash infusion.

The company emphasized the flexibility of the merged entity to scale capital projects according to commodity price shifts, noting the benefit of Juniper's held-by-production lease structures.

Amplify said shareholders who have already voted do not need to take further action unless they wish to change their votes. The record date for the vote remains March 3.

Amplify, based in Houston, is an independent oil and gas producer with assets across Oklahoma, the Rockies, offshore Southern California, East Texas, and the Eagle Ford Shale.