Welcome to the Amplify Energy First Quarter 2019 Investor Conference Call. Amplify’s operating and financial results were released earlier today and are available on Amplify’s website at www.amplifyenergy.com. During this presentation, all participants will be in a listen-only mode. Today’s call is being recorded. A replay of the call will be accessible until Thursday, May 23rd by dialing 855-859-2056 and then entering conference ID 7860565 or by visiting Amplify’s website, www.amplifyenergy.com. I would now like to turn the conference over to Martyn Willsher, Senior Vice President and Chief Financial Officer of Amplify Energy Corporation.

Good morning and welcome to the Amplify Energy conference call to discuss operating and financial results for the first quarter of 2019. We appreciate you joining us today. Ken Mariani, Amplify’s President and Chief Executive Officer, will begin the call by updating our stakeholders on the company’s recent merger announcement and first quarter operating results. I will follow with an update on our first quarter financial results. First, we would like to remind you that some of our remarks may contain forward-looking statements and are based on certain assumptions and expectations of Amplify’s management team. These remarks reflect management’s current views with regard to future events and are subject to various risks, uncertainties and assumptions. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct and undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this earnings call. Forward-looking statements include, but are not limited to, our statements about and discussion of, second quarter and full-year 2019 guidance. Please refer to our press release and SEC filings for a list of factors that may cause actual results to differ materially from those in the forward-looking statements made during this call. In addition, the unaudited financial information that will be highlighted here is derived from our internal financial books, records, and reports. For additional detailed disclosure, we encourage you to read our Quarterly Report on Form 10-Q, which we expect to file later today. Also, non-GAAP financial measures may be disclosed during this call. Reconciliations of those measures to comparable GAAP measures may be found in our press release or on our website at www.amplifyenergy.com. With this in mind, I will now turn the call over to Ken Mariani. Ken?

Thank you, Martyn. I appreciate our stakeholders joining us today. My remarks on this call will provide an update on our recently announced merger with Midstates, operational performance in the first quarter, and our updated guidance for 2019. In the last year, our organizational focus has been to explore any and all opportunities to create value for Amplify’s stockholders. This process began with a commitment to expand the processing plant at Bairoil and continues today as we are in the early stages of completing our previously announced merger with Midstates. As was mentioned on our merger announcement call, we believe that this strategic merger has substantial advantages for the stockholders of both companies. The combination improves each company’s asset base with a diversified platform of long-life, shallow-decline assets, and initial identified cost synergies of approximately $20 million per year will provide an immediate value uplift to the combined company. In addition, we will have a more diverse, low-risk, PDP-focused asset base with a top tier free cash flow profile. The positive free cash flow generation and low leverage of the combined entity will provide additional capacity to accelerate capital returns and will position us for further potential market consolidation opportunities. Martyn will have some additional comments on the financial benefits of the deal in his remarks, but we encourage all of our stockholders and potential investors to review the merger presentation materials that were posted on our website. As a management team, we remain committed to creating shareholder value and look forward to executing on this tremendous opportunity. Turning to operations, we performed slightly below our expectations in the first quarter due to production delays in our California and non-operated Eagle Ford producing areas, as well as an unfavorable adjustment to our non-operated production volumes in East Texas. As a…

Thank you, Ken. I’d like to start by discussing some of the financial benefits of the Midstates merger, followed by a review of our quarterly financial results, additional details on our liquidity, updated hedge position and revised guidance for the year. In regards to the merger, the combined company’s pro forma enterprise value of approximately $729 million indicates a significant discount to the pro forma proved developed reserve value of $960 million. We believe the combination of substantial synergy realization, consolidation of free cash flow generating assets, and quality reinvestment opportunities will help lead to value enhancement and close the disconnect between our asset’s reserve value and combined company enterprise value. The transaction also achieves benefits of scale through improvements in our production, EBITDA, and free cash flow profile. On a combined 4Q 2018 annualized basis, our two companies generated 40,000 Boe per day of production, $241 million of Adjusted EBITDA and $165 million of free cash flow. In 2019, we expect to generate at least $65 million of combined free cash flow, resulting in a top tier levered free cash flow yield of 15% to 25%. In addition, the transaction is expected to result in significant cost savings realization with approximately $20 million of annual G&A savings. Based on fiscal year 2018 results, our combined cash G&A expense would decrease significantly for the combined company to $1.64 per Boe, which is less than half of the average of our peer group. Furthermore, the combination of the two companies will result in a stronger balance sheet with a leverage ratio of approximately 1.2 times on a 4Q 2018 annualized basis. The combined company will differentiate itself by its ability to generate greater than 10% free cash flow while maintaining leverage less than 2 times. Our free cash flow generation, strong…

Thank you, Martyn. We are very pleased to be moving forward with the Midstates merger, and look forward to closing the transaction in the coming months. Moreover, I’d like to thank all of our stakeholders in advance for their continued support during the integration process. This concludes our prepared remarks. Thank you for joining us today and as always, please don’t hesitate to reach out to us with any questions.

This concludes today’s conference call. You may now disconnect End of Q&A: