Martin Willsher, the CFO of Amplify Energy, has been appointed CEO. He had been the interim CEO since April 2020 when predecessor Ken Mariani retired. Jason McGlynn, currently VP of Business Development, has been appointed CFO.
Amplify Energy was formed in 2019 from the all-stock merger of Tulsa-based Midstates Petroleum and what was Memorial Production Partners. The business focuses on low-decline, mature assets, mainly in the Mississippian Lime formation in Oklahoma and in East Texas/North Louisiana. It has its head office in downtown Houston.
Amplify has debt of $270 million and only $4 million of equity. Therefore it is concentrating on controlling costs and generating cash to pay down the debt.
Mr. Willsher joined Memorial Production Partners in March 2012 as its Director of Strategic Planning. His base salary will remain at $350,000.
Mr. McGlynn joined Midstates in 2013 as its VP of Strategic Planning, Investor Relations and Treasury. He will receive a base salary of $290,000.
The company also announced a new chairman. Christopher Hamm, who has been on the Board since August 2019, takes over from David Proman, who will remain on the Board.