Amplify Energy has appointed Jim Frew as its new CFO. He replaces Jason McGlynn who resigned last month to become the CFO at Monarch Bioenergy.
Amplify Energy was formed in 2019 from the all-stock merger of Tulsa-based Midstates Petroleum and what was Memorial Production Partners. It has its head office in downtown Houston.
The company primarily operates mature wells in Oklahoma and East Texas, though last week it announced that it had received the required regulatory approvals to restart its operations in offshore Southern California. See my post last month for the background on this.
Previously, Mr. Frew worked for Linn Energy between 2011 and 2018 in Business Development and as VP of Marketing and Midstream. He was the CFO of Riviera Resources, which was spun out of Linn, from August 2018 to October 2020. Linn Energy grew rapidly by acquisitions between 2007 and 2014 before filing for bankruptcy in 2016 with debts of over $8 billion. Riviera ended up selling all its assets and liquidating itself (outside bankruptcy) in 2020.
Mr. Frew and Martyn Willsher, the Amplify CEO, worked together at JM Huber earlier in their careers. Most recently, Mr. Frew was a Partner in Sentinel Petroleum, a privately-held operator of wells in the Western Anadarko Basin of Oklahoma.
Last month, Amplify appointed Dan Furbee as its new COO. He, too, was a partner in Sentinel Petroleum and also worked at Linn Energy and Riviera Resources.
Mr. Frew will receive a base salary of $364,000