08:04 AM EST, 01/15/2025 (MT Newswires) -- Amplify Energy ( AMPY ) said Wednesday it agreed to merge into privately held Juniper Capital and to combine with certain Juniper portfolio companies that own oil interests in the DJ and Powder River Basins.

Under the terms of the deal, Amplify will grant Juniper approximately 26.7 million shares of its common stock and assume about $133 million in debt, the company said.

Following the anticipated Q2 closing of the transaction, Amplify shareholders will retain about 61% of its outstanding equity and Juniper the rest, the company said.

Amplify's management team will lead the combined company while two partners at Juniper will join Amplify's board, the company said.

The company said the deal adds about 19 million barrels of oil equivalent and about 287,000 net acres in the DJ and Powder River Basins in Wyoming to its portfolio.

The company said it expects the transaction to be accretive to its free cash flow in 2025 and over five years and to provide "material synergies" by reducing overhead and income tax.