Business Context and Reporting Period
This Form 8-K is a current report filed by Midstates Petroleum Company, Inc. (not Amplify Energy Corp.) on May 2, 2016. The filing addresses the company's entry into voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a disclosure mechanism for information previously shared with creditors under confidentiality agreements rather than a financial performance report.
Material Changes
- Bankruptcy Filing: The Company has filed voluntary petitions for reorganization under Chapter 11.
- Regulation FD Disclosure: The Company is disclosing "Cleansing Materials" (material non-public information) previously provided to creditors to satisfy confidentiality agreements.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms ongoing discussions and negotiations with creditors. The attached Exhibit 99.1 contains the specific details of the "Cleansing Materials."
Risks and Contingencies: The primary risk is the ongoing Chapter 11 reorganization process. The information in this filing is furnished and not deemed "filed" for purposes of Section 18 of the Exchange Act unless specifically incorporated by reference.
Investor Verification Checklist
- Verify the contents of Exhibit 99.1 (Cleansing Materials) for specific financial data and creditor terms.
- Confirm the status of the Chapter 11 reorganization proceedings.
- Review the confidentiality agreements referenced to understand the scope of information disclosed to creditors.
- Note that the registrant name in the filing is Midstates Petroleum Company, Inc., distinct from the metadata label "Amplify Energy Corp."