SilverBow Resources Announces Closing of Eagle Ford Acquisition

Source: www.gulfoilandgas.com 10/4/2021, Location: North America

SilverBow Resources, Inc. (SBOW) (“SilverBow”) announced that it has closed its previously announced all stock transaction to acquire oil and gas assets in the Eagle Ford from an undisclosed seller. The aggregate purchase price for these assets was $33 million, subject to customary purchase price adjustments and a June 1, 2021 effective date. In accordance with the terms of the Purchase and Sale Agreement, the transaction consisted of approximately 1.5 million shares of SilverBow’s common stock.

MANAGEMENT COMMENTS

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “We continue to execute on our key objectives, as exemplified by the successful closing of this acquisition. Namely, we are growing production and EBITDA while living within cash flow, expanding inventory, driving a peer-leading cost structure and further de-levering our balance sheet. We seek to build on this momentum as we close out the year.”


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