SilverBow Resources Announces Closing of Oil-Weighted Acquisition

Source: www.gulfoilandgas.com 11/22/2021, Location: North America

SilverBow Resources, Inc. has closed its previously announced acquisition of oil and gas assets in the Eagle Ford from undisclosed sellers. The aggregate purchase price for these assets was $75 million, subject to customary purchase price adjustments and an August 1, 2021 effective date. In accordance with the terms of the Purchase and Sale Agreement, the transaction consisted of $45 million in cash and approximately 1.35 million shares of SilverBow’s common stock.

MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “This is the third acquisition we have closed in the second half of this year. This transaction represents SilverBow’s largest to date. As we look to 2022, the Company is set to grow production by double digits in part from the incremental development locations and a full year’s worth of contribution from the acquired assets. With greater cash flow and liquidity, SilverBow remains well-positioned for strategic M&A and further de-levering.”


Brazil >>  6/27/2022 - Petrobras, following the announcements released on 02/08/2021, 08/25/2021 and 10/01/2021, informs that it restarted the sale processes of the Abreu e ...
South Africa >>  6/27/2022 - In accordance with a farmout agreement (the "Agreement"), Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with a focus on the offsh...

United States >>  6/27/2022 - Sitio Royalties Corp. (STR) ("Sitio") announced that it has completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin f...
Brazil >>  6/24/2022 - Petrobras, following up on the release disclosed on 06/23/2022, informs that it signed with BW Energy Maromba do Brasil Ltda (BWE), the contracts for ...

Brazil >>  6/23/2022 - Petrobras, following up on the release disclosed on 06/14/2022, informs that its Executive Board, in a meeting held, approved the sale of its total st...
Brazil >>  6/23/2022 - BW Energy has been notified that the Company’s offer to acquire the Golfinho and Camarupim Clusters offshore Brazil has been approved by the Petrobras...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.