SilverBow Resources Announces Eagle Ford Acquisition

Source: www.gulfoilandgas.com 8/13/2021, Location: North America

SilverBow Resources, Inc. has entered into definitive agreements to acquire oil and gas assets in the Eagle Ford (collectively, “the Acquisition” or “the Transaction”) from an undisclosed seller.

Acquisition Highlights:
- All stock Transaction for approximately $33 million, consisting of approximately 1.5 million shares of SilverBow common stock
- 45,000 total net acres in the Eagle Ford, bolstering SilverBow’s gas position in McMullen and Live Oak counties, while adding new oil positions in Atascosa, Lavaca, and Fayette counties
- April 2021 net production of approximately 1,580 barrels of oil equivalent per day, 39% liquids. Net oil production of 569 barrels per day

MANAGEMENT COMMENTS
Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “We continue to execute on accretive opportunities and bolster our balanced oil and gas portfolio. This marks the second acquisition we have announced since the beginning of August. Our first deal increased our high-return Eagle Ford and Austin Chalk locations, as well as incremental working interest in producing wellbores, in our La Mesa position. Today’s announcement expands our gas portfolio in the Western Eagle Ford, while also adding oil acreage in three new counties. Each transaction is accretive to Adjusted EBITDA and further reduces our pro forma leverage ratio(1) via the assets’ incremental cash flow. Our ability to use stock as consideration reflects the constructiveness of Eagle Ford partners to share in SilverBow’s long-term value creation.”

TRANSACTION DETAILS
The Transaction has an effective date of June 1, 2021 and is expected to close on or about October 1, 2021, subject to customary closing conditions. The total purchase price for these Eagle Ford assets is approximately $33 million, consisting of approximately 1.5 million shares of SilverBow common stock based on its 30-day volume weighted average price as of July 7, 2021.


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