Neal Dingmann, AnalystQuestion
Morning, both teams. Nice deal. David, my first question is maybe just around what I call sort of the deal sequence specifically. I dont know, any color
you might be able to add on how this deal came to be. Certainly, whats attractive from our side, Im just wondering. Well, I know you and Brandi and the team are always looking for accretive deals. I mean, was this something that
youd shot for a while? Im just wondering maybe how competitive the process or just anything else you could add on how this thing came to be.
David C. Rockecharlie, Chief Executive Officer and Member of the Board of DirectorsAnswer
Yeah. No, great question. And look, I definitely cant speak to a broader process other than kind of our engagement. But as hopefully all of our
shareholders appreciate, weve been focused in the Eagle Ford for a long time. This is a great company that Sean and the team have built. So weve obviously known each other and been able to observe their performance. And so, again, as
Sean said in the opening, this did come together relatively recently around the, obviously, announcement here. But long story short, we think this is a perfect fit and the pro forma company is just really going to be outstanding going forward.
Neal Dingmann, AnalystQuestion
In that pro forma
you have that you spoke of, David, is that the four to five that you see that running well into next year, those four to five rigs, sort of as youve been running as a combo has been running?
David C. Rockecharlie, Chief Executive Officer and Member of the Board of DirectorsAnswer
Yeah. In the short-term, obviously, were not going to change any or provide any combined guidance. And as you know, we cant really do anything
separately until the closing. So I think what you see is what you get for now. But our strong belief and conviction here is that the two companies together are going to create a lot more than separately, and I think we were doing really well
separately.
Neal Dingmann, AnalystQuestion
Got it. Got it. And then just, secondly, maybe for Sean, Im just wondering obviously besides the Kimmeridge, Im just wondering, Sean, if
youve all been sort of actively shopping or anything you might be able to say on the sell side? Im just wondering maybe why you believe if now is the right time and how does I know there was a poison pill out there. Does this
remove that as well?
Sean C. Woolverton, Chief Executive Officer & DirectorAnswer
Hey, good morning, Neal. Appreciate the question. I think, as David mentioned, both companies have been very actively involved in the basin. Between the two of
us, weve been that active a consolidator. And so weve got to know each other over the last couple of years. And as David mentioned more recently, our engagements kind of ticked up on the strength of closing to our their
acquisitions last year and ours as well. So were really excited on this company combination. As Ive always said, SilverBow is the biggest cheerleader of consolidation in the basin. And we said, hey, wed do it from a buy-side and the sell-side.
So, our Board, management team has been very focused on creating value for all of our
shareholders and has long indicated an openness to a transaction. We really evaluated a wide range of activities and engaged with multiple parties for some time, including Kimmeridge over the last couple of years. Theres a long list of
information out there on our engagement with them over the past couple of years. So were just really excited about the deal. This transaction offers a premium for our shareholders upfront, but more importantly, gives them the opportunity to
participate in what I think is going to be a phenomenal company go-forward.
Neal Dingmann,
AnalystQuestion
And does this change with the is the poison pill still out there? What is it what does it do on that side?
Sean C. Woolverton, Chief Executive Officer & DirectorAnswer
From the pill, what youre going to see is that its going to be extended through the closing of the transation. And that was agreed mutually with
Crescent as part of the merger agreement.
Neal Dingmann, Analyst Question
Got it. Okay. Thank you, guys. So, congrats on both sides.
David C. Rockecharlie, Chief Executive Officer and Member of the Board of Directors Answer
Thank you.
Operator
Our next question comes from Leo Mariani from ROTH MKM. Please proceed.
Leo Mariani, Analyst Question
Hi, guys. I was
hoping you could elaborate a bit more here on the synergies. If Im reading the slides right, it sounds like you guys are expecting to kind of refinance the debt later this year. And theres a mention of G&A synergies and then,
obviously, the operational synergies. Can you maybe just provide us a little bit more clarity in terms of when you plan to kind of tackle each of these items from G&A to kind of some of the upside from a timing perspective? And then, can you
just also elaborate on the G&A side in terms of what you kind of maybe planning to keep here in terms of SilverBow employees?
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