SilverBow Resources Announces Closing of Eagle Ford Acquisition
October 04 2021 - 8:30AM
Business Wire
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the
Company”) announced today 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.”
ABOUT SILVERBOW RESOURCES, INC.
SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy
company actively engaged in the exploration, development, and
production of oil and gas in the Eagle Ford Shale in South Texas.
With over 30 years of history operating in South Texas, the Company
possesses a significant understanding of regional reservoirs which
it leverages to assemble high quality drilling inventory while
continuously enhancing its operations to maximize returns on
capital invested. For more information, please visit www.sbow.com.
Information on the Company’s website is not part of this
release.
FORWARD-LOOKING STATEMENTS
This release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements represent management's
expectations or beliefs concerning future events, and it is
possible that the results described in this release will not be
achieved. These forward-looking statements are based on current
expectations and assumptions and are subject to a number of risks
and uncertainties, many of which are beyond our control. Important
factors that could cause actual results to differ materially from
our expectations include, but are not limited to, risks and
uncertainties discussed in the Company’s reports filed with the
Securities and Exchange Commission. All forward-looking statements
speak only as of the date of this news release. You should not
place undue reliance on these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211004005245/en/
Jeff Magids Director of Finance & Investor Relations (281)
874-2700, (888) 991-SBOW
SilverBow Resources (NYSE:SBOW)
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