Silverbow Resources Announces Closing Of Sundance Acquisition And Updated Outlook
07/05/22, 12:04 PM
SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today that it has closed its previously announced acquisition of substantially all of the oil and gas assets from Sundance Energy, Inc. and certain affiliated entities, (collectively, “Sundance"). Total purchase consideration due to Sundance, subject to customary closing adjustments, was comprised of approximately $225 million in cash and 4.1 million shares of SilverBow’s common stock. The cash portion of the purchase was funded with cash on hand and borrowings under the Company's revolving credit facility. Further, SilverBow updated its outlook to adjust for the recent closings of both the Sundance acquisition and the acquisition of the assets of the oil and gas assets of SandPoint Operating, LLC, a subsidiary of SandPoint Resources, LLC, (collectively, “SandPoint") on May 10, 2022. Additionally, the Company has provided its oil and gas hedged volumes as of the end of the second quarter of 2022.
Company Info
Company info
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.