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Silverbow Finalizes Deal for SandPoint's Eagle Ford Assets

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   |    Wednesday,May 11,2022

SilverBow Resources Inc. has closed its previously announced acquisition of certain assets from SandPoint Operating LLC, a subsidiary of SandPoint Resources LLC.

Purchase consideration due to the seller, subject to customary closing adjustments, was comprised of approximately $31 million in cash and 1.3 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.

Sean Woolverton, SilverBow's Chief Executive Officer, commented, "This is the fourth deal we have closed since August of last year as we continue to execute on our strategic objectives. The SandPoint assets add meaningful production, inventory and reserves across a highly contiguous acreage position in La Salle and McMullen counties. Looking ahead, we expect to close the acquisition of the Sundance assets in June or July, at which time we will provide updated guidance. We expect an uplift to our borrowing base in conjunction with the closing of Sundance assets, which positions SilverBow with enhanced liquidity and multiple avenues of continued growth through the drill-bit and accretive acquisitions."

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