Quarterly / Earnings Reports | Second Quarter (2Q) Update | Forecast - Production | Drilling Program - Wells | Drilling Activity | Drilling Program-Rig Count

Silverbow Touts Huge Output Upswing in Early Q3; Ramps Up Eagle Ford Completions for 2H18

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SilverBow Resources reported its Q2 2018 results.

Production Ahead of Schedule - Huge Jump in July (+33%):

• Current production of ~200 Mmcfe/d representing ~33% growth in last 30 days

The company's current production numbers are ahead of schedule, as seen below:

Sean Woolverton, SilverBow's Chief Executive Officer, commented, "The second quarter marked another solid performance for the Company as we continued to deliver consistent results across our asset base. While we are encouraged by results to date, the third quarter results will be a pivot point in the growth trajectory of the Company and will more fully reflect the pace and nature of our drilling program. The midpoint of our third quarter 2018 guidance reflects a significant increase in production over our second quarter 2018 results. Additionally, our two-rig program has allowed us to secure key completion services, which greatly enhance our ability to control the quality, timing and costs of our capital program."

Eagle Ford - Completions to Ramp Up +171% in 2H18

• Q2 marked the first quater of Silverbow running two rigs throughout

• For the second half of the year, the Company expects to bring 18-20 net wells to sales (up +171% from 1H18 (which had seven completions)
  

During the second quarter 2018, the Company spud seven gross (seven net) wells while completing seven gross (six net) wells. The Company produced 137 Mmcf/d of gas in the second quarter, driven by four completions spread across its Oro Grande and AWP areas and three completions (two net) in Fasken. Oil production of 1,546 Bbls/d was driven by better than anticipated performance from operational enhancements at the Company's Artesia and Northern AWP assets.

For the full year, the Company remains on track to drill 31-33 and complete 25-27 net wells with the majority of the activity occurring in the second half of the year.