SilverBow Resources Announces Upsize and Pricing of Public Offering of Common Stock

HOUSTON ~ SilverBow Resources, Inc. (NYSE: SBOW) announced the upsize and pricing of its previously announced underwritten public offering of its common stock (the "Offering"). The size of the Offering increased from 3,000,000 shares to an aggregate of 4,000,000 shares of the Company's common stock, which includes 2,810,811 shares offered by the Company and 1,189,189 shares offered by an affiliate of Strategic Value Partners, LLC (the "Selling Stockholder"), at a price to the public of $37.00 per share. The Company and the Selling Stockholder have granted the underwriters a 30-day option to purchase up to an additional 600,000 shares.

The Offering is expected to close on or about September 18th 2023 subject to customary closing conditions. SilverBow intends to use the net proceeds from the Offering to repay a portion of the amounts outstanding under its senior secured revolving credit facility ("Credit Facility") and for general corporate purposes. Subsequently it will use borrowings under its Credit Facility and proceeds from its amended second lien notes to fund the purchase price for its pending acquisition of Chesapeake Energy Corporation's oil and gas assets in South Texas (the "Chesapeake Acquisition"). The Company will not receive any proceeds from any sale of shares by the Selling Stockholder.

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Citigroup, Mizuho and Johnson Rice & Company L.L.C are acting as joint book-running managers for the Offering with Truist Securities, BofA Securities, KeyBanc Capital Markets, Capital One Securities and Barclays also acting as joint book-running managers. PNC Capital Markets LLC and CIBC Capital Markets are acting as senior co-managers while Fifth Third Securities, Northland Capital Markets Tuohy Brothers and Regions Securities LLC are acting as co-managers.

The Offering was made only by means of a prospectus supplement and accompanying base prospectus which were filed as part of an effective shelf registration statement filed with the Securities and Exchange Commission ("SEC") on Form S-3. Copies may be obtained on SEC's website at or by contacting Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue Edgewood NY 11717 (Tel: 800-831-9146); Mizuho Securities USA LLC Attention: U.S ECM Desk 1271 Avenue of Americas New York NY 10020 telephone at (212) 205-7602 or email US-ECM@mizuhogroup; or Johnson Rice & Company L.L.C Attention: Equity Capital Markets 639 Loyola Avenue Suite 2775 New Orleans LA 70113 phone at (504) 584-1231 .

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SilverBow Resources Inc., based in Houston is an energy company actively engaged in exploration development and production of oil and gas in Eagle Ford Shale Austin Chalk in South Texas with over 30 years history operating in South Texas possessing significant understanding regional reservoirs leveraging assemble high quality drilling inventory while continuously enhancing operations maximize returns capital invested .

This press release does not constitute an offer to sell solicitation buy offer purchase sell securities nor shall there sale securities state jurisdiction offer solicitation sale unlawful prior registration qualification securities laws state jurisdiction
Filed Under: Business

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