SilverBow Resources Announces Closing of SandPoint Acquisition

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May 11, 2022

SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today that it has closed its previously announced acquisition of certain assets from SandPoint Operating, LLC, a subsidiary of SandPoint Resources, LLC, (collectively, “SandPoint"). 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.