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

SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today 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 the previously announced 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, upsized from the previously announced 450,000 shares. The Offering is expected to close on or about September 18, 2023, subject to customary closing conditions.

The Company 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, and will subsequently use borrowings under its Credit Facility and proceeds from its amended second lien notes to fund the purchase price for the Company’s 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. The consummation of the Offering is not conditioned upon the completion of the Chesapeake Acquisition and the consummation of the Offering is not a condition to the completion of the Chesapeake Acquisition.

Citigroup, Mizuho and Johnson Rice & Company L.L.C. are acting as joint book-running managers for the Offering. Truist Securities, BofA Securities, KeyBanc Capital Markets, Capital One Securities and Barclays are also acting as joint book-running managers. PNC Capital Markets LLC and CIBC Capital Markets are acting as senior co-managers, and 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 the 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 of the final prospectus supplement and accompanying base prospectus relating to the Offering, once available, may be obtained on the SEC’s website at www.sec.gov or by contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: [phone]); Mizuho Securities USA LLC, Attention: U.S. ECM Desk, 1271 Avenue of the Americas, New York, NY 10020, by telephone at [phone] or by email at [e-mail]; or Johnson Rice & Company L.L.C., Attention: Equity Capital Markets, 639 Loyola Avenue, Suite 2775, New Orleans, LA 70113, or by phone at [phone].