SilverBow Resources confirms receipt of proposal from Kimmeridge

SilverBow Resources confirmed that it has received a proposal from Kimmeridge Energy Management with respect to a potential transaction between the Company and Kimmeridge Texas Gas. Kimmeridge proposes to contribute the assets of KTG and $500 million of cash in exchange for shares issued by the combined entity. Following the proposed transaction, Kimmeridge would control a supermajority of the combined company, with the remaining shares held by public shareholders. Consistent with its fiduciary duties and in consultation with its financial and legal advisors, the SilverBow Board of Directors will carefully review and consider the proposal to determine the course of action that it believes is in the best interest of the Company and all of its shareholders. SilverBow shareholders do not need to take any action at this time. SilverBow notes that it has engaged extensively with Kimmeridge, consistent with its goal of maximizing value for shareholders, beginning in August 2022. On March 1, 2024, the Company disclosed its history of engagement and negotiation with Kimmeridge on Form 8-K filed with the Securities and Exchange Commission.