SilverBow Resources shareholder Riposte Capital supports Kimmeridge combination

SilverBow Resources shareholder Riposte Capital, which owns approximately 9.9% of the company’s outstanding common stock, issued a statement in support of Kimmeridge’s proposal to combine Kimmeridge Texas Gas with SilverBow Resources. Highlights of the statement include: “Riposte Capital has thoroughly analyzed Kimmeridge’s proposal, published on March 13, 2024, to combine Kimmeridge Texas Gas with SilverBow Resources and finds it to be highly compelling…The benefits of the transaction are clear: the combined entity would be positioned to lead further consolidation in the region and would be instantly attractive to the public markets given its scale, modest leverage, inventory depth, and projected 2025 EBITDA in line with peers. This is in stark contrast to SilverBow today, which trades at a significant discount to peers and is too levered to pursue growth or return cash to shareholders…management and the Board have pursued their own agenda at the expense of shareholders. Most notable is the introduction of the shareholder rights plan or “Poison Pill” 18 months ago which has…deterred prospective shareholders from investing…Riposte believes the overwhelming majority of shareholders want the Board to seize this opportunity to transform SilverBow for the benefit of all the company’s stakeholders”.