SilverBow Resources (SBOW) Prices Upsized 2.2M Share Secondary Offering

SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced the upsize and pricing of a previously announced underwritten public offering of its common stock (the “Offering”) by an affiliate of Strategic Value Partners, LLC (the “Selling Stockholder”). The size of the Offering increased from the previously announced 1,700,000 shares to an aggregate of 2,200,000 shares of common stock held by the Selling Stockholder. The Selling Stockholder has also granted to the underwriters a 30-day option to purchase up to an additional 330,000 shares.

The Offering consists entirely of secondary shares to be sold by the Selling Stockholder. The Selling Stockholder will receive all of the net proceeds from the Offering. SilverBow is not offering any shares of common stock in the Offering and will not receive any proceeds from the sale of shares in the Offering. The Offering is expected to close on or about December 14, 2023, subject to customary closing conditions.

Citigroup and Mizuho are acting as joint book-running managers for the Offering. The underwriters may offer the shares from time to time for sale in one or more transactions on the NYSE, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices, subject to their right to reject any order in whole or in part.

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, once available, and accompanying base prospectus relating to the Offering 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: 800-831-9146); or Mizuho Securities USA LLC, Attention: U.S. ECM Desk, 1271 Avenue of the Americas, New York, NY 10020, by telephone at (212) 205-7602 or by email at [email protected].

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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