SilverBow Resources, Inc. (SBOW) Announces Proposed 3M Share Offering

SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced that it has commenced an underwritten public offering of 3,000,000 shares of its common stock (the “Offering”), which includes 2,250,000 shares being offered by the Company and 750,000 shares being offered by an affiliate of Strategic Value Partners, LLC (the “Selling Stockholder”). The Company and the Selling Stockholder intend to grant the underwriters a 30-day option to purchase up to an additional 450,000 shares. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

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.

The Offering will be 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 preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement, 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: 800-831-9146); 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]; or Johnson Rice & Company L.L.C., Attention: Equity Capital Markets, 639 Loyola Avenue, Suite 2775, New Orleans, LA 70113, or by phone at (504) 584-1231.

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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