SilverBow Resources wraps up $33m acquisition of Eagle Ford assets
SilverBow Resources has wrapped up its previously announced all-stock deal worth $33 million to acquire oil and gas assets in the Eagle Ford, US from an undisclosed seller.
As per the terms of the agreement signed in August 2021, SilverBow Resources issued nearly 1.5 million of its shares to the seller.
Through the deal, SilverBow Resources gained access to 45,000 total net acres of acreage in the Eagle Ford. This is said to strengthen the gas position of the Houston-based energy company in McMullen and Live Oak counties.
Besides, SilverBow Resources has added new oil positions in Atascosa, Fayette, and Lavaca counties through the deal.
Sean Woolverton — SilverBow Resources CEO said: “We continue to execute on our key objectives, as exemplified by the successful closing of this acquisition. Namely, we are growing production and EBITDA while living within cash flow, expanding inventory, driving a peer-leading cost structure and further de-levering our balance sheet. We seek to build on this momentum as we close out the year.”