SilverBow Resources Sends Letter To Shareholders Highlighting Path Forward For Value Creation; SilverBow Resources Provides Company Perspective On Kimmeridge's Significant Overvaluation Of KTG And Massively Dilutive Proposal

Author: Benzinga Newsdesk | April 22, 2024 08:14am

SilverBow Resources Provides Company Perspective on Kimmeridge's Significant Overvaluation of KTG and Massively Dilutive Proposal

Believes Kimmeridge Efforts to Gain Control Through Proxy Fight Is Another Path to Forcing a Value Destructive Combination With KTG to "Bail Out" Kimmeridge

Sends Letter Urging Shareholders Vote "FOR" ALL of SilverBow's Highly Qualified Directors on the WHITE Proxy Card

SilverBow Resources, Inc. (NYSE:SBOW) ("SilverBow" or the "Company") today mailed a letter to shareholders in connection with the Company's 2024 Annual Meeting of Shareholders (the "2024 Annual Meeting").

The full letter will be filed with the U.S. Securities and Exchange Commission and can be found at https://www.futureofsilverbow.com. The letter summarizes SilverBow's observations on data recently disclosed by Kimmeridge Energy Management Company, LLC ("Kimmeridge") about Kimmeridge Texas Gas ("KTG"), finding Kimmeridge's own data demonstrates that:

• Kimmeridge significantly overvalues KTG;
• Kimmeridge's proposal would have been massively dilutive to SilverBow shareholders;
• The KTG assets are of much lower quality than SilverBow's, and the information KTG released shows it is pursuing a value-destructive, natural gas focused growth plan;
• Kimmeridge is continuing its proxy fight so that its compromised, conflicted nominees can force a combination that would destroy SilverBow shareholder value; and
  • SilverBow's highly qualified, independent director nominees will ensure that value is maximized for ALL SilverBow shareholders.

Posted In: SBOW