UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATIONSilverbow Resources, Inc. • June 6th, 2022 • Crude petroleum & natural gas
On April 13, 2022, SilverBow Resources, Inc. (“SilverBow” or the “Company”) and its operating subsidiary, SilverBow Resources Operating, LLC, entered into a definitive agreement (the “Purchase Agreement”) with Sundance Energy, Inc. and certain affiliated entities (collectively, “Sundance”), under which SilverBow will acquire substantially all of Sundance's' right, title and interest in its oil and gas properties and related assets located in Atascosa, La Salle, Live Oak and McMullen Counties, Texas (the “Sundance Transaction”). Consideration for the Sundance Transaction includes approximately $225 million in cash and 4,148,472 shares of common stock of SilverBow (“Common Stock”). As part of the Purchase Agreement, the purchase price will be reduced by $16.5 million related to SilverBow assuming Sundance's outstanding commodity derivatives positions (“Hedge Book”). The Sundance Transaction also includes up to two earn-out payments of $7.5 million per year for each of 2022 and 2023, cont
