On March 13, 2024, Kimmeridge Energy Management Company, LLC delivered a proposal to the Board to combine Kimmeridge Texas Gas, LLC and SilverBow Resources, Inc. to form a new publicly listed company (CombineCo), and for Kimmeridge Texas to make an incremental equity investment of $500 million in CombineCo, each in exchange for shares of CombineCo subject to the terms described in the proposal. In addition, the Company?s existing equity holders would receive shares in CombineCo in exchange for their shares of the Company. The proposed transaction values the Company at $34.00 per share.