On March 13, 2024, SilverBow Resources, Inc. confirmed that it has received a proposal from Kimmeridge Energy Management Company, LLC with respect to a potential transaction between the Company and Kimmeridge Texas Gas. The Company stated that Kimmeridge Energy Management proposes to contribute the assets of Kimmeridge Texas Gas and $500 million of cash in exchange for shares issued by the combined entity. The Company also stated that following the proposed transaction, Kimmeridge Energy Management would control a supermajority of the combined company (including the shares currently held by Kimmeridge Energy Management), with the remaining shares held by public shareholders.

The Company added that consistent with its fiduciary duties and in consultation with its financial and legal advisors, its Board of Directors would review and consider the proposal to determine the course of action that it views is in the best interest of the Company and all of its shareholders and recommended shareholders do not need to take any action at this time.