SilverBow Resources Completes $700 Million Acquisition of Chesapeake Energy’s South Texas Oil and Gas Assets

SilverBow Resources, Inc. (NYSE: SBOW) has announced the closing of its acquisition of Chesapeake Energy Corporation’s (Chesapeake) oil and gas assets in South Texas for a purchase price of $700 million. The purchase was funded through cash on hand, borrowings under the Credit Facility, and proceeds from the sale of additional second lien notes. Chesapeake may also receive up to $50 million in additional contingent cash consideration based on future commodity prices. The acquisition of these assets significantly increases SilverBow’s scale and provides a stronger balance sheet, a broader commodity mix, and a portfolio of locations across a single basin. The company plans to expand its capital program to develop the high return inventory acquired, with three rigs running across its portfolio in 2024.