SilverBow Resources (SBOW) Update - April 9

[dan_s]

Urges Shareholders to Vote "FOR" All of SilverBow’s Highly Qualified Directors on the WHITE Proxy Card

HOUSTON, April 09, 2024--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) ("SilverBow" or the "Company") today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission (the "SEC") in connection with the Company’s 2024 Annual Meeting of Shareholders (the "2024 Annual Meeting"), scheduled to be held on May 21, 2024. Shareholders of record as of March 22, 2024, will be entitled to vote at the meeting.

In conjunction with the definitive proxy filing, the Company has mailed a letter to SilverBow shareholders recommending they vote for SilverBow’s three independent, highly qualified directors on the WHITE proxy card – Gabriel L. Ellisor, Kathleen McAllister and Charles W. Wampler. The full letter has been filed with the SEC and can be found at https://www.futureofsilverbow.com. Highlights from the letter include:

SilverBow is successfully advancing its long-term value creation strategy.

SilverBow’s highly qualified Board has proposed significant corporate governance improvements at the upcoming 2024 Annual Meeting, including declassifying the Board, adopting a majority voting standard in uncontested elections of directors and eliminating supermajority vote requirements for shareholders.

Kimmeridge is pursuing a proxy fight to further its attempt to gain control of the Company and force a combination between SilverBow and KTG on terms that are unfavorable to SilverBow shareholders.

SilverBow has been and continues to be open to exploring transactions at appropriate valuations.

[KGardiner]

Aside from gas under $2.00,

Is this fear of takeover the sole reason SBOW is down 15% since April 10th?

I for one am voting to make such a forced merger more difficult.

Kevin

[Fraser921]

Actually, the buyer backed away and the stock then weakened

[dan_s]

All of the stocks "weakened" a bit this week because of the confusion about oil prices and war in the Middle East. HFI pointed out recently, and I agree with them, that geopolitical "noise" actually seldom turns into a real supply/demand problem and the "noise" distracts oil traders from the real problem we face, which is lack of investment in developing new oil supplies. The global oil market is tight and everything points to it getting tighter this summer.

SilverBow is going to be fine. The BOD will not accept a bad deal because they are not in financial distress. On May 1st they will report Q1 results that will include a big increase in production.

TipRanks' forecasts for Q1 and Q2 are actually higher than my forecasts and the last three analysts reports submitted to TipRanks rate the stock a BUY.

We are just in the "Quiet Period" before quarterly results come out.

[grimaldi]

In addition to the email proxy from my broker (TDA) which was the non-management ballot ostensibly from Kimmeridge, I also got the "Gold" ballot and a large booklet in the snail mail from Kimmeridge--- and this morning I got a phone call at home in New York (Saturday 11AM) re Silverbow---
(That may have been from the company for all I know--) I cut the woman off and said "I don't take marketing calls." I hung up before she had a chance to say more. Somebody is spending a lot of money on this campaign, if they are calling every little stockholder.
Also the ballot itself seems designed to confuse retail.
I think I voted everything to oppose the Kimmeridge proposals.
If I get the "white" ballot from the company I will vote again--- I think the last dated on is the one that counts?

[KGardiner]

I voted opposite of Kimmeridge as well.
It may be good for them, but not for Silverbow or myself.

Kevin

[grimaldi]

Just cast my fourth online ballot on this which I got in separate emails over the past few weeks. I also got two phone calls at home. I think this process is so complex that a lot of retail holders are going to get confused and vote the way they might not want to. Look for surprises at that meeting. JH