Completed Strategic Acquisition of Sundance Energy Updated 2022 Production and Capital Guidance FY22 Oil Production to Increase Over 100% Year-Over-Year Preliminary 2023 Guidance; Targeting 63,000 Boe/d Projected 2023 Free Cash Flow Yield of 40% HOUSTON–(BUSINESS WIRE)–SilverBow Resources, Inc. (NYSE: SBOW) ("SilverBow" or "the Company") announced today that it has closed its previously announced acquisition of substantially all of the oil and gas assets from Sundance Energy, Inc. and certain affiliated entities, (collectively, "Sundance"). Total purchase consideration due to Sundance, subject to customary closing adjustments, was comprised of approximately $225 million in cash and 4.1 million shares of SilverBow's common stock. The cash portion of the purchase was funded with cash on hand and borrowings under the Company's revolving credit facility.