SilverBow Resources Inc. closed on Oct. 4 its previously announced all-stock transaction to acquire oil and gas assets in the Eagle Ford from an undisclosed seller.

The acquisition, which added 45,000 total net acres to  SilverBow’s position in the Eagle Ford Shale, exemplified the execution of key company objectives, according to SilverBow CEO Sean Woolverton.

“Namely, we are growing production and EBITDA while living within cash flow, expanding inventory, driving a peer-leading cost structure and further de-levering our balance sheet,” Woolverton commented in a company release on Oct. 4.

“We seek to build on this momentum as we close out the year,” he added.

SilverBow Resources is an independent E&P company with operations across approximately 155,000 net acres spanning all commodity phase windows of the Eagle Ford Shale located in South Texas, according to the company release.

The recent acquisition, which was initially announced in August, bolstered SilverBow’s gas position in McMullen and Live Oak counties while also adding new oil positions in Atascosa, Lavaca and Fayette counties in South Texas. For April, net production was approximately 1,580 boe/d (39% liquids) and net oil production was 569 bbl/d.

The aggregate purchase price for the assets was $33 million. The transaction, which had a June 1 effective date, consisted of approximately 1.5 million shares of SilverBow’s common stock.

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