The $700 million August deal bought SilverBow 42,000 contiguous, operated net acres in Texas, according to information SilverBow presented to investors at the time of the deal. (Source: Shutterstock)
SilverBow Resources Inc. is offering three million shares of its common stock to fund its pending acquisition of Chesapeake Energy Corp.’s oil and gas assets in south Texas.
The $700 million August deal bought SilverBow 42,000 contiguous, operated net acres in Texas, according to information SilverBow presented to investors at the time of the deal.
SilverBow will use the net proceeds to repay a portion of the amounts outstanding under its senior secured revolving credit facility and for general corporate purposes, and will subsequently use borrowings under its credit facility and proceeds from its amended second lien notes to fund the Chesapeake purchase.
Most of the shares are from SilverBow. The remaining 750,000 shares are offered by an affiliate of Strategic Value Partners LLC. Citigroup, Mizuho and Johnson Rice & Co. LLC are acting as joint book-running managers for the stock offering.
Recommended Reading
Aris CEO Brock Foresees Consolidation as Need for Water Management Grows
2025-02-14 - As E&Ps get more efficient and operators drill longer laterals, the sheer amount of produced water continues to grow. Aris Water Solutions CEO Amanda Brock says consolidation is likely to handle the needed infrastructure expansions.
Halliburton, Sekal Partner on World’s First Automated On-Bottom Drilling System
2025-02-26 - Halliburton Co. and Sekal AS delivered the well for Equinor on the Norwegian Continental Shelf.
E&P Highlights: March 3, 2025
2025-03-03 - Here’s a roundup of the latest E&P headlines, from planned Kolibri wells in Oklahoma to a discovery in the Barents Sea.
How DeepSeek Made Jevons Trend Again
2025-03-25 - As tech and energy investors began scrambling to revise stock valuations after the news broke, Microsoft Corp.’s CEO called it before markets open: “Jevons paradox strikes again!”
TGS to Reprocess Seismic Data in India’s Krishna-Godavari Basin
2025-01-28 - TGS will reprocess 3D seismic data, including 10,900 sq km of open acreage available in India’s upcoming 10th Open Acreage Licensing Policy (OALP) bid round blocks.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.