Houston-based exploration and production company SilverBow Resources, Inc. announced it is to expand its land and overall portfolio in the Eagle Ford basin.
SilverBow will buy the assets from an undisclosed seller for about $33 million of SilverBow stock. The deal will secure 45,000 net acres in the Eagle Ford under the SilverBow umbrella, adding gas positions in McMullen and Live Oak counties and oil acreage in Atascosa, Lavaca and Feyette counties, the company said Aug. 12.
"This announcement expands our gas portfolio in the Western Eagle Ford, while also adding oil acreage in three new counties," said CEO Sean Woolverton.
He said the company continues to execute on accretive opportunities and bolster its balanced oil and gas portfolio. "This marks the second acquisition we have announced since the beginning of August," Woolverton added. "Our first deal increased our high-return Eagle Ford and Austin Chalk locations, as well as incremental working interest in producing wellbores, in our La Mesa position. Our ability to use stock as consideration reflects the constructiveness of Eagle Ford partners to share in SilverBow’s long-term value creation.”
The acreage SilverBow will acquire produced about 1,580 net barrels of oil equivalent per day during April, about 39% of which was liquids. The company expects the deal to close around Oct. 1
