SilverBow Resources Announces Closing of $200 Million Senior Secured Second Lien Notes

HOUSTON–(BUSINESS WIRE)–SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”)
today announced the closing of $200 million of Senior Secured Second
Lien Notes (the “Notes”) on December 15, 2017 with an interest rate of
LIBOR + 7.50% maturing on December 15, 2024. The Company used the net
proceeds from the Notes to pay down borrowings under the Company’s
revolving credit facility. The Notes may be prepaid at any time at the
option of the Company, subject to a make-whole premium in years 1 and 2
and a 102% and 101% premium in years 3 and 4, respectively. The Company
secured financing for the transaction from certain private funds managed
by EIG Global Energy Partners and another third party.

The Company also announced that, as required, the borrowing base under
its revolving credit facility was automatically reduced to $330 million
from $370 million in connection with the issuance of the Notes.

G. Gleeson Van Riet, Chief Financial Officer commented, “The proceeds
from the Senior Secured Second Lien Notes significantly increase our
liquidity and enhance our balance sheet flexibility at an attractive
cost of capital. The Company exits 2017 having successfully executed on
a one rig drilling program while expanding our acreage position in the
Eagle Ford. With over $250 million in liquidity, we are now well
positioned to build upon our strategic growth objectives in 2018.”

About SilverBow Resources

SilverBow Resources (NYSE: SBOW) is a Houston-based energy company
actively engaged in the exploration, development, and production of oil
and gas from the Eagle Ford Shale in South Texas. With almost 30 years
of history operating in South Texas, the Company possesses a significant
understanding of regional reservoirs which we leverage to assemble high
quality drilling inventory while continuously enhancing our operations
to maximize returns on capital invested.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. The opinions,
forecasts, projections, or other statements other than statements of
historical fact, are forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, no assurances can be given that such
expectations will prove to have been correct. Certain risks and
uncertainties inherent in the company’s business are set forth in the
filings of SilverBow Resources, Inc. with the Securities and Exchange
Commission.

Contacts

SilverBow Resources, Inc.
Doug Atkinson, CFA, 281-874-2700,
800-777-2412
Senior Manager – Finance & Investor Relations