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SilverBow (SBOW) Signs Agreement to Acquire Eagle Ford Assets
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SilverBow Resources, Inc. (SBOW - Free Report) entered an agreement to acquire oil and gas assets in the Eagle Ford Shale from an unidentified seller.
The total consideration for the Eagle Ford assets involves $33 million, which includes nearly 1.5 million shares of SilverBow common stock.
The company is actively involved in the exploration, development and production of oil and gas in the Eagle Ford Shale of South Texas. With the latest natural gas-rich acquisition, SilverBow continues to expand its Lower 48 acreage to gain a competitive edge in the marketplace.
Most recently, the Eagle Ford shale is witnessing increasing activities as the oil and gas prices continue to remain high. The company is acquiring 45,000 net acres in the Eagle Ford Shale. This will strengthen its gas-weighted position in McMullen and Live Oak counties as well as add oil positions in Atascosa, Lavaca and Fayette counties.
Earlier this month, SilverBow announced another acquisition deal worth $24 million, which increased its Eagle Ford and Austin Chalk locations. The acquisition also provided additional ownership interest in producing wellbores in the La Mesa position. The deal will add 10 million cubic feet per day of net gas production, 850 net acres and 17 net drilling locations.
The latest acquisition will increase the company’s gas portfolio in the Western Eagle Ford, while adding oil acreage in three new counties. During April, the to-be-acquired properties produced nearly 1,580 net barrels of oil equivalent per day, of which 39% comprised liquids.
The deal, subject to customary closing conditions, is expected to close on or about Oct 1, 2021.
Company Profile & Price Performance
Headquartered in Houston, TX, SilverBow is an upstream energy company that engages in the exploration, development as well as production of oil and natural gas properties.
Shares of the company have outperformed the industry in the past six months. Its stock has gained 96.2% compared with the industry’s 9.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are PDC Energy, Inc. and Cimarex Energy Company , each currently sporting a Zacks Rank #1 (Strong Buy), and RPC, Inc. (RES - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PDC Energy’s earnings for 2021 are expected to rise 15.5% year over year.
Cimarex’s earnings for 2021 are anticipated to increase 13% year over year.
RPC’s earnings for 2021 are anticipated to surge 511.1% year over year.
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SilverBow (SBOW) Signs Agreement to Acquire Eagle Ford Assets
SilverBow Resources, Inc. (SBOW - Free Report) entered an agreement to acquire oil and gas assets in the Eagle Ford Shale from an unidentified seller.
The total consideration for the Eagle Ford assets involves $33 million, which includes nearly 1.5 million shares of SilverBow common stock.
The company is actively involved in the exploration, development and production of oil and gas in the Eagle Ford Shale of South Texas. With the latest natural gas-rich acquisition, SilverBow continues to expand its Lower 48 acreage to gain a competitive edge in the marketplace.
Most recently, the Eagle Ford shale is witnessing increasing activities as the oil and gas prices continue to remain high. The company is acquiring 45,000 net acres in the Eagle Ford Shale. This will strengthen its gas-weighted position in McMullen and Live Oak counties as well as add oil positions in Atascosa, Lavaca and Fayette counties.
Earlier this month, SilverBow announced another acquisition deal worth $24 million, which increased its Eagle Ford and Austin Chalk locations. The acquisition also provided additional ownership interest in producing wellbores in the La Mesa position. The deal will add 10 million cubic feet per day of net gas production, 850 net acres and 17 net drilling locations.
The latest acquisition will increase the company’s gas portfolio in the Western Eagle Ford, while adding oil acreage in three new counties. During April, the to-be-acquired properties produced nearly 1,580 net barrels of oil equivalent per day, of which 39% comprised liquids.
The deal, subject to customary closing conditions, is expected to close on or about Oct 1, 2021.
Company Profile & Price Performance
Headquartered in Houston, TX, SilverBow is an upstream energy company that engages in the exploration, development as well as production of oil and natural gas properties.
Shares of the company have outperformed the industry in the past six months. Its stock has gained 96.2% compared with the industry’s 9.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are PDC Energy, Inc. and Cimarex Energy Company , each currently sporting a Zacks Rank #1 (Strong Buy), and RPC, Inc. (RES - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
PDC Energy’s earnings for 2021 are expected to rise 15.5% year over year.
Cimarex’s earnings for 2021 are anticipated to increase 13% year over year.
RPC’s earnings for 2021 are anticipated to surge 511.1% year over year.