Houston-based energy company SilverBow Resources has entered into definitive agreements to acquire oil and gas assets in the Eagle Ford from an undisclosed seller for a total purchase price of $33m.
The assets total 45,000 net acres in the Eagle Ford, bolstering SilverBow’s gas position in McMullen and Live Oak counties, while adding new oil positions in Atascosa, Lavaca, and Fayette counties.
From the assets in question, April’s net production came to approximately 1,580 barrels of oil equivalent per day, 39% of which being liquids. In addition, there was net oil production recorded of 569 barrels per day.
Sean Woolverton, SilverBow’s CEO, said: “We continue to execute on accretive opportunities and bolster our balanced oil and gas portfolio. This marks the second acquisition we have announced since the beginning of August. 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. Today’s announcement expands our gas portfolio in the Western Eagle Ford, while also adding oil acreage in three new counties.”
With over 30 years of history operating in South Texas, SilverBow is actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas.
For more information visit www.sbow.com