On May 2, 2024, Kimmeridge Energy Management, LLC released an investor presentation detailing SilverBow Resources, Inc.?s consistent track record of value destructive M&A. In the presentation, Kimmeridge Energy Management stated that the Company has pursued a failed M&A strategy that has put its balance sheet at risk ? adding debt and minimum volume commitments that now represent over 96% of the Company?s enterprise value ? while consistently destroying shareholder value.

Kimmeridge Energy Management also stated that the Company needs experienced, independent directors who are capable and open to assessing all value enhancing alternatives to create significant long-term shareholder value. Kimmeridge Energy Management added that it urges shareholders to vote for all 3 of its independent nominees, Carrie Fox, Douglas Brooks, and Katherine Minyard, to the Company?s staggered board and withhold on all of the Company?s directors up for election, Gabriel Ellisor, Kathleen McAllister, and Charles Wampler, on Kimmeridge Energy Management?s proxy card.