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EX - 99.1 2 sbow_ex991-3q2021.htm EX - 99.1 COMPANY CONTACT : Jeff Magids Director of Finance & Investor Relations ( 281 ) 874-2700 , ( 888 ) 991 - SBOW SilverBow RESOURCES® FOR IMMEDIATE RELEASE SilverBow Resources Announces Third Quarter 2021 Results Raising full year 2021 free cash flow guidance to $ 80- $ 90 million¹ Announced three accretive acquisitions which add over five rig - years of inventory Continued success with Austin Chalk delineation Targeting leverage ratio of ~ 1.25x by year - end 2021 Houston , TX - November 3 , 2021 - SilverBow Resources , Inc. ( NYSE : SBOW ) ( “ SilverBow ” or the “ Company ” ) today announced operating and financial results for the third quarter of 2021. Highlights include : • • • • • Net production of 212 million cubic feet of natural gas equivalent per day ( " MMcfe / d " ) . Net oil production of 4,000 barrels per day ( " Bbls / d " ) , above the high end of guidance and a 46 % increase quarter - over - quarter Full year 2021 production guidance range increased to 210-215 MMcfe / d , a 4 % increase at the midpoint Full year 2021 free cash flow ( " FCF " ) guidance range increased to $ 80- $ 90 million¹ from $ 45- $ 55 million previously , a 70 % increase at the midpoint . Full year guidance implies a FCF yield of approximately 20 % ² Full I year 2021 capital guidance range unchanged at $ 115- $ 130 million ; 2021 re - investment rate of 60 % ³ Reported a net loss of $ 36 million , which includes a net unrealized loss on the value of the Company's derivative contracts of $ 61 million , and Adjusted EBITDA of $ 58 million . Adjusted EBITDA is a non - GAAP measure defined and reconciled in the table below Reduced total debt by $ 55 million year - over - year ; further reduced leverage ratio to 1.73x4 . Targeting year - end 2021 leverage ratio of approximately 1.25x4 SilverBow's Austin Chalk wells in Webb County continue to exceed expectations . The second Austin Chalk well brought on during the third quarter produced over 12 million cubic feet of natural gas per day ( " MMcf / d " ) through the first 60 days , or more than 0.6 billion cubic feet of natural gas ( " Bcf " ) cumulative . The first Austin Chalk well has produced approximately 11 MMcf / d through the first 250 days , or approximately 2.7 Bcf cumulative 1