Kimmeridge Energy Management proposed on Wednesday a new offer for South Texas oil and gas producer SilverBow Resources as the energy asset manager continues to pursue a deal with SilverBow that could become another in a long list of U.S. oil and gas mergers in recent months. Kimmeridge proposed to combine Kimmeridge Texas Gas KTG and SilverBow in a deal that values SilverBow Resources at around $2.1 billion including debt. The KTG assets have an equity value of $1.
SilverBow said earlier this month it hadn’t accepted previous offers from Kimmeridge because the energy asset manager could not secure the necessary financing. Kimmeridge and SilverBow Resources have been in extensive talks about a possible deal since August 2022, SilverBow said, confirming it had received today’s offer.