SilverBow Resources : Investor Presentation Outlining Successful Execution of Strategic Priorities to Drive Shareholder Value

SilverBow Resources

Delivering Value for ALL Shareholders

April 2024

Forward-Looking Statements

THE PRESENTATION MATERIAL INCLUDED herein which is not historical fact constitutes "forward- looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent expectations or beliefs of the management of SilverBow Resources, Inc. ("SilverBow" or the "Company") concerning future events, and it is possible that the results described in this presentation will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control. All statements, other than statements of historical fact included in this presentation including those regarding our strategy, the benefits of the acquisitions, future operations, guidance and outlook, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, long-term inventory estimates, estimated oil and natural gas reserves or the present value thereof, reserve increases, service costs, impact of inflation, future free cash flow and expected leverage ratio, value and development of locations, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, words such as "will," "could," "believe," "anticipate," "intend," "estimate," "budgeted," "guidance," "outlook," "expect," "may," "continue," "potential," "plan," "project," "positioned," "should" and similar expressions are intended to identify forward-looking statements, although not all forward-lookingstatements contain such identifying words. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, the following risks and uncertainties: further actions by the members of the Organization of the Petroleum Exporting Countries, Russia and other allied producing countries with respect to oil production levels and announcements of potential changes in such levels; risks related to recently completed acquisitions and integration of these acquisitions, volatility in natural gas, oil and natural gas liquids prices; ability to obtain permits and government approvals; our borrowing capacity, future covenant compliance; cash flow and liquidity, including our ability to satisfy our short- or long-term liquidity needs; asset disposition efforts or the timing or outcome thereof; ongoing and prospective joint ventures, their structures and substance, and the likelihood of their finalization or the timing thereof; the amount, nature and timing of capital expenditures, including future development costs; timing, cost and amount of future production of oil and natural gas; availability of drilling and production equipment or availability of oil field labor; availability, cost and terms of capital; timing and successful drilling and completion of wells; availability and cost for transportation and storage capacity of oil and natural gas; costs of exploiting and developing our properties and conducting other operations; competition in the oil and natural gas industry; general economic and political conditions, including inflationary pressures, further increases in interest rates, a general economic slowdown or recession, instability in financial institutions, political tensions and war (including future developments in the ongoing conflicts in Ukraine and the Middle East); the severity and duration of world health events, including health crises and pandemics and related economic repercussions, including disruptions in the oil and gas industry, supply chain disruptions and operational challenges; opportunities to monetize assets; our ability to execute on strategic initiatives, including acquisitions; effectiveness of our risk management activities, including hedging strategy; counterparty and credit market risk; the impact of shareholder activism and any changes in composition of the Company's board of directors; pending legal and environmental matters, including potential impacts on our business related to climate change and related regulations; actions by third parties, including customers, service providers and shareholders; current and future governmental regulation and taxation of the oil and natural gas industry; developments in world oil and natural gas markets and in oil and natural gas- producing countries; uncertainty regarding our future operating results; and other risks and uncertainties discussed in the Company's reports filed with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2023 ("Form 10-K"), and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K.

All forward-looking statements speak only as of the date of this presentation. You should not place undue reliance on these forward-looking statements. The Company's capital budget, operating plan, service cost outlook and development plans are subject to change at any time. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this communication are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved.

The risk factors and other factors noted herein and in the Company's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. All subsequent written and oral forward-lookingstatements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of the presentation or to reflect the occurrence of unanticipated events, except as required by law.

CAUTIONARY NOTE Regarding Potential Reserves Disclosures - Current SEC rules regarding oil and gas reserve information allow oil and gas companies to disclose proved reserves, and optionally probable and possible reserves that meet the SEC's definitions of such terms. In this presentation, we refer to estimates of resource "potential" or "EUR" (estimated ultimate recovery quantities) or "IP" (initial production rates) or other descriptions of volumes potentially recoverable, which in addition to reserves generally classifiable as probable and possible include estimates of reserves that do not rise to the standards for possible reserves, and which SEC guidelines strictly prohibit us from including in filings with the SEC. Investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and are subject to greater uncertainties, and accordingly the likelihood of recovering those reserves is subject to greater risk.

THIS PRESENTATION has been prepared by the Company and includes market data and other statistical information from sources believed by it to be reliable, including peer company public disclosure, independent industry publications, government publications or other published independent sources. Some data is also based on the Company's good faith estimates, which is derived from its review of internal sources as well as the independent sources described above. Although the Company believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness.

THIS PRESENTATION includes information regarding our current drilling and completion costs and historical cost reductions. Future costs may be adversely impacted by increases in oil and gas prices which results in increased activity. THIS PRESENTATION references non-GAAP financial measures, such as EBITDA, Adjusted EBITDA, EBITDA Margin, Leverage Ratio, Cash General and Administrative Expenses, Free Cash Flow, Net Debt to Adjusted EBITDA and PV-10.SilverBow believes these metrics and performance measures are widely used by the investment community, including investors, research analysts and others, to evaluate and useful in comparing investments among upstream oil and gas companies in making investment decisions or recommendations. These measures, as presented, may have differing calculations among companies and investment professionals and may not be directly comparable to the same measures provided by others. A non- GAAP measure should not be considered in isolation or as a substitute for the related GAAP measure or any other measure of a company's financial or operating performance presented in accordance with GAAP. Please see the Appendix to this presentation for more information regarding the non-GAAP measures in this presentation. Non-GAAP measures should not be considered in isolation or as a substitute for related GAAP measures or any other measure of a Company's financial or operating performance presented in accordance with GAAP.

THIS PRESENTATION includes information regarding SilverBow's PV-10 as of 12/31/23 using SEC pricing as of 3/29/24, except as otherwise indicated. PV-10 represents the present value, discounted at 10% per year, of estimated future net cash flows. The Company's calculation of PV-10using SEC prices herein differs from the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC in that it is calculated before income taxes rather than after income taxes using the average price during the 12-month period, determined as an unweighted average of the first-day-of-the-month price for each month. The Company's calculation of PV-10 using SEC prices should not be considered as an alternative to the standardized measure of discounted future net cash flows determined in accordance with the rules and regulations of the SEC.

Investor Presentation

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Important Additional Information and Where to Find It

The Company, its directors and certain of its executive officers and employees are or will be participants in the solicitation of proxies from shareholders in connection with the 2024 Annual Meeting of Shareholders (the "2024 Annual Meeting"). The Company has filed a definitive proxy statement (the "Definitive Proxy Statement") with the SEC on April 9, 2024 in connection with the solicitation of proxies for the 2024 Annual Meeting, together with a WHITE proxy card.

The identity of the participants, their direct or indirect interests, by security holdings or otherwise, and other information relating to the participants are available in the Definitive Proxy Statement in the section entitled "Security Ownership of Board of Directors and Management" and Appendix F. To the extent holdings of the Company's securities by the Company's directors and executive officers changes from the information included in this communication, such information will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are available free of charge as described below.

SHAREHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER DOCUMENTS TO BE FILED BY THE COMPANY WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders are able to obtain, free of charge, copies of all of the foregoing documents, any amendments or supplements thereto at the SEC's website (http://www.sec.gov). Copies of the foregoing documents, any amendments or supplements thereto are also available, free of charge, at the "Investor Relations" section of the Company's website (https://www.sbow.com/investor-relations).

Investor Presentation

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Delivering Value for ALL SilverBow Shareholders

Track Record	▪ SilverBow has a strong track record of executing and delivering results
of Strong	• Total shareholder returns outpacing peers across 1, 3 and 5-year periods(1)
Performance	• Significantly outperforming peers since 2021 - SilverBow TSR of 503% vs. XOP of 193%(1)
	▪ SilverBow has a proven strategy for driving shareholder value creation
Executing Our	• Building a scalable and durable portfolio with commodity diversification
Strategy for	• Driving efficiencies and enhancing margins
Shareholder	• Delivering profitable growth through disciplined capital allocation
Value Creation	• Strengthening the balance sheet and deepening liquidity
	▪ SilverBow has significant momentum as we continue to successfully execute on our strategy
	▪ Kimmeridge has repeatedly resorted to aggressive tactics to force an unfavorable transaction
	• Accumulated a stake and filed a 13G filing (indicating passive intent) while negotiating a transaction
Kimmeridge's	• Reneged on a deal to acquire SilverBow for a meaningful premium as it failed to secure financing
Tactical	• Went public, rather than trying to negotiate with the Board, with a proposal that substantially undervalued
Games	SilverBow andovervalued its Kimmeridge Texas Gas (KTG) assets; then abruptly withdrew the proposal when
	this value gap was demonstrated publicly
	▪ Kimmeridge is continuing its proxy fight so that its compromised, conflicted nominees can eventually
	force a transaction that would be value-destructive to SilverBow shareholders
Independent,	▪ Our Board has overseen consistent outperformance and has positioned SilverBow to deliver future value
Experienced	▪ Our experienced Board has substantial M&A experience and is open to all paths to creating value
Board

1. As of 4/26/24. The 1, 3 and 5-year total shareholder return (TSR) represents the total return earned on an investment in SilverBow common stock made at the beginning of a 1, 3, and 5-year period, respectively. The TSR since 2021 represents the total return earned on an investment in

SilverBow common stock made on 12/31/20. For XOP, assumes that dividends were invested when received

Investor Presentation

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Our Proven Strategy to Drive Shareholder Value

Track Record of Executing Our Proven Strategy and Delivering Results

Building a Scaled and

Durable Portfolio

Driving Efficiencies

and Enhancing

Margins

Delivering Profitable

Growth

Strengthening

Balance Sheet and

Deepening Liquidity

	Key Facts(1)
Disciplined	▪ Executing disciplined organic and M&A growth strategy
Growth	▪ 144% free cash flow(2) per share growth (FY23-FY24E)
Capital	▪ Maintain conservative reinvestment rate(2) of ~75%
Discipline	▪ Generate free cash flow(2) of $125 - $150 million (FY24E)
Commodity	▪ Increased proved oil/liquids reserves by 95% (YE23)
Diversification	▪ Development optionality: 65%+ acreage is 70%+ oil/liquids
Capital	▪ Adjusted capital program to focus on oil/liquids development
Allocation
▪<20% of capital expenditures (FY24E) allocated to gas
Policy
Risk	▪ Hedged 75% of gas production (FY24E) at average price
Management	of $3.83 / Mcf
Balance	▪ Long-term leverage target of <1.0x(2)(3)
Sheet
▪ Substantial liquidity position of $479 million (YE23)
Management

1. FY24E metrics reflect the midpoint (as applicable) of full year 2024 guidance as disclosed by the Company on 2/28/24
2. Non-GAAPmeasure. Refer to Appendix for definitions and reconciliations

(3) Leverage target measured in Total Debt / LTM Adjusted EBITDA

Investor Presentation

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Our Track Record of Strong Performance

Total Shareholder Returns Significantly Outpacing the XOP Since 2021(1)

503%

193%

Jan 21

Apr 21

Jul 21

Oct 21

Jan 22

Apr 22

Jul 22

Oct 22

Jan 23

Apr 23

Jul 23

Oct 23

Jan 24

Apr 24

SBOW

XOP

Delivering Outsized Returns Over the Near- and Long-Term Periods(1)

1 Year

3 Year

5 Year

SBOW

45%

SBOW

234%

SBOW

72%

XOP

31%

XOP

118%

XOP

42%

1. As of 4/26/24. The 1, 3 and 5-year total shareholder return (TSR) represents the total return earned on an investment in SilverBow common stock made at the beginning of a 1, 3, and 5-year period, respectively. The TSR since 2021 represents the total return earned on an investment in

SilverBow common stock made on 12/31/20. For XOP, assumes that dividends were invested when received

Investor Presentation

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Executing Our Strategy for Shareholder Value Creation

Investor Presentation

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4/29/2024

Building a Stronger, More Profitable SilverBow

Scaled and Durable Portfolio

Corporate Efficiency

Acreage
(000s)
	220
155
YE20	YE23

Gross Locations

	~1,000
446
YE20	YE23

EBITDA Margin(1)

($/Boe)
	$24.75
$13.14
FY20	FY23

Cash G&A(1)
($/Boe)
$1.62
	$0.88
FY20	FY23

Profitable Growth

Balance Sheet Strength

Production
(MBoe/d)
	89
30	46% oil/NGL
24% oil/NGL
FY20	FY24E

Free Cash Flow(1)(2)

($MM)	($/sh)
	$138
$61	$5.39/sh
$5.10/sh
FY20	FY24E

Leverage Ratio(1)(3)

2.5x
	<1.5x
YE20	YE24E

Liquidity
($MM)
	$479
$82
YE20	YE23

Note: FY24E metrics reflect the midpoint of full year 2024 guidance as disclosed by the Company on 2/28/24

1. Non-GAAPmeasure. Refer to Appendix for definitions and reconciliations
2. FY24E FCF per share reflects the midpoint of full year 2024 FCF guidance as disclosed by the Company on 2/28/24 and common shares outstanding as of 4/26/24

(3) Leverage Ratio = Total Debt / LTM Adjusted EBITDA

Investor Presentation

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SilverBow's Proven Acquisition Strategy to Create Value

SilverBow's Core Acquisition Criteria

• Enhance scale and asset durability
• Add quality inventory that competes for capital "today"
• Provide synergies to enhance margins and capital efficiencies through SilverBow's proven operating practices
• Generate significant free cash flow (FCF)(1)
• Accretive to key financial metrics (e.g., FCF and FCF per share)
• Maintain balance sheet strength and/or create a pathway to rapid deleveraging

SilverBow's Track Record of Value-Enhancing Transactions

Arkoma

Drilling

Q3 2021

Q4 2021

Q4 2021

Q2 2022

Q3 2022

Q3 2022

Q4 2022

Q4 2023

Refer to page 21 for details on why Kimmeridge's most recent proposal failed to meet SilverBow's core

acquisition criteria - and would have been dilutive to SilverBow shareholders

(1) Non-GAAP measure. Refer to Appendix for definitions and reconciliations

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Intentional Strategy to Improve Commodity Diversification

• Largest pure play Eagle Ford Operator with ~220,000 net acres across all commodity phases
• • 10+ years of quality inventory across prolific oil and gas opportunities
  • Acquisition strategy added liquids-rich inventory and commodity diversity
  • Nearly doubled percentage of high-value oil/liquids production
  • Proximity to premium Gulf Coast markets maximizes oil and gas price realizations and creates top-tier industry EBITDA margins(1)
• Organic drilling and strategic acquisitions expected to improve oil/liquids production to 46% in FY24E
• • 80%+ FY24E capital program allocated to oil/liquids development

Production Evolution(2)

54%

61%

76%

18%

			14%
		39%		46%
	10%
%	24%		25%	28%
Oil/
Liquids	14%
	FY20		FY23	FY24E
		Gas	NGL	Oil

Source: FactSet, Company filings

(1)	Non-GAAP measure. Refer to Appendix for definitions and reconciliations
(2)	FY24E metrics reflect the midpoint of full year 2024 guidance as disclosed by the Company on 2/28/24	Investor Presentation	10	4/29/2024