SilverBow Resources : Presentation Highlighting Additional Observations Regarding Kimmeridge’s Value-Destructive Campaign

SilverBow Resources

Investor Update

May 2, 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, Leverage Ratio, 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-10 using 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.

2 5/2/2024

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).

3 5/2/2024

SilverBow Continues to Drive Strong Momentum

Q1 2024 Earnings Highlights

91 MBOE/D		$109 MM		$200 MM
Total Production		CAPEX		Adjusted EBITDA(1)
46% Oil/Liquids		20% Below 1Q24 Consensus		Quarterly Record
$56 MM		$178 MM(2)		<1.0 X
Free Cash Flow(1)		Debt Paydown since Nov-23		Leverage Ratio Target(1)(3)
>100% Above Consensus		1.35x Leverage Ratio as of 1Q24		Expect to achieve in 2025

1Q24 Earnings Shows the Best Defense Is a Good Offense, with a

Strong Print and Positive Revisions to 2024 Guidance

"We believe the 1Q earnings print from SilverBow provides strong evidence to support its case that it does not needmajor board changes. Ahead of a shareholder meeting on May

21, and ahead of a likely opinion on director changes from Glass

Lewis and ISS in the next few days, SilverBow released a strong print that shows both field execution on its oily Eagle Ford Shale acreage and financial execution with its debt reduction efforts."

May 1, 2024

Source: Wall Street Research

Note: Emphasis added. Permissions to use quote neither sought nor obtained

1. Non-GAAPmeasure. Refer to Appendix for definitions and reconciliations
2. Debt paydown from 11/30/23 to 4/30/24
3. Leverage Ratio = Total Debt / LTM Adjusted EBITDA

1Q24 Beat and Guide Up; Strong Operations in Oily Window

"We expect SBOW shares to be strong in the wake of this classic "beat and guide up" quarterly report. In a bigger context, we continue to like SBOW for the value it offers as well as the optionality the company has across hydrocarbon windows in the Eagle Ford."

May 1, 2024

4 5/2/2024

Additional Observations Regarding Kimmeridge's Value-Destructive Campaign

5 5/2/2024

Kimmeridge's Proxy Campaign at SilverBow -

A Collection of Misstatements and Misdirections

Kimmeridge's		Here Are The Facts:
Misstatements On:
SilverBow's	▪ SilverBow had +30 meetings and calls with Kimmeridge, entered into multiple NDAs and had an agreed upon deal
Engagement	▪ Kimmeridge failed to deliver on an agreed upon deal due to their failure to obtain financing
with Kimmeridge	▪
	Emails from Kimmeridgeshow the facts - there was substantial engagement by SilverBow
Kimmeridge's	▪ Kimmeridge's value-destructive proposal overvalued KTG by hundreds of millions of dollars
• Tried to force SilverBow shareholders to bail them out of their disaster - the proxy fight is just another tactic
Valuation of KTG
•	Played games with datato hide how massively dilutive the KTG proposal would be to SilverBow shareholders
SilverBow's	▪ It is irrefutable - SilverBow's 1, 3 and 5-year total shareholder returns outperform the XOP(1)
Value Creation(2)	▪ It is irrefutable - SilverBow has been delivering strong operational and financial performance(2)
Track Record	▪
	Kimmeridge cherry-picks data to paint a misleading view of our TSRs, transactions and compensation
	▪ To try to falsely make the case that SilverBow's acquisitions did not create value, Kimmeridge:
SilverBow's	•	Cherry-picked an arbitrary measurement period (60 days post-announcement) to attack SilverBow deals
Acquisition
•	Failed to note that when our deals were announced, SilverBow's stock reaction was positive
Strategy
	•	Failed to note that the value of these acquisitions now far exceed the value SilverBow paid
Kimmeridge's	▪ Kimmeridge misrepresents their nominees' involvement in the KTG proposal, when they had a "special
deal" to be added to the combined company board had the transaction been consummated
Nominees
▪ Kimmeridge makes misleading assertions about the conflicts and connections of their nominees
Kimmeridge's	▪ Kimmeridge had a 13G on file while having active merger negotiations with SilverBow, misleading
Misleading
shareholders
Public Filing
SilverBow's	▪ Kimmeridge promises to implement "best-in-class" governance after they have control of the combined
company, at a time when these provisions could not be effectively exercised by shareholders
Board and
▪ Our Board has overseen consistent outperformance, proactively enhanced governance, positioned
Governance
SilverBow to continue delivering value and remains open to all paths to creating value for all shareholders

1. As of 4/29/24. 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. For XOP, assumes that dividends were invested when received

(2) Based on, but not limited to, SilverBow's growth and improvements in production, commodity mix, cost structure, margins, free cash flow and leverage over time

6

5/2/2024

SilverBow's Board Constructively Engaged with Kimmeridge in Good Faith Regarding a Transaction

30+

20+

Multiple

2

1

Meetings and calls

Months of engagement

Transaction structures proposed and evaluated

NDAs executed to conduct due diligence with access to VDR

Deal with agreed terms, which Kimmeridge failedto deliver due to lack of financing - despite representing no financing contingencies

SilverBow is open to engage on all strategic transactions to maximize value for shareholders

However, we will not enter a transaction that undervalues the Company, unreasonably inflates the

value of the KTG assets and destroys value for SilverBow shareholders

7 5/2/2024

Key Events in the SilverBow-Kimmeridge Interactions

Phase 1: Kimmeridge's Accumulations and Delinquent 13D Filing

Jun - Sep 2022

Jan - July: Kimmeridge initiates 3% position in SBOW; accumulates up to 15% by July 12

6/20: Kimmeridge requests that SilverBow not compete in Laredo process; suggests a future combination of Laredo and SilverBow assets

8/2: Parties enter into NDA; trading restriction through 9/20

8/10:		Late August:
Kimmeridge		Kimmeridge
files a 13G		delivers term
		sheet dated 8/23

9/13: SilverBow counters; Kimmeridge threatens to accumulate more shares through block trades, alluding to a potential hostile takeover

9/19: SilverBow requests a 30-day extension of trading restrictions

9/20: Kimmeridge rejects request

9/20: SilverBow implements a short duration rights plan

9/23: Kimmeridge files 13D - 30 days after submitting a term sheet

Jan - Apr 2023

Phase 2: Kimmeridge's Failure to Consummate an Agreed Upon Deal (see page 9)

1/17: Kimmeridge take-private

2/17: Parties agree to a deal at

3/14: Kimmeridge abandons

3/31: Kimmeridge verbally discusses potential

proposal at $34/sh with no

$35/sh

agreed upon deal due to

stock-for-stock or tender offer transactions;

financing contingencies; target

inability to secure requisite

threatens to mount a public campaign seeking

signing on 3/20

2/19: Parties enter into NDA

financing

to gain control of SilverBow's Board by 2025

2/14: SilverBow counters at

2/21 - 3/13: Parties negotiate and

3/16: Kimmeridge verbally communicates

$36/sh (a $2 or 6% bump from

exchange draft merger agreement five

interest in proposing a stock-for-stock

the Kimmeridge offer)

times, as well as ancillary agreements

proposal as an alternative, but does not

with only narrow issues outstanding

deliver any such proposal

Phase 3: Kimmeridge's Value Destructive Proposal for SilverBow to Buy KTG

2024 - Present

1/4: Kimmeridge

2/21: At their request, Kimmeridge

3/28: SilverBow rejects

4/9: SilverBow

requests the director

presents transaction ideas to the

the proposal and

sends letter to

nomination

Board; later that day files a 13D

requests additional

Kimmeridge for

questionnaire

disclosing nominations

information on KTG assets

additional diligence

2/7: SilverBow offers a settlement

3/13: Kimmeridge

4/1: Kimmeridge

regarding Board representation,

public proposal to

provides partial

termination of rights plan and

combine SilverBow and

response to SilverBow's

implementation of a standstill

KTG (4/26 expiration)

information request

4/16: Kimmeridge abruptly withdraws bid ahead of 4/26 expiration but continues proxy fight

4/11: Kimmeridge releases additional information confirming their overvaluation of KTG assets

8 5/2/2024

Kimmeridge's Chart Misrepresents the Facts Around

Our Agreed Transaction in 2023

Kimmeridge Leaves Out

Key Factsin their Chart

Kimmeridge	What Actually
Misstatement	Happened

	$34	$36	$35

Kimmeridge	SilverBow	Agreed
January 17	February 14	Upon
Proposal	Counter	Deal

From Kimmeridge's

April 29 2024 Presentation

(page 38)

Despite SilverBow's Good Faith

Attempt to Consummate a Transaction,

Kimmeridge Failed to Deliver

From Jan. 17, 2023 Kimmeridge Offer Letter: Offers deal with no financing contingencies

"[Kimmeridge is] pleased to submit this proposal […] for the acquisition of all of the SBOW common stock not already owned by Kimmeridge

1. for cash consideration of $34.00 per share. We have appreciated the opportunity to discuss the Transaction with SBOW prior to submitting this Offer Letter […] Kimmeridge has sufficient capital to allocate to the Transaction and the Transaction will not be subject to financing contingencies"

In late February, Kimmeridge informed SilverBow that they would not be in a position to execute an agreement by 4Q22 earnings (March 1, 2023), as they still had considerable work to complete, but committed to being ready to execute by the March 20 target signing date

On February 28, 2023, upon SilverBow's request to provide proof of funds,

Kimmeridge responded with an email that outlined financing

"alternatives" - demonstrating that Kimmeridge did not in fact have "sufficient capital to allocate to the Transaction" at the time

On March 14, 2023, Kimmeridge called SilverBow to inform that

Kimmeridge is unable to secure the requisite equity financing to fund the agreed upon deal

Source: Kimmeridge presentation, Correspondence with Kimmeridge, SilverBow's 2024 Proxy statement
Note: Emphasis added	9	5/2/2024

Kimmeridge Overvalued its KTG Assets

By Hundreds of Millions of Dollars

• Kimmeridge overpaid for its Laredo asset and has since been destroying the value of KTG
• • Kimmeridge purchase price of $825MM vs. current asset value of $371MM - 55% value destruction!
• Kimmeridge plays games with their data to get to their desired result
• • Kimmeridge cherry-picked KTG and SilverBow wells to portray a misleading comparison

Kimmeridge's Laredo Acquisition	Kimmeridge Continues to Cherry-Pick
Has Been Value-Destructive	KTG Data to Mislead Investors
$825

$371

Purchase Price	23 YE Reserve Report
	1P PV 10

Third Party Investor Analysis (1)	April 29 Presentation
(See Next Page)

Contrary to SilverBow's value-enhancing acquisitions, Kimmeridge has massively destroyed value in their

acquisition of KTG assets

Source: X, KTG publicly available information
(1) NextWave EFT ("@NextWaveEFT") from X.com	10	5/2/2024