SilverBow Resources, a company with assets in the Eagle Ford Shale of South Texas, has signed a definitive agreement to acquire nearly all assets of Sundance Energy and certain related entities for $354m.

The agreement also includes up to $15m in contingent payments based on future commodity prices.

Concurrently, SilverBow also announced another agreement to purchase certain assets from SandPoint Operating for $71m.

The two deals will boost SilverBow’s acreage footprint by nearly 50% to around 198,000 net acres.

The Sundance properties include contiguous acreage to SilverBow’s existing position and add 39,000 net acres in Atascosa, La Salle, McMullen and Live Oak counties. In January this year, the acreage had a net production of 11,100 Boe/d.

On the other hand, SandPoint deal includes around 27,000 net acres in La Salle and McMullen counties.

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SilverBow CEO Sean Woolverton said: “These deals mark the fourth and fifth acquisitions we have announced since the second half of last year, which cumulatively total over $550m of transaction value.

“We are significantly increasing SilverBow’s size, scale and cash flow while maintaining a conservative balance sheet and a leverage ratio of less than 1.0x by year-end 2022. Pro forma for the transactions, liquids production will comprise a third of our production mix, allowing us to capture margin uplift from the current strength in liquids pricing.

“SilverBow will now have even greater optionality to allocate capital between both oil and gas development, which has been a cornerstone of the Company’s strategy over the last few years.”

The Sundance transaction is expected to close in the third quarter of this year, while SandPoint deal is slated to complete in this quarter.