SilverBow Resources (SBOW) Form 4 SILVERBOW RESOURCES / Victor Khosla ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Strategic Value Partners, LLC

(Last) (First) (Middle)

100 WEST PUTNAM AVENUE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SILVERBOW RESOURCES, INC. [ SBOW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/23/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/23/2022		S		110,932	D	$48.52	4,365,530	I	See footnotes(1)(2)(3)(4)(5)
Common Stock	08/24/2022		S		141,623	D	$46.32	4,223,907	I	See footnotes(1)(2)(3)(4)(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Strategic Value Partners, LLC

(Last) (First) (Middle)

100 WEST PUTNAM AVENUE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

SVP Special Situations III LLC

(Last) (First) (Middle)

C/O STRATEGIC VALUE PARTNERS, LLC

100 WEST PUTNAM AVENUE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

SVP Special Situations III-A LLC

(Last) (First) (Middle)

C/O STRATEGIC VALUE PARTNERS, LLC

100 WEST PUTNAM AVENUE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Khosla Victor

(Last) (First) (Middle)

C/O STRATEGIC VALUE PARTNERS, LLC

100 WEST PUTNAM AVENUE

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

Explanation of Responses:

1. The reported shares are held directly by SVMF 71 LLC, and may be deemed to be held indirectly by Strategic Value Partners, LLC ("Strategic Value Partners"), SVP Special Situations III LLC ("Special Situations III"), SVP Special Situations III-A LLC ("Special Situations III-A"), each as investment manager, and Victor Khosla ("Mr. Khosla" and together with Strategic Value Partners, Special Situations III and Special Situations III-A, the "Reporting Persons"), as the sole member of Midwood Holdings, LLC, the managing member of Strategic Value Partners, in each case as described below.

2. The filing of this Form 4 shall not be construed as an admission that the Reporting Persons or the Funds (as defined below) are members of a "group" for purposes of Section 16 or Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or are or were for the purposes of Section 16(a) of the Exchange Act, or otherwise the beneficial owners of any of the shares of common stock, of SilverBow Resources, Inc. (the "Issuer"). The Reporting Persons and the Funds disclaim such beneficial ownership, except to the extent of their pecuniary interest, and disclaim the existence of, or membership in, a group.

3. Strategic Value Partners is the investment manager of, and exercises investment discretion over Strategic Value Master Fund, Ltd., a Cayman Islands exempted company ("Master Fund"). Master Fund has an ownership interest in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC. Strategic Value Partners is indirectly majority owned and controlled by Mr. Khosla.

4. Special Situations III is the investment manager of, and exercises investment discretion over Strategic Value Special Situations Master Fund III, L.P., a Cayman Islands exempted limited partnership ("Special Situations Master Fund III"). Special Situations Master Fund III has an ownership interest in SVMF 70 LLC, which has an ownership interest in SVMF 71 LLC. Strategic Value Partners is the managing member of Special Situations III. Strategic Value Partners and Special Situations III are both indirectly majority owned and controlled by Mr. Khosla.

5. Special Situations III-A is the investment manager of, and exercises investment discretion over Strategic Value Opportunities Fund, L.P., a Cayman Islands exempted limited partnership ("Strategic Value Opportunities Fund," and together with Master Fund, Special Situations Master Fund III, SVMF 70 LLC and SVMF 71 LLC, the "Funds"). Strategic Value Opportunities Fund has an ownership interest in SVMF 71 LLC. Strategic Value Partners is the managing member of Special Situations III-A. Strategic Value Partners and Special Situations III-A are both indirectly majority owned and controlled by Mr. Khosla.

	/s/ James Dougherty, as Fund Chief Financial Officer of Strategic Value Partners, LLC	08/25/2022
	/s/ James Dougherty, as Fund Chief Financial Officer of SVP Special Situations III LLC	08/25/2022
	/s/ James Dougherty, as Fund Chief Financial Officer of SVP Special Situations III-A LLC	08/25/2022
	/s/ Victor Khosla	08/25/2022
	** Signature of Reporting Person	Date
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