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BLACKTHORN INVESTMENT GROUP LLC
> SFY
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2015 | SILVERBOW RESOURCES, INC. | SFY | 0 | -500,000 | 0 | -7,405,000 | |
| 06/30/2015 | SILVERBOW RESOURCES, INC. | SFY | 0 | -500,000 | 0 | -7,405,000 | |
| 12/31/2014 | SILVERBOW RESOURCES, INC. | SFY | 0 | -500,000 | 0 | -7,405,000 | |
| 03/31/2014 | SILVERBOW RESOURCES, INC. | SFY | 0 | -500,000 | 0 | -7,405,000 | |
| 09/30/2013 | SILVERBOW RESOURCES, INC. | SFY | 0 | -500,000 | 0 | -7,405,000 | |
| 06/30/2013 | SILVERBOW RESOURCES, INC. | SFY | 500,000 | -500,000 | 7,405,000 | -7,405,000 | $14.81 |
| 03/31/2013 | SILVERBOW RESOURCES, INC. | SFY | 1,000,000 | 600,000 | 14,810,000 | 8,654,000 | $14.81 |
| 12/31/2012 | SILVERBOW RESOURCES, INC. | SFY | 400,000 | 156,332 | 6,156,000 | 1,068,000 | $15.39 |
| 09/30/2012 | SILVERBOW RESOURCES, INC. | SFY | 243,668 | -247,276 | 5,088,000 | -4,048,000 | $20.88 |
| 06/30/2012 | SILVERBOW RESOURCES, INC. | SFY | 490,944 | 470,944 | 9,136,000 | 8,555,000 | $18.61 |
| 03/31/2012 | SILVERBOW RESOURCES, INC. | SFY | 20,000 | -48,115 | 581,000 | -1,077,000 | $29.05 |
| 12/31/2011 | SILVERBOW RESOURCES, INC. | SFY | 0 | -68,115 | 0 | -1,658,000 | |
| 09/30/2011 | SILVERBOW RESOURCES, INC. | SFY | 68,115 | -481,885 | 1,658,000 | -18,841,000 | $24.34 |
| 06/30/2011 | SILVERBOW RESOURCES, INC. | SFY | 550,000 | 175,000 | 20,499,000 | 4,494,000 | $37.27 |
| 03/31/2011 | SILVERBOW RESOURCES, INC. | SFY | 375,000 | 265,000 | 16,005,000 | 11,698,000 | $42.68 |
| 12/31/2010 | SILVERBOW RESOURCES, INC. | SFY | 110,000 | 23,216 | 4,307,000 | 1,870,000 | $39.15 |
| 09/30/2010 | SILVERBOW RESOURCES, INC. | SFY | 86,784 | -163,216 | 2,437,000 | -4,291,000 | $28.08 |
| 06/30/2010 | SILVERBOW RESOURCES, INC. | SFY | 250,000 | 250,000 | 6,728,000 | 6,728,000 | $26.91 |
| 09/30/2009 | SILVERBOW RESOURCES, INC. | SFY | 0 | -150,000 | 0 | -2,498,000 | |
| 06/30/2009 | SILVERBOW RESOURCES, INC. | SFY | 150,000 | 150,000 | 2,498,000 | 2,498,000 | $16.65 |
| 12/31/2008 | SILVERBOW RESOURCES, INC. | SFY | 0 | -40,000 | 0 | -1,800,000 | |
| 06/30/2008 | SILVERBOW RESOURCES, INC. | SFY | 0 | -40,000 | 0 | -1,800,000 | |
| 03/31/2008 | SILVERBOW RESOURCES, INC. | SFY | 40,000 | -87,600 | 1,800,000 | -3,818,000 | $45.00 |
| 12/31/2007 | SILVERBOW RESOURCES, INC. | SFY | 127,600 | 127,600 | 5,618,000 | 5,618,000 | $44.03 |
| 09/30/2007 | SILVERBOW RESOURCES, INC. | SFY | 60,000 | 35,000 | 2,455,000 | 1,386,000 | $40.92 |
| 06/30/2007 | SILVERBOW RESOURCES, INC. | SFY | 25,000 | 25,000 | 1,069,000 | 1,069,000 | $42.76 |
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