Activist Investors Seek Board Shakeup at Shale Driller SilverBow

Two of SilverBow Resources Inc.’s biggest shareholders called for a board overhaul at the Texas shale driller after an acquisition spree and stock price tumble.

Riposte Capital LLC demanded SilverBow replace one-third of its board with new directors in a letter Thursday that laid out a string of critiques ranging from corporate-governance moves and dilutive equity issuances. Within hours, prominent energy activist firm Kimmeridge Energy Management Co. echoed Riposte’s call for change.

“You have proven yourselves incapable of being credible stewards of capital or corporate governance,” Riposte Managing Principal Khaled Beydoun wrote in the letter. “You also appear ...