Somewhere in N.Y., at least one energy investment firm could be peeling itself off the ceiling. The long and popcorn-worthy proxy battle between Kimmeridge (KEM) and Houston-based SilverBow Resources (SBOW) took a dramatic twist today perhaps no one saw coming.

Reese Energy Consulting is following the surprise news that after a dogged pursuit by KEM to merge its Eagle Ford assets with SilverBow’s larger position there, a third cast member has entered stage right to topple the dominos. A little backstory: KEM, known to be, er, somewhat outspoken, is SBOW’s largest investor at 13%. KEM has repeatedly made offers to acquire SBOW—the most recent for $2.1 billion in March, which was also quickly rebuffed. At the same time, KEM announced it would seek three SBOW board seats up for a May 21 shareholder vote. But after two years of a love gone wrong that included eight different merger packages by KEM and dismissed one right after the other by SBOW, the boiling pot began to spill over. KEM in April withdrew its $2.1 billion offer to focus instead on winning those board seats in a campaign of shareholder communiques and press releases rife with loaded language and accusations.

Then today, the dominos started to fall in what must’ve been slow motion for certain folks. Houston-based Crescent Energy announced it would acquire SilverBow for the same $2.1 billion price tag. The company, looking to build its Eagle Ford presence, also operates in the Uinta, reporting record 1Q production of 166 MBOED. A half-hour later, SBOW followed up with news that its 2024 annual meeting of stockholders has been rescheduled to May 29. Proposals to be voted on, including nominees to the board, will not change.