Battalion Oil Corporation Announces Amendment to Merger Agreement with Fury Resources, Inc.

Houston, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Battalion Oil Corporation (NYSE American: BATL) (“Battalion” or the “Company”) announced today that it has entered into an amendment to the previously disclosed Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Fury Resources, Inc. (“Buyer” or “Parent”), pursuant to which Parent has agreed to acquire all of the outstanding shares of Common Stock of the Company (the “Common Stock”) for $7.00 per share in cash, without interest (the “Merger Consideration”). The holders of all of the outstanding shares of the Preferred Stock of the Company, Luminus Management, LLC (“Luminus”), Gen IV Investment Opportunities, LLC, and funds and accounts managed by Oaktree Capital Management, L.P. (“Oaktree”), or their respective affiliates  (collectively, the “Rollover Stockholders”), have agreed to contribute to Buyer all of their shares of Preferred Stock of the Company in exchange for new preferred shares of Buyer at a valuation based on the redemption value of such Company Preferred Stock.

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