29 Mar 2024director interest notice● Neutral
BATTALION OIL CORP insider Luminus Management LLC received a stock option grant for 9,835 shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2024substantial holder notice● Neutral
LUMINUS MANAGEMENT, LLC, LUMINUS ENERGY PARTNERS MASTER FUND, LTD, JONATHAN BARRETT reported a BATTALION OIL CORP shareholding of 14,838,161 shares (59.00% of votes) in a periodic institutional filing.
29 Mar 2024substantial holder notice● Neutral
OCM HLCN Holdings, L.P, Oaktree Fund GP, LLC, Oaktree Fund GP I, L.P, Oaktree Capital I, L.P, Brookfield OCM Holdings II, LLC, Brookfield OCM Holdings, LLC, Brookfield Oaktree Holdings, LLC, Oaktree Capital Group Holdings GP, LLC, Brookfield Corporation, BAM Partners Trust reported a BATTALION OIL CORP shareholding of 8,911,940 shares (41.68% of votes) in a periodic institutional filing.
29 Mar 2024substantial holder notice● Neutral
GEN IV INVESTMENT OPPORTUNITIES, LLC, LSP GENERATION IV, LLC, LSP INVESTMENT ADVISORS, LLC reported a BATTALION OIL CORP shareholding of 5,716,474 shares (28.90% of votes) in a periodic institutional filing.
29 Mar 2024director interest notice● Neutral
BATTALION OIL CORP insider Gen IV Investment Opportunities, LLC received a stock option grant for 3,789 shares.
29 Mar 2024director interest notice● Neutral
BATTALION OIL CORP insider Brookfield Oaktree Holdings, LLC received a stock option grant for 6,376 shares.
28 Mar 2024agm notice● Neutral
Battalion signed a Third Amendment to its Macquarie-led credit agreement requiring at least $38 million of new equity by March 31, 2024. It also sold 20,000 Series A-3 convertible preferred shares for about $19.5 million to Luminus, Oaktree and LSP funds.
28 Mar 2024capital raising announcement▼ BadMajor
The same three insider shareholders bought a further $19.5 million of new Series A-3 Preferred Stock on the same terms, again to cover working capital and debt service - a third insider-funded round (a Series A-2 round, not covered here, fell between the two).
16 Feb 2024business combination▼ BadMajor
A third amendment made Fury's $15 million additional escrow deposit optional and cut Battalion's termination fee from $3.5 million to $0, rising back to $3.5 million only if Fury completed the full escrow funding. Battalion also lost its right to terminate over the missed funding deadlines.
12 Feb 2024business combination● NeutralMajor
An amended Schedule 13E-3 added Ruckus Energy Holdings, Fury Resources and Richard H. Little as filing persons alongside Battalion, Luminus and Oaktree. The $9.80 per share cash merger terms were unchanged.
7 Feb 2024agm notice● Neutral
Battalion held its annual meeting on February 7, 2024, where stockholders elected six directors to serve until the next annual meeting. Each nominee received between about 13.4 and 14.0 million votes in favor.
6 Feb 2024agm notice● Neutral
Battalion and Fury Resources signed a second amendment to their merger agreement, extending the deadline for Fury's extra $15 million escrow deposit to February 15, 2024 and cutting the company termination fee from $8 million to $3.5 million. Battalion was also allowed to solicit competing proposals until Fury showed evidence of funding.
6 Feb 2024business combination▼ BadMajor
A second amendment extended Fury's escrow funding deadline from February 5 to February 15, 2024, and cut Battalion's termination fee from $8 million to $3.5 million. It also let Battalion solicit rival proposals until Fury showed evidence of funding, and added a $1 million limited guarantee from Fury's chairman.
2 Feb 2024substantial holder notice● Neutral
Goldman Sachs Group and Goldman Sachs & Co. reported owning 652,470 Battalion shares, 4.0% of the class, in an amended Schedule 13G. The filing indicated they had ceased to be beneficial owners of more than five percent.
29 Jan 2024agm notice● Neutral
Battalion issued an operations and financial update, reporting a high-rate two-well Glacier pad, about $61 million of cash, and an AGI well expected back in service by end of Q1 2024. It said the Fury merger was still expected to close in the first quarter.
29 Jan 2024quarterly activities report● Neutral
Battalion gave an operations and financial update: its two-well Glacier pad came in under budget and initially produced 1,964 and 1,711 BOEPD, with about $61 million cash on hand. The Fury merger was still expected to close in the first quarter of 2024.
24 Jan 2024agm notice● Neutral
Battalion and Fury Resources amended their merger agreement. The second escrow deposit was raised to $15 million and its due date moved to February 5, 2024, $9,999,999.99 was released to Battalion, and the termination date was extended to June 12, 2024.
24 Jan 2024business combination▼ BadMajor
Battalion and Fury Resources amended their merger agreement to push the outside closing date from April to June 2024 and restructure the escrow deposits securing Fury's obligations - an early sign the deal was slipping behind schedule.
12 Jan 2024business combination● NeutralMajor
Battalion, Luminus, Oaktree and related entities jointly filed a Schedule 13E-3 going-private statement for the Fury Resources merger, under which shares would be converted into $9.80 per share in cash.
12 Jan 2024business combination▲ GoodMajor
Battalion filed its preliminary proxy statement for the Dec 14, 2023 take-private merger with Fury Resources, at $9.80 per share in cash (an 85.6% premium to the $5.28 closing price on Dec 14, 2023). Luminus and Oaktree, which own about 61.6% of the common stock, agreed to vote shares representing about 38% in favor and to roll their preferred stock into Fury. A stockholder vote is required, and the deal was still pending.
9 Jan 2024listing compliance notice▼ Bad
NYSE American flagged Battalion for a governance lapse - it hadn't held its 2022 fiscal-year annual shareholder meeting by the required deadline - and the company rescheduled the meeting for February 7, 2024 to cure it.
28 Dec 2023agm notice● Neutral
Battalion filed its proxy statement for the 2023 annual meeting, set for February 7, 2024. Holders of record on December 15, 2023 were asked to elect six directors; no results were reported.
28 Dec 2023agm notice● Neutral
Battalion sent stockholders notice of its 2023 annual meeting, to be held February 7, 2024 in Houston. The visible agenda was the election of six directors, with voting open until February 6.
19 Dec 2023substantial holder notice● Neutral
OCM HLCN Holdings, L.P, Oaktree Fund GP, LLC, Oaktree Fund GP I, L.P, Oaktree Capital I, L.P, OCM Holdings I, LLC, Oaktree Holdings, LLC, Oaktree Capital Group, LLC, Oaktree Capital Group Holdings GP, LLC, Brookfield Corporation, BAM Partners Trust reported a BATTALION OIL CORP shareholding of 7,881,798 shares (38.70% of votes) in a periodic institutional filing.
19 Dec 2023director interest notice● Neutral
BATTALION OIL CORP insider Gen IV Investment Opportunities, LLC received a stock option grant for 6,630 shares.
19 Dec 2023substantial holder notice● Neutral
GEN IV INVESTMENT OPPORTUNITIES, LLC, LSP GENERATION IV, LLC, LSP INVESTMENT ADVISORS, LLC reported a BATTALION OIL CORP shareholding of 5,088,092 shares (26.50% of votes) in a periodic institutional filing.
19 Dec 2023substantial holder notice● Neutral
LUMINUS MANAGEMENT, LLC, LUMINUS ENERGY PARTNERS MASTER FUND, LTD, JONATHAN BARRETT reported a BATTALION OIL CORP shareholding of 13,207,104 shares (56.20% of votes) in a periodic institutional filing.
19 Dec 2023director interest notice● Neutral
BATTALION OIL CORP insider Luminus Management LLC received a stock option grant for 17,211 shares.
19 Dec 2023director interest notice● Neutral
BATTALION OIL CORP insider Oaktree Capital Group, LLC received a stock option grant for 11,159 shares.
18 Dec 2023business combination▲ GoodMajor
Battalion agreed to be taken private by Fury Resources for $9.80 per common share in cash; existing preferred holders Luminus Energy Partners and Oaktree (OCM HLCN Holdings) agreed to roll their stakes into the buyer rather than cash out. The deal carries an $8 million break fee if Battalion walks away and a $10-20 million reverse fee if Fury's financing falls through.