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

Core Points - Battalion Oil Corporation has entered into a merger agreement with Fury Resources, Inc., where Fury will acquire all outstanding shares of Battalion's common stock for $7.00 per share in cash [1] - The transaction is expected to close in the fourth quarter of 2024, pending stockholder approval and other closing conditions [2] - Fury Resources has secured capital commitments totaling $200 million in debt, $188 million in preferred stock, and $160 million in equity to facilitate the acquisition [2] Company Overview - Battalion Oil Corporation is an independent energy company focused on the acquisition, production, exploration, and development of onshore oil and natural gas properties in the United States [6] - Fury Resources, Inc. is a privately held exploration and production company targeting value creation through asset acquisition and exploitation in the Permian Basin [7] Shareholder Involvement - Luminus Management and Oaktree Capital Management, owning 61.61% of Battalion's common stock, have agreed to vote in favor of the merger, representing 38% of the total voting power [3] - The Rollover Stockholders will exchange their preferred shares for new preferred shares of Fury, indicating strong institutional support for the transaction [1][4] Management Commentary - Fury's Co-Founder and Chairman expressed confidence in the acquisition, highlighting the potential for rapid scaling and significant returns for investors [4] - Battalion's CEO acknowledged the efforts of both teams in reaching the merger agreement, emphasizing the focus on achieving the best outcome for shareholders [5]