BATTALION OIL CORP

Battalion Oil Corporation's Board of Directors approved an updated compensation program for non-employee directors, effective July 1, 2026. This includes an annual cash retainer of $225,000 for each director, with additional retainers for the Chairman and committee chairs. The Board also approved new change-in-control related compensation arrangements, including a $5.0 million cash bonus pool and a performance-based Waterfall Merger Incentive Program, both expiring December 31, 2030. Additionally, the Board confirmed the vesting of 35,419 restricted stock units from the 2020 Long-Term Incentive Plan.

Battalion Oil Corporation announced the execution of definitive documentation for a Joint Development Agreement (JDA) in Monument Draw, Ward County, Texas. This JDA formalizes a previously announced agreement for up to an eight-well program, providing an accretive carry structure to Battalion and accelerating development of core inventory. The initial phase will focus on a four-well pad, with drilling scheduled to commence in late Q2/early Q3 2026, targeting key formations and expected to prove out over 100 additional drilling locations. The company also continues to negotiate a long-term debt refinance and an oil transport and marketing partnership.

Battalion Oil Corporation reported a net loss of $56.5 million for Q1 2026, a significant decline from a $6.0 million net income in Q1 2025, primarily due to a $48.0 million net loss on derivative contracts. Total operating revenues decreased to $39.2 million from $47.5 million year-over-year. During the quarter, the company completed the West Quito Divestiture for $60.1 million, using $45.6 million to repay debt, and acquired 7,090 net acres in an all-stock transaction (Sundown Acquisition).

Battalion Oil Corporation announced its first quarter 2026 financial and operating results, reporting a net loss of $64.8 million. Despite the loss, the company achieved significant balance sheet improvements, including positive equity of $157.1 million and a reduction in net debt to $108.3 million. These improvements were driven by the divestment of West Quito Assets for $60.1 million and a $15.0 million private placement, alongside increased production volumes and reduced operating expenses.

Battalion Oil Corporation announced its first quarter 2026 financial and operating results, highlighting a significant reduction in net debt to $108.3 million from $180.2 million in Q4 2025, and achieving positive equity of $157.1 million. The company divested West Quito Assets for $60.1 million and completed a $15.0 million private placement. Despite reporting a net loss of $64.8 million, Q1 2026 sales volumes increased to 12,578 Boe/d, and lease operating expenses per BOE decreased by approximately 24% compared to Q4 2025.

Battalion Oil Corporation announced the execution of a Letter of Intent (LOI) with an unaffiliated industry partner for a Joint Development Agreement (JDA). This JDA outlines an up to eight-well Monument Draw program in Ward County, Texas, targeting the 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations. The agreement is designed to provide shared capital and an accretive carry to Battalion, accelerating development while the company retains operatorship and a majority working interest. Separately, Battalion is also negotiating an accretive refinance of long-term debt and an oil transport and marketing partnership.

Battalion Oil Corporation has entered into a Sales Agreement with Roth Capital Partners, LLC, allowing the company to issue and sell up to $150 million of common stock. The sales will be conducted from time to time as an "at the market offering," with Roth Capital Partners acting as agent or principal. The Agent will receive a commission of up to 3.00% of the gross proceeds, and the company has agreed to reimburse certain expenses.

Battalion Oil Corporation announced its 2026 Annual Meeting of Stockholders will be held on Thursday, June 11, 2026, at 11:00 a.m. Central Time, in Houston, Texas. Stockholders will vote on the election of four directors and the ratification of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026. The record date for stockholders entitled to vote is April 14, 2026, with proxy materials available online since April 30, 2026.

Battalion Oil Corporation announced a significant increase in compression capacity, securing an additional 50% capacity in Monument Draw through a long-term contract. This expansion will boost flow capacity from 35 MMcfd to over 50 MMcfd, with facilities expected online in early Q3 2026. The deal requires no capital from Battalion and reduces typical lead times for sour gas compressors from 18-36 months to approximately two months, positioning the company for increased production and future development.

Battalion Oil Corporation announced record operating results, driven by the early and under-budget completion of midstream projects at its Monument Draw central production facility. Production throughput increased by 20.3% following these upgrades, and increased midstream capacity allowed for higher flowrates from previously constrained wells. The company also achieved its highest-ever production on a per-lateral-foot basis from its most recent well pad, reaching 1,568 barrels of oil equivalent per day per well. CEO Matt Steele highlighted the operational success and strengthened balance sheet.