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Battalion Oil Corporation (Symbol: BATL) is an independent energy company that specializes in the acquisition, production, exploration, and development of onshore oil and natural gas assets in the United States. Established in 2004 and headquartered in Houston, Texas, the company underwent a significant rebranding in January 2020, changing its name from Halcón Resources Corporation to Battalion Oil Corporation.
Battalion Oil's core operational focus is situated in the Delaware Basin, spanning counties such as Pecos, Reeves, Ward, and Winkler in Texas. As of December 31, 2019, Battalion held interests in approximately 52,368 net acres in this prolific region. The company has estimated proved reserves of about 62.1 million barrels of oil equivalent, which includes 39.2 million barrels of crude oil, 10.8 million barrels of natural gas liquids, and 72.3 billion cubic feet of natural gas.
Recently, Battalion has been making strides with its acid gas injection (AGI) project, which is expected to be operational before the end of the year. This project aims to enhance cost efficiency and maximize resource extraction. Additionally, their newest Monument Draw well has significantly outperformed offset wells, producing over 217,000 Boe in its first six months without artificial lift.
For the second quarter of 2023, Battalion reported an average daily net production of 14,253 Boe/d and total operating revenue of $54.3 million. Despite a decrease in both production and revenue compared to the previous year, the company remains focused on optimizing operations and maintaining financial stability. Battalion realized 98% of the average NYMEX oil price during this period, with hedge gains amounting to approximately $2.1 million.
From a financial perspective, Battalion had $220.3 million of indebtedness outstanding as of June 30, 2023, with $18.5 million in total liquidity. They have also secured a commitment from existing equity shareholders for an additional $38 million in preferred equity securities, expected to close in the third quarter of 2023.
Looking forward, Battalion plans to ramp up drilling activities in Monument Draw and other key assets, with an eye toward increasing EBITDA in the latter half of the year. The company's leadership is committed to maintaining a balanced approach to capital expenditure and operational efficiency, ensuring long-term value creation for shareholders.
For more detailed financial information, management discussions, and risk factors, refer to Battalion's filings with the U.S. Securities and Exchange Commission (SEC) and visit their official website at www.battalionoil.com.
Battalion Oil (NYSE American: BATL) reported third quarter 2024 financial results with sales volumes of 12,076 Boe/d (52% oil) and revenue of $45.3 million, down from 12,717 Boe/d and $54.1 million in Q3 2023. The company reported net income of $5.6 million ($0.34 per share) and Adjusted EBITDA of $13.5 million. The AGI facility treated 1.7 Bcf during Q3, with expected savings up to $2.0 million per month. Battalion amended its merger agreement with Fury, reducing the purchase price to $7.00 per share. The company's total liquidity was $29.8 million with $147.8 million in outstanding indebtedness as of September 30, 2024.
Battalion Oil (NYSE American: BATL) has amended its merger agreement with Fury Resources, Inc. The key points are:
1. Fury will acquire all outstanding BATL common shares for $7.00 per share in cash.
2. Preferred stockholders will exchange their shares for new Fury preferred shares.
3. The deal is expected to close in Q4 2024, subject to stockholder approval.
4. Fury has secured $548 million in capital commitments, including $200 million in debt, $188 million in preferred stock, and $160 million in equity.
5. Post-transaction, Fury is expected to have $100 million in cash on the balance sheet.
The merger aims to provide Fury with a foothold in a prolific basin, offering high-return locations and consolidation opportunities. Both companies express confidence in the deal's potential to benefit BATL stockholders and Fury Resources post-transaction.
Battalion Oil (NYSE American: BATL) announced its Q2 2024 financial and operating results. Key highlights include:
- AGI facility treated 1.82 Bcf, reducing operating expenses by $4.26/Boe compared to Q1 2024
- Generated Q2 2024 sales volumes of 12,857 Boe/d (49% oil)
- Executed a $20.0 million preferred equity raise in May 2024
- Reviewing a requested amendment to the Merger Agreement with Fury, potentially reducing the purchase price to $7.00 per share
The company reported a net loss of $8.7 million or $0.53 per share, with adjusted EBITDA of $15.6 million. Total liquidity as of June 30, 2024, was $54.4 million.
Battalion Oil announced its first quarter 2024 financial and operating results. Key achievements include the successful completion and commencement of production from two wells at the Glacier pad, surpassing cost and performance expectations. The company also executed two preferred equity raises totaling $40 million to support its drilling program and debt reduction. Despite these successes, the company reported a decline in production and revenue compared to the same period last year, with average daily net production falling to 12,989 Boe/d and total operating revenue decreasing to $49.9 million. Battalion reported a net loss of $36.8 million for Q1 2024. The AGI project resumed operations, treating significant volumes of gas and projecting substantial cost savings. Ongoing strategic initiatives include a merger with Fury Resources.
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