Battalion Oil Corporation announced that it has entered into a Purchase Agreement , pursuant to which the Company agreed to sell to the Buyers, in a private placement, an aggregate of 20,000 shares of Series A-4 Redeemable Convertible Preferred Stock, par value $0.0001 per share at a price of $975 per share for the gross proceeds of $19,500,000 on May 13, 2024. The transaction will include participation from existing investors such as LSP Investment Advisors, LLC, Luminus Management, LLC and Oaktree Capital Management, L.P. The transaction has been approved by the board of directors of the company.

On the same day, the company issued 3,789 shares of Series A-4 Redeemable Convertible Preferred Stock, par value $0.0001 per share at a price of $975 per share for the gross proceeds of $3,694,275 in its first tranche.