Battalion Oil Corporation announced that it has received $19.5 million in funding from Luminus Management, LLC, Gen IV Investment Opportunities LLC, OCM HLCN HOLDINGS, L.P.

Battalion Oil Corporation entered into Purchase Agreement with certain purchasers and issued 20,000 shares of Series A-3 Redeemable Convertible Preferred Stock at a purchase price of $975 for gross proceeds of $19,500,000 on March 27, 2024. The Preferred Stock holders will be paid a dividend rate of 14.5% quarterly on March 31, June 30, September 30 and December 31 of each year, commencing on March 31, 2024. The Preferred Stock can be convertible into Common Stock commencing on the date that is 120 days after the Issuance Date at a conversion price of $6.83, which may be adjusted from time to time.

The transaction included participation from Luminus energy partners master fund, ltd for 9,835 preferred stock, OCM HLCN holdings, l.p. for 6,376 preferred stock and GEN IV Investment Opportunities, LLC for 3,789 preferred stock.