Battalion Oil terminates merger agreement with Fury Resources

Battalion Oil (BATL) has terminated the previously disclosed Agreement and Plan of Merger with Fury Resources. As of this morning, Fury was not able meet the obligations and close the transaction contemplated by the Merger Agreement. Over the past year, in order to facilitate the transaction, the Company and Fury entered into numerous amendments to the terms of the Merger Agreement. In support of the transaction, the holders of all of the outstanding shares of the preferred equity of the Company, Luminus Management, Gen IV Investment Opportunities, and funds and accounts managed by Oaktree Capital Management, or their respective affiliates, had agreed to contribute to Buyer 100% of their preferred equity of the Company in exchange for new preferred shares of Buyer. Despite these commitments and amendments, Fury was unable to provide evidence of additional equity financing or to timely close the transaction as required by the Merger Agreement. In connection with the termination of the Merger Agreement, the Company has cancelled the special meeting of stockholders, scheduled for December 27, 2024.