Battalion Oil Corporation
Battalion Oil Announces Amendment to Merger Agreement with Fury Resources
Summary
On February 16, 2024, Battalion Oil Corporation announced a Third Amendment to its Merger Agreement with Fury Resources, Inc. The amendment provides flexibility to Fury Resources to deposit funds into the escrow account at its discretion and removes certain termination rights from Battalion Oil, contingent upon Fury Resources providing evidence of securing aggregate financing of at least $200,000,000 by April 10, 2024. The amendment also modifies the amount of the Company Termination Fee based on whether Fury Resources completes the Full Escrow Funding.
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About Battalion Oil Corporation
Battalion Oil Corporation is a U.S.-based energy company specializing in the exploration and production of hydrocarbon resources. Its primary function is to identify, develop, and extract crude oil and natural gas reserves, focusing predominantly on the onshore regions within the United States, particularly the Permian Basin—a region known for its significant oil and gas prospects. Battalion Oil Corporation plays a crucial role in the energy sector by contributing to the domestic supply of energy commodities, which are integral to various industries ranging from manufacturing to transportation. The company is involved in the upstream segment of the energy market, dealing with the initial stages of energy production. This involves seeking new resource deposits, drilling, and bringing oil and gas to the surface, which subsequently supply refineries and other downstream operations. Battalion Oil Corporation's activities are pivotal in supporting the energy needs of local and international markets, influencing energy prices, and impacting the overall energy independence of the United States.
Official SEC Documents
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