Battalion Oil Corporation
Battalion Oil Terminates Merger Agreement Due to Funding Failure
Summary
On April 16, 2024, Battalion Oil Corporation terminated the merger agreement with Fury Resources due to the latter's failure to provide sufficient evidence of funding by April 10, 2024. The company's board approved a fourth amendment to the merger agreement to accommodate Fury Resources' efforts to obtain equity financing, extending the deadline for such financing and setting new conditions for the merger's completion. This amendment also modified the terms of the limited guarantee provided by Fury Resources' chairman.
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Exhibits (3)
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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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