Battalion Oil Corporation
Battalion Oil Corp Announces Third Amendment to Credit Agreement and Series A-3 Preferred Stock Transaction
Summary
On March 28, 2024, Battalion Oil Corporation announced the Third Amendment to its Credit Agreement, which amends the approved plan of development, removes certain tests, and requires additional equity capital. Simultaneously, on March 27, 2024, the company completed a private placement of 20,000 shares of Series A-3 Redeemable Convertible Preferred Stock for approximately $19.5 million. The Series A-3 Preferred Stock entitles holders to dividends at a rate of 14.5% per annum and includes conversion rights into Common Stock starting 120 days after the issuance date.
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Exhibits (4)
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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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