NEW YORK, NY, December 18, 2023 – Shares in Battalion Oil Corporation (NYSE American: BATL) surged more than 80% on Friday after the company announced it has agreed to be acquired by Fury Resources, Inc. for $9.80 per share in cash, which represents a total transaction value of approximately $450 million. The transaction is expected to close in the first quarter of 2024.
Battalion’s CEO, Matt Steele, commented, “It has been a pleasure working with Avi Mirman and his team to get the transaction to this point. Avi has a plan to become a premier player in the Delaware Basin. With the additional investment capital provided by the transaction, the company will finally be in a position to fully develop the Battalion asset base and position the company, its investors, and its employees for success.”
Avi Mirman, Executive Chairman of the Board of Fury Resources, said, “We are excited to announce this transaction with Battalion and believe we are well positioned to drive value growth for our investors as we return the asset to active development. It has been a pleasure working with the Battalion team on this transaction, and we look forward to continuing that work as we move toward a successful close.
Battalion has had a turbulent year. In April, the company appointed a new CEO, Matt Steele, following the resignation of Richard Little. In November 2023, Battalion reported its Q3 financial results and attributed a net loss to production challenges. The company has experienced notable fluctuations in its stock performance throughout 2023. The stock’s year-high reached $12.37, while the year-low was at $4.86, indicating volatility in trading. Corporate developments and market dynamics contributed to varying stock prices during the year.
Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
About Fury Resources
Fury Resources, Inc. (“Fury Resources”) is a privately held exploration and production company focused on value creation through the acquisition and exploitation of assets in the Permian Basin. The team is comprised of core individuals who are long-term oil and gas veterans, and have in the past successfully grown Lilis Energy, Inc., a struggling $3MM market cap exploration and production company, to well over $550MM, by the acquisition, organic growth, and development of Permian Basin properties. With expertise and talent in the team, Fury Resources is positioned and capitalized to grow in the area organically and through future acquisitions. To learn more, visit Fury Resource’s website at www.furyresources.com.
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