Battalion Oil Corp Reports Board and Officer Changes

Ticker: BATL · Form: 8-K · Filed: Sep 23, 2024 · CIK: 1282648

Sentiment: neutral

Topics: leadership-change, officer-appointment, director-election

TL;DR

Battalion Oil Corp reshuffled its board and officers on Sept 19th. New exec comp details out.

AI Summary

Battalion Oil Corporation announced on September 19, 2024, changes in its board and officer appointments. The filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory arrangements for key executives. These changes are effective as of September 19, 2024.

Why It Matters

Changes in corporate leadership and officer appointments can signal shifts in company strategy, operational focus, or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in board and officer composition can indicate internal shifts or strategic realignments that may carry inherent risks.

Key Players & Entities

FAQ

What specific roles have been affected by the officer and director changes at Battalion Oil Corp?

The filing indicates changes related to the 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers,' suggesting multiple roles have been impacted, though specific names and roles are not detailed in this excerpt.

When were these changes in leadership and officer appointments effective?

The changes reported in this 8-K filing were effective as of September 19, 2024.

What is the primary business of Battalion Oil Corp?

Battalion Oil Corp operates in the Crude Petroleum & Natural Gas industry, with SIC code 1311.

Has Battalion Oil Corp undergone previous name changes?

Yes, Battalion Oil Corp was formerly known as Halcon Resources Corp (name change effective 20120209), Ram Energy Resources Inc (name change effective 20060518), and Tremisis Energy Acquisition Corp (name change effective 20040304).

Where is Battalion Oil Corp headquartered?

Battalion Oil Corp is headquartered in Houston, Texas, with its business address at 820 Gessner Road, Suite 1100, Houston, TX 77024.

Filing Stats: 1,935 words · 8 min read · ~6 pages · Grade level 18.5 · Accepted 2024-09-23 16:30:42

Key Financial Figures

Filing Documents

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Merger Incentive Plan On September 19, 2024, Battalion Oil Corporation (the " Company ") adopted a Merger Incentive Plan (the " Plan "), in the form previously authorized and approved by the Company's compensation committee and the board of directors of the Company, to provide for grants of compensatory awards to eligible employees of the Company, including the Company's executive officers (each, a " Participant "). The Plan, which has an end date of December 31, 2025, provides for an Equity Grant Value Pool (further described below), of which a percentage interest maybe granted and allocated in accordance with the Plan and at the discretion of the Company's Chief Executive Officer (the " Administrator ") to Participants, in the form of Equity Grant Units. A total of 229,022 Equity Grant Units may be granted and allocated to Participants pursuant to the Plan. Following the adoption of the Plan, each of the executive officers of the Company named below, entered into individual award agreements, pursuant to the Plan, and the Company allocated and granted to such executive officers, the following: (a) 50,385 Equity Grant Units representing approximately 22% of the Equity Grant Value Pool to Matthew B. Steele; and (b) 18,322 Equity Grant Units representing approximately 8% of the Equity Grant Value Pool, to each of Daniel P. Rohling and Walter R. Mayer.

Forward-Looking Statements

Forward-Looking Statements All statements and assumptions in this communication that do not directly and exclusively relate to historical facts could be deemed "forward-looking statements." Forward-looking statements are often identified by the use of words such as "anticipates," "believes," "estimates," "expects," "may," "could," "should," "forecast," "goal," "intends," "objective," "plans," "projects," "strategy," "target" and "will" and similar words and terms or variations of such. These statements represent current intentions, expectations, beliefs or projections, and no assurance can be given that the results described in such statements will be achieved. Forward-looking statements include, among other things, statements about the potential benefits of the proposed transaction; the prospective performance and outlook of the Company's business, performance and opportunities; the ability of the parties to complete the proposed transaction and the expected timing of completion of the proposed transaction; as well as any assumptions underlying any of the foregoing. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of the Company's control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) the failure to receive, on a timely basis or otherwise, the required approvals of the proposed transaction by the Company's stockholders; (iii) the possibility that any or all of the various conditions to the consummation of the proposed transaction may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations

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