BATL

EX-99.1

2 batl-20260513xex99d1.htm

EX-99.1

Exhibit 99.1

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Battalion Oil Corporation Announces First Quarter 2026 Financial and Operating Results

HOUSTON, TEXAS – May 13, 2026 – Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the first quarter of 2026.

Key Highlights

●The Company ended the quarter with positive equity of $157.1 million. This provides further basis for the Company to attain compliance with NYSE listing requirements

●Reduced net debt (gross debt less cash and reinvestment proceeds) to $108.3 million vs $180.2 million in Q4 2025

●Divested West Quito Assets for net proceeds of $60.1 million, utilizing $45.6 million to repay amounts outstanding under our Term Loan

●Executed a private placement to an institutional investor for purchase of common stock at $5.50 per share for total gross proceeds of $15.0 million

●Converted 7,803 shares of preferred stock to 1.8 million common shares at a conversion price of $6.21 per share

●Acquired 7,090 net acres and production directly adjacent to our Monument Draw asset for 485,000 shares of common stock

●Generated first quarter 2026 sales volumes of 12,578 barrels of oil equivalent per day (“Boe/d”) (47% oil), an increase from 11,207 Boe/d in Q4 2025

●Lease operating and workover expense per BOE reduced by ~24% vs Q4 2025

●Continued strategic negotiations related to refinancing, a carried drilling venture, and infrastructure to place Monument Draw oil production on a pipeline rather than trucking to sales

●“Cube” style development planned in additional proven benches to greatly expand inventory

Management Comments

The Company continues to make significant progress both operationally and strategically. Production volumes continue to benefit from the termination of the gas treating agreement and subsequent entry into a long-term treating agreement with a proven midstream partner. The sale of our West Quito Assets resulted in a substantial reduction of debt. The production impact of selling the assets was more than offset by increased flow in Monument Draw. Ongoing strategic negotiations should further improve the balance sheet, reduce operating costs and create outsized returns for our 2026 development plans.

“We continue to focus on improving our balance sheet and maximizing returns from our holdings in Monument Draw. Q1 2026 was an inflection point for the Company. The sale of our West Quito Assets transformed our leverage profile. Changing our gas midstream partner has been a gamechanger for the operational reliability of the Company. The team continued to improve field operations, lowering unit costs in all categories. Moving forward we are working to execute definitive documents for a refinancing, a carried drilling venture, and oil on pipe infrastructure. A refinancing will lower our cost to service debt as well as give additional flexibility for development of the asset base. The carried drilling

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deal will move the Company toward multiple bench “cube” style development that has been very successfully employed by offset operators. We expect to execute definitive documents and commence drilling in late Q2 2026. Transporting our crude to sales point via pipeline rather than trucking will both save money and reduce environmental exposure. This project is expected to come online in early Q3 2026 and save the Company up to $6 million annually. 2026 has been and continues to be a very exciting year for the Company,” said Matt Steele, Chief Executive Officer of Battalion.

Results of Operations

Average daily net production and total operating revenue during the first quarter of 2026 were 12,578 Boe/d (47% oil) and $39.2 million, respectively, as compared to production and revenue of 11,900 Boe/d (53% oil) and $47.5 million, respectively, during the first quarter of 2025. The decrease in revenues in the first quarter of 2026 as compared to the first quarter of 2025 is primarily attributable to a $9.73 decrease per Boe in average realized prices (excluding the impact of hedges) partially offset by an approximate 678 Boe/d increase in average daily production resulting from more consistent and reliable processing. Excluding the impact of hedges, Battalion realized approximately 97% of the average NYMEX oil price during the first quarter of 2026. Realized hedge losses totaled approximately $1.0 million during the first quarter of 2026.

Lease operating and workover expense was $9.82 per Boe in the first quarter of 2026 versus $11.01 per Boe in the first quarter of 2025. The decrease in lease operating and workover expense per Boe year-over-year is primarily the result of increased production and lower workover activity. Gathering and other expenses were $9.94 per Boe in the first quarter of 2026 versus $11.20 per Boe in the first quarter of 2025. The decrease in gathering and other expenses per Boe is primarily related to realized savings from capit

EX-99.1

2 batl-20260323xex99d1.htm

EX-99.1

Exhibit 99.1

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Battalion Oil Corporation Announces Fourth Quarter 2025 Financial and Operating Results

HOUSTON, TEXAS – March 23, 2026 – Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the “Company”) today announced financial and operating results for the fourth quarter of 2025.

Key Highlights

●Generated full-year sales volumes of 12,096 barrels of oil equivalent per day (“Boe/d”) (51% oil)

●Year-end 2025 proved reserves of approximately 59.7 million barrels of oil equivalent (“MMBoe”) with a standardized measure of discounted future net cash flows of approximately $343.5 million at SEC price deck ($66.01 WTI Oil, $3.39 HH Gas)

●Terminated GTA with AGI Facility; entered into a long-term agreement with large-cap midstream provider – achieved record throughput

●Production from core Monument Draw asset has increased by ~30% since early December 2025 with minimal capital investment due to increased gas treating capacity and reliability

●Completed the sale of our West Quito assets in February 2026 for net proceeds of $60.1 million (6.0 MMBoe, or approximately 10%, of our proved reserves at December 31, 2025)

●Prepaid $40.0 million in term loan debt during February 2026

●Closed a securities purchase agreement with an institutional investor to sell shares of common stock and warrants for gross proceeds of $15.0 million in March 2026

●Closed an acquisition of neighboring oil and gas assets, comprising 7,090 net acres, in Ward County in an all-stock transaction, subject to customary post-closing adjustments in March 2026

Management Comments

The Company has made significant progress both operationally and strategically. Gathering and general and administrative expenses have been reduced on a $/Boe basis. The termination of the gas treating agreement (“GTA”) and subsequent negotiation of a new long-term treating agreement allowed for curtailed volumes to be brought online and have resulted in substantial enhanced production reliability. The sale of common stock in the private placement and recent acquisition of contiguous acreage and production using Company common stock as consideration displays the future growth potential of the Company.

“We are excited to have successfully completed the divestiture of our West Quito assets and for entry into the securities purchase agreement, both of which resulted in significant additional capital. The all-stock acquisition of oil and gas assets in Ward County allows us to consolidate our contiguous acreage in Monument Draw and better positions us to maximize returns from our holdings, especially now that we have a reliable, long-term gas treating arrangement in the area,” said Matt Steele, Chief Executive Officer of Battalion.

Results of Operations

Average daily net production and total operating revenue during the fourth quarter of 2025 were 11,207 Boe/d (48% oil) and $32.3 million, respectively, as compared to production and revenue of 12,750 Boe/d

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(55% oil) and $49.7 million, respectively, during the fourth quarter of 2024. The decrease in revenues in the fourth quarter of 2025 as compared to the fourth quarter of 2024 is primarily attributable to an $11.54 decrease per Boe in average realized prices (excluding the impact of hedges) as well as an approximate 1,543 Boe/d decrease in average daily production. Ceased operations at the AGI Facility and related curtailments resulted in a decrease in average daily production of approximately 4,300 Boe/d for the fourth quarter of 2025. This temporary curtailment has ended and production has resumed under our new long-term treating agreement. Excluding the impact of hedges, Battalion realized approximately 97% of the average NYMEX oil price during the fourth quarter of 2025. Realized hedge gains totaled approximately $9.9 million during the fourth quarter of 2025.

Lease operating and workover expense was $12.86 per Boe in the fourth quarter of 2025 versus $11.26 per Boe in the fourth quarter of 2024. The increase in lease operating and workover expense per Boe year-over-year is primarily the result of increased repairs and maintenance expenses and higher power costs combined with decreased production. Gathering and other expenses were $10.27 per Boe in the fourth quarter of 2025 versus $10.45 per Boe in the fourth quarter of 2024. The decrease in gathering and other expenses per Boe is primarily related to progress made during 2025 at the central production facilities yielding lower labor and repair costs as well as increased throughput combined with favorable rates for treatment at alternative facilities once the AGI Facility ceased operations. General and administrative expenses were $4.42 per Boe in the fourth quarter of 2025 compared to $6.04 per Boe in the fourth quarter of 2024. The decrease in general and administrative expenses for the fourth quarter of 2025 is primarily due to lower merger and refinancing costs. Excluding non-recur