Battalion Oil Corporation Announces Termination of Merger Agreement with Fury Resources, Inc. and Provides Operations Update
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 20 2024
0mins
Should l Buy BATL?
Source: Newsfilter
Merger Agreement Termination: Battalion Oil Corporation has terminated its Merger Agreement with Fury Resources due to Fury's inability to meet financial obligations and close the transaction, despite multiple amendments and commitments from preferred equity holders.
Operational Update: Battalion has successfully initiated a drilling campaign, with new wells exceeding production expectations, and its acid gas injection facility treating significant volumes of sour gas while preparing for further developments.
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Analyst Views on BATL
About BATL
Battalion Oil Corporation is an independent energy company. It is focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the United States. Its properties and drilling activities are focused on the Delaware Basin. Its principal properties consist of leasehold interests in developed and undeveloped oil and natural gas properties and the reserves associated with these properties. Its working interests in over 40,476 net acres in the Delaware Basin are in Pecos, Reeves, Ward and Winkler Counties, Texas. This resource play is characterized by high oil and liquids-rich natural gas content in thick, continuous sections of source rock that can provide repeatable drilling opportunities and significant initial production rates. Its primary targets in this area are the Wolfcamp and Bone Spring formations. It has approximately 91 operated wells producing in this area in addition to minor working interests in 13 non-operated wells.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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