Deals - Acquisition, Mergers, Divestitures

Battalion terminated its merger with Fury Resources

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   |    Wednesday,December 04,2024

Battalion (BATL) terminated its merger with Fury Resources after Fury failed to deliver equity financing and close. The Dec 27, 2024 special meeting was cancelled.

Why it fell apart

• Fury “was not able to meet the obligations and close.”

• Multiple amendments were made over the past year.

• Preferred holders (Luminus, Gen IV, Oaktree) had agreed to contribute their preferred into Fury, but Fury still couldn’t evidence the additional equity needed.

Ops update (what matters)

• Monument Draw: new 2-well pad is ahead of plan on cycle time and budget.

• Vermejo wells: came online; IP30 = 1,211 Boe/d, 84% oil with capital < $950/ft.

  • Quick calc: ~1,017 bbl/d oil, ~194 Boe/d non-oil (≈ 1.16 MMcf/d gas-equiv at 6:1; note this bucket may include NGLs).

• AGI facility: >5.1 Bcf treated to date; >30 MMcf/d peak daily volumes. JV ramping toward full inlet capacity; a second AGI well is permitted, drilled, completed—next steps under evaluation.

What to watch / questions for mgmt

• Termination economics: any breakup fee, expense reimbursement, or other remedies? (Not mentioned.)

• Liquidity & runway now that the merger cash isn’t coming—capex cadence, hedge book, and covenant headroom.

• AGI throughput path to steady-state and impact on uptime/realizations.

• Well costs: with “<$950/ft” cited, where do full-cycle D&C costs land by lateral length, and what’s the payback at current strip?

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