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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