Each one in plain English, with the numbers worked through for a shareholder.
7 Aug 2026capital raising announcement▲ GoodMajor
Battalion bought out preferred holder Gen IV Investment Opportunities entirely: it repurchased Gen IV's Series A and Series A-1 preferred shares for $19.0 million cash, while Gen IV converted its remaining Series A-1/A-2/A-3/A-4 preferred into about 3.49 million common shares - after which Gen IV holds no preferred stock at all. Gen IV also agreed to a 12-month voting-support and lock-up commitment, meaningfully simplifying Battalion's capital structure.
Luminus converted 7,803 shares of its Series A-2 Preferred (issued Dec. 2023) into 1.8 million common shares at a $6.21 conversion price, mechanically shrinking the preferred overhang from the 2023-2024 insider financing rounds.
13 Mar 2026capital raising announcement▲ GoodMajor
Battalion agreed to buy about 7,090 net acres in Ward County, Texas from RoadRunner Resource Holding (formerly its JV partner Sundown Energy), paying entirely in stock - 485,000 restricted shares - rather than cash.
Battalion raised $15.0 million from an outside institutional investor (via placement agent Roth Capital Partners) - 1.8 million shares plus pre-funded warrants at $5.50/share - its first real outside-investor capital raise since the Fury Resources deal collapsed, signaling renewed market access beyond the insider-preferred lifeline.
The insider group bought yet another $19.5 million of new Series A-4 Preferred Stock on the same terms, the fourth such round in eight months, underscoring how dependent Battalion had become on its three largest shareholders for liquidity while the Fury Resources take-private talks dragged on.
The same three insider shareholders bought a further $19.5 million of new Series A-3 Preferred Stock on the same terms, again to cover working capital and debt service - a third insider-funded round (a Series A-2 round, not covered here, fell between the two).
Battalion Oil raised $37.05 million selling new Series A-1 Redeemable Convertible Preferred Stock to its three largest shareholders - Luminus, Oaktree and LSP Investment Advisors, whose designees hold half the board - for general working capital and scheduled debt payments, the start of a run of insider-funded preferred rounds that would recur through 2024.
26 Jan 2017capital raising announcement▲ GoodMajor
Post-bankruptcy Halcón raised $400 million in a private placement of new 8% automatically-convertible preferred stock (convertible into ~55 million common shares at $7.25/share) to help fund its acquisition of 20,748 net acres in the Southern Delaware Basin's Pecos County - the company's first major post-restructuring growth move.
Halcón capped off its April 2015 balance-sheet overhaul: it priced a new $700 million offering of 8.625% second-lien notes due 2020 (to repay its revolver and fund operations) and exchanged a further $25.0 million of notes held by Pioneer Investments funds for about 14.8 million shares - bringing the month's total debt-for-equity exchanges to roughly $252 million, a scale of restructuring that would not be enough to avoid Chapter 11 fifteen months later.
J.P. Morgan Securities exchanged $40.0 million of Halcón's 8.875% senior notes due 2021 for about 22.2 million shares, a third exchange in the same program.
Goldman Sachs Asset Management funds exchanged a further $70.7 million of the same 9.75% notes for about 38.8 million shares, continuing the exchange program.
Two Franklin Templeton-advised funds agreed to exchange $116.5 million of Halcón's 9.75% senior notes due 2020 for about 65.5 million new shares (~$1.78/share) - the opening move in a month-long series of debt-for-equity swaps as the company worked to cut its note load ahead of its eventual 2016 bankruptcy.
