Battalion Oil Corporation

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Ademi LLP is investigating Battalion (NYSE American: BATL) for possible breaches of fiduciary duty and other violations of law in its transaction with Fury Resources.

In the transaction, Battalion stockholders will receive only $9.80 per share in cash (the “Merger Consideration”), which represents a total transaction value of approximately $450 million. The transaction agreement unreasonably limits competing transactions for Battalion by imposing a significant penalty if Battalion accepts a competing bid. Battalion insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Battalion’s board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.