Battalion Oil Corporation · AMEX:BATL
Battalion Oil — Investor Presentation (September 2026)
32 slides from Battalion Oil's investor presentation, September 2026
Slide 1: Positioned for Launch
BATTALION OIL CORPORATION A Company Transforming Positioned for Launch A rebuilt balance sheet, concentrated Permian locations, and a capital-efficient path to growth Investor Presentation | September 2026
Slide 2: Forward-Looking Statements & Non-GAAP Measures
IMPORTANT NOTICE Forward-Looking Statements & Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements that are intended to be covered by the safe harbor within the meaning of the Private Securities Litigation Reform Act of 1995 as stated in Section 27A of t
Slide 3: Battalion Oil Corporation: Delaware Pure Play
COMPANY OVERVIEW Battalion Oil Corporation: Delaware Pure Play Battalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Operations are concentrated in the Delaware Ba
Slide 4: Four Themes Define Where Battalion Stands Today
EXECUTIVE SUMMARY Four Themes Define Where Battalion Stands Today A rebuilt balance sheet, a high-graded core asset with operations enhanced, a funded growth engine, and real optionality beyond the drill bit — each backed by results already on the board. BALANCE SHEET REBUILT CORE ASSET HIGH-GRADED
Slide 5: Forward Guidance: Growth From Capital Program
EXECUTIVE SUMMARY: GUIDANCE Forward Guidance: Growth From Capital Program Liquidity provided by ATM allows for enhanced drilling program / operations, potential accretive acquisitions and preferred share retirement BATL 2027 projected guidance is funded by ATM. Without issuing ATM, 2026 Full Year &
Slide 6: From Rebuilding to Launch
EXECUTIVE SUMMARY: ILLUSTRATING THE TRANSFORMATION From Rebuilding to Launch Exceptional changes have taken place in the last 12 months that allow Battalion to launch and build significant shareholder value in the near term THEN (Q4 2025 or as noted) NOW (Q2 2026 or as noted) Stockholders' equity De
Slide 7: Four Deliberate Moves, One Playbook
EXECUTIVE SUMMARY: THE TURNAROUND Four Deliberate Moves, One Playbook Divest Non-Core, Invest in the Core Raise Capital & Delever Utilized the PIPE and ATM in order to materially change the Company’s financial position, Sold the West Quito Draw assets (~6,100 net acres, ~10% of year-end 2025 proved
Slide 8: Major Milestones — From January 2026
EXECUTIVE SUMMARY: THE TURNAROUND Major Milestones — From January 2026 Dynamic shifts from Q4 2025 through Q2 2026 with continued momentum Debt Reduction / Increased Liquidity Jan 2026 Mar 31, 2026 Apr 2026 Jun 30, 2026 Recent BATL Debt Reduction / Increased Liquidity Cost Reduction and Flow Assuran
Slide 9: Debt Refinancing & Liquidity
BALANCE SHEET REBUILT Debt Refinancing & Liquidity Refinance with Fortress as Lead Lender – Long term partnership with banking group that supports BATL strategy of execution and accretive transactions 2026 TERM LOAN AGREEMENT — KEY TERMS NET DEBT ($MM) $180.2 Principal $162.5 million (no new cash bo
Slide 10: Monument Draw: The Core of Battalion is a Proven Resource Runway
CORE ASSET HIGHGRADED Monument Draw: The Core of Battalion is a Proven Resource Runway Location Ward / Winkler County, Texas — Delaware Basin (Permian Basin) Target zones Multi-bench stacked pay across the Primary Benches: 3rd Bone Spring, Wolfcamp A, and Wolfcamp B formations Additional significant
Slide 11: Monument Draw: The Core of Battalion is a Proven Asset
CORE ASSET HIGHGRADED Monument Draw: The Core of Battalion is a Proven Asset A deep, multi-bench inventory on a still-substantial acreage position — now paired with a partner-funded drilling program Monument Draw WCA Single Well IRR % Multi-Bench Well Inventory Remains Deep Booked SEC PUD and PUD+ l
Slide 12: Capital-Efficient and Enhanced Economic Growth: The JEDA
GROWTH ENGINE Capital-Efficient and Enhanced Economic Growth: The JEDA On May 27, 2026, Battalion entered a Joint Exploration and Development Agreement (“JEDA”) with an experienced energy investment firm — a structure designed to grow Monument Draw while a non-operating partner funds its proportiona
Slide 13: Progress Update in Monument Draw Development
GROWTH ENGINE Progress Update in Monument Draw Development Four well pad is currently favorable from both a capital and cycle time perspective with first production anticipated in Q1 2027 4-Well JEDA pad location close to existing infrastructure Cumulative days vs. depth on the pad shows BATL being
Slide 14: Monument Draw: Increasing SEC Proven Reserves to be a Key Focus
GROWTH ENGINE Monument Draw: Increasing SEC Proven Reserves to be a Key Focus Plan to drill with 1-rig in 2026 and 2027, potentially increasing to 2-rigs in 2028 allows for 2 – 3x increase in SEC proved reserves due to activity plan under 5-year rule 1P + 2P +3P Reserves Summary1 Gross Net Net Oil N
Slide 15: Operations and Marketing Contracts / Takeaway Secured
OPERATIONS ENHANCED Operations and Marketing Contracts / Takeaway Secured Central production facility and compression improvements complete – Able to run multiple rig program with no restriction or curtailment and improved netbacks Long term Midstream agreement Finalizing new pipeline agreement TOTA
Slide 16: Q2 2026 Operating Results
OPERATIONS ENHANCED Q2 2026 Operating Results PRODUCTION (Boe/d) LEASE OPERATING + WORKOVER EXPENSE ($/Boe) 12,407 $12.86 12,989 11,207 $10.98 $8.69 +10% Q4 2025/Q2 2026 −33% Q4 2025/Q2 2026 Q2 2025 Q4 2025 Q2 2026 Q2 2025 Q4 2025 Q2 2026 Revenue of $48.1 million in Q2 2026 vs. $42.6 million in Q2 2
Slide 17: Judicious Use of the ATM
FUNDING THE PLAN Judicious Use of the ATM1 Disciplined equity issuance has funded deleveraging and preferred simplification — with remaining capacity limited and disclosed Equity Raised To Date Remaining Capacity, By The Numbers Cumulative issuance since the ATM launched, May 2026 Authorized common
Slide 18: Cumulative Shares (ATM and Total Volume)
Cumulative Shares (ATM and Total Volume) 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 0 7/30/2026 FUNDING THE PLAN 7/31/2026 8/1/2026 8/2/2026 8/3/2026 8/4/2026 8/5/2026 BATTALION OIL CORPORATION | INVESTOR UPDATE 8/6/2026 8/7/2026 8/8/2026 8/9/2026 8/1
Slide 19: Unlocking Owned and Under-Utilized Assets in the AI Age
NEW VALUE CREATION INITIATIVES Unlocking Owned and Under-Utilized Assets in the AI Age Battalion’s legacy ownership of assets across West Texas yield exceptional opportunities to increase shareholder value Data Center and Power Generation Potential BATTALION OIL HACKBERRY DRAW INFRASTRUCTURE AND ASS
Slide 20: Why Battalion's West Texas Position Is Advantaged
ADDITIONAL DILIGENCE HIGHLIGHTS Why Battalion's West Texas Position Is Advantaged Supplemental findings on acreage configuration, mineral control, permitting, environmental status, gas supply, and terrain Large, Contiguous Acreage with Mineral Rights Secured by HBP Data Center Time-to-Permit Direct
Slide 21: 2026 Focus and Priorities to Increase Common Shareholder Value
EXECUTIVE SUMMARY: STRATEGY & OUTLOOK 2026 Focus and Priorities to Increase Common Shareholder Value EXECUTE — bring the initial JEDA four-well pad online in Q1 2027; subsequent tranches to build on the strength of early results OPERATIONAL EXCELLENCE — increase proved reserves, add additional bench
Slide 22: The Next Chapter Is Growth
EXECUTIVE SUMMARY: INVESTMENT SUMMARY The Next Chapter Is Growth Battalion spent the past year and a half rebuilding the balance sheet, high-grading the portfolio, and lowering the cost of capital. The next chapter is growing Monument Draw and consolidating the basin. $74.2MM 1.36x $88.4MM 300+ 1.5
Slide 23: Appendix
APPENDIX Non-GAAP reconciliations and supplemental financial statements BATTALION OIL CORPORATION | INVESTOR UPDATE 23
Slide 24: 2026 Capital Markets Activity
BALANCE SHEET 2026 Capital Markets Activity DATE TRANSACTION DETAIL VALUE Mar 3 Private placement 1,800,000 shares + 927,273 prefunded warrants at $5.50/sh $15.0MM gross Mar 19 RoadRunner (Sundown) acquisition 485,000 shares issued for 7,090 net acres adjacent to Monument Draw at $12.98/sh ~$6.3MM,
Slide 25: Hedge Book Locks In Cash Flows
RISK MANAGEMENT Hedge Book Locks In Cash Flows Term Loan Agreement requirement: hedge approximately 80-85% of anticipated oil and natural gas production, on a rolling four-year basis. HEDGE POSITIONS AS OF 9/15/2026 (FIXED SWAPS & COLLARS — EXCLUDES BASIS SWAPS / WTI ROLL) CRUDE OIL ($/BBL) NATURAL
Slide 26: NYSE American Listing Compliance
BALANCE SHEET NYSE American Listing Compliance May 2025 Jun 2025 Mar 2026 Jun 2026 Sep 2026 NYSE American notice of non-compliance Compliance plan submitted to NYSE Stockholders' equity reaches $203.1 million, NYSE American confirms Battalion has with continued listing standards (Sections American b
Slide 27: Monument Draw: The Core of Battalion is a Proven Asset
REGIONAL DEVELOPMENT AND RECENT WELL RESULTS IN THE CORE AREA Monument Draw: The Core of Battalion is a Proven Asset Basin Activity Progression Pre-2014 Pre-2017 Pre-2020 Gross EUR PV10 Gross EUR PV10 Gross EUR PV10 Category / Area Gas % ROI (x) Category / Area Gas % ROI (x) Category / Area Gas % RO
Slide 28: Q2 2026 Financial Results
FINANCIAL RESULTS Q2 2026 Financial Results ADJUSTED EBITDA ($MM) PER-SHARE RESULTS, Q2 2026 vs. Q2 2025 $18.1 Q2 2026 Q2 2025 Net income (loss) avail. to common $9.1MM $(3.5)MM $12.3 Diluted EPS, as reported $0.34 $(0.21) Adjusted net loss avail. to common¹ $(4.9)MM $(10.6)MM Adjusted diluted loss
Slide 29: Condensed Statements of Operations (Unaudited)
APPENDIX Condensed Statements of Operations (Unaudited) $ in thousands, except per-share amounts Q2 2026 Q2 2025 6mo 2026 6mo 2025 Total operating revenues 48,129 42,812 87,303 90,287 Total operating expenses 41,348 42,965 82,656 87,049 Income (loss) from operations 6,781 (153) 4,647 3,238 Net gain
Slide 30: Condensed Balance Sheets (Unaudited)
APPENDIX Condensed Balance Sheets (Unaudited) $ in thousands Assets 6/30/26 12/31/25 Liabilities & Equity 6/30/26 12/31/25 Cash and cash equivalents 83,097 27,965 Total current liabilities 49,080 63,641 Total current assets 107,488 57,164 Long-term debt, net 156,208 180,955 Net oil & natural gas pro
Slide 31: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation $ in thousands Q2 2026 Q2 2025 6mo 2026 6mo 2025 Net income (loss), as reported 15,508 4,796 (40,969) 10,819 Interest expense 5,124 7,341 10,965 14,530 Depletion, depreciation & accretion 12,222 13,939 24,584 27,019 Stock-based compensation 421 — 421 48 Intere
Slide 32: Positioned for Launch
BATTALION OIL CORPORATION A Company Transforming Positioned for Launch A rebuilt balance sheet, concentrated Permian locations, and a capital-efficient path to growth Investor Presentation | September 2026
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