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BATTALION OIL CORP·4

Mar 27, 6:00 AM ET

LUMINUS MANAGEMENT LLC 4

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Battalion Oil (BATL) 10% Holder Luminus Management Distributes 4.05M

What Happened Luminus Management LLC, acting as investment manager for Luminus Energy Partners Master Fund (a reported 10% holder), reported a disposition on March 24, 2026 of 4,054,458 shares of Battalion Oil Corp (BATL) at $0.00 per share. The Form 4 indicates this was part of a distribution in kind from the Master Fund to feeder funds and affiliates, not an open-market sale — the reported $0 value reflects an in-kind transfer rather than cash proceeds.

Key Details

  • Transaction date: 2026-03-24; Form 4 filed: 2026-03-27. The filing shows the transaction as code "J" (other acquisition or disposition).
  • Shares transacted: 4,054,458 shares; price reported: $0.00 (in-kind distribution).
  • Filing does not specify resulting shares owned by Luminus Management/Master Fund after this transaction.
  • Footnote highlights: the Master Fund effected a distribution in kind to feeder funds and affiliates (reported allocations include LEP Onshore: 2,117,138; LEP Offshore via LILP: 2,641,190; LCP Onshore: 391,694; LCP Offshore: 91,930).
  • Segregated shares: 1,145,542 shares that certain certificate holders did not accept remain held by the Master Fund; the Fund retains voting/disposition power but states it has no economic interest in those shares and may later sell them on behalf of the holders or distribute them if holders provide information.
  • Reporting parties: Luminus Management LLC is the investment manager; Jonathan Barrett is named as the ultimate beneficial owner. They disclaim beneficial ownership except to the extent of pecuniary interest.

Context This filing reflects an institutional reorganization/distribution (fund-level in-kind distribution) rather than insider selling for cash. For retail investors, such transactions are generally administrative and do not necessarily signal management sentiment about the company's prospects. The Master Fund’s retention of voting/disposition power over certain "segregated" shares could lead to future market transactions if those shares are sold on behalf of non-responsive holders.