Luminus Management Decreases Stake in Battalion Oil Corp to 43.4% Following Distribution in Kind

Luminus Management, LLC and affiliated entities, including Luminus Energy Partners Master Fund, Ltd., filed a Schedule 13D/A regarding their holdings in Battalion Oil Corp (BATL). As of April 2, 2026, the reporting persons decreased their beneficial ownership to 14,132,184 shares, representing approximately 43.4% of the class. This reflects a reduction from the previously reported 14,511,743 shares (44.6%). The change was primarily driven by a distribution in kind of common stock to various feeder funds and affiliates. Specifically, on April 2, 2026, the Master Fund distributed 379,559 shares to certain certificate holders ('Non-Returners') who provided necessary information following a larger planned distribution of 5.2 million shares. The Master Fund continues to hold 1,145,542 'Segregated Shares' for the benefit of other Non-Returners but maintains voting and dispositive power over them. The total share count includes 1,626,949 shares held directly and over 12 million shares issuable upon the conversion or redemption of various series of Preferred Stock (Series A through A-4). Jonathan Barrett serves as the President and reporting person.