Battalion Oil Corporation Provides Financial Update
February 04 2021 - 04:30PM
Battalion Oil Corporation (NYSE American: BATL, “Battalion” or the
“Company”) is pleased to provide an update on its financial
position. In December, the Company completed the previously
disclosed sale of certain of its Northern West Quito Assets to
Point Energy Partners Operating, LLC for cash proceeds of $26.3
million, subject to customary post-closing adjustments. The
divested Northern West Quito Assets accounted for less than 5% of
the Company’s average daily net oil production during the quarter
ended September 30, 2020. As of December 31, 2020, the Company had
$31.6 million of liquidity consisting of $27.3 million available
under its revolving line of credit and $4.3 million of cash on
hand.
Richard Little, the Company’s Chief Executive
Officer, commented “The Northern West Quito sale significantly
enhanced our liquidity at year end and positioned us well to
execute on our 2021 plan. We remain focused on execution and
capital discipline as we look to grow the company while remaining
free cash flow positive. We are very pleased with the operational
progress made thus far in early 2021, and look forward to sharing
results of that hard work in the next quarter. “
In addition, Battalion plans to provide 2020
results and operational updates on the upcoming investor call
scheduled for March 9, 2021.
Forward Looking StatementsThis
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Statements
that are not strictly historical statements constitute
forward-looking statements. Forward-looking statements include,
among others, statements about anticipated production, liquidity,
capital spending, drilling and completion plans, and forward
guidance. Forward-looking statements may often, but not always, be
identified by the use of such words such as "expects", "believes",
"intends", "anticipates", "plans", "estimates", “projects”,
"potential", "possible", or "probable" or statements that certain
actions, events or results "may", "will", "should", or "could" be
taken, occur or be achieved. Forward-looking statements are based
on current beliefs and expectations and involve certain assumptions
or estimates that involve various risks and uncertainties that
could cause actual results to differ materially from those
reflected in the statements. These risks include, but are not
limited to, those set forth in the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2019 and other filings
submitted by the Company to the U.S. Securities and Exchange
Commission (“SEC”), copies of which may be obtained from the SEC's
website at www.sec.gov or through the Company's website at
www.battalionoil.com. Readers should not place undue reliance on
any such forward-looking statements, which are made only as of the
date hereof. The Company has no duty, and assumes no obligation, to
update forward-looking statements as a result of new information,
future events or changes in the Company's expectations.
About
Battalion
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.
ContactChris LangManager, Finance(832)
538-0551
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