Battalion Oil holder distributes 187,523 shares

The Master Fund retained voting and disposition power over remaining Segregated Shares held for certificate holders.

Rhea-AI Filing Summary

BATTALION OIL CORP (BATL) reported that Luminus Energy Partners Master Fund, Ltd., a ten-percent owner, distributed 187,523 shares of BATL common stock to certain certificate holders on September 21, 2026, who had provided the information needed to receive them. The distribution was part of an in-kind distribution previously made on March 24, 2026. The Master Fund held these shares for certificate holders who had not initially received them and had no economic interest in them, while retaining voting and disposition power over the Segregated Shares.

The reported post-transaction position was 881,932 shares. Separately, 20,966 Segregated Shares remained undistributed as of the report date. Luminus Management LLC served as investment manager, and Jonathan Dan Barrett, a director and ten-percent owner, was its ultimate beneficial owner; the reporting persons disclaimed beneficial ownership except to the extent of their pecuniary interests.

Insider Trade Summary

Other: 187,523 shares

Other 1 txn

Insider LUMINUS MANAGEMENT LLC, Luminus Energy Partners Master Fund, Ltd., Barrett Jonathan Dan

Role 10% Owner | 10% Owner | Director, 10% Owner

Type	Security	Shares	Price	Value
Other	Common Stock F1, F2, F3, F4, F5	187,523	$0.00	$0.00

Holdings After Transaction: Common Stock — 881,932 shares (Indirect, See Footnote)

Footnotes (5)

1. F1. As previously disclosed, on March 24, 2026, Luminus Energy Partners Master Fund, Ltd. ("Master Fund") effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock of the Issuer in the aggregate to: (i) its two feeder funds, Luminus Energy Partners QP, LP, a Delaware limited partnership ("LEP Onshore"), which received 2,117,138 Shares, and LEP Offshore (through LILP, an intermediary entity which received 2,641,190 Shares); and (ii) two affiliates that have economic interests in the Master Fund, namely LCP Onshore, which received 391,694 Shares, and LCP Offshore, which received 91,930 Shares. Each of the Funds had issued illiquid certificates to their respective investors on April 1, 2020.
2. F2. In connection with the distribution in kind, the Manager planned to distribute 5,200,000 shares of common stock. As Certificate Holders entitled to receive 1,145,542 shares of common stock (the "Segregated Shares") in the aggregate did not either (i) respond or provide the requisite information to the Fund's administrator and the Manager to receive the Segregated Shares, (ii) were unable to accept delivery of the Segregated Shares or (iii) chose not to participate in the distribution (such Certificate Holders being referred to as the "Non Returners"), the Master Fund continues to hold the Segregated Shares and retains both voting and disposition power over the Segregated Shares.
3. F3. The Master Fund, however, has no economic interest in the Segregated Shares as the Master Fund is holding the Segregated Shares for the benefit of the Non Returners. On September 21, 2026, the Master Fund distributed 187,523 shares of common stock to certain Non Returners who provided their information.
4. F4. As of the date of this report, 20,966 of the Segregated Shares remain undistributed. The Master Fund can, in its discretion, sell the Segregated Shares on behalf of the Non Returners and/or make one or more distribution in kind of the Segregated Shares to the Non Returners who provide their requisite information.
5. F5. Shares reported herein are held by the Master Fund for which Luminus Management, LLC serves as the investment manager. Jonathan Barrett is the ultimate beneficial owner of Luminus Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.

Key Figures

Shares distributed: 187,523 shares Reported post-transaction position: 881,932 shares Undistributed Segregated Shares: 20,966 shares +2 more

5 metrics

Shares distributed 187,523 shares Distributed to certain certificate holders on September 21, 2026

Reported post-transaction position 881,932 shares Common stock

Undistributed Segregated Shares 20,966 shares Remaining as of the report date

In-kind distribution 5,200,000 shares Aggregate distribution previously made on March 24, 2026

Segregated Shares 1,145,542 shares Aggregate shares to which Non Returners were entitled to receive

Key Terms

distribution in kind, Segregated Shares, pecuniary interest

3 terms

distribution in kind financial

"effected a distribution in kind of 5,200,000 shares"

Segregated Shares financial

"entitled to receive 1,145,542 shares in the aggregate"

pecuniary interest financial

"except to the extent of its or his pecuniary interest therein"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many BATL shares did Luminus Energy Partners Master Fund distribute?

Luminus Energy Partners Master Fund, Ltd. distributed 187,523 BATL common shares on September 21, 2026, to certain certificate holders who provided the information needed to receive them.

What was the reported post-transaction BATL share position?

The reported post-transaction position was 881,932 shares.

How many BATL Segregated Shares remained undistributed?

20,966 Segregated Shares remained undistributed as of the report date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/23/2026 - 04:02 PM Accepted by SEC EDGAR 09/23/2026 - 04:01 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LUMINUS MANAGEMENT LLC

(Last) (First) (Middle)

1811 BERING DRIVE

SUITE 400

(Street)

HOUSTON TEXAS 77057

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BATTALION OIL CORP [ BATL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/21/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/21/2026		J(1)(2)(3)		187,523	D	$0	881,932(4)	I	See Footnote(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

LUMINUS MANAGEMENT LLC

(Last) (First) (Middle)

1811 BERING DRIVE

SUITE 400

(Street)

HOUSTON TEXAS 77057

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Luminus Energy Partners Master Fund, Ltd.

(Last) (First) (Middle)

1811 BERING DRIVE

SUITE 400

(Street)

HOUSTON TEXAS 77057

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Barrett Jonathan Dan

(Last) (First) (Middle)

1811 BERING DRIVE

SUITE 400

(Street)

HOUSTON TEXAS 77057

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. As previously disclosed, on March 24, 2026, Luminus Energy Partners Master Fund, Ltd. ("Master Fund") effected a distribution in kind of 5,200,000 shares (the "Shares") of common stock of the Issuer in the aggregate to: (i) its two feeder funds, Luminus Energy Partners QP, LP, a Delaware limited partnership ("LEP Onshore"), which received 2,117,138 Shares, and LEP Offshore (through LILP, an intermediary entity which received 2,641,190 Shares); and (ii) two affiliates that have economic interests in the Master Fund, namely LCP Onshore, which received 391,694 Shares, and LCP Offshore, which received 91,930 Shares. Each of the Funds had issued illiquid certificates to their respective investors on April 1, 2020.

2. In connection with the distribution in kind, the Manager planned to distribute 5,200,000 shares of common stock. As Certificate Holders entitled to receive 1,145,542 shares of common stock (the "Segregated Shares") in the aggregate did not either (i) respond or provide the requisite information to the Fund's administrator and the Manager to receive the Segregated Shares, (ii) were unable to accept delivery of the Segregated Shares or (iii) chose not to participate in the distribution (such Certificate Holders being referred to as the "Non Returners"), the Master Fund continues to hold the Segregated Shares and retains both voting and disposition power over the Segregated Shares.

3. The Master Fund, however, has no economic interest in the Segregated Shares as the Master Fund is holding the Segregated Shares for the benefit of the Non Returners. On September 21, 2026, the Master Fund distributed 187,523 shares of common stock to certain Non Returners who provided their information.

4. As of the date of this report, 20,966 of the Segregated Shares remain undistributed. The Master Fund can, in its discretion, sell the Segregated Shares on behalf of the Non Returners and/or make one or more distribution in kind of the Segregated Shares to the Non Returners who provide their requisite information.

5. Shares reported herein are held by the Master Fund for which Luminus Management, LLC serves as the investment manager. Jonathan Barrett is the ultimate beneficial owner of Luminus Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.

	Luminus Management, LLC By: /s/ Jonathan Barrett Name: Jonathan Barrett Title: President	09/23/2026
	Luminus Energy Partners Master Fund, Ltd., By: Luminus Management, LLC, as manager By: /s/ Jonathan Barrett Name: Jonathan Barrett Title: President	09/23/2026
	By: /s/ Jonathan Barrett Name: Jonathan Barrett	09/23/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)