Battalion Oil (NYSE: BATL) holder discloses major stock sales and 23.2% stake

Rhea-AI Filing Summary

Battalion Oil Corporation’s major shareholder group has updated its ownership and recent trading activity. Gen IV Investment Opportunities, LSP Generation IV, LSP Investment Advisors and Paul Segal now report beneficial ownership of 5,513,648 Battalion Oil common shares, representing 23.20% of the class based on 18,256,563 shares outstanding and shares issuable from multiple Series A preferred stock series.

The position consists entirely of common stock issuable upon conversion or redemption of Series A, A-1, A-2, A-3 and A-4 preferred shares; no common stock is held directly. On March 25, 2026 a reporting person sold 2,369,769 common shares at $5.8206 per share for an aggregate $13,793,477. On March 26, 2026 an entity over which Paul Segal has investment authority received an in‑kind distribution of 639,648 common shares and sold those shares at $5.9075 per share for an aggregate $3,778,721.

This amendment also adds Paul Segal as a reporting person and notes that, as President of Gen IV, he has authority to direct the disposition of shares held by Gen IV. The group states there were no other transactions in Battalion Oil common stock during the past 60 days apart from those described.

Insights

Equity ownership and governance analyst

Large Battalion Oil holder discloses a 23.2% stake and sizable recent stock sales while retaining significant exposure via convertible preferred shares.

The reporting group led by Gen IV Investment Opportunities and related entities now reports beneficial ownership of 5,513,648 Battalion Oil common shares, equal to 23.20% of the company’s common stock when including shares issuable from several Series A preferred classes. The preferred holdings give them substantial ongoing influence without holding common stock directly.

The amendment details two notable transactions: on March 25, 2026, a reporting person sold 2,369,769 common shares at $5.8206 per share for $13,793,477, and on March 26, 2026 an entity over which Paul Segal has investment authority received and then sold 639,648 shares at $5.9075 per share for $3,778,721. Paul Segal is added as a reporting person and identified as Gen IV’s President, clarifying who can direct dispositions. Future company filings may show whether additional conversions or sales change this 23.2% stake.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

Battalion Oil Corporation

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

02081G102

(CUSIP Number)

Jeffrey Wade
c/o Gen IV Investment Opportunities, LLC, 250 West 55th Street, 31st Floor
New York, NY, 10019
212-615-3456

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

03/25/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 02081G102

1

Name of reporting person

GEN IV INVESTMENT OPPORTUNITIES, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,513,648.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,513,648.00

11

Aggregate amount beneficially owned by each reporting person

5,513,648.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.20 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The number of shares reported above includes (i) 0 shares of common stock, par value $0.0001 per share (the "Common Stock") owned directly by Gen IV Investment Opportunities, LLC ("Gen IV"), (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV.

SCHEDULE 13D

CUSIP Number(s): 02081G102

1

Name of reporting person

LSP GENERATION IV, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,513,648.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,513,648.00

11

Aggregate amount beneficially owned by each reporting person

5,513,648.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.20 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The number of shares reported above includes (i) 0 shares of Common Stock owned directly by Gen IV, (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV.

SCHEDULE 13D

CUSIP Number(s): 02081G102

1

Name of reporting person

LSP INVESTMENT ADVISORS, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,513,648.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,513,648.00

11

Aggregate amount beneficially owned by each reporting person

5,513,648.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.20 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The number of shares reported above includes (i) 0 shares of Common Stock owned directly by Gen IV, (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV.

SCHEDULE 13D

CUSIP Number(s): 02081G102

1

Name of reporting person

Paul Segal

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,513,648.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,513,648.00

11

Aggregate amount beneficially owned by each reporting person

5,513,648.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

23.20 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The number of shares reported above includes (i) 0 shares of Common Stock owned directly by Gen IV, (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Battalion Oil Corporation
(c)	Address of Issuer's Principal Executive Offices: 820 Gessner Road, Suite 1100, Houston, TEXAS , 77024.
Item 1 Comment: The following constitutes Amendment No. 7 ("Amendment No. 7") to the Schedule 13D filed by the undersigned with the Securities and Exchange Commission (the "SEC") on October 18, 2019 (the "Original Schedule 13D"), as amended by Amendment No. 1 thereto, filed with the SEC on March 30, 2023, Amendment No. 2 thereto, filed with the SEC on September 8, 2023, Amendment No. 3 thereto, filed with the SEC on December 19, 2023, Amendment No. 4 thereto, filed with the SEC on March 29, 2024, Amendment No. 5 thereto, filed with the SEC on May 15, 2024,and amendment No. 6 thereto, filed with the SEC on June 20, 2024 (collectively, the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 7 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 7 shall have the meanings herein as are ascribed to such terms in the Schedule 13D.
Item 2.	Identity and Background
(a)	Item 2(a) is hereby amended by adding the following as a Reporting Person: (iv) Paul Segal
(b)	Item 2(b) is hereby replaced in its entirety by the following: The business address of Mr. Segal and each of the other Reporting Persons is 250 West 55th Street, 31st Floor, New York, New York, 10019.
(c)	Item 2(c) is hereby amended by adding the following: Mr. Segal is the President of Gen IV, and as such has the authority to direct the disposition of the shares held by Gen IV.
(d)	Item 2(d) in the Original 13D remains accurate after the addition of Mr. Segal as a Reporting Person.
(e)	Item 2(e) in the Original 13D remains accurate after the addition of Mr. Segal as a Reporting Person.
(f)	Item 2(f) is hereby replaced in its entirety by the following: Each of the entities who are Reporting Persons is a limited liability company organized under the laws of the state of Delaware. Mr. Segal is a citizen of the United States.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is amended to incorporate the information below: On March 25, 2026, the Reporting Person sold 2,369,769 shares of Common Stock of the Issuer for $5.8206 per share, for an aggregate price of $13,793,477. On March 26, another entity over which Mr. Segal has investment authority received a distribution-in-kind of 639,648 shares of Common Stock of the Issuer. On March 26, 2026, that entity sold 639,648 shares of Common Stock of the Issuer, for $5.9075 per share, for an aggregate price of $3,778,721.
Item 5.	Interest in Securities of the Issuer
(a)	The information required by Item 5 (a) is set forth in rows 11 and 13 on the cover pages of this Amendment No. 7 for each Reporting Person and is incorporated by reference in its entirety into this Item 5(a).
(b)	The information required by Item 5 (b) is set forth in rows in rows 7, 8, 9, and 10 on the cover pages of this Amendment No. 7 for each Reporting Person and is incorporated by reference in its entirety into this Item 5(b).
(c)	Except as described in this Amendment No. 7, none of the Reporting Persons has effected any transactions in the Common Stock of the Issuer during the past 60 days.
(d)	No one other than the Reporting Person has the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, any of the Common Stock beneficially owned by the Reporting Person as described in this Item 5.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.2 Joint Filing Agreement, dated March 27, 2026, by and among the Reporting Persons.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

GEN IV INVESTMENT OPPORTUNITIES, LLC

Signature:	/s/ Jeffrey Wade
Name/Title:	Jeffrey Wade Chief Compliance Officer
Date:	03/27/2026

LSP GENERATION IV, LLC

Signature:	/s/ Jeffrey Wade
Name/Title:	Jeffrey Wade Chief Compliance Officer
Date:	03/27/2026

LSP INVESTMENT ADVISORS, LLC

Signature:	/s/ Jeffrey Wade
Name/Title:	Jeffrey Wade Chief Compliance Officer and Associate General Counsel
Date:	03/27/2026

Paul Segal

Signature:	/s/ Paul Segal
Name/Title:	Paul Segal
Date:	03/27/2026

Comments accompanying signature:

Reporting Person/Group Name: Paul Segal

FAQ

What ownership stake in Battalion Oil (BATL) does the Gen IV group report?

The reporting group led by Gen IV reports beneficial ownership of 5,513,648 shares of Battalion Oil common stock, representing 23.20% of the class. This percentage is based on 18,256,563 shares outstanding plus shares issuable from several Series A preferred stock series.

How is the 23.20% Battalion Oil (BATL) ownership percentage calculated?

The 23.20% stake is calculated using 18,256,563 Battalion Oil common shares outstanding as of March 18, 2026, plus shares issuable upon conversion or redemption of Series A, A‑1, A‑2, A‑3 and A‑4 preferred stock owned directly by Gen IV Investment Opportunities.

What recent Battalion Oil (BATL) stock sales did the Gen IV group disclose?

They disclosed selling 2,369,769 Battalion Oil common shares on March 25, 2026 at $5.8206 per share for $13,793,477. On March 26, 2026 an entity over which Paul Segal has investment authority sold 639,648 shares at $5.9075 per share for $3,778,721.

Does the Gen IV group directly hold Battalion Oil (BATL) common stock?

The filing states that the reported holdings include 0 shares of common stock owned directly by Gen IV. Instead, all beneficial ownership comes from common shares issuable upon conversion or redemption of various Series A preferred stock classes held by Gen IV.

What role does Paul Segal play in the Battalion Oil (BATL) reporting group?

Paul Segal is added as a Reporting Person and is identified as the President of Gen IV. In that role, he has authority to direct the disposition of Battalion Oil shares held by Gen IV and is associated with an entity that sold shares on March 26, 2026.

Were there other recent Battalion Oil (BATL) trades by the Gen IV group?

The group states that, except for the March 25, 2026 and March 26, 2026 transactions described, none of the reporting persons has effected any transactions in Battalion Oil common stock during the past 60 days. This indicates no additional recent trading activity was reported in this amendment.

What formal agreement supports joint reporting of Battalion Oil (BATL) holdings?

The amendment references Exhibit 99.2, a Joint Filing Agreement dated March 27, 2026 among the reporting persons. This agreement formalizes their decision to file jointly regarding their Battalion Oil common stock holdings and related transactions as required under beneficial ownership rules.