Oaktree group details 40.8% Battalion Oil (BATL) stake and SEC settlement

Rhea-AI Filing Summary

Oaktree-affiliated entities report a significant ownership position in Battalion Oil Corporation’s common stock. OCM HLCN Holdings, L.P. and related Oaktree/Brookfield OCM entities beneficially own 12,437,521 shares of Battalion Oil common stock, representing 40.82% of the class. This total includes 3,988,089 outstanding common shares and 8,446,746 shares issuable upon conversion of various series of Preferred Stock held by OCM HLCN, calculated against 22,018,849 common shares outstanding as of May 8, 2026. Brookfield Corporation and BAM Partners Trust now report zero beneficial ownership and are no longer acting together with the Oaktree parties. The amendment also notes that Oaktree Capital Management L.P. settled an SEC investigation regarding reporting under Sections 13(d) and 16(a) of the Exchange Act, agreeing to a cease-and-desist order and a $375,000 penalty.

Insights

Equity ownership & governance analyst

Oaktree’s group maintains about 41% economic exposure while Brookfield exits the reporting group and an SEC reporting case is settled.

The filing shows OCM HLCN and related Oaktree/Brookfield OCM vehicles beneficially own 12,437,521 Battalion Oil shares, or 40.82% of the common stock. This figure blends 3,988,089 existing common shares with 8,446,746 shares issuable from multiple series of Preferred Stock, using 22,018,849 common shares outstanding as of May 8, 2026 as the base.

Economically, this confirms a large, concentrated sponsor position that can influence corporate decisions through voting and conversion rights. The amendment also clarifies that Brookfield Corporation and BAM Partners Trust now report zero beneficial ownership and are no longer acting together with the Oaktree parties, simplifying the disclosed group structure.

Separately, Oaktree Capital Management L.P., an affiliate, resolved an SEC investigation into filing timeliness under Sections 13(d) and 16(a) and related rules. In a settled proceeding, it agreed to a cease-and-desist order and a $375,000 penalty without admitting or denying findings. This addresses a compliance matter around ownership and insider reporting, while the disclosed Battalion Oil stake and preferred share convertibility remain key structural features for investors evaluating control dynamics.

Key Figures

Beneficial ownership: 12,437,521 shares Ownership percentage: 40.82% Shares outstanding baseline: 22,018,849 shares +5 more

8 metrics

Beneficial ownership 12,437,521 shares Shares of Battalion Oil common stock beneficially owned by reporting persons

Ownership percentage 40.82% Percent of Battalion Oil common stock class represented by 12,437,521 shares

Shares outstanding baseline 22,018,849 shares Battalion Oil common shares outstanding as of May 8, 2026 per Form 10-Q

Convertible preferred into common 8,446,746 shares Common shares issuable upon conversion/redemption of Preferred Stock held by OCM HLCN

Direct common shares held 3,988,089 shares Battalion Oil common stock directly held by OCM HLCN

SEC civil penalty $375,000 Penalty Oaktree Capital Management L.P. agreed to pay in settled SEC proceeding

Series A-2 preferred conversion 2,622,685 shares Common shares issuable from Series A-2 Preferred Stock held by OCM HLCN

Separately managed account 2,686 shares Additional Battalion Oil common shares held in a separately managed account

Key Terms

beneficially owns, Preferred Stock, Sections 13(d) and 16(a), cease and desist, +2 more

6 terms

beneficially owns financial

"The responses of the Reporting Persons to rows (11) and (13) on the cover pages..."

Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.

Preferred Stock financial

"The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock..."

Preferred stock is a type of ownership in a company that typically offers investors higher and more consistent dividend payments than common stock. Unlike regular shares, preferred stock usually doesn’t come with voting rights but provides a priority claim on the company’s assets and profits, making it a more stable and predictable investment option. This makes preferred stock attractive to those seeking steady income with lower risk.

Sections 13(d) and 16(a) regulatory

"to resolve an investigation involving Sections 13(d) and 16(a) of the Securities Exchange Act of 1934..."

cease and desist regulatory

"agreed to cease and desist from committing or causing any violations and any future violations of Sections 13(d) and 16(a)..."

Schedule 13D regulatory

"The following constitutes Amendment No. 6 ("Amendment No. 6") to the filed by the undersigned..."

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

conversion Ratios financial

"are currently convertible, based on their respective Conversion Ratios previously disclosed in Item 6 of the (as amended)..."

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 6)

Battalion Oil Corporation

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

40537Q803

(CUSIP Number)

Richard Ting
Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor
Los Angeles, CA, 90071
(213) 830-6300

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

05/13/2026

(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): 40537Q803

1

Name of reporting person

OCM HLCN Holdings, L.P.

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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN Holdings, L.P. ("OCM HLCN"). All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Quarterly Report on Form 10-Q filed by the Issuer with the SEC on May 13, 2026 (the "10-Q"), plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Oaktree Fund GP, 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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Oaktree Fund GP I, L.P.

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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Oaktree Capital I, L.P.

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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Brookfield OCM Holdings II, 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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Brookfield OCM Holdings, 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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Brookfield Oaktree Holdings, 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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Oaktree Capital Group Holdings GP, 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)

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 12,437,521.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 12,437,521.00

11

Aggregate amount beneficially owned by each reporting person

12,437,521.00

12

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

13

Percent of class represented by amount in Row (11)

40.82 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The reported securities include 8,446,746 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 22,018,849 shares of Common Stock outstanding as of May 8, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on May 13, 2026, plus 8,446,746 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

Brookfield Corporation

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)

5

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

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

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

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 40537Q803

1

Name of reporting person

BAM Partners Trust

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)

5

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

6

Citizenship or place of organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

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

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value 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. 6 ("Amendment No. 6") to the Schedule 13D filed by the undersigned with the SEC October 22, 2019 (the "Original Schedule 13D"), as amended by Amendment No. 1 thereto, filed with the SEC on March 31, 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 and Amendment No. 5 thereto, filed with the SEC on May 15, 2024 (collectively, the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 6 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 6 shall maintain the meanings herein as are ascribed to such terms in the Schedule 13D.
Item 2.	Identity and Background
(e)	Item 2(e) is hereby amended and restated in its entirety as follows: On September 25, 2024, the SEC accepted an offer by Oaktree Capital Management L.P., an affiliate of the Reporting Persons, to resolve an investigation involving Sections 13(d) and 16(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rules 13d-2 and 16a-3 thereunder, which require certain investors that beneficially own the registered equity securities of a public company to file reports with the SEC of their beneficial ownership in the equity of the company, including changes in their beneficial ownership, within specified timeframes. Oaktree Capital Management L.P. cooperated immediately and fully with the SEC's investigation, and, without admitting or denying the SEC's findings, in a settled proceeding agreed to cease and desist from committing or causing any violations and any future violations of Sections 13(d) and 16(a) of the Exchange Act and Rules 13d-2 and 16a-3 thereunder and to pay a $375,000 penalty.
Item 5.	Interest in Securities of the Issuer
(a)	Items 5(a)-(c) of Schedule 13D are hereby amended and restated as follows and set forth in subsections (b) and (c) hereof: The responses of the Reporting Persons to rows (11) and (13) on the cover pages of this Schedule 13D are incorporated by reference into this Item 5(a). OCM HLCN directly holds 3,988,089 shares of Common Stock and beneficially owns 8,446,746 shares of Common Stock issuable upon conversion of the Preferred Stock directly held by OCM HLCN. In this regard, the shares of the Series A Preferred Stock, Series A-1 Preferred Stock, Series A- 2 Preferred Stock, Series A-3 Preferred Stock, and Series A-4 Preferred Stock (collectively, the "Preferred Stock") directly held by OCM HLCN are currently convertible, based on their respective Conversion Ratios previously disclosed in Item 6 of the Schedule 13D (as amended), into 1,180,359, 1,981,179, 2,622,685, 1,303,401 and 1,359,122 shares of Common Stock, respectively. The reported amount includes an additional 2,686 shares of Common Stock held in a separately managed account managed by an affiliate of the Reporting Persons. Each of the Reporting Persons may be deemed to share the power to vote or dispose of the reported securities, but the filing of this statement shall not be deemed an admission of beneficial ownership for purposes of Section 13(d) or Section 13(g) or for any other purpose.
(b)	The responses of the Reporting Persons to rows (7) through (10) on the cover pages of this Schedule 13D and the information set forth in Item 5(a) hereof are incorporated by reference into this Item 5(b).
(c)	Except as reflected herein, the Reporting Persons have not effected any transactions in the shares of Common Stock during the prior 60 days.
(e)	Item 5(e) of the Schedule 13D is hereby amended and restated as follows: Brookfield and BAM Partnership, which previously reported together with OCM HLCN, GP, GP I, Capital I, Holdings II, Holdings, BOH and OCGH GP (the "Oaktree Parties") have been determined to no longer act together with the Oaktree Parties, and therefore have ceased to be the beneficial owner of more than five percent of the securities covered by this Schedule 13D.

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.

OCM HLCN Holdings, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Oaktree Fund GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Oaktree Fund GP I, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Oaktree Capital I, L.P.

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Brookfield OCM Holdings II, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Brookfield OCM Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Brookfield Oaktree Holdings, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Oaktree Capital Group Holdings GP, LLC

Signature:	/s/ Henry Orren
Name/Title:	Henry Orren / Managing Director
Date:	05/15/2026

Brookfield Corporation

Signature:	/s/ Swati Mandava
Name/Title:	Swati Mandava / Managing Director, Legal & Regulatory
Date:	05/15/2026

BAM Partners Trust

Signature:	/s/ Kathy Sarpash
Name/Title:	Kathy Sarpash / Secretary
Date:	05/15/2026

Comments accompanying signature:

OCM HLCN HOLDINGS, L.P., By: Oaktree Fund GP, LLC Its: General Partner, By: Oaktree Fund GP I, L.P. Its: Managing Member. OAKTREE FUND GP, LLC, By: Oaktree Fund GP I, L.P. Its: Managing Member. BAM PARTNERS TRUST, by its trustee, BAM Class B Partners, Inc.

FAQ

What percentage of Battalion Oil (BATL) shares do the Oaktree-related entities report owning?

The reporting Oaktree-related entities disclose beneficial ownership of 12,437,521 Battalion Oil common shares, representing 40.82% of the class. This stake combines currently outstanding common stock and shares issuable upon conversion of preferred stock held by OCM HLCN Holdings, L.P.

How is the 40.82% Battalion Oil (BATL) ownership by Oaktree entities composed?

The group’s 40.82% beneficial stake includes 3,988,089 Battalion Oil common shares and 8,446,746 shares issuable upon conversion of several series of Preferred Stock. These conversion figures rely on previously disclosed conversion ratios referenced in the Schedule 13D, as amended.

What share count did Battalion Oil (BATL) use to calculate Oaktree’s ownership percentage?

The ownership percentage is based on 22,018,849 Battalion Oil common shares outstanding as of May 8, 2026, as disclosed in the company’s Form 10-Q. The calculation then adds 8,446,746 shares issuable from preferred stock to determine beneficial ownership.

Did Brookfield Corporation and BAM Partners Trust retain any Battalion Oil (BATL) ownership?

Brookfield Corporation and BAM Partners Trust each report 0 shares beneficially owned and 0% of the class. The filing states they no longer act together with the Oaktree parties and have ceased to be beneficial owners of more than five percent of the securities covered.

What SEC action involving Oaktree Capital Management L.P. is described in the Battalion Oil (BATL) filing?

The document notes the SEC accepted an offer from Oaktree Capital Management L.P. to resolve an investigation into Sections 13(d) and 16(a) and related rules. In a settled proceeding, Oaktree agreed to cease and desist and to pay a $375,000 civil penalty.

Have Oaktree-related entities traded Battalion Oil (BATL) shares recently?

The filing states that, except as reflected in the document, the reporting persons have not effected any transactions in Battalion Oil common stock during the prior 60 days. This language signals no additional disclosed trading activity in that recent period.