Director for Hallador Energy (HNRG) adds 55,555 shares via offering

Rhea-AI Filing Summary

Hallador Energy director Wesley Charles Ray IV reported an insider purchase of the company’s common stock. On January 14, 2026, an entity associated with him, the Charles R. Wesley IV Revocable Trust, purchased 55,555 shares of Hallador Energy common stock at $18 per share in connection with a firm commitment underwritten offering.

After this transaction, the trust held 323,469 common shares indirectly, while Wesley Charles Ray IV also held 93,862 common shares directly in his own name.

Insights

Equity governance analyst

Routine insider purchase via trust; administrative disclosure.

The filing shows Hallador Energy director Wesley Charles Ray IV reporting an indirect purchase of 55,555 common shares at $18 per share on January 14, 2026. The shares are held by the Charles R. Wesley IV Revocable Trust, indicating the position is structured through an associated entity rather than in his direct name.

Following the transaction, the trust is reported with 323,469 indirect shares, and he is shown with 93,862 direct shares of common stock. The transaction occurred in connection with a firm commitment underwritten offering, which ties the purchase to a broader capital markets activity rather than open-market buying. As a result, this appears to be a routine ownership update, with no explicit signals about changes to the company’s operations or outlook in this disclosure alone.

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^*

Wesley Charles Ray IV

(Last) (First) (Middle)

1700 LINCOLN STREET, SUITE 3475

(Street)

DENVER CO 80203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HALLADOR ENERGY CO [ HNRG ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/14/2026

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

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

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

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	01/14/2026		J		55,555(1)	A	$18	323,469	I	By the Charles R. Wesley IV Revocable Trust
Common Stock								93,862	D

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

Explanation of Responses:

1. On January 14, 2026, the Reporting Person purchased 55,555 shares of the Issuer's Common Stock in connection with a firm commitment underwritten offering.

	/s/ Charles R. Wesley, IV	01/16/2026
	** 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.
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FAQ

What insider transaction did Hallador Energy (HNRG) disclose in this Form 4?

The filing reports that director Wesley Charles Ray IV, through the Charles R. Wesley IV Revocable Trust, acquired 55,555 shares of Hallador Energy common stock on January 14, 2026 at $18 per share.

How many Hallador Energy (HNRG) shares did the trust hold after the transaction?

After the reported transaction, the Charles R. Wesley IV Revocable Trust beneficially owned 323,469 shares of Hallador Energy common stock indirectly.

Does Wesley Charles Ray IV hold Hallador Energy (HNRG) shares directly?

Yes. In addition to the indirect holdings via his revocable trust, the Form 4 shows that Wesley Charles Ray IV directly held 93,862 shares of Hallador Energy common stock following the reported transaction.

At what price were the Hallador Energy (HNRG) shares acquired in this filing?

The 55,555 Hallador Energy common shares reported in the transaction were acquired at a price of $18 per share.

What was the context of the Hallador Energy (HNRG) insider share purchase?

According to the explanation of responses, the 55,555 shares of Hallador Energy common stock were purchased on January 14, 2026 in connection with a firm commitment underwritten offering.

Is the Hallador Energy (HNRG) insider ownership reported as direct or indirect?

The 55,555-share purchase and the resulting 323,469 shares are reported as indirect ownership by the Charles R. Wesley IV Revocable Trust, while 93,862 shares are listed as direct ownership by Wesley Charles Ray IV.