Hallador Energy Form 4: Director Reports 234,914 Shares Indirectly Held

Rhea-AI Filing Summary

Insider transaction summary: A reporting person associated with Hallador Energy Company executed both purchases and dispositions of the issuer's common stock. The filing shows an acquisition of 20,000 shares at $15.2702 per share and a disposition of 91,270 shares. After these reported transactions the reporting person is disclosed as beneficially owning 234,914 shares indirectly through the Charles R. Wesley IV Revocable Trust.

The filing identifies the reporting person as a director and indicates the indirect ownership arises from trust holdings, with the trustee may be deemed to have voting and dispositive power over those shares.

Positive

• Acquisition disclosed: Reporting person acquired 20,000 shares at $15.2702 per share
• Clear indirect ownership: Post-transaction beneficial ownership reported as 234,914 shares held via a revocable trust

Negative

• Large disposition disclosed: Reporting person disposed of 91,270 shares
• No explanatory context: Filing does not state reasons for the purchase or sale, limiting interpretability

Insights

Financial Analyst

TL;DR: Insider both bought 20,000 shares and sold 91,270 shares; net holdings reported as 234,914 shares held indirectly.

The transaction mix is a factual disclosure showing concurrent acquisition and disposition activity by a director-level reporting person. The purchase price of $15.2702 and the reported post-transaction indirect beneficial ownership of 234,914 shares are the key quantitative takeaways. This filing does not provide context such as the reason for the sales or purchases, nor does it include option exercise details. For investors, the material facts are the sizes and price of the trades and the ownership level held via the trust.

Corporate Governance Expert

TL;DR: Director-level reporting person transacted in company stock and reports indirect trust ownership; filing discloses voting/dispositive power by trustee.

The disclosure appropriately identifies the reporting person as a director and explains the indirect ownership arises through the Charles R. Wesley IV Revocable Trust, which may confer voting and dispositive power. The form notes both acquisition and disposition activity on the same report. The filing contains the trustee signature and the required explanation of the trust relationship; it does not include additional governance actions or other related-party arrangements.

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
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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)
08/19/2025

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	08/19/2025	08/19/2025	P		20,000	A	$15.2702	234,914	I	By the Charles R. Wesley IV Revocable Trust(1)
Common Stock								91,270	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. Mr. Wesley, as trustee of the Charles R. Wesley IV Revocable Trust, may be deemed to have voting and dispositive power as to the shares held by the trust.

	/s/ Charles R. Wesley, IV	08/19/2025
	** 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.

FAQ

What transactions did the Hallador Energy (HNRG) reporting person disclose?

The reporting person disclosed an acquisition of 20,000 common shares at $15.2702 and a disposition of 91,270 common shares.

How many Hallador Energy shares does the reporting person beneficially own after the transactions?

The filing reports 234,914 shares beneficially owned indirectly through the Charles R. Wesley IV Revocable Trust.

What is the reporting person's relationship to Hallador Energy (HNRG)?

The reporting person is identified as a director of Hallador Energy Company.

Is the reported ownership direct or indirect in the Form 4?

The ownership is reported as indirect, arising from shares held by the Charles R. Wesley IV Revocable Trust.

Does the filing explain voting or dispositive power over the shares?

Yes, the filing explains the trustee may be deemed to have voting and dispositive power over the trust-held shares.

Does the Form 4 include option, warrant, or derivative transactions?

No. The filing lists only non-derivative common stock acquisitions and dispositions; no derivative securities are reported.