Fury Resources to Acquire Battalion Oil for $450 Million, Expanding Delaware Basin Production Assets.

Fury Resources, a privately held exploration and production company, has agreed to acquire Battalion Oil in a deal worth around $450m. Battalion Oil, an upstream company focused on the liquids-rich assets in the Delaware Basin in the US, had an average daily net production of 12,717 barrels of oil equivalent per day (Boe/d), of which 46% was oil, while its total operating revenue during the period was $54.1m. As part of the deal, shareholders of Battalion Oil will be paid $9.8 per share in cash. The preferred stock of battalion Oil owned by Luminus Management and funds and accounts managed by Oaktree Capital Management or their respective affiliates will be transferred to Fury Resources. The transfer involves either receiving new preferred shares of Fury Resources in exchange or selling them to the company for cash.