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BATL on NYSE

BATTALION OIL CORP

American crude petroleum and natural gas company based in Houston2

In its 2026 annual report the company says: “We are an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. Our properties and drilling activities are currently focused in the Delaware Basin, where we have an extensive drilling inventory that we believe offers attractive long-term economics. Our working interests in 39,968 net acres in the Delaware Basin as of December 31, 2025 are in Pecos, Reeves, Ward and Winkler Counties, Texas.”5 Its shares trade on NYSE under the symbol BATL.2

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Last updated Oct 21, 2026.

Overview

Compare with SandRidge Energy, DORCHESTER MINERALS, L.P. or PRIMEENERGY RESOURCES CORP, or pick any stock.

  • TickerBATL on NYSE2
  • IndustryCrude Petroleum & Natural Gas2
  • HeadquartersHouston, United States2
  • Incorporated inDE3
  • Business address820 Gessner Road, Suite 1100, Houston, Tx 770243
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI3XHTN2NNIMMPORDAMJ282
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CAPITOL SERVICES, INC., 19901 Dover, United States2
  • Registered withDivision of Corporations, Department of State, 37614522

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We are an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich oil and natural gas assets in the U.S. Our properties and drilling activities are currently focused in the Delaware Basin, where we have an extensive drilling inventory that we believe offers attractive long-term economics.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-4.0%Operating margin6
7.2%Net margin6
-14.6%Revenue growth, 20256

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Oil brought in 87% of the revenue BATTALION OIL CORP broke down this way in fiscal 2025.

  1. Oil$143.0M687%down 18% from 2024
  2. Natural Gas Liquids (NGL)$18.3M611%down 12% from 2024
  3. Natural gas$3.7M62%up 266% from 2024
Products and services by year
Products and services20242025
Oil$174.6M$143.0M
Natural Gas Liquids (NGL)$20.8M$18.3M
Natural gas-$2.2M$3.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs75¢$124.2M
  • Interest17¢$28.8M
  • Profit7¢$11.9M

Out of $165.0M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$39.1M

Out of $39.1M of cash from operations.6

Financial statements

Revenue789106$165.0M in 2025+12% since 2020
0$100.0M$200.0M$300.0M$400.0M2020: $146.8M$146.8M20202021: $284.2M$284.2M2021+94%2022: $357.4M$357.4M2022+26%2023: $218.5M$218.5M2023−39%2024: $193.2M$193.2M2024−12%2025: $165.0M$165.0M2025−15%
Operating income789106-$6.6M in 2025−97% since 2020
-$400.0M-$200.0M0$200.0M2020: -$261.8M-$261.8M20202021: $103.4M$103.4M20212022: $152.1M$152.1M2022+47%2023: $17.6M$17.6M2023−88%2024: -$11.7M-$11.7M20242025: -$6.6M-$6.6M2025−43%
Net income789106$11.9M in 2025
-$300.0M-$200.0M-$100.0M0$100.0M2020: -$229.7M-$229.7M20202021: -$28.3M-$28.3M2021−88%2022: $18.5M$18.5M20222023: -$3.0M-$3.0M20232024: -$31.9M-$31.9M2024+946%2025: $11.9M$11.9M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Total oil, natural gas and natural gas liquids sales$165.0M$193.2M
Other$1.1M$677.0K
Total operating revenues$166.0M$193.9M
Lease operating$44.8M$45.3M
Workover and other$6.5M$5.2M
Taxes other than income$9.8M$11.2M
Gathering and other$43.7M$54.1M
General and administrative$14.6M$18.4M
Depletion, depreciation and accretion$52.1M$52.9M
Asset impairment$1.1M$18.5M
Total operating expenses$172.7M$205.6M
Loss from operations-$6.6M-$11.7M
Net gain on derivative contracts$45.3M$2.3M
Interest expense and other-$26.7M-$15.0M
Loss on extinguishment of debt-$7.5M
Total other income (expenses)$18.5M-$20.1M
Income (loss) before income taxes$11.9M-$31.9M
Income tax benefit (provision)$0$0
Net income (loss)$11.9M-$31.9M
Preferred dividends-$48.7M-$32.2M
Net loss available to common stockholders-$36.8M-$64.1M
Basic (in dollars per share)-$2.24-$3.90
Diluted (in dollars per share)-$2.24-$3.90
Basic (in shares)16.5M shares16.5M shares
Diluted (in shares)16.5M shares16.5M shares

Compare BATTALION OIL CORP with another company

Corporate structure

BATTALION OIL CORP sits at the top of its group. 11 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BATTALION OIL CORP

  • BATTALION OIL CORP Houston, Texas, United States
    • Battalion Energy Holdings, LLC. Subsidiary · Delaware, United States
    • Battalion Oil Management, Inc. Subsidiary · Delaware, United States
    • HALCON HOLDINGS, LLC Subsidiary · Houston, Texas, United States
    • Halcon Operating Co., Inc. Subsidiary · Houston, Texas, United States
    • Halcón Energy Properties, Inc. Subsidiary · Delaware, United States
    • Halcón Field Services, LLC Subsidiary · Delaware, United States
    • Halcón Holdings, LLC Subsidiary · Delaware, United States
    • Halcón Operating Co., Inc. Subsidiary · Texas, United States
    • Halcón Permian, LLC Subsidiary · Delaware, United States
    • Wink Amine Treater Holdings, LLC Subsidiary · Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BATTALION OIL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$2.8M6 Dec 31, 2025$2.5M6 Dec 31, 2024+14.3%
Property and equipment, net$1.9M6 Dec 31, 2025$2.2M6 Dec 31, 2024−15.3%
Operating-lease assets (leased space)$840.0K6 Dec 31, 2025$453.0K6 Dec 31, 2024+85.4%
Oil and gas properties$390.1M6 Dec 31, 2025$368.0M6 Dec 31, 2024+6.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.0M6 Dec 31, 2025$19.7M6 Dec 31, 2024+41.9%

Properties, in its own words

A description of our properties is included in Item 1. Business and is incorporated herein by reference.

We believe that we have satisfactory title to the properties owned and used in our business, subject to liens for taxes not yet payable, liens incident to minor encumbrances, liens for credit arrangements and easements and restrictions that do not materially detract from the value of these properties, our interests in these properties, or the use of these properties in our business. We believe that our properties are adequate and suitable for us to conduct business in the future.

Item 2 of the 10-K filed Mar 23, 2026.5

Leadership

Who has led BATTALION OIL CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Lawrence S. Coben2006
  2. Floyd C. Wilson2012–2018
  3. Richard H. Little2019–2023
  4. Matthew Steele2023–now

Chair

  1. Lawrence S. Coben2006
  2. Floyd C. Wilson2012–2018

President

  1. Floyd C. Wilson2012–2018
  2. Stephen W. Herod2012–2016

Chief financial officer

  1. John M. Longmire2006–2007
  2. George Leslie Austin2008–2012
  3. Mark Mize2012–2019
  4. Ragan T. Altizer2019–2020
  5. Kristen McWatters2023

Chief operating officer

  1. Charles E. Cusack Iii.2013–2016
  2. Daniel P. Rohling2019–now
2010201520202025
Board members and other officers (55)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Battalion Energy Holdings, LLC. Delaware4
  • Battalion Oil Management, Inc. Delaware4
  • Halcón Energy Properties, Inc. Delaware4
  • Halcón Field Services, LLC Delaware4
  • Halcón Holdings, LLC Delaware4
  • Halcón Operating Co., Inc. Texas4
  • Halcón Permian, LLC Delaware4
  • Wink Amine Treater Holdings, LLC Texas4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • HALCON RESOURCES CORPFeb 9, 2012 to Dec 17, 20193
  • RAM ENERGY RESOURCES INCJan 20, 2006 to Jan 30, 20123
  • TREMISIS ENERGY ACQUISITION CORPMar 12, 2004 to May 17, 20063

Timeline

  1. Oct 1, 20268-K Executive or director change; Regulation FD disclosure80
  2. Sep 30, 20268-K Regulation FD disclosure81
  3. Sep 16, 20268-K Listing notice or transfer82
  4. Aug 12, 20268-K Results of operations; Other events83
  5. Aug 7, 20268-K Entered a material agreement; Unregistered sale of shares84
  6. Jul 1, 20268-K Entered a material agreement; Regulation FD disclosure85
  7. Jun 30, 20268-K Change of auditor86
  8. Jun 18, 20268-K Executive or director change87
  9. Jun 16, 20268-K Shareholder vote88
  10. May 13, 20268-K Results of operations; Other events89
  11. May 5, 20268-K Entered a material agreement90
  12. Apr 3, 20268-K Executive or director change91
  13. Apr 12, 2023New chief executive Matthew Steele becomes CEO14
  14. Jun 21, 2019New chief executive Richard H. Little becomes CEO15
  15. Feb 17, 2012New chief executive Floyd C. Wilson becomes CEO16
  16. Mar 24, 2006New chief executive Lawrence S. Coben becomes CEO17
  17. Feb 5, 2004Founded BATTALION OIL CORP is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202692

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results83
  2. May 13, 2026Reported quarterly or annual results89
  3. Mar 23, 2026Reported quarterly or annual results93
  4. Nov 13, 2025Reported quarterly or annual results94
  5. Aug 14, 2025Reported quarterly or annual results95
  6. May 14, 2025Reported quarterly or annual results96
  7. Mar 31, 2025Reported quarterly or annual results97
  8. Nov 12, 2024Reported quarterly or annual results98

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

288 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 76 major events, 75 insider forms, 33 large holders, 82 other. The latest 20:

  1. Oct 9, 20263 EDGAR
  2. Oct 1, 20268-K EDGAR
  3. Sep 30, 20268-K EDGAR
  4. Sep 23, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 16, 20268-K EDGAR
  6. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  7. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 17, 2026SCHEDULE 13D/A EDGAR
  10. Aug 14, 2026SCHEDULE 13G/A EDGAR
  11. Aug 12, 202610-Q EDGAR
  12. Aug 12, 20268-K EDGAR
  13. Aug 7, 2026SCHEDULE 13D/A EDGAR
  14. Aug 7, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Aug 7, 20268-K EDGAR
  16. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jul 17, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jul 1, 20268-K EDGAR

The 288 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 11 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 27, 2026Hinds Gregory S.DirectorBuy14,400$1.31$18.9KForm 4
Aug 26, 2026ROGERS WILLIAM DDirectorBuy70,000$1.30$91.0KForm 4
Aug 26, 2026Mayer Walter RSVP, General CounselSale6,479$1.30$8.4KForm 4
Mar 31, 2026Luminus Energy Partners Master Fund, Ltd.10% ownerSale1,209,377$3.98$4.8MForm 4
Mar 31, 2026LUMINUS MANAGEMENT LLC10% ownerSale1,209,377$3.98$4.8MForm 4
Mar 30, 2026Luminus Energy Partners Master Fund, Ltd.10% ownerSale681,105$5.59$3.8MForm 4
Mar 30, 2026LUMINUS MANAGEMENT LLC10% ownerSale681,105$5.59$3.8MForm 4
Mar 27, 2026Mayer Walter RSVP, General CounselSale4,777$6.00$28.7KForm 4
Mar 25, 2026LSP Investment Advisors, LLC10% ownerSale2,369,769$5.82$13.8MForm 4
Mar 25, 2026Rohling Daniel PChief Operating OfficerSale14,421$5.99$86.4KForm 4
Mar 25, 2026Martin Charles EVP, ControllerSale7,623$5.25$40.0KForm 4
Mar 24, 2026Rohling Daniel PChief Operating OfficerSale7,837$9.04$70.8KForm 4
Jun 10, 2022Andrews Richard KevinEVP, CFO and TreasurerBuy300$14.08$4.2KForm 4
Jun 9, 2022Little Richard HChief Executive OfficerBuy1,000$14.58$14.6KForm 4
Jun 8, 2022Rohling Daniel PChief Operating OfficerBuy1,500$15.10$22.6KForm 4
Jun 2, 2022Rohling Daniel PChief Operating OfficerBuy2,337$15.23$35.6KForm 4
Jun 1, 2022Andrews Richard KevinEVP, CFO and TreasurerBuy300$15.04$4.5KForm 4
Jun 1, 2022Little Richard HChief Executive OfficerBuy1,000$15.17$15.2KForm 4
Dec 8, 2021ROGERS WILLIAM DDirectorBuy2,000$10.59$21.2KForm 4
Dec 8, 2021Andrews Richard KevinEVP, CFO and TreasurerBuy200$10.43$2.1KForm 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Daniel P. Rohling42$367.5K$933.2K107
2025Matthew B. Steele47$367.5K$873.6K107
2025Walter R. Mayer50$284.4K$606.6K107
2024Executive VicePresident and Chief Operating Officer$356.6K$787.2K107
2024Chief Executive Officer$294.1K$662.7K107
2024Senior Vice PresidentGeneral Counsel & Corporate Secretary$284.4K$534.7K107

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$2.2M 2020–2020
Money received by yearMoney received by year, 2020–2020: $2.2M in all. PPP loans $2.2M.$0$1M$2M$3M2020 · PPP loans: $2.2M2020
Figures by year
YearPPP loansTotal
2020$2.2M$2.2M

PPP loans

Paycheck Protection Program loans of $150,000 and up, approved April 2020 to July 2021, from the SBA108. Matched to this company by name and state.

  1. Apr 10, 2020$2.2M PPP loan (first draw) from BMO Bank National Association108To BATTALION OIL CORPORATION, Houston TX; $2.1M forgiven Aug 16, 2021

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 41. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Oaktree Capital Management LP3,009,912$3.9M0.1%No change
Luminus Management LLC1,069,455$1.4M1.0%−937,053
BlackRock, Inc.746,048$977.3K0.0%+559,382
Vanguard Capital Management LLC698,754$915.4K0.0%+386,781
UBS Group AG320,704$420.1K0.0%+320,654
Utah Retirement Systems189,842$248.7K0.0%No change
Geode Capital Management, LLC117,245$153.7K0.0%+26,763
HighTower Advisors, LLC100,066$131.1K0.0%New
Vanguard Fiduciary Trust Co74,201$97.2K0.0%+35,751
Osaic Holdings, Inc.36,215$47.4K0.0%+25,432
State Street Corp33,906$44.4K0.0%No change
AlphaGrep UK Ltd32,508$42.6K0.0%+4,570
Bridgeway Capital Management, LLC31,100$40.7K0.0%+15,000
Susquehanna International Group, Llp28,865$37.8K0.0%New
Northern Trust Corp23,200$30.4K0.0%+5,973
Vanguard Personalized Indexing Management, LLC20,928$27.4K0.0%New
Two Sigma Investments, LP18,496$24.2K0.0%No change
B. Riley Wealth Advisors, Inc.15,000$21.3K0.0%New
Dimensional Fund Advisors LP14,691$19.3K0.0%No change
Engineers Gate Manager LP11,625$15.2K0.0%−44,804
MAI Capital Management11,164$14.6K0.0%New
Vanguard Global Advisers, LLC3,714$4.9K0.0%No change
Royal Bank Of Canada3,412$4.0K0.0%+92
Tower Research Capital LLC (TRC)2,986$3.9K0.0%+1,464
Jpmorgan Chase & Co1,435$2.0K0.0%+1,205

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How BATTALION OIL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBATTALION OIL CORP1
  • CIK0001282648
  • Employer ID (EIN)20-07006845
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address820 Gessner Road, Suite 1100, Houston, TX 770241
  • Phone832-538-03001
  • Shares outstanding57,282,155 as of Aug 10, 202612
  • Public float$5.0M as of Jun 30, 20255
  • AuditorDELOITTE & TOUCHE LLP, Houston, Texas PCAOB ID 34; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceMar 12, 20041
  • Filings1,693 in all: 4 (598), 8-K (341), 3 (88), 10-Q (61), SC 13D/A (61), CORRESP (41), 4/A (40), UPLOAD (40)1
    All 70 form types

    SC 13G/A (31), DEFA14A (30), SC 13G (30), 5 (24), DEF 14A (22), 10-K (20), SC 13D (18), EFFECT (17), 424B3 (13), S-8 (13), S-8 POS (13), 8-K/A (12), 425 (11), 3/A (10), PRER14A (10), 424B5 (9), S-3 (9), SCHEDULE 13D/A (9), S-1/A (8), S-3/A (8), 10-K/A (7), 10QSB (6), PRE 14A (6), S-3ASR (6), SC 13E3/A (6), 10-Q/A (5), DEF 14C (5), S-4 (5), 144 (4), PRE 14C (4), 10QSB/A (3), 25-NSE (3), 8-A12B (3), RW (3), S-4/A (3), 10KSB (2), 15-12G (2), 25 (2), CERTNYS (2), D (2), NT 10-Q (2), POS AM (2), PRER14C (2), S-1 (2), SCHEDULE 13G (2), 424B1 (1), 424B4 (1), 424B7 (1), 5/A (1), 8-A12G (1), ARS (1), CERT (1), D/A (1), DEFM14A (1), DEFM14C (1), FWP (1), PREM14A (1), PREM14C (1), SC 13E3 (1), SC 14F1 (1), SCHEDULE 13D (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 23, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock par value $0.0001BATLNYSE American

From the cover page of the 10-K filed Mar 23, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks BATTALION OIL CORP names in Item 1A of its 10-K filed Mar 23, 2026: 38 risks under these headings, as written.5

  • Financial and Liquidity Risk Factors
  • Oil, natural gas and NGLs and natural gas prices are volatile, and low prices could have a material adverse impact on our business.
  • We may have difficulty financing our planned capital expenditures which could adversely affect our growth.
  • Failure to comply with the covenants in our 2024 Amended Term Loan Agreement may limit our ability to borrow, result in an event of default and cause amounts outstanding under our 2024 Amended Term Loan Agreement to become immediately due and payable.
  • Unless we replace our reserves, our reserves and production will decline, which would adversely affect our financial condition, results of operations and cash flows.
  • We have substantial indebtedness and we may incur substantially more debt in the future. Higher levels of indebtedness make us more vulnerable to economic downturns and adverse developments in our business.
  • Estimates of proved oil and natural gas reserves involve assumptions and any material inaccuracies in these assumptions will materially affect the quantities and the value of our reserves.
  • We are subject to various contractual limitations that affect the discretion of our management in operating our business.
  • Federal legislation and rulemaking could have an adverse impact on our ability to use derivative instruments to reduce the effects of commodity prices, interest rates and other risks associated with our business.
  • We cannot be certain that the insurance coverage maintained by us will be adequate to cover all losses that may be sustained in connection with all oil and natural gas activities.
  • Our ability to use net operating loss carryforwards and realized built in losses to offset future taxable income for U.S. federal income tax purposes is subject to limitation.
  • We may be required to take non-cash asset write-downs.
The other 27 risks
  • Hedging transactions may limit our potential gains and increase our potential losses.
  • Operational Risk Factors
  • We are substantially dependent upon our drilling success on our Delaware Basin properties.
  • Our exploration and development drilling efforts and the operation of our wells may not be profitable or achieve our targeted rates of return.
  • Our financial results following the sale of our West Quito Assets may not be comparable to our historical financial results and historical trends may not be indicative of our future results.
  • Our ability to complete dispositions of assets, or interests in assets, may be subject to factors beyond our control, and in certain cases, we may be required to retain liabilities for certain matters.
  • Increasing attention to ESG matters may impact our business.
  • We could experience periods of higher costs for various reasons, including due to higher commodity prices, increased drilling activity in the Delaware Basin and trade disputes, tariffs or inflation that affect the costs of steel and other raw materials that we and our vendors rely upon, which could adversely affect our ability to execute our exploration and development plans on a timely basis and within budget.
  • We may not be able to drill wells on a substantial portion of our acreage.
  • Certain of our undeveloped leasehold acreage could expire if we are unable to meet continuous development clauses or similar provisions in our leases requiring development of our undeveloped acreage and/or maintaining production on units containing the acreage.
  • Our oil and natural gas activities are subject to various risks that are beyond our control.
  • Our ability to sell our production and/or receive market prices for our production may be adversely affected by transportation capacity constraints and interruptions.
  • Our strategy involves drilling in shale formations, using horizontal drilling and modern completion techniques. The results of our drilling program using these techniques may be subject to more uncertainties than conventional drilling programs. These uncertainties could result in an inability to meet our expectations for reserves and production.
  • Title to the properties in which we have an interest may be impaired by title defects.
  • We depend substantially on the continued presence of key personnel for critical management decisions and industry contacts.
  • Investment in Securities Risk Factors
  • There may be circumstances in which the interests of our significant stockholders could be in conflict with the interests of our other stockholders.
  • Future sales of our common stock in the public market or the issuance of securities senior to our common stock, or the perception that these sales may occur, could adversely affect the trading price of our common stock and our ability to raise funds in stock offerings.
  • Our stock price has been volatile, and you may not be able to resell our common stock at or above the price you paid.
  • Our failure to meet the continued listing requirements of NYSE American could result in a delisting of our common stock.
  • We may be unable to either redeem or pay cash dividends on the outstanding shares of our Redeemable Preferred Stock, resulting in increases in the liquidation preference of the Redeemable Preferred Stock and the right of the holders of the Redeemable Preferred Stock to receive a greater number of shares of our common stock in the event such holders elect to exercise their conversion rights. Consequently, the financial and voting interests in our Company of the holders of our common stock may be diluted.
  • Regulatory Risk Factors
  • We are subject to complex federal, state, local and other laws and regulations that frequently are amended to impose more stringent requirements that could adversely affect the cost, manner or feasibility of doing business.
  • Federal, state and local legislation and regulatory initiatives relating to hydraulic fracturing could result in increased costs and additional operating restrictions or delays.
  • Regulation related to global warming and climate change could have an adverse effect on our operations and demand for oil and natural gas.
  • Our operations substantially depend on the availability of water. Restrictions on our ability to obtain, dispose of or recycle water may impact our ability to execute our drilling and development plans in a timely or cost-effective manner.
  • Macroeconomic Risk Factors
  • Our business could be adversely impacted by events beyond our control, including economic downturns, inflation, tariffs, increases in interest rates, natural disasters, public health crises such as pandemics, political crises, geopolitical events such as the conflict in Venezuela, Russia and Ukraine and the Middle East, or other macroeconomic conditions, which have in the past and may in the future result in adverse operating and financial results.
  • A financial downturn could negatively affect our business, results of operations, financial condition and liquidity.
  • Cybersecurity Risk Factors
  • We depend on computer, telecommunications and information technology systems to conduct our business, and failures, disruptions, cyber-attacks or other breaches in data security could significantly disrupt our business operations, create liability and increase our costs.
  • expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any vulnerability to cyber-attacks.

Legal proceedings

A description of our legal proceedings is included in Item 8. Consolidated Financial Statements and Supplementary Data—Note 10, “Commitments and Contingencies,” and is incorporated herein by reference.

Under rules promulgated by the SEC, administrative or judicial proceedings arising under any federal, state or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment are disclosed if the governmental authority is party to such proceeding and the proceeding involves potential monetary sanctions of $300,000 or more. We are not party to any such proceedings.

The opening of Item 3, Legal Proceedings.5

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