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Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
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X0202 SCHEDULE 13D/A 0000899140-19-000587 0001697367 XXXXXXXX LIVE 7 Common Stock, par value $0.0001 per share 03/25/2026 false 0001282648 02081G102 Battalion Oil Corporation 820 Gessner Road, Suite 1100 Houston TX 77024 Jeffrey Wade 212-615-3456 c/o Gen IV Investment Opportunities, LLC 250 West 55th Street, 31st Floor New York NY 10019 0001697367 N GEN IV INVESTMENT OPPORTUNITIES, LLC WC N DE 0.00 5513648.00 0.00 5513648.00 5513648.00 N 23.20 OO The number of shares reported above includes (i) 0 shares of common stock, par value $0.0001 per share (the "Common Stock") owned directly by Gen IV Investment Opportunities, LLC ("Gen IV"), (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV. 0001730248 N LSP GENERATION IV, LLC WC N DE 0.00 5513648.00 0.00 5513648.00 5513648.00 N 23.20 OO The number of shares reported above includes (i) 0 shares of Common Stock owned directly by Gen IV, (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV. 0001728850 N LSP INVESTMENT ADVISORS, LLC WC N DE 0.00 5513648.00 0.00 5513648.00 5513648.00 N 23.20 OO The number of shares reported above includes (i) 0 shares of Common Stock owned directly by Gen IV, (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV. 0001427470 N Paul Segal OO N X1 0.00 5513648.00 0.00 5513648.00 5513648.00 N 23.20 IN The number of shares reported above includes (i) 0 shares of Common Stock owned directly by Gen IV, (ii) 910,202 shares of Common Stock issuable upon conversion or redemption of 5,138 shares of Series A Preferred Stock issued to Gen IV pursuant to the Series A Purchase Agreement (as discussed in Item 3), (iii) 1,527,552 shares of Common Stock issuable upon conversion or redemption of 7,810 shares of Series A-1 Preferred Stock issued to Gen IV pursuant to the Series A-1 Purchase Agreement (as discussed in Item 3), (iv) 1,526,199 shares of Common Stock issuable upon conversion or redemption of 6,630 shares of Series A-2 Preferred Stock issued to Gen IV pursuant to the Series A-2 Purchase Agreement (as discussed in Item 3), (v) 758,632 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-3 Preferred Stock issued to Gen IV pursuant to the Series A-3 Purchase Agreement (as discussed in Item 3) and (vi) 791,063 shares of Common Stock issuable upon conversion or redemption of 3,789 shares of Series A-4 Preferred Stock issued to Gen IV pursuant to the Series A-4 Purchase Agreement (as discussed in Item 3). Neither the filing of this statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by any Reporting Person hereto that it is the beneficial owner of any Common Stock for purposes of Section 13(d) of the Act of 1934, as amended, or for any other purpose, and such beneficial ownership is hereby expressly disclaim Based on (i) 18,256,563 shares of Common Stock outstanding as of March 18, 2026, as reported in the Issuer's Form 10-K filed with the SEC on March 23, 2026 , plus, plus (ii) (a) 910,202 shares of Common Stock issuable upon conversion or redemption of the shares of Series A Preferred Stock owned directly by Gen IV, (b) 1,527,552 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-1 Preferred Stock owned directly by Gen IV, (c) 1,526,199 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-2 Preferred Stock owned directly by Gen IV, (d) 758,632 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-3 Preferred Stock owned directly by Gen IV and (e) 791,063 shares of Common Stock issuable upon conversion or redemption of the shares of Series A-4 Preferred Stock owned directly by Gen IV. Common Stock, par value $0.0001 per share Battalion Oil Corporation 820 Gessner Road, Suite 1100 Houston TX 77024 The following constitutes Amendment No. 7 ("Amendment No. 7") to the Schedule 13D filed by the undersigned with the Securities and Exchange Commission (the "SEC") on October 18, 2019 (the "Original Schedule 13D"), as amended by Amendment No. 1 thereto, filed with the SEC on March 30, 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, Amendment No. 5 thereto, filed with the SEC on May 15, 2024,and amendment No. 6 thereto, filed with the SEC on June 20, 2024 (collectively, the "Schedule 13D"). Except as specifically provided herein, this Amendment No. 7 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 7 shall have the meanings herein as are ascribed to such terms in the Schedule 13D. Item 2(a) is hereby amended by adding the following as a Reporting Person: (iv) Paul Segal Item 2(b) is hereby replaced in its entirety by the following: The business address of Mr. Segal and each of the other Reporting Persons is 250 West 55th Street, 31st Floor, New York, New York, 10019. Item 2(c) is hereby amended by adding the following: Mr. Segal is the President of Gen IV, and as such has the authority to direct the disposition of the shares held by Gen IV. Item 2(d) in the Original 13D remains accurate after the addition of Mr. Segal as a Reporting Person. Item 2(e) in the Original 13D remains accurate after the addition of Mr. Segal as a Reporting Person. Item 2(f) is hereby replaced in its entirety by the following: Each of the entities who are Reporting Persons is a limited liability company organized under the laws of the state of Delaware. Mr. Segal is a citizen of the United States. Item 3 of the Schedule 13D is amended to incorporate the information below: On March 25, 2026, the Reporting Person sold 2,369,769 shares of Common Stock of the Issuer for $5.8206 per share, for an aggregate price of $13,793,477. On March 26, another entity over which Mr. Segal has investment authority received a distribution-in-kind of 639,648 shares of Common Stock of the Issuer. On March 26, 2026, that entity sold 639,648 shares of Common Stock of the Issuer, for $5.9075 per share, for an aggregate price of $3,778,721. The information required by Item 5 (a) is set forth in rows 11 and 13 on the cover pages of this Amendment No. 7 for each Reporting Person and is incorporated by reference in its entirety into this Item 5(a). The information required by Item 5 (b) is set forth in rows in rows 7, 8, 9, and 10 on the cover pages of this Amendment No. 7 for each Reporting Person and is incorporated by reference in its entirety into this Item 5(b). Except as described in this Amendment No. 7, none of the Reporting Persons has effected any transactions in the Common Stock of the Issuer during the past 60 days. No one other than the Reporting Person has the right to receive, or the power to direct the receipt of, dividends from, or the proceeds from the sale of, any of the Common Stock beneficially owned by the Reporting Person as described in this Item 5. Not applicable. Exhibit 99.2 Joint Filing Agreement, dated March 27, 2026, by and among the Reporting Persons. GEN IV INVESTMENT OPPORTUNITIES, LLC /s/ Jeffrey Wade Jeffrey Wade Chief Compliance Officer 03/27/2026 LSP GENERATION IV, LLC /s/ Jeffrey Wade Jeffrey Wade Chief Compliance Officer 03/27/2026 LSP INVESTMENT ADVISORS, LLC /s/ Jeffrey Wade Jeffrey Wade Chief Compliance Officer and Associate General Counsel 03/27/2026 Paul Segal /s/ Paul Segal Paul Segal 03/27/2026 Reporting Person/Group Name: Paul Segal