Please wait

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

X0202 SCHEDULE 13D/A 0001140361-24-026320 0001403528 XXXXXXXX LIVE 7 Common Stock, $0.0001 par value per share 08/17/2026 0001282648 07134L107 Battalion Oil Corporation 820 Gessner Road Suite 1100 Houston TX 77024 Martin Boskovich (213) 830-6759 Oaktree Capital Management, L.P. 333 S. Grand Avenue, 28th Floor Los Angeles CA 90071 Y OCM HLCN Holdings, L.P. DE 0 12797151 0 12797151 12797151 19.36 PN The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN Holdings, L.P. ("OCM HLCN"). All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. Y Oaktree Fund GP, LLC DE 0 12797151 0 12797151 12797151 19.36 OO The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. Y Oaktree Fund GP I, L.P. DE 0 12797151 0 12797151 12797151 19.36 PN The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. Y Oaktree Capital I, L.P. DE 0 12797151 0 12797151 12797151 19.36 PN The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. Y Brookfield OCM Holdings II, LLC DE 0 12797151 0 12797151 12797151 19.36 OO The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. Y Brookfield OCM Holdings, LLC DE 0 12797151 0 12797151 12797151 19.36 OO The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. 0001403528 N Brookfield Oaktree Holdings, LLC DE 0 12797151 0 12797151 12797151 19.36 OO The reported securities include 8,806,376 shares of Common Stock issuable upon conversion or redemption of the shares of Preferred Stock (as defined below) directly held by OCM HLCN. All calculations of percentage ownership herein are based upon an aggregate of 57,282,155 shares of Common Stock outstanding as of August 10, 2026 as set forth in the Form 10-Q filed by the Issuer with the SEC on August 12, 2026, plus 8,806,376 shares of Common Stock issuable upon conversion or redemption of shares of Preferred Stock beneficially owned by the Reporting Persons. Common Stock, $0.0001 par value 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 SEC October 22, 2019 (the "Original Schedule 13D"), as amended by Amendment No. 1 thereto, filed with the SEC on March 31, 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 May 15, 2026 (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 maintain the meanings herein as are ascribed to such terms in the Schedule 13D. Items 5(a)-(c) of Schedule 13D are hereby amended and restated as follows and set forth in subsections (b) and (c) hereof: The responses of the Reporting Persons to rows (11) and (13) on the cover pages of this Schedule 13D are incorporated by reference into this Item 5(a). OCM HLCN directly holds 3,988,089 shares of Common Stock and beneficially owns 8,806,376 shares of Common Stock issuable upon conversion of the Preferred Stock directly held by OCM HLCN. In this regard, the shares of the Series A Preferred Stock, Series A-1 Preferred Stock, Series A-2 Preferred Stock, Series A-3 Preferred Stock, and Series A-4 Preferred Stock (collectively, the "Preferred Stock") directly held by OCM HLCN are currently convertible, based on their respective Conversion Ratios previously disclosed in Item 6 of the Schedule 13D (as amended), into 1,230,614, 2,065,530, 2,734,349, 1,358,894 and 1,416,988 shares of Common Stock, respectively. Due to necessary reconciliation with the Issuer regarding the conversion calculations for the Preferred Stock, the updated amount of Common Stock issuable upon conversion of the Preferred Stock directly held by OCM HLCN was communicated and confirmed by the Issuer on August 17, 2026. The reported amount includes an additional 2,686 shares of Common Stock held in a separately managed account managed by an affiliate of the Reporting Persons. The beneficial ownership reported herein has been rounded to the nearest whole share, as applicable, unless otherwise specified. Each of the Reporting Persons may be deemed to share the power to vote or dispose of the reported securities, but the filing of this statement shall not be deemed an admission of beneficial ownership for purposes of Section 13(d) or Section 13(g) or for any other purpose. The responses of the Reporting Persons to rows (7) through (10) on the cover pages of this Schedule 13D and the information set forth in Item 5(a) hereof are incorporated by reference into this Item 5(b). Except as reflected herein, the Reporting Persons have not effected any transactions in the shares of Common Stock during the prior 60 days. OCM HLCN Holdings, L.P. /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 Oaktree Fund GP, LLC /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 Oaktree Fund GP I, L.P. /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 Oaktree Capital I, L.P. /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 Brookfield OCM Holdings II, LLC /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 Brookfield OCM Holdings, LLC /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 Brookfield Oaktree Holdings, LLC /s/ Henry Orren Henry Orren / Managing Director 08/17/2026 OCM HLCN HOLDINGS, L.P., By: Oaktree Fund GP, LLC Its: General Partner, By: Oaktree Fund GP I, L.P. Its: Managing Member. OAKTREE FUND GP, LLC, By: Oaktree Fund GP I, L.P. Its: Managing Member.