By Dean Seal
Battalion Oil has agreed to be acquired for $9.80 a share in cash by the privately held exploration company Fury Resources.
The energy company said Friday the $450 million transaction will see the preferred stock of Luminus Management and funds and accounts managed by Oaktree Capital Management exchanged for cash or preferred stock in Fury.
The company said several of its major shareholders have agreed to reinvest proceeds from the sale into the ongoing business.
Battalion’s team will returning to the Delaware Basin as part of the transaction, the company said.
The deal is expected to close in the first quarter of next year, subject to closing conditions and approval from Battalion’s shareholders.
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