Fury Resources returns to Delaware basin with $450 million Battalion Oil Corp. acquisition
(WO) – Battalion Oil Corporation has entered into an Agreement and Plan of Merger with Fury Resources, Inc. Fury will acquire all of the outstanding shares of Common Stock of the company for $9.80 per share in cash, which represents a total transaction value of approximately $450 million.
Avi Mirman, Executive Chairman of the Board of Fury commented, “The acquisition of Battalion represents a return to the Delaware basin for our team, which now includes Battalion's former CEO Richard Little. Our team has a strong understanding of the subsurface as well as the capital constraints that have previously hampered the company's ability to exploit this asset. With the benefit of a newly revived balance sheet, we believe we can leverage our deep knowledge of the basin and combined operational excellence to fully unlock the asset's potential.”
“Additionally, we are excited to explore the opportunities provided to the company through its joint venture with Caracara. By offering the ability to drill locations with higher H2S volumes, this joint venture will allow the company to exploit additional drilling and acquisition opportunities which may not be available to others in the region.”
Matt Steele, Battalion CEO, commented, "It has been a pleasure working with Avi Mirman and his team to get the transaction to this point. Avi has a plan to become a premier player in the Delaware basin. With the additional investment capital provided by the transaction, the company will finally be in a position to fully develop the Battalion asset base and position the company, its investors, and its employees for success."
