Sec Form 4 Filing - Gen IV Investment Opportunities, LLC @ BATTALION OIL CORP - 2023-12-15

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Gen IV Investment Opportunities, LLC 2. Issuer Name and Ticker or Trading Symbol BATTALION OIL CORP [ BATL] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director X __ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1700 BROADWAY, 35TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 12/15/2023 (Street) NEW YORK, NY10019 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Series A-2 Redeemable Convertible Preferred Stock ( 3 ) 12/15/2023 A 6,630 ( 1 ) ( 4 ) ( 5 )( 6 ) Common Stock ( 4 ) ( 2 ) 6,630 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Gen IV Investment Opportunities, LLC 1700 BROADWAY 35TH FLOOR NEW YORK, NY10019 X LSP Generation IV, LLC 1700 BROADWAY 35TH FLOOR NEW YORK, NY10019 X LSP Investment Advisors, LLC 1700 BROADWAY 35TH FLOOR NEW YORK, NY10019 X Signatures Gen IV Investment Opportunities, LLCBy: /s/ Jeff WadeName: Jeff WadeTitle: Chief Compliance Officer 12/19/2023 Signature of Reporting Person Date LSP Generation IV, LLCBy: /s/ Jeff WadeName: Jeff WadeTitle: Chief Compliance Officer 12/19/2023 Signature of Reporting Person Date LSP Investment Advisors, LLCBy: /s/ Jeff WadeName: Jeff WadeTitle: Chief Compliance Officer and Associate General Counsel 12/19/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This Form 4 is jointly filed by Gen IV Investment Opportunities, LLC ("Gen IV"), a Delaware limited liability company, LSP Generation IV, LLC ("LSP Gen IV"), a Delaware limited liability company, and LSP Investment Advisors, LLC ("LSP Advisors"), a Delaware limited liability company. LSP Gen IV, as the managing member of Gen IV, has the power to direct the affairs of Gen IV, including voting and disposing of the shares. LSP Advisors, as the investment manager of Gen IV, also has the power to direct the voting and disposition of the shares held by Gen IV. For Section 16 purposes, LSP Gen IV and LSP Advisors disclaim beneficial ownership over the shares reported herein, except to the extent of their pecuniary interest therein. ( 2 )Pursuant to a Purchase Agreement dated as of December 15, 2023 (the "Series A-2 Purchase Agreement"), on December 15, 2023 (the "Issuance Date"), Gen IV acquired from the Issuer 6,630 shares of Series A-2 Redeemable Convertible Preferred Stock of the Issuer, par value $0.0001 per share ("Series A-2 Preferred Shares") convertible into shares of Common Stock for an aggregate purchase price of approximately $6.5 million. ( 3 )Pursuant to the Certificate of Designations contemplated by the Series A-2 Purchase Agreement (the "Series A-2 Certificate of Designations"), the conversion price of the Series A-2 Preferred Shares is $6.21 per share and is subject to adjustment for stock splits, combinations, certain distributions or similar events in accordance with the terms of the Series A-2 Certificate of Designations. ( 4 )Subject to the terms and conditions of the Series A-2 Certificate of Designations, commencing on April 13, 2024, all or any portion of the Series A-2 Preferred Shares may be converted by Gen IV at any time into Common Stock at the Conversion Ratio. The "Conversion Ratio", for each Series A-2 Preferred Share is the quotient of (i) the then-applicable liquidation preference (as determined in accordance with the Series A-2 Certificate of Designations) and (ii) the then-applicable conversion price. ( 5 )The Series A-2 Preferred Shares have no expiration date. If based on the Issuer's financial statements for any fiscal quarter and a reserve report as of the same date, as of such date: (x) the PDP PV-20 value (as determined in accordance with the Series A-1 Certificate of Designations) divided by (y) the number of outstanding shares of Common Stock, calculated on a fully diluted basis is equal to or exceeds 130% of the Conversion Price, then the Issuer may, from time to time until such time that the foregoing conditions are no longer satisfied or a Material Adverse Effect (as defined in the Series A-2 Purchase Agreement) has occurred since the date of the most financial statements that met the foregoing conditions, cause the conversion of all or any portion of the Series A-2 Preferred Shares into Common Stock using the then-applicable Conversion Ratio. ( 6 )The Series A-2 Preferred Shares are also subject to redemption by the Issuer at any time following the Issuance Date in accordance with the terms of the Series A-2 Certificate of Designations. In the event of a change of control transaction, the Series A-2 Preferred Shares are subject to redemption or conversion in accordance with the terms of the Series A-2 Certificate of Designations.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

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