Latest news with #Battalion
Sunday World
2 days ago
- Politics
- Sunday World
Terror chief ‘Harmless' Harry Stockman on brink of being kicked out of the UVF
Stockman's desperate attempt to save pal Irvine from the chop have backfired and he could be gone within a week The paramilitary leader is said to be staring down the barrel as restless members turn their sights on him after years of corruption and he is set to follow close associate Winston `Winkie' Irvine out the door. Stockman's desperate attempt to save pal Irvine from the chop have backfired and he could be gone within a week. A vote of no-confidence has been called and Stockman will find himself on the outside after years of lining his pockets on the back of the UVF name. His friend Irvine's fate was sealed at a secret Battalion meeting this week and brings to an end a long criminal career and a charmed existence. Irvine, long time commander of UVF B Company in the Woodvale, is a wealthy man, thanks in part to a string of publicly-funded jobs – but more directly as a result of his criminal activities including racketeering and drugs. According to sources, he was also responsible for ordering beatings and forcing people from their homes, all of which made him a hate figure. The British and Irish governments turned a blind eye to his activities in the hope he was the man who could deliver the UVF away from criminality. Now, members of the terror group believe he was the under the control of British security services. This week, the Sunday World can reveal the chain of events that led to Irvine's expulsion and the shake up at the top of the organisation in decades. Irvine is said to be stunned at his expulsion, believing the leadership of Stockman and chief of staff John `Bunter' Graham had his back. But Graham saw the writing on the wall during a meeting of 1st Battalion UVF, attended by Brigade staff, company commanders, and senior members. They demanded Winkie's head and Bunter granted them their wish. With Irvine gone and Stockman likely to follow him out the door it raises fresh questions about the future of Graham himself. After more than four decades as chief of staff he now appears isolated. His ailing health could see him stepping down. Stockman would have been seen as his natural successor but with his fate all but sealed, the smart money is on Shankill commander Sam Austin, according to source. Allegedly the leader of the unit, he is a popular figure and is believed to have been one of the loudest calling for Irvine and Stockman to be expelled. The son of legendary UVF commander, the late Sam 'Pinky' Austin, he is seen as a safe pair of hands and is anti-drugs. He is vehemently anti-drugs having lost his son Dan to an accidental overdose in 2018. Graham had come under pressure in recent weeks to replace Stockman as second in command with Austin but may now step aside completely. Irvine now hasn't a friend in he world. His demise has been a long time coming but was inevitable the moment his MI5 handlers dropped him in 2022, sources believe. That came in the wake of a hoax bomb attack carried out by his UVF B Company and was aimed at then Irish Minister for Foreign Affairs Simon Coveney who was attending a cross community peace building event in north Belfast hosted by the John Hume Foundation. Not only did his security service masters not know about it neither did Graham who insisted it had not been sanctioned. Irvine initially tried to dodge the blame claiming it had nothing to do with him and in a meeting with Irish government representative tried to pass the buck to East Belfast UVF and Mid-Ulster UVF. East Belfast at the time was at loggerheads with the Shankill leadership. Stockman went behind Graham's back telling senior figures that he had lost control of rogue elements within the organisation. Betraying Graham was a fatal mistake but even as the net was closing in Stockman tried fiercely for his friend even as details of Irvine's connections with intelligence services and the PSNI emerged during his court appearance and conviction for gun running. Anger remains over the sentence handed down to his co-accused Robin Workman who was ordered to transport a cache of weapons to Irvine. The guns were found in the boot of Irvine's car after the pair were intercepted in June 2022. Workman got five years while Irvine got 30 months and will likely to be out within a year. There is also suspicion around the delay in sentencing the pair and that Irvine's light sentence was influenced by the intelligence services. Last week we revealed that Graham had ordered Irvine was to be left alone to serve his sentence. But without the cover of UVF membership he is vulnerable, particularly as he is sharing a wing with the five people convicted of the murder of Ian Ogle, none of whom have any allegiance to the UVF. Others include Gary Taylor and Nigel Brown serving life for the 2005 murder of schoolboy Thomas Devlin in 2005 both of whom have been stood down and have come under threat from the UVF behind bars. Another is Stephen Brown doing 30 years for the double murders of teenagers Andrew Robb and David McIlwaine in Tandragee in 2000. Attention will now turn to Stockman, a divisive figure. A former shop steward in Shorts he rose to the top of the UVF following the Good Friday Agreement. He was lucky to survive when UVF man Dee Madine stabbed him 10 times in 2011. UVF sources have told the Sunday World a battalion meeting will take place shortly when Stockman's fate will be sealed. Harry Stockman News in 90 Seconds - Tuesday June 10
Yahoo
20-05-2025
- Entertainment
- Yahoo
Google Unveils Gen-AI Video Tool with Camera Controls, Consistent Character Design, and Even Sound
Generative AI filmmaker Dave Clark has tried 'every tool under the sun' for making his artificially intelligent movies, most famously for his viral short 'Battalion.' But even in the year since he released that video, the technology around Gen-AI has advanced considerably, and he believes that what was considered innovative back then can now be pushed even further. On Tuesday, Google at its I/O event unveiled Flow, a generative-AI video generation tool powered by Google's latest AI model, Veo 3. Clark was one of the AI filmmakers who collaborated with Google Labs on the functionality and interface of the new tool such that it was designed with filmmakers and creators in mind. Suffice it to say, he's impressed by the results. More from IndieWire Christian Petzold on His Cannes Debut and How His Actors Changed the Script: 'I Have to Destroy My Own Concrete Behavior' Quentin Tarantino Inks 'Making of' Book Deal Series for All of His Films, Starting with 'Once Upon a Time in Hollywood' 'My mind is still blown by the level of control,' Clark told IndieWire ahead of the launch of Flow. 'This is for me as a filmmaker, this is what I've been waiting for. You've put in the 10,000 hours, you struggle through these prompts, and you use these different systems. But all we really hope for is that level of control that I feel like we finally got some sense of it, and it's a long time coming for being so early in it.' Flow has camera controls that allow filmmakers to specifically articulate the movement and visual angle they want to create for a shot as though they're directing a cinematographer. It has a feature called Scenebuilder that allows filmmakers to generate a scene, and then extend it while keeping all of their character designs and locations consistent and intact. Creators can upload and combine multiple reference images that will match things like faces, clothing, and locations, doing so with hyper-specific detail. Flow also allows for more natural language in prompt writing, such that it understands visual language of screenwriting and granular technical details like lens choices, lighting conditions, focal lengths, or film grain. It's even capable of generating sound in real time with the video generation, including sound effects, background music, and dialogue. Clark and his AI production banner Promise are using Flow to create a new AI-generated short called 'Freelancers' about two adopted brothers who each, through separate paths, become international spies and hitmen. He described one scene he generated in which his two protagonists are sitting in a diner, complete with an establishing shot with a slow dolly in. He then prompted the model to use a dynamic, handheld camera motion, followed by a tracking shot of the two characters running. 'And it did it! To see the way that the camera was shaking, it's this exact same way I would probably film it if I was in that restaurant. It was pretty cool, and I haven't seen that level of [control],' Clark said. It wasn't that long ago that OpenAI unveiled its Sora video model; AI filmmakers we spoke to then were stunned that it had 'prompt adherence,' where you can articulate one thing to happen and then have something else happen to that figure within the same sequence. Flow and Veo 3 demonstrated an even more advanced capability, in which a scene creators have generated can then be dragged and extended on a timeline to effectively continue the action and even lengthen the duration of an individual shot beyond the 6 – 8 seconds the model would normally generate. Clark likened it to virtually being able to create his own '1917' style 'oner' should he want to, with the action extending from location to location even as the character remains the same. 'Let's say it's a guy driving a car around the Amalfi Coast. With Scenebuilder inside Flow, the director in me was able to block out the rest of the scene,' Clark explained. 'So maybe it starts off inside the car with the guy driving, then it's POV, then I could switch to a wide shot, and the way Flow works is it actually knows all of the information that was put in, all the prompts, the way the character looks, the way the Amalfi Coast and the road looks, the color of the car. It's able to translate that information into the next cut or scene or edit, if you will, and continue on that narrative.' Clark said he got as specific as articulating the scene to look as though it was shot with a 50mm lens all the way up to a 135mm long lens, and Flow not only understands, but can then marry that work with specific blocking. Matthieu Kim Lorrain, Creative Lead at Google DeepMind, and Thomas Iljic, Product Lead at Google Labs, spoke with IndieWire about understanding someone like Clark's creative process in order to inform how Flow should operate, and they were stunned by what he and others were able to create with what they thought was, at the time, bare-bones functionality. 'Show and tell is important. They don't want just to type text,' Iljic said. 'They want to bring in these elements, these ingredients. They want consistency across shots. They want to have projects to start managing the structure, because it's so many files, wondering how am I going to put this thing together?' Lorrain added that the key word for AI filmmakers is 'customization,' and five different AI filmmakers might have five different workflows, or even one filmmaker might have a different method for a different project, and that's all built into Flow. 'Sometimes you need image to video because actually you want to start from a composition. You want to really curate the perfect image and then expand,' Lorrain said. 'Sometimes it's world-building. And in the case of world-building, that's why we have the ingredients so you can define your characters, find your environment, and they want that. That's the type of control. It's not just control on how they can control the video, but also control on how they can design the creative process for each project.' Clark's Promise earlier today announced additional funding from Google's AI Future Fund, as well as Crossbeam Venture Partners, Kivu Ventures, and Saga Ventures. But Google is also partnering with two other filmmakers on the launch of Flow, including Henry Daubrez and Junie Lau. Flow is also available now to subscribers of Google AI Pro and Google AI Ultra plans in the U.S., with more countries coming soon. Clark isn't sure what the specific next frontier is with the rapidly evolving technology, but he does believe that as the tools become more accessible, it's incumbent on creators to at least understand it. 'I always reference the James Camerons and the George Lucases, some of the top filmmakers were always technologists, and I feel like we're going to see that next level, that next school of George Lucas, that are going to be inherently technologists,' Clark said. 'You're going to have to understand technology, whether or not you use it.' Best of IndieWire Guillermo del Toro's Favorite Movies: 56 Films the Director Wants You to See 'Song of the South': 14 Things to Know About Disney's Most Controversial Movie The 55 Best LGBTQ Movies and TV Shows Streaming on Netflix Right Now
Ottawa Citizen
04-05-2025
- Sport
- Ottawa Citizen
North Bay Battalion wrap their development camp on Sunday
The North Bay Battalion's three-day development camp ended on a high note Sunday, with officials of the Ontario Hockey League club pleased with the level of competition and the guidance provided. 'We accomplished what we wanted to accomplish,' general manager John Winstanley said after 33 participants started heading home. 'We gave a lot of information to the families and the players, and overall we got to see some really good hockey. 'This is really just for them to get their feet wet and see what this is all about. Come the end of August, when all of our veteran players are back, this ramps up pretty significantly, so the message to them is, 'Now you understand what this is about. Take the summer to get stronger, faster, work on the things that we talked about,' and we look forward to seeing them after a really crucial summer of them getting better,' says Winstanley. Adam Dennis, director of hockey operations, echoed those sentiments and cited the high level of play ahead of training camp, which opens in August. 'I thought it was a major success. We said training camp was going to be one of our most competitive ever. I really thought that this was one of our more competitive development camps,' says Dennis. Among the many who excelled at Boart Longyear Memorial Gardens were defenceman Carter Kunopaski, the Battalion's second-round pick in the OHL Priority Selection in April, and forward Ryder Cali. 'When I first got here, everybody was so welcoming, and throughout the whole weekend it's just been amazing,' said Kunopaski, a Pakenham, Ont., resident who played in 2024-25 with the Ottawa Valley Titans U16s. 'All the people are so nice, and it's been a great experience. 'I'd say I'm a defenceman who can play both sides of the puck, offensively and defensively. I'm a physical player. I like to be a leader on and off the ice, and I can play in any situation.' Cali, a first-rounder, 18th overall, last year to the Soo Greyhounds, declined to report and was declared defected before being traded to North Bay on Sept. 13 and seeing action in five games with the Troops in midseason. Cali played primarily with the junior A Milton Menace, completing their playoff run last Wednesday night. He made a verbal commitment to Harvard University of Cambridge, Mass., before the National Collegiate Athletic Association's Division I council voted Nov. 7 to permit former Canadian Hockey League players to compete. 'Deciding to come to North Bay was a great option,' says Cali, a resident of Penetanguishene, Ont. 'I'm happy that I got traded here and I'm happy it all worked out the way it did, to get the best of both worlds.' Matt Marquardt guided Team White to a 6-2 victory in the intrasquad game, avenging a 6-5 loss Saturday night in the first such meeting. Fellow assistant coach Bill Houlder ran the Team Green bench for the three 20-minute periods as coach Ryan Oulahen again observed from the stands. Green defenceman Karter Buchmann didn't play after the first period, when he was shaken up against the boards and glass. Buchmann was a 13th-round pick in the Priority Selection in April from the North Bay Trappers U18s. GAME RECAP Six different players scored a goal apiece for White, with Kunopaski netting what proved to be the winner. Starting goaltender Cole Vreugdenhil earned the victory, with Logan Coates playing the second half. Forward Cam Warren, the Battalion's first-round pick in April, scored his first camp goal in the win. Lineups White: Cole Vreugdenhil, Logan Coates, Carter Kunopaski, Richard Wang, Sam Weedmark, Kent Greer, Aydin Beharie, James Rosenberg, Isaac Tracze, Dylan Nobili, Cameron Lockhart, Cam Warren, Jax Pereira, Parker Vaughan, Ewan McChesney, Maverick Hill. Green: Gavin Zepp, Kyle Karwowski, Oskar Konobelj, Colton D'Amico, Karter Buchmann, Dylan Rousselle, Grady Jalbert, Sam Rivet, Javian Nei, Ryder Carey, Lincoln Edwards, Quinn Kipfer, Ben Maharaj, Owen Head, Ryder Cali, Alex Kontos, Cole Worsfold-Bonneville. White goals: Hill, Pereira, Kunopaski, McChesney, Warren, Greer. Green goals: Cali, Rousselle.
Ottawa Citizen
01-05-2025
- Sport
- Ottawa Citizen
North Bay Battalion hosting a first ever town hall for fans this Saturday
Article content The North Bay Battalion is giving fans a first-time ever chance to ask the club's top brass, and that includes owner Scott Abbott, about the way the team runs their operation on and off the ice. Article content This Saturday at 4 p.m. the team's management will assemble at centre ice at Boart Longyear Memorial Gardens to field questions from fans. Article content Some of the questions will be submitted online and others will be asked in person. It was the brainchild of the Battalion's President and Director of Hockey Operations Adam Dennis. Article content Article content 'There are a lot of things we want to be transparent about,' says Dennis. 'We want to give fans that are close to us an inside look at how we do things. How we justify some of the decisions we have made and give these fans a little peek into the future.' Article content Article content Battalion season ticket holders got the first invites largely because the club has their emails on file. They were asked if they wanted to submit some questions online. However, Dennis says that the event is not just restricted to that group. Article content 'Our development camp is going on this weekend, and the public is welcomed to attended and they are certainly welcome to attend the town hall,' says the Battalion President and Director of Hockey Operations. 'We are going to be set up at centre ice (at Boart Longyear Memorial Gardens). What we are going to do is firstly have a presentation of what we do and what is being worked on. There will be questions that are being submitted, you can ask questions online, and our goal is to get as much information as possible out here,' says Dennis. 'People can also ask questions (directly) at the event. We will have a sheet that you can put your question on, and we will try to get to as many as we can.' Article content Article content Dennis and his staff were hired to run the hockey team and make decisions on its behalf. Why does the organization feel it is necessary to give the public a level of access and input like this? 'When you are open to assumptions people make them. People have a sense about why we do things, and we want to have the chance to tell them why we do things,' says Dennis. 'We want the feedback, a small community like North Bay and the people here are a part of our family. We want to make sure we represent them to the best of our ability.' Article content After three straight runs to the Ontario Hockey League Eastern Conference Final the Troops had a year where they traded away veterans, finished with a losing record and made a quick playoff exit. The Nugget asked Dennis was that a reason for this initial open house Article content 'No, this is just one of the things we really wanted to do. There have been a lot of questions that we get and not just on the hockey team,' says Dennis. 'We get questions about ticketing and things like that. We make tough decisions all the time and we will have a chance to explain that process. We will also be able to share a bit of our vision. We are not expecting everyone to agree with it, but we want to explain it (from our perspective)
Yahoo
31-03-2025
- Business
- Yahoo
Battalion Oil Corporation Announces Fourth Quarter 2024 Financial and Operating Results
HOUSTON, March 31, 2025 (GLOBE NEWSWIRE) -- Battalion Oil Corporation (NYSE American: BATL, 'Battalion' or the 'Company') today announced financial and operating results for the fourth quarter of 2024. Key Highlights Completed the refinancing of our term loan on favorable terms resulting in an increase in liquidity Generated full-year sales volumes of 12,667 barrels of oil equivalent per day ('Boe/d') (51% oil) Continued to lower capex per well, outperforming AFE estimates AGI facility online and treated 1.8 Bcf for the fourth quarter of 2024 Spud two additional wells in Monument Draw in December to commence 2025 six-well activity plan Year-end 2024 reserves of approximately 64.9 million barrels of oil equivalent ('MMBoe') with a standardized measure of discounted future net cash flows of approximately $447.7 million Terminated the previously announced Merger Agreement with Fury Management CommentsThe Company concluded its 2024 six-well campaign ahead of planned timing and under budget on each pad. Final well capital remains under $950 per lateral foot. The completed pad wells are producing ahead of type curve with the newest pad averaging over 811 Boe/d across the initial 120 days online, the second pad exceeding 747 Boe/d across the initial 275 days online and the first pad exceeding 1,085 Boe/d across 404 days on production. In December 2024, the Company also commenced drilling operations in Monument Draw as part of its 2025 six-well activity plan. As of the date of this release, the Company has drilled four of these wells in Monument Draw and has commenced completion operations on the first two wells. All wells are ahead of plan and under budget. The final two wells are permitted in the Company's West Quito asset area with additional permits and drilling pads being built in Hackberry Draw. During the fourth quarter 2024, the acid gas injection ('AGI') facility treated approximately 20 MMcf/d average and returned approximately 16 MMcf/d of sweet gas to the Company for sales to its midstream partner. To date, the AGI facility has processed more than 6.9 Bcf of sour gas and allowed the Company to realize substantial savings compared to treating alternatives. Results of OperationsAverage daily net production and total operating revenue during the fourth quarter of 2024 were 12,750 Boe/d (55% oil) and $49.7 million, respectively, as compared to production and revenue of 12,022 Boe/d (46% oil) and $47.2 million, respectively, during the fourth quarter of 2023. The increase in revenues in the fourth quarter of 2024 as compared to the fourth quarter of 2023 is primarily attributable to an approximate 728 Boe/d increase in average daily production partially offset by a $0.22 decrease in average realized prices (excluding the impact of hedges). Excluding the impact of hedges, Battalion realized 96.9% of the average NYMEX oil price during the fourth quarter of 2024. Realized hedge gains totaled approximately less than $0.1 million during the fourth quarter of 2024. Lease operating and workover expense was $11.26 per Boe in the fourth quarter of 2024 versus $11.87 per Boe in the fourth quarter of 2023. The decrease in lease operating and workover expense per Boe year-over-year is primarily a result of the increase in average daily production. Gathering and other expenses were $10.45 per Boe in the fourth quarter of 2024 versus $13.31 per Boe in the fourth quarter of 2023. The decrease in gathering and other expenses per Boe is primarily related to the start-up of the AGI facility and lower treating fees associated compared to the Valkyrie (liquid redox) plant. General and administrative expenses were $6.04 per Boe in the fourth quarter of 2024 compared to $4.93 per Boe in the fourth quarter of 2023. The increase in general and administrative expense is primarily attributable to an increase in audit, legal and transaction costs associated with the terminated merger with Fury Resources. Excluding non-recurring charges, general and administrative expenses would have been $3.22 per Boe in the fourth quarter of 2024 compared to $3.78 per Boe in the fourth quarter of 2023. For the fourth quarter of 2024, the Company reported a net loss available to common stockholders of $30.9 million and a net loss of $1.88 per share available to common stockholders. After adjusting for selected items, the Company reported an adjusted diluted net loss available to common stockholders for the fourth quarter of 2024 of $0.7 million or an adjusted diluted net loss of $0.04 per common share (see Reconciliation for additional information). Adjusted EBITDA during the quarter ended December 31, 2024 was $18.0 million as compared to $10.0 million during the quarter ended December 31, 2023 (see Adjusted EBITDA Reconciliation table for additional information). Liquidity and Balance SheetAs of December 31, 2024, the Company had $162.1 million of indebtedness outstanding. Total liquidity on December 31, 2024, made up of cash and cash equivalents, was $19.7 million. On January 9, 2025, the Company incurred incremental term loans in the aggregate principal amount of $63.0 million, resulting in a net increase in liquidity of $61.3 million. For further discussion on our liquidity and balance sheet, as well as recent developments, refer to Management's Discussion and Analysis and Risk Factors in the Company's Form 10-K. Merger Agreement with Fury ResourcesSubsequent to several amendments to the previously disclosed Agreement and Plan of Merger, dated December 14, 2023 (as amended, the 'Merger Agreement') and upon the failure of Fury Resources, Inc. to meet the funding and closing requirements of the Merger Agreement, the Company terminated the Merger. Refinanced Term Loan AgreementOn December 26, 2024, the Company entered into the Second Amended and Restated Senior Secured Credit Agreement with Fortress Credit Corp., as administrative agent, and certain other financial institutions, as lenders (the '2024 Term Loan Agreement'). Pursuant to the 2024 Term Loan Agreement, the Company entered into an initial term loan facility in the aggregate principal amount of $162.0 million, funded on December 26, 2024 and an incremental term loan facility in the aggregate principal amount of up to $63.0 million. On January 9, 2025, the Company entered into the First Amendment to the 2024 Term Loan Agreement and incurred $63.0 million of Incremental Term Loans (the '2024 Amended Term Loan Agreement'), resulting in total outstanding borrowings of $225.0 million. The maturity date of the 2024 Amended Term Loan Agreement is December 26, 2028. All obligations under the Company's existing term loan agreement were refunded, refinanced and repaid in full by the loans under the 2024 Term Loan Agreement as the net proceeds of the 2024 Term Loan Agreement were used to repay all outstanding indebtedness under the existing term loan agreement in an aggregate amount of approximately $152.1 million, including accrued and unpaid interest, and to pay related fees and expenses related to the new credit agreement. The Company is required to make scheduled quarterly amortization payments in an aggregate principal amount equal to 2.50% of the aggregate principal amount of the loans outstanding commencing with the fiscal quarter ending June 30, 2025. Under the 2024 Amended Term Loan Agreement, the Company must make scheduled amortization payments in the aggregate amount of $16.9 million in 2025 and $22.5 million in 2026. This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements. Forward-looking statements include, among others, statements about anticipated production, liquidity, capital spending, drilling and completion plans, and forward guidance. Forward-looking statements may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", 'projects,' "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at or through the Company's website at Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations. About BattalionBattalion Oil Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States. Contact Matthew B. SteeleChief Executive Officer & Principal Financial Officer832-538-0300 BATTALION OIL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In thousands, except per share amounts) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Operating revenues: Oil, natural gas and natural gas liquids sales: Oil $ 43,934 $ 39,562 $ 174,607 $ 183,634 Natural gas 447 2,429 (2,213 ) 11,057 Natural gas liquids 5,118 4,921 20,822 23,814 Total oil, natural gas and natural gas liquids sales 49,499 46,912 193,216 218,505 Other 154 330 677 2,257 Total operating revenues 49,653 47,242 193,893 220,762 Operating expenses: Production: Lease operating 11,082 10,656 45,275 44,864 Workover and other 2,127 2,480 5,215 7,149 Taxes other than income 2,366 2,266 11,238 11,943 Gathering and other 12,263 14,718 54,117 63,575 General and administrative 7,091 5,453 18,356 19,025 Depletion, depreciation and accretion 14,155 12,337 52,926 56,624 Impairment of contract asset 18,511 — 18,511 — Total operating expenses 67,595 47,910 205,638 203,180 (Loss) income from operations (17,942 ) (668 ) (11,745 ) 17,582 Other income (expenses): Net (loss) gain on derivative contracts (1,624 ) 42,430 2,308 12,689 Interest expense and other 4,853 (9,074 ) (14,956 ) (33,319 ) Loss on extinguishment of debt (7,489 ) — (7,489 ) — Total other income expenses (4,260 ) 33,356 (20,137 ) (20,630 ) (Loss) income before income taxes (22,202 ) 32,688 (31,882 ) (3,048 ) Income tax benefit (provision) — — — — Net (loss) income $ (22,202 ) $ 32,688 $ (31,882 ) $ (3,048 ) Preferred dividends (8,679 ) (5,695 ) (32,219 ) (12,047 ) Net (loss) income available to common stockholders $ (30,881 ) $ 26,993 $ (64,101 ) $ (15,095 ) Net (loss) income per share of common stock: Basic $ (1.88 ) $ 1.64 $ (3.90 ) $ (0.92 ) Diluted $ (1.88 ) $ 1.63 $ (3.90 ) $ (0.92 ) Weighted average common shares outstanding: Basic 16,457 16,457 16,457 16,441 Diluted 16,457 16,517 16,457 16,441 BATTALION OIL CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In thousands, except share and per share amounts) December 31, 2024 December 31, 2023 Current assets: Cash and cash equivalents $ 19,712 $ 57,529 Accounts receivable, net 26,298 23,021 Assets from derivative contracts 6,969 8,992 Restricted cash 91 90 Prepaids and other 982 907 Total current assets 54,052 90,539 Oil and natural gas properties (full cost method): Evaluated 816,186 755,482 Unevaluated 49,091 58,909 Gross oil and natural gas properties 865,277 814,391 Less - accumulated depletion (497,272 ) (445,975 ) Net oil and natural gas properties 368,005 368,416 Other operating property and equipment: Other operating property and equipment 4,663 4,640 Less - accumulated depreciation (2,455 ) (1,817 ) Net other operating property and equipment 2,208 2,823 Other noncurrent assets: Assets from derivative contracts 4,052 4,877 Operating lease right of use assets 453 1,027 Other assets 2,278 17,656 Total assets $ 431,048 $ 485,338 Current liabilities: Accounts payable and accrued liabilities $ 52,682 $ 66,525 Liabilities from derivative contracts 12,330 17,191 Current portion of long-term debt 12,246 50,106 Operating lease liabilities 406 594 Total current liabilities 77,664 134,416 Long-term debt, net 145,535 140,276 Other noncurrent liabilities: Liabilities from derivative contracts 6,954 16,058 Asset retirement obligations 19,156 17,458 Operating lease liabilities 84 490 Other — 2,084 Commitments and contingencies Temporary equity: Redeemable convertible preferred stock: 138,000 shares and 98,000 shares 177,535 106,535 of $0.0001 par value authorized, issued and outstanding as of December 31, 2024 and 2023, respectively Stockholders' equity: Common stock: 100,000,000 shares of $0.0001 par value authorized; 16,456,563 shares issued and outstanding as of December 31, 2024 and 2023 2 2 Additional paid-in capital 288,993 321,012 Accumulated deficit (284,875 ) (252,993 ) Total stockholders' equity 4,120 68,021 Total liabilities and stockholders' equity $ 431,048 $ 485,338 BATTALION OIL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In thousands) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Cash flows from operating activities: Net income (loss) $ (22,202 ) $ 32,688 $ (31,882 ) $ (3,048 ) Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depletion, depreciation and accretion 14,155 12,337 52,926 56,624 Impairment of contract asset 18,511 — 18,511 — Stock-based compensation, net 12 161 152 (1,070 ) Unrealized gain on derivative contracts 1,648 (45,403 ) (11,116 ) (21,934 ) Amortization/accretion of financing related costs 1,469 1,826 6,418 7,615 Loss (gain) on extinguishment of debt 7,489 — 7,489 — Accrued settlements on derivative contracts 1,505 (2,587 ) 403 259 Change in fair value of embedded derivative liability (761 ) 530 (2,084 ) (2,052 ) Other expense (income) 46 214 324 358 Cash flow from operations before changes in working capital 21,872 (234 ) 41,141 36,752 Changes in working capital (15,186 ) 6,758 (5,786 ) (19,163 ) Net cash provided by operating activities 6,686 6,524 35,355 17,589 Cash flows from investing activities: Oil and natural gas capital expenditures (12,847 ) (16,196 ) (64,625 ) (46,288 ) Proceeds received from sales of oil and natural gas assets — 3,740 7,015 4,929 Acquisition of oil and natural gas properties — — (47 ) — Other operating property and equipment capital expenditures (4 ) (17 ) (23 ) (153 ) Contract asset — (3,705 ) (7,737 ) (10,308 ) Other (6 ) 1,439 (26 ) (25 ) Net cash used in investing activities (12,857 ) (14,739 ) (65,443 ) (51,845 ) Cash flows from financing activities: Proceeds from borrowings 162,000 — 162,000 - Repayments of borrowings (147,726 ) (10,027 ) (200,109 ) (35,093 ) Payment of deferred financing costs (8,225 ) — (8,400 ) — Proceeds from issuance of preferred stock — 33,182 38,781 94,607 Merger deposit (10,000 ) — — — Other — (1 ) — (455 ) Net cash (used in) provided by financing activities (3,951 ) 23,154 (7,728 ) 59,059 Net (decrease) increase in cash, cash equivalents and restricted cash (10,122 ) 14,939 (37,816 ) 24,803 Cash, cash equivalents and restricted cash at beginning of period 29,925 42,680 57,619 32,816 Cash, cash equivalents and restricted cash at end of period $ 19,803 $ 57,619 $ 19,803 $ 57,619 BATTALION OIL CORPORATIONSELECTED OPERATING DATA (Unaudited) Three Months EndedDecember 31, Years EndedDecember 31, 2024 2023 2024 2023 Production volumes: Crude oil (MBbls) 643 510 2,363 2,415 Natural gas (MMcf) 1,861 2,102 7,814 8,718 Natural gas liquids (MBbls) 220 246 971 1,163 Total (MBoe) 1,173 1,106 4,636 5,031 Average daily production (Boe/d) 12,750 12,022 12,667 13,784 Average prices: Crude oil (per Bbl) $ 68.33 $ 77.57 $ 73.89 $ 76.04 Natural gas (per Mcf) 0.24 1.16 (0.28 ) 1.27 Natural gas liquids (per Bbl) 23.26 20.00 21.44 20.48 Total per Boe 42.20 42.42 41.68 43.43 Cash effect of derivative contracts: Crude oil (per Bbl) $ (8.99 ) $ (10.43 ) $ (11.32 ) $ (7.76 ) Natural gas (per Mcf) 3.12 1.12 2.30 1.09 Natural gas liquids (per Bbl) — — — — Total per Boe 0.02 (2.69 ) (1.90 ) (1.84 ) Average prices computed after cash effect of settlement of derivative contracts: Crude oil (per Bbl) $ 59.34 $ 67.14 $ 62.57 $ 68.28 Natural gas (per Mcf) 3.36 2.28 2.02 2.36 Natural gas liquids (per Bbl) 23.26 20.00 21.44 20.48 Total per Boe 42.22 39.73 39.78 41.59 Average cost per Boe: Production: Lease operating $ 9.45 $ 9.63 $ 9.77 $ 8.92 Workover and other 1.81 2.24 1.12 1.42 Taxes other than income 2.02 2.05 2.42 2.37 Gathering and other 10.45 13.31 11.67 12.64 General and administrative, as adjusted (1) 3.21 3.63 2.72 3.39 Depletion 11.71 10.80 11.06 10.97 (1) Represents general and administrative costs per Boe, adjusted for items noted in the reconciliation below: General and administrative: General and administrative, as reported $ 6.04 $ 4.93 $ 3.96 $ 3.78 Stock-based compensation: Non-cash (0.01 ) (0.15 ) (0.03 ) 0.21 Non-recurring (charges) credits and other: Cash (2.82 ) (1.15 ) (1.21 ) (0.60 ) General and administrative, as adjusted(2) $ 3.21 $ 3.63 $ 2.72 $ 3.39 Total operating costs, as reported $ 29.77 $ 32.16 $ 28.94 $ 29.13 Total adjusting items (2.83 ) (1.30 ) (1.24 ) (0.39 ) Total operating costs, as adjusted(3) $ 26.94 $ 30.86 $ 27.70 $ 28.74 ________________________(2) General and administrative, as adjusted, is a non-GAAP measure that excludes non-cash stock-based compensation charges relating to equity awards under our incentive stock plan, as well as other cash charges associated with non-recurring charges and other. The Company believes that it is useful to understand the effects that these charges have on general and administrative expenses and total operating costs and that exclusion of such charges is useful for comparison to prior periods.(3) Represents lease operating expense, workover and other expense, taxes other than income, gathering and other expense and general and administrative costs per Boe, adjusted for items noted in the reconciliation OIL CORPORATIONRECONCILIATION (Unaudited)(In thousands, except per share amounts) Three Months Ended Years Ended December 31, December 31, 2024 2023 2024 2023 Net (loss) income available to common stockholders - diluted (1) $ (30,881 ) $ 26,993 $ (64,101 ) $ (15,095 ) Unrealized loss (gain) on derivatives contracts: Crude oil $ 96 $ (38,604 ) $ (10,371 ) $ (22,601 ) Natural gas 1,552 (6,799 ) (745 ) 667 Total mark-to-market non-cash charge 1,648 (45,403 ) (11,116 ) (21,934 ) Impairment of contract asset 18,511 — 18,511 — Loss (gain) on extinguishment of debt 7,489 — 7,489 — Change in fair value of embedded derivative liability (761 ) 529 (2,084 ) (2,053 ) Non-recurring charges (credits) 3,310 1,268 5,609 3,042 Selected items, before income taxes 30,197 (43,606 ) 18,409 (20,945 ) Income tax effect of selected items — — — — Selected items, net of tax $ 30,197 $ (43,606 ) $ 18,409 $ (20,945 ) Net (loss) available to common stockholders, as adjusted (2) $ (684 ) $ (16,613 ) $ (45,692 ) $ (36,040 ) Diluted net (loss) income per common share, as reported $ (1.88 ) $ 1.63 $ (3.90 ) $ (0.92 ) Impact of selected items 1.84 (2.65 ) 1.12 (1.29 ) Diluted net (loss) per common share, excluding selected items (2)(3) $ (0.04 ) $ (1.02 ) $ (2.78 ) $ (2.21 ) Net cash provided by operating activities $ 6,686 $ 6,524 $ 35,355 $ 17,589 Changes in working capital 15,186 (6,758 ) 5,786 19,163 Cash flow from operations before changes in working capital 21,872 (234 ) 41,141 36,752 Cash components of selected items 2,611 4,707 6,012 3,301 Income tax effect of selected items — — — — Cash flows from operations before changes in working capital, adjusted for selected items (1) $ 24,483 $ 4,473 $ 47,153 $ 40,053 ________________________(1) Amount reflects net (loss) income available to common stockholders on a diluted basis for earnings per share purposes as calculated using the two-class method of computing earnings per share which is further described in Note 15, Earnings Per Share in our Form 10-K for the year ended December 31, 2024. (2) Net (loss) income per share excluding selected items and cash flows from operations before changes in working capital adjusted for selected items are non-GAAP measures presented based on management's belief that they will enable a user of the financial information to understand the impact of these items on reported results. These financial measures are not measures of financial performance under GAAP and should not be considered as an alternative to net income, earnings per share and cash flows from operations, as defined by GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.(3) The impact of selected items for the three and twelve months ended December 31, 2024 were calculated based upon weighted average diluted shares of 16.5 million, due to the net (loss) available to common stockholders, excluding selected items. The impact of selected items for the three and twelve months ended December 31, 2023 were calculated based upon weighted average diluted shares of 16.5 million and 16.4 million shares, respectively, due to the net (loss) available to common stockholders, excluding selected OIL CORPORATIONADJUSTED EBITDA RECONCILIATION (Unaudited)(In thousands) Three Months EndedDecember 31, Years EndedDecember 31, 2024 2023 2024 2023 Net income (loss), as reported $ (22,202 ) $ 32,688 $ (31,882 ) $ (3,048 ) Impact of adjusting items: Interest expense 6,135 8,917 29,009 36,511 Depletion, depreciation and accretion 14,155 12,337 52,926 56,624 Impairment of contract asset 18,511 — 18,511 — Stock-based compensation 12 161 152 (1,070 ) Interest income (278 ) (525 ) (2,122 ) (1,243 ) Loss (gain) on extinguishment of debt 7,489 — 7,489 — Unrealized loss (gain) on derivatives contracts 1,648 (45,403 ) (11,116 ) (21,934 ) Change in fair value of embedded derivative liability (761 ) 529 (2,084 ) (2,053 ) Merger Termination Payment (10,000 ) — (10,000 ) — Non-recurring charges (credits) and other 3,310 1,268 5,609 2,728 Adjusted EBITDA(1) $ 18,019 $ 9,972 $ 56,492 $ 66,515 ________________________(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's OIL CORPORATIONADJUSTED EBITDA RECONCILIATION (Unaudited)(In thousands) Three Months Three Months Three Months Three Months Ended Ended Ended Ended December 31,2024 September 30,2024 June 30,2024 March 31,2024 Net income (loss), as reported $ (22,202 ) $ 21,628 $ (105 ) $ (31,203 ) Impact of adjusting items: Interest expense 6,135 6,873 7,610 8,391 Depletion, depreciation and accretion 14,155 12,533 13,213 13,025 Impairment of contract asset 18,511 — — — Stock-based compensation 12 5 36 99 Interest income (278 ) (509 ) (634 ) (701 ) Loss (gain) on extinguishment of debt 7,489 — — — Unrealized loss (gain) on derivatives contracts 1,648 (28,091 ) (4,434 ) 19,761 Change in fair value of embedded derivative liability (761 ) 41 (436 ) (928 ) Merger Termination Payment (10,000 ) — — — Non-recurring charges (credits) and other 3,310 978 384 937 Adjusted EBITDA(1) $ 18,019 $ 13,458 $ 15,634 $ 9,381 Adjusted LTM EBITDA(1) $ 56,492 ________________________(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net (loss) income. This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's OIL CORPORATIONADJUSTED EBITDA RECONCILIATION (Unaudited)(In thousands) Three Months Three Months Three Months Three Months Ended Ended Ended Ended December 31,2023 September 30,2023 June 30,2023 March 31,2023 Net income (loss), as reported $ 32,688 $ (53,799 ) $ (4,748 ) $ 22,811 Impact of adjusting items: Interest expense 8,917 9,219 9,366 9,009 Depletion, depreciation and accretion 12,337 13,426 14,713 16,148 Stock-based compensation 161 (686 ) (772 ) 227 Interest income (525 ) (293 ) (234 ) (191 ) Unrealized loss (gain) on derivatives contracts (45,403 ) 46,805 (2,332 ) (21,004 ) Change in fair value of embedded derivative liability 529 (1,878 ) 358 (1,062 ) Non-recurring charges (credits) and other 1,268 831 477 152 Adjusted EBITDA(1) $ 9,972 $ 13,625 $ 16,828 $ 26,090 Adjusted LTM EBITDA(1) $ 66,515 ________________________(1) Adjusted EBITDA is a non-GAAP measure, which is presented based on management's belief that it will enable a user of the financial information to understand the impact of these items on reported results. This financial measure is not a measure of financial performance under GAAP and should not be considered as an alternative to GAAP measures, including net income (loss). This financial measure may not be comparable to similarly named non-GAAP financial measures that other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.
