On May 8, 2023, Allen Li, a member of the board of directors of Battalion Oil Corporation and member of the Nominating and Corporate Governance Committee (the N&CG Committee"), notified the Board that, effective as of the date thereof, he was resigning from the Board, including as a member N&CG Committee. Mr. Li's decision to resign is for professional reasons and not the result of a disagreement with the Company or any of its subsidiaries on any matter relating to the Company's operations, policies or practices. Effective May 9, 2023, the Board appointed Ajay Jegadeesan as a director of the Company, filling the vacancy created by Mr. Li's departure, to serve until the Company's next annual meeting of stockholders or until his earlier resignation or removal.

Concurrent with his appointment to the Board, Mr. Jegadeesan was also appointed as a member of the N&CG Committee and the Reserves Committee. Mr. Li, Managing Director with Oaktree Capital recommended his colleague, Mr. Jegadeesan to replace him on the Board based on his extensive E&P experience. Based on the recommendation of Mr. Li, the N&CG Committee reviewed Mr. Jegadeesan's background and experience for consideration and recommended his appointment to the Board and the Reserves and N&CG Committees.

Ajay Jegadeesan, age 41, currently works as a Senior Advisor within the Global Opportunities fund at Oaktree Capital where he is responsible for managing investments in the energy sector across capital structures. Prior to joining Oaktree in 2018, Mr. Jegadeesan worked in various engineering, leadership, exploration, asset development, and operational roles at W.D. Von Gonten & Co., a boutique engineering advisory firm, where he led the due diligence and asset valuations for financial institutions and E&P companies culminating in deployment of over 20+ billion dollars in capital from 2011-2018; Nutech Energy Alliance Ltd.; and Schlumberger Technology Corporation. Mr. Jegadeesan holds a master's degree in chemical engineering from Oklahoma State University and a master's degree in petroleum engineering from the University of Houston.

Mr. Jegadeesan also currently serves as a director on the boards of Sierra Energy Holdings, LLC and PureWest Energy, LLC.