N O V E M B E R 2 O 2 OINVESTOR UPDATE

Disclaimer: Forward Looking StatementsThis presentation contains forward-looking statements that are intended to be covered by the safe harbor within the meaning of the Private Securities Litigation Reform Act of 1995 as stated in Section 27A of the Securities Act of1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not strictly historical statements constitute forward-looking statements and mayoften, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions,events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. The forward-looking statements include statements about the expected future reserves, production, financial position, business strategy, revenues,earnings, costs, capital expenditures and debt levels of the Company, and plans and objectives of management for future operations. Forward-looking statements are based on current expectations and assumptions and analysesmade by Battalion and its management in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whetheractual results and developments will conform to statements regarding oil, natural gas liquids or gas reserves is subject to a number of material risks and uncertainties, including but not limited to: further and substantial declines in oil,natural gas liquids or natural gas prices; risks relating to any unforeseen liabilities; the level of success in exploration, development and production activities; adverse weather conditions that may negatively impact development orproduction activities; the timing of exploration and development expenditures; inaccuracies of reserve estimates or assumptions underlying them; revisions to reserve estimates as a result of changes in commodity prices; impacts tofinancial statements as a result of impairment write-downs; risks related to levels of indebtedness and periodic redeterminations of the borrowing base under the Company’s credit agreement; Battalion’s ability to generate sufficientcash flows from operations to meet the internally funded portion of its capital expenditures budget; Battalion’s ability to obtain external capital to finance exploration and development operations and acquisitions; the ability tosuccessfully complete any potential acquisitions for value and the risks related thereto; the impacts of hedging on results of operations; uninsured or underinsured losses resulting from oil and natural gas operations; Battalion’s abilityto replace oil and natural gas reserves; and any loss of senior management or key technical personnel. Battalion’s 2019 Annual Report on Form 10-K and subsequent, quarterly reports on Form 10-Q and current reports on Form 8-K,and other Securities and Exchange Commission (“SEC”) filings discuss some of the important risk factors identified that may affect Battalion’s business, results of operations, and financial condition. Battalion undertakes no obligationto revise or update publicly any forward-looking statements except as required by law.

This presentation contains Battalion’s 2020 production, capital expenditure and operating expense guidance. The actual levels of production, capital expenditures and operating expenses may be higher or lower than these estimatesdue to, among other things, uncertainty in drilling schedules, changes in market demand and unanticipated delays in production. These estimates are based on numerous assumptions. All or any of these assumptions may not prove tobe accurate, which could result in actual results differing materially from estimates. No assurance can be made that any new wells will produce in line with historical performance, or that existing wells will continue to produce in linewith expectations. Battalion’s ability to fund its 2020 and future capital budgets is subject to numerous risks and uncertainties, including volatility in commodity prices and the potential for unanticipated increases in costs associatedwith drilling, production and transportation.

This presentation includes references to certain non-GAAP financial information, such as adjusted EBITDA and adjusted general and administrative expense. These measures are presented based on management's belief that they willenable a user of the financial information to understand the impact of these items on reported results. Additionally, this presentation provides a beneficial comparison to similarly adjusted measurements of prior periods. Thesefinancial measures are not measures of financial performance under GAAP and should not be considered as an alternative to GAAP. These financial measures may not be comparable to similarly named non-GAAP financial measuresthat other companies may use and may not be useful in comparing the performance of those companies to Battalion's performance.

This presentation has been prepared by Battalion and includes market data and other statistical information from third-party sources, including independent industry publications, government publications or other publishedindependent sources. Although Battalion believes these third-party sources are reliable as of their respective dates, Battalion has not independently verified the accuracy or completeness of this information. Some data are based onBattalion’s good faith estimates, which are derived from its review of internal sources as well as the 3rd-party sources described above.

Management’s use of the term estimated ultimate recovery (“EUR”) in this presentation describes estimates of potentially recoverable hydrocarbons that the SEC rules prohibit from being included in filings with the SEC. These aremore speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited or no drillinghistory. We include EUR to demonstrate what we believe to be the potential for future drilling and production by Battalion.

Actual quantities that may be ultimately recovered may differ substantially from estimates. Factors affecting ultimate recovery include the scope of the operators' ongoing drilling programs, which will be directly affected by theavailability of capital, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results,including geological and mechanical factors affecting recovery rates. Estimates of potential resources may also change significantly as the development of the properties underlying Battalion's mineral interests provides additionaldata. This presentation also contains Battalion’s internal estimates of its potential drilling locations, which may prove to be incorrect in a number of material ways and may. Actual results may be substantially different than estimates.

Well Positioned for Recovery with Solid Asset Base

Managing Through Challenging EnvironmentKey Milestones Since Q2 2019

Improved takeaway options

Strengthened Hedge Position

Cut Capital Program

Rebound from >50% Shut-in

Restructured Balance Sheet

Reduced G&A Substantially

Integrated New Team

Reduced Well D&C Costs

Created ESG Task Force

Reduced Operating Expenses

Obtained AGI Permit

Listed on NYSEA (“BATL”)

New Strategy / Board / Name

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1

Capital Discipline

Free Cash Flow

Hedge Book

Production

M&A

Health & Safety Increasing gas takeaway options to reduce flaring

Minimal drilling required to hold acreage

Generating positive free cash flow for 2H 2020

Well protected PDP @ ~$45-50/Bbl on avg through 1H’22

Increasing H2S treating efficiencies & improving costs

Continuing to pursue strategic M&A opportunities

Strong, Co-Located Asset Base Provides Synergies

2

Current production of ~9,500 Net Bopd (Q3’20 average)

4 DUCs @ Monument; late Q4 2020 completion

Balanced and complementary co-located asset base

Managing downtime in Q3 2020 due to infrastructure enhancements, resulting in improvements to differentials and pricing deducts for all products

Operating Breakeven @ $10.00/Boe

D&C Breakeven @ $28.00/Bbl WTI

6,300 Net Bopd Q2’20 exit rate

44 Gross PDP Wells with ~95% WI (72% oil)

Net Acreage: ~20,000

Operating Breakeven @ $5.50/Boe

D&C Breakeven @ $35.00/Bbl WTI

2,200 Net Bopd Q2’20 exit rate

49 Gross PDP Wells with ~75% WI (41% oil)

Net Acreage: ~10,600

Operating Breakeven @ $7.00/Boe

2,500 Net Bopd Q2’20 exit rate

46 Gross PDP Wells with ~86% WI (69% oil)

Net Acreage: ~15,700

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Current Leasehold Position: ~48,500 Net Acres / 2,000+ Gross Total Drilling Locations

Net Operated Oil Production Summary (Bopd)

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5,000

10,000

15,000

20,000

Q1 2020 Q2 2020 Q3 2020

MonumentWest Quito

Hackberry

QI.

7

Capitalization & Liquidity SummaryAdjusted LTM EBITDA of $94 MM 50% growth from $62 MM Adjusted LTM EBITDA @ Q3 2019

Largely Insulated from price fluctuation due to hedge book

Decreased Adjusted G&A $2.09/Boe in Q3 2020 vs $4.92/Boe in Q3 2019

Evaluating future savings from continuing to work remotely

Maintained LTM Net Leverage of

Current Hedge Position: $16 MM MTM @ 9/30

8

Downside Fixed Price Hedged Oil Volume (Bopd)

0

2,500

5,000

7,500

10,000

Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

2- Way Collars

Swaps

Bopd Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022

Fixed 8,500 7,500 7,000 7,000 6,500 4,000 4,000

Basis 8,500 7,500 7,000 7,000 6,500 4,000 4,000

Roll 8,500 7,500 7,000 7,000 6,500 4,000 4,000

Fixed $42.10 $48.98 $46.66 $43.59 $44.44 $51.50 $51.50

Basis + $0.26 + $0.29 + $0.01 ($0.46) ($0.32) + $0.88 + $0.88

Roll + $0.17 ($0.06) ($0.24) ($0.47) ($0.41) + $0.00 + $0.00

Total $42.53 $49.22 $46.43 $42.66 $43.71 $52.38 $52.38