Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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

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(Print or Type Responses)

1. Name and Address of Reporting Person * LUBAR DAVID J 2. Issuer Name and Ticker or Trading Symbol HALLADOR ENERGY CO [HNRG] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1183 EAST CANVASBACK DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 05/28/2026 (Street) TERRE HAUTE, IN 47802 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 Common Stock 2,851 D Common Stock 2,788,685 I Lubar Equity Fund LLC(1) Common Stock 2,391,571 I Lubar Opportunity Fund, I (LOFI)(2) Common Stock 271,763 I SM Opportunity Fund, LLC (SMOF)(3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

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 (Month/Day/Year)

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

Restricted Stock Units

(4)

05/28/2026

A

6,316(5)

(4)(6)

(4)(6)

Common Stock(4)

6,316

(4)

6,316

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
LUBAR DAVID J 1183 EAST CANVASBACK DRIVE TERRE HAUTE, IN 47802	X	X

Signatures

/s/ David J. Lubar		06/01/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares are owned by the Lubar Equity Fund LLC (LEF). Lubar & Co. serves as investment manager over, and exercises in its sole discretion the entire voting and dispositive power with respect to all shares of the Issuer held by LEF. Mr. David J. Lubar serves as the Chief Executive Officer of Lubar & Co., and as a result, may be deemed to beneficially own these shares. Mr. Lubar disclaims beneficial ownership in the shares owned by LEF, except to the extent of his respective pecuniary interest therein.
(2)	Shares are owned by the Lubar Opportunity Fund, I (LOFI). Lubar & Co. serves as investment manager over, and exercises in its sole discretion the entire voting and dispositive power with respect to all shares of the Issuer held LOFI. Mr. David J. Lubar serves as the Chief Executive Officer of Lubar & Co., and as a result, may be deemed to beneficially own these shares. Mr. Lubar disclaims beneficial ownership in the shares owned by LOFI, except to the extent of his respective pecuniary interest therein.
(3)	Shares are owned by the SM Opportunity Fund, LLC (SMOF), Lubar & Co. serves as investment manager over, and exercises in its sole discretion the entire voting and dispositive power with respect to all shares of the Issuer held by SMOF. Mr. David J. Lubar serves as the Chief Executive Officer of Lubar & Co., and as a result, may be deemed to beneficially own these shares. Mr. Lubar disclaims beneficial ownership in the shares owned by SMOF, except to the extent of his respective pecuniary interest therein.
(4)	Each Restricted Stock Unit represents a contingent right to receive one share of Hallador Energy Common Stock. Vested shares will be delivered to the reporting person pursuant to the terms of the Second Amended and Restated 2008 Restricted Stock Unit Plan.
(5)	These shares were issued to the reporting person as consideration for his total annual equity compensation for service on the Issuer's board.
(6)	The Units shall fully vest May 27, 2027, subject in each case subject to Participant's continued Service through the applicable vesting date, subject to the terms and conditions set forth in the Second Amended and Restated 2008 Restricted Stock Unit Plan and Award Agreement.

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