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HighPeak Energy, Inc. Announces Amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement

1. HighPeak extended loan maturity dates to September 2028. 2. Borrowings increased to $1.2 billion for enhanced liquidity. 3. Mandatory amortization payments deferred until September 2026. 4. The company entered additional crude oil derivative contracts through March 2027. 5. Hedged against crude oil price fluctuations, boosting financial stability.

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Why Bullish?

Extending loan terms and increasing liquidity improves financial health. Historically, companies that enhance liquidity and defer payments often see a positive market reaction.

How important is it?

The amendments provide immediate financial benefits and risk mitigation, enhancing investor sentiment.

Why Short Term?

Immediate liquidity boosts investor confidence, but actual market performance will depend on oil prices in coming quarters, as seen in similar market trends.

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OXYPXDDVN
FORT WORTH, Texas, Aug. 04, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement, both effective August 1, 2025. Material Amendments to the Term Loan Credit Agreement and Senior Credit Facility Agreement Extended the maturity dates for the Term Loan Credit Agreement and the Senior Credit Facility Agreement by two years to September 30, 2028.Upsized the borrowings under the Company’s Term Loan Credit Agreement to $1.2 billion, providing additional liquidity to the Company.Amended certain covenants including deferring mandatory amortization payments of $30.0 million per quarter until September 30, 2026.The Term Loan Credit Agreement call protection provision remains unchanged, expiring in September 2025, providing the Company with significant flexibility to pay down the Term Loan at par, in whole or in part, at any time.The Company’s total cost associated with amending and extending the Term Loan Credit Agreement and the Senior Credit Facility Agreement was appreciably less than other potential financing options. Hedging Update In conjunction with the aforementioned amendments, the Company entered into additional crude oil derivative contracts through March 31, 2027. Crude oil. Including the additional crude oil derivative contracts referenced above, HighPeak has the following outstanding crude oil derivative instruments and the weighted average crude oil prices and premiums payable per barrel (“Bbl”):                    Swaps  Collars, Enhanced Collars & Deferred Premium Puts SettlementMonth  Settlement Year  Type ofContract  Bbls Per Day  Index  Price per Bbl  Floor or Strike Price per Bbl  Ceiling Price per Bbl  Deferred Premium Payableper Bbl Crude Oil:                                 Jul – Sep   2025   Swap   3,000   WTI Cushing  $75.85  $—  $—  $— Jul – Sep   2025   Collar   7,000   WTI Cushing  $—  $65.00  $90.08  $2.28 Jul – Sep   2025   Put   9,000   WTI Cushing  $—  $65.78  $—  $5.00 Oct – Dec   2025   Swap   1,800   WTI Cushing  $63.77  $—  $—  $— Oct – Dec   2025   Collar   15,850   WTI Cushing  $—  $60.53  $69.65  $— Jan – Mar   2026   Swap   1,000   WTI Cushing  $63.25  $—  $—  $— Jan – Mar   2026   Collar   14,350   WTI Cushing  $—  $60.58  $69.92  $— Apr – Jun   2026   Swap   1,000   WTI Cushing  $63.25  $—  $—  $— Apr – Jun   2026   Collar   12,350   WTI Cushing  $—  $59.87  $66.82  $— Jul – Sep   2026   Swap   1,000   WTI Cushing  $63.25  $—  $—  $— Jul – Sep   2026   Collar   12,000   WTI Cushing  $—  $59.83  $66.84  $— Oct – Dec   2026   Swap   1,000   WTI Cushing  $63.25  $—  $—  $— Oct – Dec   2026   Collar   9,800   WTI Cushing  $—  $59.80  $65.31  $— Jan – Mar   2027   Swap   1,000   WTI Cushing  $63.25  $—  $—  $— Jan – Mar   2027   Collar   8,900   WTI Cushing  $—  $59.78  $65.24  $—  The Company’s crude oil derivative contracts are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate (“WTI Cushing”) pricing. Natural gas. The Company has the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu: Settlement Month  Settlement Year  Type ofContract  MMBtu Per Day  Index  Price per MMBtu Natural Gas:                     Jul – Sep   2025   Swap   30,000   HH  $4.43 Oct – Dec   2025   Swap   30,000   HH  $4.43 Jan – Mar   2026   Swap   30,000   HH  $4.39 Apr – Jun   2026   Swap   30,000   HH  $4.30 Jul – Sep   2026   Swap   30,000   HH  $4.30 Oct – Dec   2026   Swap   30,000   HH  $4.30 Jan – Mar   2027   Swap   19,667   HH  $4.30  The Company’s natural gas derivative contracts are based on reported settlement prices on the New York Mercantile Exchange for Henry Hub (“HH”) pricing. TCBI Securities, Inc., doing business as Texas Capital Securities, served as financial advisor to HighPeak and arranger of the amended and extended Term Loan Credit Agreement. About HighPeak Energy, Inc. HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com. Investor Contact: Ryan HightowerVice President, Business Development817.850.9204 rhightower@highpeakenergy.com Source: HighPeak Energy, Inc.

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