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HighPeak Energy, Inc. Announces Second Quarter 2025 Financial and Operating Results

1. HighPeak reported flat sales volumes and net income of $26.2 million. 2. Term Loan maturity extended to September 2028, increasing liquidity. 3. Quarterly dividend of $0.04 declared for September 2025. 4. Proactive hedging strategy minimizes exposure to commodity price declines. 5. Capital expenditures decreased over 30% compared to Q1 2025.

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FAQ

Why Bullish?

The financial stability demonstrated by strong net income and liquidity, along with a solid hedging strategy, typically supports stock price appreciation. Similar stability in the past often attracted investors, leading to price increases.

How important is it?

Amendments to the Term Loan enhance liquidity, providing confidence to investors, while the ongoing hedging strategy protects against downside risk, elevating overall company confidence.

Why Short Term?

Immediate investor reactions can stem from recent financial results and the dividend declaration, likely impacting stock prices in the short run.

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FORT WORTH, Texas, Aug. 11, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter ended June 30, 2025. Second Quarter 2025 Highlights Sales volumes averaged approximately 48.6 thousand barrels of crude oil equivalent per day (“MBoe/d”), remaining essentially flat from the same period a year ago after dropping down to one drilling rig in May 2025.Net income was $26.2 million, or $0.19 per diluted share and EBITDAX (a non-GAAP financial measure defined and reconciled below) was $156.0 million, or $1.12 per diluted share. Lease operating expenses averaged $6.55 per Boe, excluding workover expenses, representing a 1% decrease compared with the first quarter of 2025.   Recent Events On August 4, 2025, the Company announced material amendments to the Term Loan Credit Agreement (“Term Loan”) and Senior Credit Facility Agreement (“Super Priority RCF”) including: Extended the maturity dates of both agreements to September 2028.Upsized the borrowings under the Term Loan to $1.2 billion, providing additional liquidity to the Company.Amended certain covenants of the Term Loan including deferring mandatory amortization payments of $30 million per quarter until September 30, 2026. Additional key benefits to the amended and extended Term Loan include: The 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 floating interest rate structure allows the Company to benefit from anticipated lower interest rates over the remaining term of the Term Loan. On August 11, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in September 2025. Statement from Jack Hightower, Chairman and CEO: We are deeply grateful for the unwavering support of our investors, whose confidence in our vision has enabled us to execute the strategic initiative of amending and extending our current Term Loan and RCF. This amendment and extension, coupled with our proactive hedging strategy, positions HighPeak to capitalize on future opportunities while maintaining a strong and adaptable financial foundation. With consensus projections of lower interest rates over the next few years, our term loan provides the Company with substantial flexibility and optionality going forward rather than issuing a high-yield, fixed-rate public bond. The amendment and extension of the term loan significantly increases our capital structure flexibility, increases liquidity, minimizes refinancing costs and provides the ability to pay down the term loan at par. We have also hedged a significant amount of our production for the next 18 months, thus minimizing HighPeak’s exposure to downside risk if commodity prices decline as we move forward. Second Quarter 2025 Operational Update HighPeak’s sales volumes during the second quarter of 2025 averaged 48.6 MBoe/d. Second quarter sales volumes consisted of approximately 70% crude oil and 85% liquids. The Company averaged one drilling rig and one frac crew during the second quarter, drilled 13 gross (13.0 net) horizontal wells and turned-in-line 14 gross (14.0 net) producing wells and placed 2 gross (2.0 net) salt-water disposal wells in operation. On June 30, 2025, the Company had 20 gross (20.0 net) horizontal wells in various stages of drilling and completion. HighPeak President, Michael Hollis, commented, “According to plan, our capital expenditures were heavily weighted toward the first part of the year, tapering off during the second quarter. Now with several efficiency-based projects complete and our maintenance drilling program in effect, we will continue to operate with capital discipline to preserve financial flexibility in this dynamic economic environment.” Second Quarter 2025 Financial Results HighPeak reported net income of $26.2 million for the second quarter of 2025, or $0.19 per diluted share, and EBITDAX of $156.0 million, or $1.12 per diluted share.  Second quarter average realized prices were $63.74 per Bbl of crude oil, $20.34 per Bbl of NGL and $1.50 per Mcf of natural gas, resulting in an overall realized price of $45.27 per Boe, or 71% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. Including the effects of derivatives, second quarter average realized prices were $65.27 per Bbl of crude oil, $20.34 per Bbl of NGL and $2.18 per Mcf of natural gas, resulting in an overall realized price of $46.94 per Boe. HighPeak’s cash costs for the second quarter were $11.69 per Boe, including lease operating expenses of $6.55 per Boe, workover expenses of $1.06 per Boe, production and ad valorem taxes of $2.80 per Boe and G&A expenses of $1.28 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $33.58 per Boe, or 74% of the overall realized price per Boe for the quarter. HighPeak’s total capital expenditures, excluding acquisitions, for the second quarter of 2025 were $125.4 million, a decrease of over 30% compared with the first quarter of 2025.  Hedging Subsequent to quarter end, the Company entered into additional crude oil derivative contracts covering a significant portion of its forecasted production through March 2027. Crude oil. Including the derivative instruments entered into to date, 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& DeferredPremium PutsSettlementMonth SettlementYear Type ofContract BblsPerDay Index Price perBbl Floor orStrikePrice perBbl CeilingPrice perBbl DeferredPremiumPayableper BblCrude Oil:                    Jul – Sep 2025 Swap 3,000 WTI Cushing $75.85 $— $— $—Jul – Sep 2025 Collar 7,000 WTI Cushing $— $65.00 $90.08 $2.28Jul – Sep 2025 Put 9,000 WTI Cushing $— $65.78 $— $5.00Oct – 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 detailed above 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 SettlementYear Type ofContract MMBtuPer Day Index Price perMMBtuNatural Gas:           Jul – Sep 2025 Swap 30,000 HH $4.43Oct – Dec 2025 Swap 30,000 HH $4.43Jan – Mar 2026 Swap 30,000 HH $4.39Apr – Jun 2026 Swap 30,000 HH $4.30Jul – Sep 2026 Swap 30,000 HH $4.30Oct – Dec 2026 Swap 30,000 HH $4.30Jan – Mar 2027 Swap 19,667 HH $4.30             The Company’s natural gas derivative contracts detailed above are based on reported settlement prices on the New York Mercantile Exchange for Henry Hub (“HH”) pricing. Dividends During the second quarter of 2025, HighPeak’s Board of Directors approved a quarterly dividend of $0.04 per share, or $5.0 million in dividends paid to stockholders during the quarter. In addition, in August 2025, the Company’s Board of Directors declared a quarterly dividend of $0.04 per share, or approximately $5.0 million in dividends, to be paid on September 25, 2025, to stockholders of record on September 2, 2025. Warrants The Company’s outstanding warrants (NASDAQ: HPKEW) which enable the warrant holders to purchase one share of common stock for $11.50 per share for each warrant are set to expire on August 21, 2025.  Conference Call HighPeak will host a conference call and webcast on Tuesday, August 12, 2025, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the second quarter of 2025. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call. When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com. 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. Cautionary Note Regarding Forward-Looking Statements The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties. These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2025 guidance, volatility of commodity prices, political instability or armed conflicts in crude or natural gas producing regions such as the ongoing war between Russia and Ukraine or Israel and Hamas, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, OPEC+ policy decisions, potential new trade policies, such as tariffs, could adversely affect the Company’s operations, business and profitability, inflationary pressures on costs of oilfield goods, services and personnel, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy's ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy's oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law. Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. Use of Projections The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2025 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law. Drilling Locations The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.  HighPeak Energy, Inc.Unaudited Condensed Consolidated Balance Sheet Data(In thousands)  June 30,2025 December 31, 2024Current assets:     Cash and cash equivalents$21,853  $86,649 Accounts receivable 71,425   85,242 Derivative instruments 17,323   7,582 Inventory 6,823   10,952 Prepaid expenses 4,792   4,587 Total current assets 122,216   195,012 Crude oil and natural gas properties, using the successful efforts method of accounting:     Proved properties 4,268,981   3,959,545 Unproved properties 69,908   70,868 Accumulated depletion, depreciation and amortization (1,395,115)  (1,184,684)Total crude oil and natural gas properties, net 2,943,774   2,845,729 Other property and equipment, net 3,081   3,201 Derivative instruments 1,813   — Other noncurrent assets 18,569   19,346 Total assets$3,089,453  $3,063,288       Current liabilities:     Current portion of long-term debt$—  $120,000 Accounts payable – trade 64,291   74,011 Revenues and royalties payable 27,499   26,838 Other accrued liabilities 24,176   22,196 Accrued capital expenditures 22,443   35,170 Derivative instruments 1,364   5,380 Operating leases 912   719 Advances from joint interest owners —   316 Total current liabilities 140,685   284,630 Noncurrent liabilities:     Long-term debt, net 1,027,354   928,384 Deferred income taxes 250,000   232,398 Asset retirement obligations 15,414   14,750 Derivative instruments 1,392   — Operating leases 522   670       Stockholders’ equity     Common stock 13   13 Additional paid-in capital 1,166,875   1,166,609 Retained earnings 487,198   435,834 Total stockholders’ equity 1,654,086   1,602,456 Total liabilities and stockholders’ equity$3,089,453  $3,063,288        HighPeak Energy, Inc.Unaudited Condensed Consolidated Statements of Operations(in thousands)  Three Months Ended June 30,  Six Months Ended June 30,  2025  2024  2025  2024 Operating revenues:               Crude oil sales$196,723  $274,590  $443,147  $556,959 NGL and natural gas sales 3,677   676   14,701   6,071 Total operating revenues 200,400   275,266   457,848   563,030 Operating costs and expenses:               Crude oil and natural gas production 33,726   32,798   69,288   63,069 Production and ad valorem taxes 12,391   16,596   27,543   30,998 Exploration and abandonments 1,109   167   1,373   665 Depletion, depreciation and amortization 101,226   127,693   210,551   258,543 Accretion of discount 256   242   500   481 General and administrative 5,671   4,735   12,016   9,420 Stock-based compensation 88   3,775   265   7,573 Total operating costs and expenses 154,467   186,006   321,536   370,749 Other expense 2,489   2,000   2,489   2,001 Income from operations 43,444   87,260   133,823   190,280 Interest and other income 361   2,400   1,171   4,792 Interest expense (36,412)  (42,991)  (73,400)  (86,625)Gain (loss) on derivative instruments, net 26,446   (2,702)  18,519   (55,745)Income before income taxes 33,839   43,967   80,113   52,702 Provision for income taxes 7,663   14,250   17,602   16,547 Net income$26,176  $29,717  $62,511  $36,155 Earnings per share:               Basic net income$0.19  $0.21  $0.46  $0.26 Diluted net income$0.19  $0.21  $0.45  $0.25                 Weighted average shares outstanding:               Basic 123,930   125,341   123,922   125,341 Diluted 126,095   129,248   126,169   129,265                 Dividends declared per share$0.04  $0.04  $0.08  $0.08                  HighPeak Energy, Inc.Unaudited Condensed Consolidated Statements of Cash Flows(in thousands)       Six Months Ended June 30, 2025 2024CASH FLOWS FROM OPERATING ACTIVITIES:     Net income$62,511  $36,155 Adjustments to reconcile net income to net cash provided by operations:     Provision for deferred income taxes 17,602   15,970 (Gain) loss on derivative instruments (18,519)  55,745 Cash received (paid) on settlement of derivative instruments 4,341   (10,456)Amortization of debt issuance costs 4,091   4,119 Amortization of discounts on long-term debt 4,879   4,906 Stock-based compensation expense 265   7,573 Accretion expense 500   481 Depletion, depreciation and amortization 210,551   258,543 Exploration and abandonment expense 859   229 Changes in operating assets and liabilities:     Accounts receivable 13,817   7,038 Prepaid expenses, inventory and other assets 4,977   (2,900)Accounts payable, accrued liabilities and other current liabilities (7,609)  (3,633)Net cash provided by operating activities 298,265   373,770 CASH FLOWS FROM INVESTING ACTIVITIES:     Additions to crude oil and natural gas properties (306,157)  (311,897)Changes in working capital associated with crude oil and natural gas property additions (12,907)  (5,226)Acquisitions of crude oil and natural gas properties (3,584)  (7,415)Proceeds from sales of properties 570   48 Other property additions —   (122)Net cash used in investing activities (322,078)  (324,612)CASH FLOWS FROM FINANCING ACTIVITIES:     Borrowings under Senior Credit Facility Agreement 30,000   — Repayments under Term Loan Credit Agreement (60,000)  (60,000)Dividends paid (9,922)  (10,086)Dividend equivalents paid (1,062)  (1,068)Proceeds from exercise of warrants 1   1 Repurchased shares under buyback program —   (14,551)Debt issuance costs —   (58)Net cash used in financing activities (40,983)  (85,762)Net decrease in cash and cash equivalents (64,796)  (36,604)Cash and cash equivalents, beginning of period 86,649   194,515 Cash and cash equivalents, end of period$21,853  $157,911        HighPeak Energy, Inc.Unaudited Summary Operating Highlights             Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Average Daily Sales Volumes:           Crude oil (Bbls) 33,913   37,073   36,056   38,516 NGLs (Bbls) 7,462   6,018   7,592   5,583 Natural gas (Mcf) 43,642   32,640   43,371   30,187 Total (Boe) 48,649   48,531   50,876   49,130             Average Realized Prices (excluding effects of derivatives):           Crude oil per Bbl$63.74  $81.39  $67.90  $79.45 NGL per Bbl$20.34  $20.32  $22.30  $22.45 Natural gas per Mcf$1.50  $0.13  $1.91  $0.68 Total per Boe$45.27  $62.33  $49.72  $62.97             Margin Data ($ per Boe):           Average price$45.27  $62.33  $49.72  $62.97 Lease operating expenses (6.55)  (6.79)  (6.58)  (6.54)Expense workovers (1.06)  (0.63)  (0.94)  (0.51)Production and ad valorem taxes (2.80)  (3.76)  (2.99)  (3.47) $34.86  $51.15  $39.21  $52.45              HighPeak Energy, Inc.Unaudited Earnings Per Share Details             Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Net income as reported$26,176  $29,717  $62,511  $36,155 Participating basic earnings (2,546)  (2,860)  (6,086)  (3,466)Basic earnings attributable to common shareholders 23,630   26,857   56,425   32,689 Reallocation of participating earnings 32   36   78   37 Diluted net income attributable to common shareholders$23,662  $26,893  $56,503  $32,726             Basic weighted average shares outstanding 123,930   125,341   123,922   125,341 Dilutive warrants and unvested stock options —   1,753   82   1,770 Dilutive unvested restricted stock 2,165   2,154   2,165   2,154 Diluted weighted average shares outstanding 126,095   129,248   126,169   129,265             Net income per share attributable to common shareholders:           Basic$0.19  $0.21  $0.46  $0.26 Diluted$0.19  $0.21  $0.45  $0.25              HighPeak Energy, Inc.Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations(in thousands)        Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Net income$26,176  $29,717  $62,511  $36,155 Interest expense 36,412   42,991   73,400   86,625 Interest and other income (361)  (2,400)  (1,171)  (4,792)Income tax expense 7,663   14,250   17,602   16,547 Depletion, depreciation and amortization 101,226   127,693   210,551   258,543 Accretion of discount 256   242   500   481 Exploration and abandonment expense 1,109   167   1,373   665 Stock based compensation 88   3,775   265   7,573 Derivative related noncash activity (19,034)  (2,606)  (14,178)  45,289 Other expense 2,489   2,000   2,489   2,001 EBITDAX 156,024   215,829   353,342   449,087 Cash interest expense (31,902)  (38,472)  (64,430)  (77,600)Other (a) (2,382)  220   (1,832)  1,778 Discretionary cash flow 121,740   177,577   287,080   373,265 Changes in operating assets and liabilities 19,473   24,754   11,185   505 Net cash provided by operating activities$141,213  $202,331  $298,265  $373,770             (a) includes interest and other income net of current tax expense, other expense and operating portion of exploration and abandonment expenses.  HighPeak Energy, Inc. Unaudited Reconciliation of Net Cash Provided by Operations and Free Cash Flow(in thousands)             Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024Net cash provided by operating activities$141,213  $202,331  $298,265  $373,770 Add back net change in operating assets and liabilities (19,473)  (24,754)  (11,185)  (505)Operating cash flow before working capital changes 121,740   177,577   287,080   373,265 Additions to crude oil and natural gas properties (126,338)  (164,199)  (306,157)  (311,897)Changes in working capital associated with crude oil and natural gas property additions (38,079)  (6,931)  (12,907)  (5,226)Free cash flow$(42,677) $6,447  $(31,984) $56,142              HighPeak Energy, Inc.Unaudited Reconciliation of Net Income to Adjusted Net Income(in thousands, except per share data)    Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 Amounts Amounts per Diluted Share Amounts Amounts per Diluted ShareNet income$26,176  $0.19  $62,511  $0.45 Noncash derivative gain, net (19,034)  (0.14)  (14,178)  (0.10)Other expense 2,489   0.02   2,489   0.02 Abandoned leasehold and plugging and abandonment expenses 856   0.01   860   0.01 Stock-based compensation 88   0.00   265   0.00 Income tax adjustment for above items * 3,276   0.02   2,218   0.01 Adjusted net income$13,851  $0.10  $54,165  $0.39             * Assuming a 21% tax rate  Investor Contact: Ryan HightowerVice President, Business Development817.850.9204 rhightower@highpeakenergy.com Source: HighPeak Energy, Inc.

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