HighPeak Energy, Inc.

HighPeak Energy, Inc. is an independent company focused on exploring for, developing, and producing crude oil, natural gas liquids (NGL), and natural gas. The company operates in the Permian Basin in West Texas, specifically within the Midland Basin. Its primary operational areas are Howard and Borden Counties, Texas, with additional activity in Scurry and Mitchell Counties, which are located in the northeastern part of the crude oil-rich Midland Basin. HighPeak Energy's acreage is divided into two core areas: Flat Top, primarily in northern Howard County extending into southern Borden County, southwest Scurry County, and northwest Mitchell County; and Signal Peak, located in southern Howard County. The company focuses on the Midland Basin, particularly northeast Howard and southeast Borden Counties, and to a lesser extent, northwest Mitchell and southwest Scurry Counties. This area has seen partial development with vertical wells over the last eight decades and significant redevelopment in the last decade using modern horizontal drilling technology in the Lower Spraberry and Wolfcamp A formations. Some operators have also successfully developed the Middle Spraberry, Jo Mill, Wolfcamp B, and Wolfcamp D formations using modern, high-intensity hydraulic fracturing techniques, decreased frac spacing, increased proppant usage, and increased lateral lengths. HighPeak Energy's data and drilling results indicate a high crude oil mix percentage in this area. As of December 31, 2025, the company's assets included crude oil and natural gas interests primarily in Howard and Borden Counties, Texas, and to a lesser extent, Mitchell and Scurry Counties, Texas. These assets comprised two generally contiguous leasehold positions totaling approximately 154,472 gross (142,560 net) acres across various subsurface depths. Approximately 72% of these acres were held by production, with an average working interest of approximately 92%. HighPeak Energy operates approximately 98% of the net acreage across its assets.