1 Investor Presentation May 2021 DISCLAIMER •FORWARD-LOOKING STATEMENTS •The information in this presentation and in any oral statements made in connection herewith contains forward-looking statements that involve risks and uncertainties. When used in or in connection with 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 ...

Financial Data and Key Metrics Changes - The company reported a profit with over $20 million of EBITDAX in Q1 2021, which is a significant success compared to previous periods [10] - Average production in the quarter was almost 5,300 barrels a day, with a current production rate of 8,300 barrels a day, representing a 150% growth from the end of Q1 to mid-May [6][12] - EBITDAX increased by 187%, projecting over $200 million on an annual basis by year-end [12] - The company maintains zero debt and has $9.6 million cash on hand [10] Business Line Data and Key Metrics Changes - The company has 28 producing wells and 11 additional wells being drilled, contributing to the production growth [7] - The average lateral length drilled increased from 9,300 feet to approximately 14,000 feet, enhancing drilling efficiency [13] - Lease operating expenses decreased by 28% quarter-over-quarter, and cash G&A expenses fell by 42% [14][22] Market Data and Key Metrics Changes - The company operates with a 90% oil cut, which is significantly higher than many peers, driving higher revenue per unit [21] - Realized pricing was reported at $54 per BOE, with a cash margin of $42.14 per BOE, one of the highest in the industry [15][22] Company Strategy and Development Direction - The company is focused on fiscally responsible production growth and high operating margins, with a commitment to low leverage and maintaining a strong balance sheet [8][30] - There is an emphasis on capital efficiency and operational excellence, with plans to continue drilling and completing wells while managing costs effectively [19][20] - The company is exploring consolidation opportunities but remains selective, ensuring any acquisitions are accretive [36][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing unprecedented production increases and operational efficiency despite inflationary pressures [6][19] - The company is optimistic about future developments, particularly in the Signal Peak area, where new wells are showing promising results [31][43] Other Important Information - The company has established an ESG committee and is actively working on sustainability initiatives, including reducing emissions and improving operational efficiency [26][27] - The Phase 1 water system is fully operational, which will help lower lease operating expenses and improve overall efficiency [10][25] Q&A Session Summary Question: Can you talk about consolidation opportunities in Howard County? - Management indicated they are evaluating consolidation opportunities but will be selective to ensure any acquisitions are accretive [36][38] Question: Can you discuss the drivers of the significant progress in LOE? - Management highlighted the efficiency of the company-owned water system and plans to upgrade electrical systems to reduce costs further [39][40] Question: What are the plans for additional wells at Signal Peak? - Management confirmed that infrastructure is in place for early development, with plans for future upgrades as drilling progresses [43]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 333-248898 HighPeak Energy, Inc. (Exact name of Registrant as specified in its charter) Delaware 84-3533602 (State or other ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ______________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 333-248898 Securities registered pursuant to Section 12(g) of the Act: None ______________________ ...

For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 333-248898 ______________________________ HighPeak Energy, Inc. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ______________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of Registrant ...