Disclaimer (Cont'd) Q3 2023 Key Highlights Note: Acreage map per Enverus and company data. (1) Net acreage, % oil & liquids, and wells in progress as of 9/30/23. (2) EBITDAX is a non-GAAP financial measure. See disclaimer for definition. (3) Free Cash Flow is a non-GAAP financial measure and defined as discretionary cash flow less capex excluding acquisitions. (1) LQA EBITDAX in $MM. HPK PRODUCING HPK OPERATED 2H'23 PRODUCING •Reserve engineering is a process of estimating the recovery of underground accumu ...

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 September 30, 2023 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: 001-3946 HighPeak Energy, Inc. (Exact name of Registrant as specified in its charter) Delaware 84-3533602 (State or othe ...

HighPeak Energy, Inc. (NASDAQ:HPK) Q2 2023 Results Conference Call August 8, 2023 11:00 AM ET Company Participants Steven Tholen - Chief Financial Officer Jack Hightower - Chairman and Chief Executive Officer Michael Hollis - President Ryan Hightower - Vice President of Business Development Conference Call Participants John White - Roth Capital Nicholas Pope - Seaport Research Jeff Robertson - Water Tower Operator Good day and thank you for standing by and welcome to the HighPeak Energy 2023 Second Quarter ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (817) 850-9200 (Registrant's telephone number, including area code) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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: 001-3946 HighPeak Energy, Inc. (Exact name of Registrant ...

Financial Data and Key Metrics Changes - The company achieved an average production of 37,000 barrels per day in Q1 2023, which represents a year-over-year increase of over 200% compared to Q1 2022 [69] - The EBITDA run rate is projected to be about $1.2 billion at an $80 price deck, with potential increases at higher prices [4] - The company maintains the highest operating margins among its Permian peers, with a first-quarter margin per BOE that was 55% higher than the peer average [5][6] Business Line Data and Key Metrics Changes - HighPeak has more than doubled its acreage footprint over the last few years, leading to improved well results and confidence in substantial inventory [9] - The company plans to turn in line 110 wells in 2023, with 64 wells in various stages of drilling and completion at quarter-end [70] - The average lateral length of HighPeak's inventory is 12,000 feet, contributing to increased capital efficiency and well performance [11] Market Data and Key Metrics Changes - The company is positioned to continue increasing production next year at a four-rig cadence, funded entirely from cash flow from operations [4] - HighPeak's production is expected to grow at least 50% this year and another 30% next year, indicating strong market positioning [30] Company Strategy and Development Direction - The company is focused on a long-term development strategy to maximize shareholder value through sustained operations and strategic alternatives [68] - A reduction in rig count from four to two for the remainder of the year is aimed at strengthening financial position while maintaining production guidance [78] - The company anticipates entering a phase of positive free cash flow in the second half of the year, allowing for continued growth and financial discipline [33][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to optimize shareholder value despite current market volatility and commodity price fluctuations [76][77] - The company is committed to maintaining a debt-to-EBITDA ratio of about 0.5 turns while continuing to grow [33] - Management highlighted the importance of under-promising and over-performing in the current economic environment [81] Other Important Information - HighPeak's operations are highly oil-weighted, with 85% of production being oil and 94% liquids, which is expected to continue [32] - The company is actively working on ESG initiatives, including energy efficiency and recycling of stimulation fluids [24][25] Q&A Session Summary Question: Discussion on upcoming notes maturity - Management reassured that there is no immediate pressure regarding the notes maturing in 2024, with plans in place to address any liquidity concerns [37][39] Question: Impact of new wells on production - Management indicated that approximately 20 producing wells were offline for fracking activities, but significant growth is expected in Q2 and Q3 from these completions [51][57] Question: Trends in LOE expenses - Management explained that the Q1 LOE expense was influenced by workover activities and that trends are expected to decrease as new wells come online [41][42] Question: Production growth expectations - Management confirmed that production is expected to grow significantly throughout the year, with a steady number of wells being brought online [60][62]

($ in millions) | --- | --- | --- | |-------------------------|---------|---------| | Production (MBoe/d) | 2023 | 2024 | | Average production rate | 45 - 51 | 60 - 66 | | Exit production Rate | 55 - 61 | 68 - 76 | YoY Est. Avg. Production Growth >30% 4 (1) Free Cash Flow is a non-GAAP financial measure and defined as estimated EBITDAX less Capex, interest expense & dividends at various oil prices combined with gas price of $4/Mcf. Positive and increasing FCF projected in 2H'23 onwards HighPeak's oil cut ge ...

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, 2023 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: 001-39464 HighPeak Energy, Inc. (Exact name of Registrant as specified in its charter) Delaware 84-3533602 (State or other j ...

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," "projects," "continue," "may," "will," "could," "should," "future," "potential," "estimate" or the negative of such terms and similar expressions as they relate to HighPeak En ...

Financial Data and Key Metrics Changes - The company reported an average production of 37,300 barrels per day, representing a 42% increase from the third quarter and a 150% increase compared to the fourth quarter of the previous year [7] - Crude reserves increased by 92% year-over-year to 123 million barrels of oil [8] - The company is projecting an EBITDA run rate of over $1.5 billion at reasonable oil prices by the end of the year [10] - General and administrative expenses were slightly higher due to year-end bonuses but are expected to decrease as production volumes increase [12] Business Line Data and Key Metrics Changes - The company has expanded its acreage position from 61,000 acres at the end of 2021 to over 112,000 acres [4] - The production from the Signal Peak area has been a significant contributor to the overall production growth [5] - The company has been focusing on operational efficiency, with improvements in well performance and cost reductions [6] Market Data and Key Metrics Changes - The company anticipates generating free cash flow in the second half of the year, contingent on oil prices remaining favorable [26] - The average peer company would need to produce about 60,000 BOEs per day to achieve similar cash flow results that HighPeak achieves with 40,000 BOEs per day [11] Company Strategy and Development Direction - The company is focused on optimizing shareholder value and maintaining a healthy balance sheet while navigating supply chain disruptions [23] - HighPeak is pursuing strategic alternatives, including potential mergers or sales, to enhance shareholder value [39] - The company plans to reduce its rig count from six to four to maintain a strong balance sheet while still achieving production growth [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue improving production and cash flow despite market volatility [28] - The company is positioned to achieve free cash flow at a breakeven oil price as low as $45, which is unprecedented in the industry [37] - Management emphasized the importance of maintaining a conservative approach to reserve bookings while still achieving significant growth [54] Other Important Information - The company has a 130% compounded annual growth rate of proved reserves over the last two years [16] - HighPeak's operational and environmental initiatives are designed to be both financially and environmentally rewarding for shareholders [13] Q&A Session Summary Question: Are the wells mentioned in the press release related to the Conrad and Griffin pads? - Yes, the wells are from the western part to the eastern part of the Conrad and Griffin wells [62] Question: Are any of the results from the pads additive to the inventory counts? - All locations are included in the inventory mix, and as these wells are developed, they will move up into the primary numbers [67] Question: How does the recovery factor on Flat Top compare to other areas? - There is about a 2% difference in recovery factors between the eastern and western parts of Howard County, with the eastern area outperforming [68] Question: What is the company's approach to reserve bookings? - The company maintains a conservative approach to reserve bookings, allowing for potential future growth in recoverable reserves [69] Question: How does the company plan to manage its drilling program in the future? - The company has the flexibility to adjust its drilling program based on market conditions and does not have long-term contracts that could hinder its operations [60]

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, 2022 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: 001-39464 HighPeak Energy, Inc. (Exact name of Registrant as specified in its charter) Securities registered pursuant to Section ...