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 ...

Financial Data and Key Metrics Changes - The company reported a 63% increase in average production from the second quarter to the fourth quarter, reaching over 35,750 barrels of oil per day [6][12] - The average production for the third quarter was 26,250 barrels per day, a 19% increase from the second quarter and a 220% increase year-over-year [11] - The unhedged cash operating margin for the third quarter was $72.01 per barrel, with a significant increase in EBITDA run rate approaching $1 billion [12][20][49] Business Line Data and Key Metrics Changes - The company has expanded its acreage position to over 105,000 net acres, a 68% increase compared to the previous year [13] - The average well results for 2022 are outperforming prior year results, indicating improved reservoir quality and operational efficiency [8][48] - The company maintained best-in-class margins, generating 36% more margin per BOE than its peer group [23] Market Data and Key Metrics Changes - The company has successfully navigated supply chain constraints and inflationary pressures while maintaining production growth [9][49] - The current production rate is expected to continue growing, with the potential for significant increases in oil prices due to low storage levels and high demand [55] Company Strategy and Development Direction - The company is focused on responsible growth, with a flexible development program that allows for adjustments based on market conditions [18][44] - HighPeak is positioned for continued margin expansion through various cost reduction initiatives, including electrification and water recycling [24][37] - The company aims to delineate significant proved reserves and expand its drilling program across multiple formations [48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow while maintaining production growth [50] - The company anticipates a challenging capital market environment but believes its strong asset base and liquidity position will support ongoing development [44][85] - Management highlighted the potential for higher oil prices in the coming year due to increasing demand and declining storage levels [55] Other Important Information - The company raised a total of $435 million in recent financings, significantly enhancing its liquidity [15][44] - HighPeak's ESG initiatives are integral to its operations, with a focus on reducing emissions and improving environmental impact [39][40] Q&A Session Summary Question: Can you discuss the performance improvement in the 2022 drilling program? - Management confirmed that moving to full pad development has improved results, allowing for more efficient production growth [58][60] Question: What is the average well cost and how has it progressed through the year? - The blended average well cost is approximately $7 million, with inflationary pressures leading to a 15% increase in costs due to various efficiency initiatives [74][76] Question: Can you elaborate on the capital program and production progression? - Management acknowledged delays in production due to simultaneous frac operations but expects a more normal growth pattern moving forward [79][80] Question: Does the recent private placement provide sufficient liquidity for 2023? - Management confirmed that the $225 million private placement enhances liquidity, supporting the development drilling program [85] Question: What are the company's oil price realizations and differentials? - The company has consistently averaged above WTI prices, benefiting from advantageous location and marketing strategies [86]

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | E | N | | R | G | | | 3Q22 Presentation November 2022 DISCLAIMER 2 •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," " ...

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, 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) (State or other jurisdiction of i ...

HighPeak Energy, Inc. (NASDAQ:HPK) Q2 2022 Earnings Conference Call August 9, 2022 11:00 AM ET Company Participants Steven Tholen - Chief Financial Officer Jack Hightower - Chairman & Chief Executive Officer Michael Hollis - President Ryan Hightower - Vice President of Business Development Conference Call Participants Nicholas Pope - Seaport Research Jeffrey Robertson - Water Tower Research Operator Good day, and thank you for standing by. Welcome to the HighPeak Energy 2022 Second Quarter Earnings Conferen ...

PART I. FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=12&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The unaudited condensed consolidated financial statements for the six months ended June 30, 2022, demonstrate significant growth in assets, revenues, and net income, primarily fueled by acquisitions and favorable commodity prices [Condensed Consolidated Balance Sheets](index=12&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets more than doubled to $1.75 billion by June 30, 2022, driven by increased crude oil and natural gas properties, while liabilities and equity also grew significantly Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 (Unaudited) | December 31, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,748,772** | **$818,960** | | Total current assets | $145,983 | $86,954 | | Total crude oil and natural gas properties, net | $1,596,082 | $725,615 | | **Total Liabilities** | **$848,384** | **$265,907** | | Total current liabilities | $272,119 | $103,000 | | Long-term debt, net | $488,532 | $97,929 | | **Total Stockholders' Equity** | **$900,388** | **$553,063** | [Condensed Consolidated Statements of Operations](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q2 2022, net income significantly increased to $77.6 million, driven by a fourfold surge in total operating revenues from higher commodity prices and production volumes Operating Results Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $201,428 | $48,270 | $293,657 | $73,987 | | Income from operations | $122,804 | $21,038 | $177,378 | $26,950 | | Net income | $77,561 | $5,743 | $61,051 | $10,487 | | Diluted net income per share | $0.64 | $0.06 | $0.52 | $0.10 | - The company declared a dividend of **$0.025 per share** in Q2 2022, totaling **$0.05 for the first six months** of the year. No dividends were declared in the comparable periods of 2021[33](index=33&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=15&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly increased to $148.2 million for H1 2022, while investing activities surged to $549.1 million, primarily for acquisitions and property additions Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $148,186 | $47,280 | | Net cash used in investing activities | ($549,145) | ($76,867) | | Net cash provided by financing activities | $388,507 | $22,877 | | **Net decrease in cash and cash equivalents** | **($12,452)** | **($6,710)** | - A significant non-cash transaction during the period was the issuance of **$265.0 million in stock for acquisitions**[38](index=38&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, significant acquisitions totaling $515.4 million, issuance of $225.0 million in senior notes, and amendments to the revolving credit facility - During the first six months of 2022, the company incurred **$515.4 million in acquisition costs** for properties in Howard and Borden counties, which included issuing **10,853,634 shares of common stock valued at $265.0 million**[87](index=87&type=chunk) - In February 2022, the company issued **$225.0 million of 10.00% senior unsecured notes** due 2024. In June 2022, the borrowing base on its Revolving Credit Facility was increased to **$400.0 million**[103](index=103&type=chunk)[107](index=107&type=chunk) - The company has a crude oil delivery commitment with a remaining monetary value of approximately **$22.2 million** and a sand purchase commitment of approximately **$8.7 million** as of June 30, 2022[121](index=121&type=chunk)[126](index=126&type=chunk) Outstanding Derivative Contracts (as of June 30, 2022) | Contract Type | Period | Volume | Weighted Avg. Price | | :--- | :--- | :--- | :--- | | Crude Oil Swaps (WTI) | Rem. 2022 | 1,992.6 MBbls | $87.53 / Bbl | | Crude Oil Swaps (WTI) | 2023 | 641.2 MBbls | $66.04 / Bbl | | Natural Gas Swaps (HH) | Rem. 2022 | 920.0 MMBtu | $9.00 / MMBtu | | Natural Gas Swaps (HH) | 2023 | 450.0 MMBtu | $9.00 / MMBtu | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes strong Q2 2022 performance to increased sales volumes and commodity prices, with significant acquisitions and an expanded drilling program driving capital expenditures - The company's financial performance in Q2 2022 was driven by a **150% increase in daily sales volumes** and a **67% increase in average realized commodity prices per Boe** compared to Q2 2021[149](index=149&type=chunk) - The revised 2022 capital budget is approximately **$790 to $860 million for drilling and completions**, plus **$35 to $40 million for infrastructure**, assuming a six-rig program[184](index=184&type=chunk) EBITDAX Reconciliation (Non-GAAP, in thousands) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Net income | $77,561 | $5,743 | $61,051 | $10,487 | | **EBITDAX** | **$135,434** | **$38,380** | **$186,510** | **$58,447** | [Results of Operations](index=45&type=section&id=Results%20of%20Operations) Q2 2022 operating results show significant growth in production volumes and realized prices, leading to surging revenues, though operating costs also rose due to increased activity Average Daily Sales Volumes Comparison | Commodity | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil (Bbls) | 18,858 | 7,951 | 137% | | NGL (Bbls) | 1,939 | 502 | 286% | | Natural Gas (Mcf) | 7,190 | 1,973 | 264% | | **Total (Boe)** | **21,995** | **8,783** | **150%** | Weighted Average Realized Prices (excluding derivatives) | Commodity | Q2 2022 | Q2 2021 | % Change | | :--- | :--- | :--- | :--- | | Oil per Bbl | $111.26 | $64.93 | 71% | | Gas per Mcf | $6.99 | $2.81 | 149% | | **Total per Boe** | **$100.63** | **$60.40** | **67%** | - Stock-based compensation expense increased significantly to **$14.6 million in Q2 2022 from $1.0 million in Q2 2021**, primarily due to equity awards granted in May 2022 and late 2021[176](index=176&type=chunk)[177](index=177&type=chunk) - Interest expense surged to **$9.3 million in Q2 2022 from $152,000 in Q2 2021**, driven by increased borrowings and the issuance of **$225.0 million in 10.00% senior unsecured notes** in February 2022[178](index=178&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations, a $400 million revolving credit facility, and senior notes, with a 2022 capital budget of $790 to $860 million for drilling and completions - As of June 30, 2022, the company had **$285.0 million in borrowings** under its Revolving Credit Facility, with approximately **$111.1 million available to borrow**[182](index=182&type=chunk) - Capital expenditures for the first six months of 2022 were **$403.2 million**, excluding acquisitions[184](index=184&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $148,186 | $47,280 | | Net cash used in investing activities | ($549,145) | ($76,867) | | Net cash provided by financing activities | $388,507 | $22,877 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility, mitigated by derivatives, with sensitivity to crude oil prices and interest rate risk on variable-rate debt - The company's main market risk is commodity price volatility. A **$1.00 per barrel change in crude oil price** would impact annualized revenues by approximately **$5.5 million**, while a **$0.10 per Mcf change in natural gas price** would impact revenues by **$218,000**[198](index=198&type=chunk) - The company uses commodity derivative instruments to reduce cash flow variability and support its drilling program, but does not use them for speculative purposes[199](index=199&type=chunk) - The company is subject to interest rate risk on its variable rate debt. A **1% increase in interest rates** would increase annual interest expense by approximately **$2.9 million** based on debt levels at June 30, 2022[204](index=204&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting during Q2 2022 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[205](index=205&type=chunk) - There were no material changes in the company's internal control over financial reporting during the three months ended June 30, 2022[206](index=206&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company does not believe any current legal proceedings will have a material adverse effect on its financial position, liquidity, or results of operations - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its financial condition or operations[208](index=208&type=chunk) [Item 1A. Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) Geopolitical instability, particularly the Russia-Ukraine war, poses risks of supply chain disruptions, commodity price volatility, and capital raising challenges, potentially impacting the business - A key business risk is political instability or armed conflict in oil and gas producing regions, such as the war between Russia and Ukraine[210](index=210&type=chunk) - The conflict could elevate the likelihood of supply chain disruptions, heighten volatility in commodity prices, and negatively affect the company's ability to raise capital[211](index=211&type=chunk) [Item 6. Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including acquisition agreements, debt instruments, and required officer certifications - This section lists the exhibits filed with the quarterly report, including acquisition agreements, debt agreements, and required officer certifications[214](index=214&type=chunk)[215](index=215&type=chunk)

HighPeak Energy, Inc. (NASDAQ:HPK) Q1 2022 Earnings Conference Call May 17, 2022 11:00 AM ET Company Participants Steven Tholen - Chief Financial Officer Jack Hightower - Chairman & Chief Executive Officer Michael Hollis - President Conference Call Participants John White - ROTH Capital Partners Nicholas Pope - Seaport Research Jeff Robertson - Water Tower Research Operator Thank you for standing by, and welcome to the First Quarter 2022 HighPeak Energy Conference Call. At this time, all participants are in ...

| --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------| | | | | | | | | | E | HIGHK N | | R | G | | | 1Q22 Presentation May 2022 DISCLAIMER 2 •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," "inten ...