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, 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: 333-39464 ______________________________ HighPeak Energy, Inc. (Exact name of Registrant as specif ...

| --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | E | HIGHH N | | R | G | | | 3Q21 Presentation November 2021 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," " ...

Financial Data and Key Metrics Changes - The company's earnings decreased from $40 million to $33 million primarily due to having wells offline during the quarter [14] - Capital expenditures (CapEx) in the third quarter were $64 million, excluding acquisitions, with over 124,400 feet of lateral drilled [13] - The company maintained a debt-to-EBITDA ratio of approximately 0.3, indicating a healthy balance sheet [34] Business Line Data and Key Metrics Changes - Average production in the third quarter was 8,200 barrels per day, with a significant increase to approximately 15,500 barrels per day since mid-October, representing an almost 80% increase [10][8] - The company has added a third rig in late October and plans to add a fourth rig by year-end to enhance production capabilities [9] Market Data and Key Metrics Changes - The realized price for oil was $63.18, which is 89% of WTI, higher than any of the company's peers [12] - The company has maintained the highest cash operating margins among peers at $51.88 [10] Company Strategy and Development Direction - The company is focused on drilling margin fill pads in its Flat Top operating area and transitioning to full manufacturing mode for multi-well pad development [20] - HighPeak Energy aims to grow production volumes significantly in 2022, with a target of averaging 28,000 to 29,000 barrels per day and exiting the year at 36,000 to 42,000 barrels per day [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production growth and the ability to maintain low costs despite inflationary pressures [16] - The company anticipates a significant reduction in operating costs once the new power distribution system is online in May 2022, projecting LOE costs to drop from $8.97 to approximately $4.50 to $5.25 per BOE [55] Other Important Information - The company recycled over 2 million barrels of produced fluids during the third quarter, equating to approximately 60% of its stimulation fluid needs [26] - HighPeak Energy has increased its credit facility to $195 million, providing ample liquidity for future operations [33] Q&A Session Summary Question: Clarification on drilling at Signal Peak - Management confirmed that they are currently drilling a Wolfcamp A well and a lower Spraberry well, with plans to drill a Wolfcamp D in the fourth quarter [39][41] Question: Details on the power project and its financial implications - Management explained that the new power substation and solar farm will significantly reduce operating costs and emissions, with LOE costs expected to decrease as the new system comes online [49][55] Question: Production profile and potential impacts - Management indicated that while there may be some impact from fracking operations, it will not be as significant as experienced in the third quarter due to improved infrastructure [56] Question: Opportunities for infrastructure enhancements in Signal Peak - Management acknowledged that while Signal Peak will require some infrastructure improvements, the focus will be on efficient water handling and gathering systems [60] Question: Update on Wolfcamp D locations and drilling plans - Management provided details on the number of wells planned for Wolfcamp D and the expected average lateral lengths for drilling in 2022 [62] Question: Competitive pressure and capital spending - Management stated that they do not see negative impacts from larger companies maintaining capital spending, as HighPeak Energy is focused on growth and building reserves [74]

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, 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) (State or other jurisdiction of ...

Financial Data and Key Metrics Changes - The company reported a production increase of 66% quarter-over-quarter, averaging over 8,800 barrels of oil equivalent per day compared to 5,300 barrels in the first quarter [10][16] - EBITDAX increased by 91% to $38.4 million, reflecting strong operational performance [16][47] - The average realized price was $60.40 per barrel equivalent, with an operating cash margin of $51.35 per Boe, both of which are peer-leading figures [15][20] Business Line Data and Key Metrics Changes - The production stream consists of 90% oil and 96% liquids, which drives high profit margins and differentiates the company from peers [7][30] - The company has increased its lateral feet drilled by almost 40% quarter-over-quarter, indicating improved drilling efficiency [18][26] Market Data and Key Metrics Changes - The company realized prices at 92% of the WTI index on an unhedged basis, which is significantly higher than peers [19] - The cash margin for the second quarter was 75% of the oil and gas WTI index, again outperforming competitors [20][32] Company Strategy and Development Direction - The company is focused on growth, having added a second rig to accelerate production into 2022 [8][40] - Recent acquisitions are expected to add approximately 6,200 net acres and contribute nearly 1,400 barrels per day for the remainder of 2021 [13][76] - The company aims to maintain a low leverage situation while balancing growth and shareholder returns, with a 10-year inventory of drilling locations [50][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue growth despite potential lumpiness in production due to multi-pad development [42][43] - The company is optimistic about future profit margins and operational efficiencies, particularly with ongoing infrastructure improvements [88] Other Important Information - The company has a strong balance sheet with net debt of only $1.2 million and a borrowing base of $125 million [18][44] - The company has initiated a dividend project to align with shareholder interests, despite some cash flow challenges [44] Q&A Session Summary Question: Overall philosophy on balancing growth and shareholder return - Management aims to maintain low leverage while balancing growth with acquisitions and internal drilling opportunities, with a focus on effective growth for the next five to ten years [50] Question: Time needed for wells to reach peak production - Typically, it takes about a month from the time wells are put on flow back to reach peak production, with variations based on well type and area [51][52] Question: Status of wells in early stages of flow back - Of the 10 wells completed in the quarter, the first five to six have reached significant production, while the last four to five are in the initial cleanup period [61][62] Question: Expectations for wells in Signal Peak - Management is optimistic about the performance of wells in Signal Peak, with early production rates being encouraging [64][65] Question: Cost savings from operational initiatives - Anticipated savings from local sand and recycled water initiatives are expected to be significant, with electrification projected to reduce lifting costs substantially [70][73] Question: Details on acreage acquisitions - The acquired barrels are expected to be similar in commodity mix to current production, with low operating expenses contributing to favorable profit margins [76][77] Question: Impact of infrastructure work on crude oil price differential - New agreements are expected to significantly reduce transportation costs, improving realized prices for the company [81][82]

| --- | --- | --- | --- | --- | --- | --- | |-------|----------|-------|-------|-------|-------|-------| | | | | | | | | | E | HIGHH N | | R | G | | - Ars | 2Q21 Results August 2021 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," "i ...

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 June 30, 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) (State or other jurisdiction of incor ...

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 ...