HighPeak Energy, Inc. Announces Increase in Company’s Borrowing Base

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FORT WORTH, Texas, Oct. 18, 2022 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced that its banking group, led by Wells Fargo Bank , National Association (“Wells Fargo Bank”) increased the company’s borrowing base to $550 million and total elected commitments to $525 million.

Mr. Hightower, Chairman and CEO of HighPeak, said, “We thank all members of our banking group for their continued support of HighPeak and its development plan through the substantial increase in our borrowing base. We are delighted to add two new banks, including Wells Fargo Bank as our new lead bank and Amegy Bank, to our credit facility. We would also like to specifically thank Fifth Third Bank, NA for their support and leadership over the past few years as the former lead bank for the facility, which grew in size from an initial borrowing base of $40 million dollars to $550 million today, and for their continued commitment to the credit facility.

About HighPeak Energy, Inc.

HighPeak Energy, Inc. is an independent, publicly traded oil and gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of petroleum reserves and unconventional natural gas in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

Investor contacts:Ryan HightowerVice President, Business Development817.850.9204[email protected]

Source: High Peak Energy, Inc.

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Source: High Peak Energy, Inc.

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