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

Rhea-AI Summary

HighPeak Energy, Inc. (HPK) announced an increase in its borrowing base to $550 million and aggregate elected commitments to $525 million, facilitated by its bank group led by Wells Fargo Bank. CEO Ryan Hightower expressed gratitude for the support from the bank group, which now includes Amegy Bank as a new addition while thanking Fifth Third Bank for their past contributions. This significant increase from an initial borrowing base of $40 million underscores HighPeak's growth trajectory in acquiring and developing oil and natural gas reserves.

Positive

• Increased borrowing base to $550 million.
• Aggregate elected commitments raised to $525 million.
• New partnerships with Wells Fargo Bank and Amegy Bank.

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• None.

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

Mr. Hightower, Chairman and Chief Executive Officer of HighPeak, said, “We thank all the members of our bank group for their continued support of HighPeak and its development plan through the substantial increase of our borrowing base. We are excited to add two new banks, including Wells Fargo Bank as the new lead bank and Amegy Bank, to our credit facility. We also want to specifically thank Fifth Third Bank, N.A. for their support and leadership over the last few years as the former lead bank of the facility, which has increased in size from an initial borrowing base of $40 million to $550 million today, and for their continued commitment in the credit facility.”

About HighPeak Energy, Inc.

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

Investor Contact:
Ryan Hightower
Vice President, Business Development
817.850.9204
rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.

FAQ

What is the new borrowing base for HighPeak Energy (HPK) as of October 2022?

HighPeak Energy's new borrowing base is $550 million.

Which banks are involved in HighPeak Energy's credit facility?

The credit facility involves Wells Fargo Bank and Amegy Bank, with Fifth Third Bank remaining committed.

What were the previous levels of HighPeak Energy's borrowing base?

The borrowing base has increased from an initial $40 million to $550 million.