HighPeak Energy, Inc. Initiates a Quarterly Cash Dividend and Declares a Special Cash Dividend

Rhea-AI Summary

HighPeak Energy, Inc. (NASDAQ: HPK) announced a quarterly dividend of $0.025 per share and a special dividend of $0.075 per share, set to be paid on July 26, 2021, to stockholders of record by July 15, 2021. With approximately 92.7 million shares outstanding, the decision reflects the success of its drilling program. Chairman and CEO Jack Hightower highlighted expectations for future cash flow positivity and potential increases in dividends, given stable commodity prices and continued performance.

Positive

• Initiation of a quarterly dividend program valued at $0.025 per share.
• Special dividend of $0.075 per share enhances shareholder returns.
• Company's drilling program is projected to be cash flow positive as early as next year.

Negative

• None.

FORT WORTH, Texas, July 06, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced that its Board of Directors has approved a quarterly dividend of $0.025 per share of common stock outstanding. The Board of Directors also approved a special dividend of $0.075 per share of common stock outstanding. The dividends will be paid on July 26, 2021, to stockholders of record as of the close of business on July 15, 2021. The Company currently has approximately 92.7 million shares of common stock outstanding.

Jack Hightower, HighPeak’s Chairman and CEO, said, “The Board elected to initiate a quarterly dividend program after considering the success of the Company’s development drilling program. The Company is well capitalized and expects its drilling program to be cash flow positive as early as next year assuming well performance continues to meet our expectations and commodity prices remain relatively constant. If the Company continues its current course, we believe we could maintain a conservative balance sheet, while increasing production and cash flow providing the potential to increase the dividend in the future beyond the $0.025 per share.”

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 dividend amount announced by HighPeak Energy (HPK)?

HighPeak Energy announced a quarterly dividend of $0.025 per share and a special dividend of $0.075 per share.

When will the dividends for HPK be paid?

The dividends will be paid on July 26, 2021.

What is the record date for the dividends announced by HighPeak Energy?

The record date for the dividends is July 15, 2021.

How many shares of common stock does HPK have outstanding?

HighPeak Energy has approximately 92.7 million shares of common stock outstanding.

What factors may influence future dividend increases for HPK?

Future dividend increases may depend on stable commodity prices and the performance of the company's drilling program.