421 W. 3rd Street, Suite 1000
Fort Worth, Texas 76102
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.
HighPeak reported a 96% increase in year-end 2020 total proved reserves to 22.5 MMBoe, consisting of 84% oil, 10% natural gas liquids and 6% natural gas. Proved developed reserves increased 107% to 10.3 MMBoe (46% of the Company’s total proved reserves) reflecting continued success of the Company’s horizontal drilling program focused on the Wolfcamp A and Lower Spraberry formations in the Company’s Flat Top operating area. Cawley, Gillespie & Associates, Inc., an independent reserve engineering firm, prepared the Company’s year-end reserve estimates.
HighPeak’s 2021 capital budget is focused on the efficient development of its highly productive 51,000 net acre position in Howard County, Texas. The Company plans to operate one rig on average throughout 2021 with a primary focus on the co-development of its Lower Spraberry and Wolfcamp A formations. Additionally, we will continue the buildout of our water and power infrastructure.
The Midland Basin, a subset of the prolific Permian Basin, is known for its high oil-in-place content, stacked pay zones and substantial existing infrastructure with premier midstream and marketing solutions allowing for operational efficiencies. HighPeak Energy has approximately 63,000 net acres of this best-in-class reservoir rock located primarily in Howard County, Texas. With the blocky nature the acreage position and shallower pay zones, HighPeak has become one of the most efficient and cost-effective Operators in the Midland Basin.