HighPeak Energy initiates strategic alternatives review including potential sale; provides 2023-2024 guidance

HighPeak Energy, Inc.

Board evaluates strategic alternatives to maximize shareholder value, including a potential sale; retained Credit Suisse and Wells Fargo as financial advisors.
2023 production guidance: 47-53 MBoe/d average; 2024 production guidance: 70-76 MBoe/d average.
2023 capex guidance: $1.15-$1.26B; 2024 capex guidance: $0.87-$0.93B.
Identified ~2,500 total locations, including ~1,300 primary locations with 95% average return at $90 WTI oil.
Expects to become cash flow positive in second half of 2023 and generate consistent free cash flow thereafter.

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