HighPeak Energy obtains 28-day extension on senior note obligation to Sept 29, 2023; warns of possible default

HighPeak Energy, Inc.

Majority Lenders extended the Feb Notes Obligation from Sept 1 to Sept 29, 2023.
Company warns it may not be able to refinance, repay, or extend the Feb Notes by the new deadline.
Failure could trigger acceleration of credit facility debt and cross-default on its 10.625% Senior Notes due Nov 2024.
Company states it does not have sufficient liquidity to repay all outstanding debt if accelerated.
Company may need to sell assets, cut drilling, or seek bankruptcy protection, risking equity value.

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