HighPeak Energy announces $725M senior notes offering to refinance debt, discloses operational updates

HighPeak Energy, Inc.

$725M aggregate principal of Senior Notes due 2030 offered; proceeds to refinance existing debt and establish new $2.0B revolver with $720M initial borrowing base.
Production grew from 1.9 MBoe/d in 2020 to ~50 MBoe/d in 2024; proved reserves increased from 22.5 MMBoe to 199.0 MMBoe (72% CAGR).
2024 reserve replacement ratio of 345%; 2025 capex budget ~20% lower than 2024, expected to hold production flat.
Net leverage pro forma ~1.3x, target <1.0x; quarterly dividend unchanged at $0.04/share until target reached.
Hedging in place for 18.1 MBbl/d oil and 30,000 MMBtu/d gas through Q4 2025, plus 2026 and Q1 2027 positions.

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