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HighPeak Energy, Inc. (HPK)

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  • HighPeak Energy, Inc. Announces 2020 Year End Proved Reserves
    GlobeNewswire

    HighPeak Energy, Inc. Announces 2020 Year End Proved Reserves

    FORT WORTH, Texas, Feb. 08, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) (NASDAQ: HPK) today announced its 2020-year end proved reserves. As of December 31, 2020, HighPeak Energy’s estimated proved reserves, prepared by Cawley, Gillespie & Associates, Inc., increased 96% to 22.5 MMBoe consisting of 84% oil, 6% natural gas and 10% natural gas liquids compared with the December 31, 2019 estimated proved reserves of its predecessor, HPK Energy, LP. Proved developed reserves increased 107% to 10.3 MMBoe and were 46% of the Company’s total proved reserves. The Company’s PV-10, a non-GAAP financial measure, was $235 million at year end 2020, an increase of 67%, compared with $141 million at year end 2019, each based on pricing guidelines established by the Securities and Exchange Commission (“SEC”). 2020 SEC pricing was $39.57 per barrel of oil and $1.985 per MMBtu of natural gas, before adjustments for price differentials, down 29% and 23% respectively compared with 2019 SEC pricing. Natural gas liquids realized pricing for the 2020 proved reserve report was $12.27 per barrel, down 42% compared with $21.17 per barrel pricing used in the 2019-year end reserve report. Using flat pricing of $57.00 per barrel of oil and $3.00 per MMBtu of natural gas, before adjustments for differentials, and an estimated realized price of $17.67 per barrel of natural gas liquids, 2020-year end proved reserves are estimated to be 23.3 MMBoe of which 46% are proved developed. Under this price case, the Company’s PV-10 reserve value increases to $426 million including $260 million for proved developed reserves. HighPeak Energy Chairman and Chief Executive Officer, Jack Hightower, said, “Our proved reserves almost doubled from last year despite suspending our capital program for six months due to COVID-19 issues and related low commodity prices. At the time we paused our capital program, there were 12 wells which had been drilled but not yet completed. By the end of January 2021, all 12 wells plus two (2) additional wells drilled in the fourth quarter were completed and are producing at our expectations providing a steep production ramp that we expect to continue through the end of the first quarter of 2021.” Mr. Hightower continued, “Our year end estimated PV-10 of $260 million for proved developed reserves at $57.00 per barrel and $3.00 per MMBtu, adjusted for differentials, includes 24 horizontal wells. By the end of the 2021 first quarter, we expect to have another four (4) horizontal wells drilled, completed and online plus five (5) horizontal wells in various stages of completion, substantially increasing our reserve value. As we continue to drill and complete wells throughout the year, we anticipate that our production and reserves will continue to increase. Fourth quarter production averaged approximately 3,300 barrels equivalent per day. Production for late January and early February is averaging over 6,000 barrels equivalent per day meeting our well performance expectations and our production continues to increase.” HighPeak Energy President, Michael L. Hollis, added, “We continue to improve our capital efficiency with drill and complete (D&C) costs reduced to approximately $400 per lateral foot and the all-in well costs including drilling, completing, facilitating and equipping our wells was approximately $505 per lateral foot for the last ten wells turned on to production.” Mr. Hollis continued, “We have also completed the buildout of the first phase of our Company-owned and operated water handling and disposal system. The system is currently processing produced water and disposing water into our 100% Company owned horizontal Ellenburger saltwater disposal well. We anticipate completing the buildout of the second phase of the system by the end of the third quarter of 2021. Also, we posted an updated investor presentation to our website at www.highpeakenergy.com that outlines our activities since August 2020 and many key factors that will contribute to HighPeak’s ongoing success.” At December 31, 20202019Estimated proved reserves:(1) Oil (MBbls)(2) 19,032 9,372 Natural Gas (MMcf)(3) 7,939 4,654 Natural Gas Liquids (MBbls)(2) 2,160 1,349 Total MBoe(4) 22,515 11,497 Estimated proved developed reserves:(1) Oil (MBbls)(2) 8,730 4,091 Natural Gas (MMcf)(3) 3,572 1,952 Natural Gas Liquids (MBbls)(2) 957 548 Total MBoe(4) 10,282 4,964 Percent proved developed 46% 43%Estimated proved undeveloped reserves:(1) Oil (MBbls)(2) 10,302 5,281 Natural Gas (MMcf)(3) 4,367 2,702 Natural Gas Liquids (MBbls)(2) 1,203 801 Total MBoe(4) 12,233 6,532 PV-10 (in millions)(1)(5)$235 $141 Commodity prices:(1) Oil ($ per barrel)$39.57 $55.69 Natural Gas ($ per MMBtu)$1.985 $2.578 Natural Gas Liquids ($ per barrel)$12.27 $21.17 (1) HighPeak Energy’s estimated proved reserves, proved developed reserves, proved undeveloped reserves and PV-10 were determined using index prices for oil and natural gas without giving effect to derivative transactions and were held constant throughout the life of the properties. The unweighted arithmetic averages of first-of-the-month prices for the period from January through December 2020 were $39.57 per barrel of oil and $1.985 per MMBtu of natural gas and for the period of January through December 2019 were $55.69 per barrel of oil and $2.578 per MMBtu of natural gas. Oil and natural gas prices were adjusted for local basis differential, treating cost, transportation, gas shrinkage, gas heating value (BTU content) and/or gravity crude quality and gravity corrections. Natural gas liquids prices were $12.27 per barrel for 2020 compared with $21.17 per barrel for 2019.(2) MBbls means one thousand barrels.(3) MMcf means 1 million cubic feet.(4) MBoe means one thousand barrels of oil equivalent using an estimated conversion ratio of one barrel of oil per six thousand cubic feet of natural gas.(5) PV-10, which is a non-GAAP financial measure, is not an estimate of the fair market value of our properties. HighPeak defines PV-10 as the present value of estimated future net revenues to be generated from the production of proved reserves, without giving effect to non-property related expenses, discounted at 10% per year before income taxes. 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. Cautionary Note Regarding Forward-Looking Statements The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "continue," "may," "will," "could," "should," "future," "potential," "estimate" or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. ("HighPeak Energy," the "Company" or the “Successor”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease 2019 (“COVID-19”) pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action (including recent and currently proposed actions taken by the recently inaugurated Biden administration), the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy's ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy's oil, natural gas liquid and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company's combined Registration Statement on Form S-4 and Form S-1, declared effective by the SEC on August 7, 2020 and initially filed with the SEC on December 2, 2019 (File No. 333-235313) (the “Registration Statement”), this and other filings with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. See "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," "Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk" and "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the period ended September 30, 2020 and "Risk Factors,” “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk” in the Registration Statement for a description of various factors that could materially affect the ability of HighPeak Energy to achieve the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no duty to publicly update these statements except as required by law. Reserve Information Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indictive of the level of reserves or PV-10 value of oil and natural gas production in the future, as they are based on prices significantly higher than current commodity prices. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. Unless otherwise indicated, reserve estimates shown herein are based on a reserve report as of December 31, 2020 prepared by Cawley, Gillespie & Associates, Inc., the Company’s independent reserve engineering firm, and were prepared in accordance with current SEC rules and regulations regarding reserve reporting. In addition, this news release includes reserve estimates prepared based on specified management parameters, referred to herein as “index” pricing. HighPeak believes that the use of index pricing provides useful information about its reserves, as the index prices reflect what management believes to be reasonable assumptions as to future commodity prices over the productive lives of its properties. However, HighPeak cautions you that the index pricing used in preparing the reserve report is not necessarily a projection of future oil and natural gas prices, and should be carefully considered in addition to, and not as a substitute for, SEC prices, when considering HighPeak’s oil, natural gas and NGL reserves. Investor Contact: Ryan HightowerVice President, Business Development817.850.9204rhightower@highpeakenergy.com Source: HighPeak Energy, Inc.

  • GlobeNewswire

    HighPeak Energy, Inc. Announces Third Quarter 2020 Financial and Operational Results

    FORT WORTH, Texas, Nov. 09, 2020 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) (NASDAQ: HPK), today announced operating and financial results for the third quarter 2020. Third Quarter 2020 Highlights * Consummated the business combination with the HighPeak Funds on August 21, 2020 and raised an additional $102 million by issuing new equity through the business combination and the forward purchase agreement resulting in approximately 91.5 million shares outstanding. * Brought back online the majority of our horizonal production beginning in late July 2020, which was previously curtailed in mid-April due to low commodity prices. Production returned as expected with all wells producing at or above pre-shut-in rates within a few weeks of bringing the wells back online. * Initiated completion activities on twelve (12) drilled uncompleted wells (“DUCs”), including four (4) wells which had been drilled and completed prior to the closing of our business combination and eight (8) DUCs. Two (2) of the wells were turned online by quarter end. * Commenced a one-rig drilling program in late September. Drilled one (1) horizontal Ellenburger salt-water disposal well in Howard County and plan to spud approximately five (5) oil wells by year end. * Began constructing a company owned water disposal system in our Flat Top operating area providing future disposal and recycling opportunities. “We raised over $100 million of equity at the closing of our business combination in an extremely challenging market which exemplifies the quality and upside potential of our asset base. We are excited and fortunate to be able to fund our initial development program with cash on our balance sheet and no debt. Our initial focus following the closing of the business combination is completing and turning online our drilled uncompleted well inventory and commencing a one-rig drilling program. In September we drilled the first horizontal saltwater disposal well in the Ellenburger formation in Howard County, which speaks to the ingenuity and skill set of our top tier technical team,” stated Jack Hightower, Chairman and Chief Executive Officer.Third Quarter 2020 Operational and Financial Results * Net loss for the period from August 22, 2020 through September 30, 2020 (the “Successor Period”) was $11.5 million, or $0.13 per diluted share. Net income for the Successor Period, excluding $14.5 million of non-cash stock-based compensation, was $540,000, or $0.01 per diluted share. * Production averaged 3,200 barrels of oil equivalent (“BOE”) per day including 3,104 barrels of oil per day, or 97% of the production stream, for the Successor Period. * Lease operating expense per BOE and production and ad valorem taxes per BOE averaged $5.24 and $2.01, respectively, for the Successor Period. General and administrative expenses for the Successor Period were approximately $0.8 million. * EBITDAX (a non-GAAP financial measure) for the Successor Period was $3.1 million. See Reconciliation of Net Income to EBITDAX below. * Cash flows provided by operating activities for the Successor Period were $1.2 million. * Cash on the balance sheet at the end of the quarter was $54.9 million with no debt.Michael Hollis, HighPeak Energy President, said, “Due to low oil prices, we paused our development plan and shut in the production of all of our horizontal wells in April. The wells were returned to production starting in late July and quickly returned to their pre-shut-in rates. As we continue to bring our DUC’s online through the fourth quarter, we expect production to exceed 10,000 barrels of oil equivalent per day in early 2021. Our current total well costs including drilling, completion, equipping and facilities (“D,C,E&F”) are approximately $500/foot which provide for attractive rates of return in this low commodity price environment. HighPeak has made the decision to implement the necessary infrastructure investments that will allow us to deliver best-in-class capital efficiency, realized pricing, and production expenses. I could not be prouder for what our organization has accomplished in such a short time and how they have leaned into the challenges brought on by this unprecedented pandemic considering how much it has affected our industry.”Quarterly Report on Form 10-QHighPeak Energy’s financial statements and related footnotes will be available in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which is expected to be filed with the U.S. Securities and Exchange Commission (the “SEC”) on November 12, 2020.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.Cautionary Note Regarding Forward-Looking StatementsThe information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "continue," "may," "will," "could," "should," "future," "potential," "estimate" or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. ("HighPeak Energy," the "Company" or the “Successor”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control.These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease 2019 (“COVID-19”) pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy's ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy's oil, natural gas liquid and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company's combined Registration Statement on Form S-4 and Form S-1, declared effective by the SEC on August 7, 2020 and initially filed with the SEC on December 2, 2019 (File No. 333-235313) (the “Registration Statement”), this and other filings with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. See "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," "Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk" and "Part II, Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the period ended September 30, 2020 and "Risk Factors,” “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk” in the Registration Statement for a description of various factors that could materially affect the ability of HighPeak Energy to achieve the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no duty to publicly update these statements except as required by law.Investor Contact:Ryan Hightower Vice President, Business Development 817.850.9204 rhightower@highpeakenergy.comSource: HighPeak Energy, Inc. HighPeak Energy, Inc. Operating Highlights (Unaudited)               Three Months Ended September 30, 2020       Successor    Predecessors   Predecessors    August 22, 2020 through September 30, 2020    July 1, 2020 through August 21, 2020   Three Months Ended September 30, 2019 Sales Volumes:            Oil (Bbls)  124,168    64,493   26,564  NGLs (Bbls)  1,749    3,150   n/a Natural gas (Mcf)  12,466    21,283   17,890  Total (BOE)  127,995    71,189   29,546              Daily Sales Volumes:            Oil (Bbls/d)  3,104    1,240   289  NGLs (Bbls/d)  44    61   n/a Natural gas (Mcf/d)  312    409   194  Total (BOE/d)  3,200    1,369   321              Revenues (in thousands):            Oil sales $4,787   $2,607  $1,419  NGL and natural gas sales  47    49   24                 Total Revenues $4,834   $2,656  $1,443              Average sales price:            Oil (per Bbl) $38.55   $40.43  $53.42  NGL (per Bbl)  16.43    4.91   n/a Natural gas (per Mcf)  2.30    2.04   1.34                 Total (per BOE) $37.77   $37.77  $48.84              Weighted Average NYMEX WTI ($/Bbl)  $40.20   $42.12  $56.45  Weighted Average NYMEX Henry Hub ($/Mcf)   2.33    1.64   2.23  Realization to benchmark            Oil (per Bbl)  96%   96%  95% Natural gas (per Mcf)  99%   124%  60%             Operating Costs and Expenses (in thousands):            Lease operating expenses $671   $667  $536  Production and ad valorem taxes  257    164   80  General and administrative expenses  816    567   841  Depletion, depreciation and amortization  2,327    1,294   822              Operating costs per BOE:            Lease operating expenses $5.24   $9.38  $18.14  Production and ad valorem taxes  2.01    2.30   2.71  General and administrative expenses  6.38    7.96   28.46  Depletion, depreciation and amortization  18.18    18.17   26.30        HighPeak Energy, Inc. Operating Highlights (Unaudited)               Nine Months Ended September 30, 2020       Successor    Predecessors   Predecessors    August 22, 2020 through September 30, 2020    January 1, 2020 through August 21, 2020   Nine Months Ended September 30, 2019 Sales Volumes:            Oil (Bbls)  124,168     235,557    79,392  NGLs (Bbls)  1,749     20,024    n/a Natural gas (Mcf)  12,466     87,258    59,005  Total (BOE)  127,995     270,123    89,226              Daily Sales Volumes:            Oil (Bbls/d)  3,104     1,007    291  NGLs (Bbls/d)  44     86    n/a Natural gas (Mcf/d)  312     373    216  Total (BOE/d)  3,200     1,154    327              Revenues (in thousands):            Oil sales$4,787   $8,069   $4,154  NGL and natural gas sales  47     154    103                 Total Revenues$4,834   $8,223   $4,257              Average sales price:            Oil (per Bbl)$38.55   $34.26   $52.33  NGL (per Bbl)  16.43     9.31    n/a Natural gas (per Mcf)  2.30     0.52    1.75                 Total (per BOE)$37.77   $30.44   $47.71              Weighted Average NYMEX WTI ($/Bbl) $40.20   $35.17   $57.06  Weighted Average NYMEX Henry Hub ($/Mcf)   2.33    1.76    2.67  Realization to benchmark            Oil (per Bbl)  96%   97%   92% Natural gas (per Mcf)  99%   30%   66%             Operating Costs and Expenses (in thousands):            Lease operating expenses$671   $4,870   $1,794  Production and ad valorem taxes  257     566    261  General and administrative expenses  816     4,840    2,523  Depletion, depreciation and amortization  2,327     6,385    2,657              Operating costs per BOE:            Lease operating expenses$5.24   $18.03   $20.11  Production and ad valorem taxes  2.01     2.10    2.93  General and administrative expenses  6.38     17.92    28.28  Depletion, depreciation and amortization  18.18     23.64    29.27                                                               HighPeak Energy Inc. Condensed Consolidated and Combined Statements of Operations (Unaudited) (in thousands)       Three Months Ended September 30, 2020    Nine Months Ended September 30, 2020      Successor  Predecessors Predecessors Successor Predecessors Predecessors   August 22, 2020 through September 30, 2020  July 1, 2020 through August 21, 2020 Three Months Ended September 30, 2019 August 22, 2020 through September 30, 2020 January 1, 2020 through August 21, 2020 Nine Months Ended September 30, 2019 Operating Revenues:                     Crude oil sales $4,787   $2,607  $1,419  $4,787  $8,069  $4,154   Natural gas and NGL sales  47    49   24   47   154   103      Total operating revenues  4,834    2,656   1,443   4,834   8,223   4,257   Operating Costs and Expenses:                     Oil and natural gas production  671    667   536   671   4,870   1,794   Production and ad valorem axes  257    164   80   257   566   261   Exploration and abandonments  66    -   159   66   4   2,817   Depletion, depreciation and amortization  2,327    1,294   822   2,327   6,385   2,657   Accretion of discount on asset retirement obligations  15    20   14   15   89   38   General and administrative  816    567   841   816   4,840   2,523   Stock based compensation  14,508    -   -   14,508   -   -   Total operating costs and expenses  18,660    2,712   2,452   18,660   16,754   10,090   Loss from operations  (13,826)   (56)  (1,009)  (13,826)  (8,531)  (5,833)  Interest income  1    -   -   1   -   -   Other expense  -    -   -   -   (76,503)  -   Loss before income taxes  (13,825)   (56)  (1,009)  (13,825)  (85,034)  (5,833)  Income tax benefit  (2,309)   -   -   (2,309)  -   -   Net loss $(11,516)  $(56) $(1,009) $(11,516) $(85,034) $(5,833)  Earnings per share:                     Basic net loss $(0.13)        $(0.13)        Diluted net loss $(0.13)        $(0.13)                              Weighted average shares outstanding:                     Basic  91,592          91,592         Diluted  91,592          91,592                                          HighPeak Energy, Inc. Summary Balance Sheet Data (Unaudited) (in thousands)            Successor  Predecessors   September 30, 2020  December 31, 2019 Cash and cash equivalents $54,874   $22,711 Other current assets  9,746    69,315 Oil and natural gas properties, net  466,367    405,374 Other assets  515    508 Total assets  $531,502   $497,908          Current liabilities $15,052   $30,980 Long-term debt  -    - Other long-term liabilities  42,998    2,212          Stockholders' equity        Common stock  9    - Additional paid-in capital  575,739    - Accumulated deficit  (102,296)   - Partners' capital  -    464,716   Total stockholders' equity  473,452    464,716 Total liabilities and stockholders' equity  $531,502   $497,908          HighPeak Energy, Inc. Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) (in thousands)               Nine Months Ended September 30, 2020      Successor  Predecessors Predecessors    August 22, 2020 through September 30, 2020  January 1, 2020 through August 21, 2020 Nine Months Ended September 30, 2019 CASH FLOWS FROM OPERATING ACTIVITIES:            Net loss $(11,516)  $(85,034) $(5,833) Adjustments to reconcile net loss to net cash provided by (used in) operations:           Exploration and abandonment expense  14    4   2,817  Depletion, depreciation and amortization expense  2,327    6,385   2,657  Accretion expense  15    89   38  Stock based compensation expense  14,508    -   -  Loss on terminated acquisition  -    76,500   -  Deferred income taxes  (3)   -   -  Changes in operating assets and liabilities:           Accounts receivable  (3,404)   844   1,425  Inventory and other current assets  (357)   (196)  -  Accounts payable and accrued liabilities  (430)   (2,694)  744       Net cash provided by (used in) operating activities  1,154    (4,102)  1,848  CASH FLOWS FROM INVESTING ACTIVITIES:            Additions to oil and natural gas properties  (17,908)   (47,548)  (14,823) Changes in working capital associated with oil and natural gas property additions  (23,421)   5,532   5,586  Acquisitions of oil and natural gas properties  (704)   (3,338)  (9,440) Issuance of notes receivable  -    (7,482)  -  Other property additions  -    (50)  (7) Extension payment on acquisition  -    (15,000)  -    Net cash used in investing activities  (42,033)   (67,886)  (18,684) CASH FLOWS FROM FINANCING ACTIVITIES:            Proceeds from stock offering  102,093    -   -  Stock offering costs  (8,383)   -   -  Cash acquired from non-successors in HighPeak business combination  100    -   -  Contributions from partners  -    54,000   19,934  Distributions to partners  -    (2,780)  -    Net cash provided by financing activities  93,810    51,220   19,934    Net increase (decrease) in cash and cash equivalents  52,931    (20,768)  3,098  Cash and cash equivalents, beginning of period  1,943    22,711   894  Cash and cash equivalents, end of period $54,874   $1,943  $3,992  Reconciliation of Net Income to EBITDAXEBITDAX is a supplemental non-GAAP financial measure that is used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. We define EBITDAX as net income before interest expense, income taxes, depreciation, depletion and amortization, exploration and other expenses, impairment and abandonment expenses, non-cash gains or losses on derivatives, stock-based compensation, gain on exchange of debt, gains and losses from the sale of assets, transaction costs and nonrecurring workforce reduction severance payments. EBITDAX is not a measure of net income as determined by GAAP.Our management believes EBITDAX is useful as it allows them to more effectively evaluate our operating performance and compare the results of our operations from period to period and against our peers without regard to our financing methods or capital structure. We exclude the items listed above from net income in arriving at EBITDAX because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. EBITDAX should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of our operating performance or liquidity. Certain items excluded from EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDAX. Our presentation of EBITDAX should not be construed as an inference that our results will be unaffected by unusual or nonrecurring items. Our computations of EBITDAX may not be comparable to other similarly titled measures of other companies.The following table presents a reconciliation of EBITDAX to net income, our most directly comparable financial measure calculated and presented in accordance with GAAP: HighPeak Energy, Inc. Reconciliation of Net Loss to EBITDAX (Unaudited) (in thousands)     Three Months Ended September 30, 2020    Nine Months Ended September 30, 2020        Successor Predecessors Predecessors Successor Predecessors Predecessors    August 22, 2020 through September 30, 2020 July 1, 2020 through August 21, 2020  Three Months Ended September 30, 2019 August 22, 2020 through September 30, 2020 January 1, 2020 through August 21, 2020 Nine Months Ended September 30, 2019  Net loss attributable to common stockholders $(11,516) $(56) $(1,009) $(11,516) $(85,034) $(5,833)    Income tax benefit  (2,309)  -   -   (2,309)  -   -     Depletion, depreciation and amortization  2,327   1,294   822   2,327   6,385   2,657     Stock based compensation  14,508   -   -   14,508   -   -     Exploration and abandonment expense  66   -   159   66   4   2,817     Accretion on asset retirement obligation  15   20   14   15   89   38     Other expense (loss on terminated acquisition)  -   -   -   -   76,500   -     EBITDAX $3,091  $1,258  $(14) $3,091  $(2,056) $(321)

  • GlobeNewswire

    HighPeak Energy, Inc. to Release Third Quarter 2020 Earnings on Monday, November 9, 2020

    FORT WORTH, Texas, Oct. 21, 2020 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (NASDAQ: HPK), today announced that it plans to release third quarter 2020 operational and financial results after the close of trading on Monday, November 9, 2020. 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 HightowerVice President, Business Development817.850.9204rhightower@highpeakenergy.comSource: HighPeak Energy, Inc.