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HighPeak Energy, Inc. Announces Amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement
FORT WORTH, Texas, Aug. 04, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced amendments to its Term
About this update from Highpeak Energy, Inc.
[{"type":"text","content":"FORT WORTH, Texas, Aug. 04, 2025 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement, both effective August 1, 2025. Material Amendments to the Term Loan Credit Agreement and Senior Credit Facility Agreement Extended the maturity dates for the Term Loan Credit Agreement and the Senior Credit Facility Agreement by two years to September 30, 2028.Upsized the borrowings under the Company’s Term Loan Credit Agreement to $1.2 billion, providing additional liquidity to the Company.Amended certain covenants including deferring mandatory amortization payments of $30.0 million per quarter until September 30, 2026.The Term Loan Credit Agreement call protection provision remains unchanged, expiring in September 2025, providing the Company with significant flexibility to pay down the Term Loan at par, in whole or in part, at any time.The Company’s total cost associated with amending and extending the Term Loan Credit Agreement and the Senior Credit Facility Agreement was appreciably less than other potential financing options. Hedging Update In conjunction with the aforementioned amendments, the Company entered into additional crude oil derivative contracts through March 31, 2027. Crude oil. Including the additional crude oil derivative contracts referenced above, HighPeak has the following outstanding crude oil derivative instruments and the weighted average crude oil prices and premiums payable per barrel (“Bbl”): Swaps Collars, Enhanced Collars & Deferred Premium Puts SettlementMonth Settlement Year Type ofContract Bbls Per Day Index Price per Bbl Floor or Strike Price per Bbl Ceiling Price per Bbl Deferred Premium Payableper Bbl Crude Oil: Jul – Sep 2025 Swap 3,000 WTI Cushing $75.85 $— $— $— Jul – Sep 2025 Collar 7,000 WTI Cushing $— $65.00 $90.08 $2.28 Jul – Sep 2025 Put 9,000 WTI Cushing $— $65.78 $— $5.00 Oct – Dec 2025 Swap 1,800 WTI Cushing $63.77 $— $— $— Oct – Dec 2025 Collar 15,850 WTI Cushing $— $60.53 $69.65 $— Jan – Mar 2026 Swap 1,000 WTI Cushing $63.25 $— $— $— Jan – Mar 2026 Collar 14,350 WTI Cushing $— $60.58 $69.92 $— Apr – Jun 2026 Swap 1,000 WTI Cushing $63.25 $— $— $— Apr – Jun 2026 Collar 12,350 WTI Cushing $— $59.87 $66.82 $— Jul – Sep 2026 Swap 1,000 WTI Cushing $63.25 $— $— $— Jul – ...