Business
HighPeak Energy, Inc. Announces First Quarter 2021 Results
FORT WORTH, Texas, May 17, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating
About this update from Highpeak Energy, Inc.
[{"type":"text","content":"FORT WORTH, Texas, May 17, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the first quarter 2021. Presentation slides accompanying this earnings release are available on the Company’s website at www.highpeakenergy.com. The Company completed its business combination on August 21, 2020 and consequently, the following operational and financial data refer to the three months ended March 31, 2021 (the “Successor period”) and the three months ended March 31, 2020 (the “Predecessor period”). First Quarter 2021 Highlights ●First quarter 2021 sales volumes of 5,290 barrels of oil equivalent per day (“Boe/d”), including 4,735 barrels of oil per day, or approximately 90% oil, equates to increased production of 270% compared with the first quarter 2020 and 59% compared with average 2021 fourth quarter sales volumes of 3,332 Boe/d. ●Net income of $4.7 million, or $0.05 per share, compared with a net loss of $4.9 million in the previous quarter. EBITDAX (a non-GAAP measure as defined and reconciled below) of $20.1 million compared with $7.0 million in the previous quarter. ●First quarter 2021 realized price of $54.01 per Boe compared with an average NYMEX WTI price of $57.84 per barrel and a cash operating margin of $45.83 per Boe, an increase of $16.62 per Boe, or 57%, compared with the fourth quarter 2020. Realized price of $54.01 per Boe was approximately 93% of the average NYMEX WTI price for the quarter. ●Ended first quarter 2021 with an undrawn revolving credit facility and a $9.6 million cash balance ●Drilled and completed six operated wells with an average lateral length of ~14,000 feet. At March 31, 2021, two wells were in the process of being drilled and eight wells were in various stages of completion. The Company also participated in one non-operated horizontal well. ●Drilled two wells on our Signal Peak acreage position including one well in the Wolfcamp C zone and one well in the Wolfcamp D zone. Both wells are currently flowing back and continuing to clean up. ●Continue to realize operated all-in drill, complete, equip, and facility well costs of approximately $505 per lateral foot. ●First phase of Company owned produced water system in Flat Top was fully operational. In addition, the Company currently is building out the second phas...