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HighPeak Energy, Inc. Announces First Quarter 2022 Results, Operational Updates and Updated Guidance
FORT WORTH, Texas, May 16, 2022 (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 16, 2022 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the first quarter 2022, current operational updates and updated pro forma guidance. First Quarter 2022 and Current Highlights Company pro-forma net production, including the recently announced Hannathon acquisition, has averaged more than 28,000 Boe/d over the last seven days. HighPeak legacy net production volumes have averaged approximately 25,000 barrels of oil equivalent per day (“Boe/d”) over the last seven days, which is a significant increase from first quarter 2022 sales volumes of 12,052 Boe/d. This increase comes primarily from accelerating development, bringing new wells online and returning the associated offset wells which were temporarily shut-in during first quarter completion activity to production. Current production volumes are tracking the Company’s updated pro forma 2022 guidance.During the second quarter 2022, the Company announced an accretive acquisition of approximately 18,600 net acres from Hannathon Petroleum, LLC (“Hannathon”) that is expected to close early in the third quarter 2022. The acquisition is largely contiguous to the Company’s existing Signal Peak area and includes significant existing production, cash flow and operational infrastructure.During the first quarter 2022, the Company closed on the majority of its previously announced bolt-on acquisitions of crude oil and natural gas properties contiguous to Flat Top, which in the aggregate, consist of more than 10,000 net acres and 2022 estimated average production of 2,500 Boe/d.HighPeak began drilling with a fifth (5th) rig at the end of the first quarter 2022. Additionally, the Company plans to maintain the current one rig drilling program on the Hannathon acreage upon closing the transaction.The Company recently brought online one Wolfcamp A well, one Lower Spraberry well and three Wolfcamp D wells in Signal Peak, the performance of which are meeting or exceeding management’s expectations.HighPeak had 36 gross (30.5 net) horizontal wells in various stages of drilling and completion at the end of the first quarter. HighPeak CEO, Jack Hightower said “We are extremely excited about our highly accretive Hannathon acquisition and our recent encouraging multi-zone well results in...