Business
HighPeak Energy, Inc. Announces Fourth Quarter and Full Year 2020 Results and 2021 Guidance
FORT WORTH, Texas, March 15, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and
About this update from Highpeak Energy, Inc.
[{"type":"text","content":"FORT WORTH, Texas, March 15, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the fourth quarter and full year 2020 and the 2021 operating plan. 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 periods from January 1, 2020 through August 21, 2020 (the “2020 Predecessor period”) and August 22, 2020 through December 31, 2020 (the “Successor period”), collectively representing the full year of 2020, compared with the period of January 1, 2019 through December 31, 2019 (the “2019 Predecessor period”). Fourth Quarter and Full Year 2020 Highlights Consummated the HighPeak business combination on August 21, 2020 and raised $102 million of equity capital in an extremely challenging marketDelivered strong well results from the Lower Spraberry and Wolfcamp A zones across the Company’s Flat Top acreage positionFourth quarter 2020 average production of 3,332 barrels equivalent per day (“Boe/d”), with average production up 386% year over year. Mid-March 2021 production was approximately 7,800 Boe per day and is continuing to increase as expectedFifteen wells with an average lateral length of 12,275 feet were drilled during 2020Demonstrated all-in well costs for drilling, completing, equipping and facilities of approximately $505 per lateral foot including drill and complete costs of approximately $400 per lateral foot.Completed 18 wells during 2020 including 12 drilled uncompleted wells (“DUCs”) which the Company had in inventory at the closing of its business combinationDrilled and commissioned the Permian Basin’s first horizontal salt-water disposal well in the Ellenburger formation providing large volume disposal capabilityCompleted the buildout of the first phase of the Company-owned water disposal and transfer system in HighPeak’s Flat Top operating area which is expected to lower future operating costs per Boe. The system will also allow for future recycling of produced fluids which is expected to increase our capital efficiencyIncreased proved reserves 96% year over year and increased proved developed reserves 107% year over year despit...