Business
HighPeak Energy, Inc. Announces Third Quarter 2021 Results and 2022 Outlook
FORT WORTH, Texas, Nov. 08, 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, Nov. 08, 2021 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the third quarter 2021. The Company completed its business combination on August 21, 2020 and consequently, the following operational and financial data refer to the three and nine months ended September 30, 2021 and the period from August 22, 2020 through September 30, 2020 (the “Successor periods”) and the periods from July 1, 2020 through August 21, 2020 and January 1, 2020 through September 30, 2020 (the “Predecessor periods”). Third Quarter 2021 Highlights Third quarter 2021 sales volumes of 8,168 barrels of oil equivalent per day (“Boe/d”), 94% liquids. Production volumes have averaged approximately 15,500 Boe/d since mid-October.EBITDAX (a non-GAAP measure as defined and reconciled below) of $33.3 million and $91.8 million for the three and nine months ended September 30, 2021, respectively.Third quarter 2021 realized price of $63.18 per Boe and realized cash operating margin of $51.88 per Boe, excluding the effects of derivatives.Drilled ten (10) operated wells and one (1) operated salt-water disposal well and completed six (6) operated wells. Also participated in drilling three (3) non-operated horizontal wells.Closed multiple bolt-on acquisitions comprising approximately 10,600 net acres in the aggregate.Initiated a $0.025 per share quarterly dividend and paid a special dividend of $0.075 per share in July 2021. Declared a $0.025 per share quarterly dividend in September 2021 which was paid in October 2021.Amended the Revolving Credit Facility to increase the borrowing base and the elected commitments to $195 million effective October 1, 2021.Ended third quarter 2021 with a revolving credit facility balance of $95 million and a $12 million cash balance, or net debt of $83 million (a non-GAAP measure as defined and reconciled below).Completed a public stock offering on October 20, 2021 of 2.53 million shares of common stock for aggregate gross proceeds of approximately $25.3 million.Continued to realize peer leading operated all-in drill, complete, equip and facility well costs of approximately $505 per lateral foot in our Flat Top operating area. 2022 Preliminary 4 Rig Development Outlook Production (Boe/d) • Average production rate 26,000 – 31,000• E...