HighPeak Energy, Inc. Announces Amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement

By: HighPeak Energy, Inc. via GlobeNewswire

August 04, 2025 at 06:00 AM EDT

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
Settlement Month	Settlement Year		Type of Contract		Bbls Per Day		Index		Price per Bbl		Floor or Strike Price per Bbl		Ceiling Price per Bbl		Deferred Premium Payable per 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 – Sep		2026		Collar		12,000		WTI Cushing	$	—	$	59.83	$	66.84	$		—
Oct – Dec		2026		Swap		1,000		WTI Cushing	$	63.25	$	—	$	—	$	—
Oct – Dec		2026		Collar		9,800		WTI Cushing	$	—	$	59.80	$	65.31	$	—
Jan – Mar		2027		Swap		1,000		WTI Cushing	$	63.25	$	—	$	—	$	—
Jan – Mar		2027		Collar		8,900		WTI Cushing	$	—	$	59.78	$	65.24	$		—

The Company’s crude oil derivative contracts are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate (“WTI Cushing”) pricing.

Natural gas. The Company has the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu:

Settlement Month	Settlement Year		Type of Contract		MMBtu Per Day		Index		Price per MMBtu
Natural Gas:
Jul – Sep		2025		Swap		30,000		HH	$	4.43
Oct – Dec		2025		Swap		30,000		HH	$	4.43
Jan – Mar		2026		Swap		30,000		HH	$	4.39
Apr – Jun		2026		Swap		30,000		HH	$	4.30
Jul – Sep		2026		Swap		30,000		HH	$	4.30
Oct – Dec		2026		Swap		30,000		HH	$	4.30
Jan – Mar		2027		Swap		19,667		HH	$	4.30

The Company’s natural gas derivative contracts are based on reported settlement prices on the New York Mercantile Exchange for Henry Hub (“HH”) pricing.

TCBI Securities, Inc., doing business as Texas Capital Securities, served as financial advisor to HighPeak and arranger of the amended and extended Term Loan Credit Agreement.

About HighPeak Energy, Inc.

HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

Investor Contact:

Ryan Hightower
Vice President, Business Development
817.850.9204
rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.