HighPeak Energy to Buy Offsetting Permian Basin Acreage with Infill Drilling Inventory

To buy through a series of agreements entered during 1Q 2022 various oil and gas properties contiguous to its Flat Top operating area within the Midland Basin in Borden and Howard Cos., TX, which in the aggregate, consist of approximately 9,500 net acres, associated estimated production of 2,500 boe/d, 40 additional horizontal drilling locations and more; combined purchase price is up to 7.73 million shares of HighPeak common stock and $4 million in cash. (Expected to close 1Q or 2Q 2022)