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

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

 

SettlementMonth

 

 

Settlement Year

 

 

Type ofContract

 

 

Bbls Per Day

 

 

Index

 

 

Price per Bbl

 

 

Floor or Strike Price per Bbl

 

 

Ceiling Price per Bbl

 

 

Deferred Premium Payableper 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