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Pure Acquisition Corp. Seals Deal for Midland Basin-Focused HighPeak
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Pure Acquisition Corp. has finalized its $845 million acquisition of HighPeak Energy LP / HighPeak Energy II LP's asset portfolio.
The deal was originally struck on May 4, 2020.
The deal creates a new Midland Basin-focused E&P entity, HighPeak Energy, that will operate the acquired assets. The new company will trade under the symbol HPK on the NASDAQ.
Portfolio
- Acreage: 51,000 contiguous net acres located primarily in Howard County, TX
- Drilling Locations: 495 gross (400 net operated)
- Net Production: 3 Mboe/d (90% oil) (as of April 2020)
Jack Hightower, HighPeak Energy’s Chairman and CEO, said, “We are excited to have completed the business combination and begin building production and cash flow with our development program. Our initial focus will be bringing our 15 horizontal wells online this year and drilling an additional six wells by yearend.”
HighPeak Energy raised $102 million of equity through the money from Pure’s trust holders and a concurrent private placement.
Michael L. Hollis, HighPeak Energy’s President, said, “With oil prices stabilizing at $40 or more per barrel for about the last two months and the closing of the business combination, we expect to begin increasing our production throughout the remainder of the year and to begin drilling with a one-rig program.”
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