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Type Curves
Spraberry Play
  Economics : Type Curve

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Permian COOP well performance on plan Midland Basin Delaware Basin Texas Delaware Basin New Mexico 75% multi-bench Mix of single and multi-bench Single bench 28 POPs 1H 2023 58 POPs 1H 2023 10 POPs 1H 2023 MB well performance DB-TX well performance DB-NM well performance Produced volume per 2 mile well Produced volume per 2 mile well Produced volume per 2 mile well 300 300 300 Cumulative production (MBOE) Cumulative production (MBOE) Cumulative production (MBOE) 1H 2023 1H 2023 1H 2023 2022 2022 2022 200 200 200 100 100 100 0 0 0 0 2 4 6 0 2 4 6 0 2 4 6 Months Months Months COOP Company-operated POP Put on production 2023 Chevron Corporation 5
Chevron Corp
July 2023

MIDLAND BASIN PEER BENCHMARKING HighPeak well results outperform peers in the Midland Basin HighPeak Well Performance vs. Midland Peers (1) HighPeak Well Performance (First 18 Wells at Flat Top) (2) 300 300 Consistent reservoir quality results in strong well performance 250 250 Cumulative Oil Production (MBbls) Cumulative Oil Production (MBbls) 200 200 150 150 100 100 50 50 HPK Average HPK Average Midland Peer Average (8 Operators) (1) HPK wells - WCA HPK wells - LSBY Peer wells 0 0 2 4 6 8 10 12 14 16 18 20 22 0 2 4 6 8 10 12 14 16 18 20 22 Months Months Source: Enverus and company provided production data. (1) Dataset includes all Midland Basin Wolfcamp A and Lower Spraberry wells with first production after 1/1/2017. Peers include APA, CPE, CrownRock, FANG, Endeavor, LPI, OVV, and SM. (2) Does not include the Cole Unit A2H due to mechanical issues. 14
HighPeak Energy
March 2021

MIDLAND WELLS SHOWING STRONG PERFORMANCE KEY LEARNINGS AND TAKEAWAYS COMPARABLE WOLFCAMP WELLS 2019 VERSUS 2020 VINTAGE Reduced water loadings allow for 200 better flowback and lower impact on offset wells 180 Tailored project spacing and 160 proper frac geometry, based upon improved subsurface analysis, 140 maximizing early life well Oil Cum (MBo) performance 120 Continued strong performance from WC B co-development 100 expands economic resource opportunity 80 Combined co-development of 60 Lower Spraberry, Wolfcamp A, and Wolfcamp B creating strong 40 blended returns, and allowing slower ramp and lower decline 20 profile of LSBY wells to support WC wells after peak 0 1 51 101 151 201 251 Promising longer-term Days on Production performance from Middle Spraberry with adequate geologic DUNKIN UNIT A1 08AH DUNKIN UNIT A2 21H (WC B) separation to return and harvest HORTON UNIT 01AH WRIGHT UNIT 29 20 03AH in later field development WRIGHT UNIT 29 20 A1 04AH 2019 Offset Average (4 WC A wells) Note: 2019 vintage are a 4-well average of Sidewinder WCA 10,000 wells that were put on production in 2019. 10
Callon Petroleum Co.
December 2020
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