Transaction Summary In April 2018, Jack Hightower, HighPeak Pure Acquisition, LLC and certain of its affiliates (collectively, the Sponsor) raised 414 million in the form of a Special Purpose Acquisition Company (SPAC) called Pure…
Superior and Differentiated E&P Business Model Best in class drilling and operating execution High oil cut with best in class operating margins Low leverage in a debt-riddled industry Contiguous land position with minimal…
Experienced, Cross-Functional Management Team History of Creating Value Across Multiple Platforms Key Points Name Position Select Prior Experience HighPeak has assembled a premier management and operations team Jack Hightower Chairman…
Proven Track Record of Valuation Creation Jack Hightower has a proven track record of successfully acquiring, developing and optimizing oil and gas businesses Jack Hightowers prior businesses have generated average returns of 5.0x ROI…
Transaction Overview Certain entities controlled by the Sponsor, Pure and HighPeak entered into a definitive agreement to form a pure -play northern Midland Basin E&P Company Post-closing, the Sponsor is expected to be the largest…
Investor Incentives(1)(2) KEY POINTS Incentive Example Current SPAC shareholders will receive a cash payment equal to the amount by which the per-share redemption value of All numbers in millions except share price Pures Class A…
HighPeak Energy Northern Midland Basin Pure-Play Capitalized for Efficient Oil-Weighted Value Generation HighPeak Acreage Led by Jack Hightower, former CEO of 2 public E&P companies Lower Spraberry Experienced, Cross- and multiple…
Evolution of Development in Howard County Legend 2014 Sticks 2016 Sticks 2020 Sticks and Permits HighPeak Acreage Middle Spbry Jo Mill Lower Spbry Dean Wolfcamp A Wolfcamp B Permit Howard Howard Howard Initial…
Howard County is the Growth Engine of the Permian Howard County production mix has the highest oil percentage and margins across the Midland Basin (ie. best economics) Howard County has seen the most rapid growth in oil volumes of all…
Achieving Excellent Efficiency & Margins CAPITAL EFFICIENCY FLAT TOP CAPITAL EFFICIENCY (D,C,E&F) Consistent capital performance demonstrating DCE&F costs…
Industry Leading Operating Margins 1 HighPeak has the best margins among the Permian peers Peer / Boe PEER 1 PEER 2 PEER 3 PEER 4 PEER 5 PEER 6 PEER 7 PEER 8 PEER 9 PEER 10 PEER 11 PEER 12 HPK Average Highest oil cut Oil: 66%…
Financial Projections Assumes Model Price1 Key Points HighPeak Financial Projections 12-m o Period Ending Commodity Prices: 2020 2021 2022 7/31/2021 7/31/2022 Average Rigs, Operated 2 3 3 3 3 Model Price Gross Wells Drilled,…
Financial Projections (as of July 31, 2021) Sensitivity: Model Price: OIL (/bbl): 32 (H2/2020), 35 (2021), 40 (2022) // GAS (MMBtu): 2.50 TTM EBITDA (mm) & PRODUCTION (boepd) CAPITAL (mm) & WELLS DRILLED NET DEBT (mm) NET DEBT:LMA…
Financial Projections (as of July 31, 2022) Sensitivity: Model Price: OIL (/bbl): 32 (H2/2020), 35 (2021), 40 (2022) // GAS (MMBtu): 2.50 TTM EBITDA (mm) & PRODUCTION (boepd) CAPITAL (mm) & WELLS DRILLED NET DEBT (mm) NET DEBT:LMA…
Financial Projections Price Comparison1 Key Points HighPeak Financial Projections MODEL PRICE FLAT 40/bbl FLAT 50/bbl 12-m o Period Ending 12-m o Period Ending 12-m o Period Ending Development Pace & Methodology: 7/31/2021 7/31/2022…
Wolfcamp A: CGA Type Curve 10,000 Wolfcamp A Key Points Cum Oil Production Normalized to 10,000 (Bo) Wolfcamp A type curve wells selected from 250,000 geologically similar region Oil Type Curve HighPeak has directly analogous landing…
Lower Spraberry: CGA Type Curve 10,000 Lower Spraberry Key Points Cum Oil Production Cum Oil Production Normalized Normalized to 10,000 (Bo) to 10,000 (Bo) Lower Spraberry type curve wells selected from 250,000 geologically similar…
CGA Year-End 2019 Proved Reserves (1) CGA Year-End 2019 Proved Reserves (1) Net Proved Reserves Oil Gas NGL Total % of % PV-10 Reserve Category (MBbl) (MMcf) (MBbl) (MBoe) Total Liquids (MM) Proved Developed Producing (PDP) 990 498…
Internal Proved Reserves at Apr/20 (1) HPK Proved Reserves at Apr/20 (1) Net Proved Reserves Oil Gas NGL Total % of % PV-10 Reserve Category (MBbl) (MMcf) (MBbl) (MBoe) Total Liquids (MM) Proved Developed Producing (PDP) 4,481…
Summary of Apr/2020 Resource (1) Key Statistics: Resource HighPeak Resource Summary (As of 04/01/20) Proved Reserves 45 MMBoe Net Resource PD PV-10 + DEV PV-10 (3) Oil Gas NGL Total MODEL 40 / Bbl 50 / Bbl Unproved Resource 317…
Significant Unquantified Upside Across Position from Productive Economic Horizons1 Operated Target Locations Formation Highlights Flat Top Type Log Signal Peak Type Log Griffin S. 21-2 Allar 20-3 Most delineated target on HighPeaks…
Key Results: Primary Targets (1)(2) LL First EUR EUR Well Name Operator HighPeak Acreage (ft) Prod (MBoe) (MBo) ALLAR 19A-30 1LS HANNATHON 7,580 17-Aug Lower Spraberry 1 790 733 Wolfcamp A 2 MDRN FLANAGAN 13-24 1LS HANNATHON 7,733…
Key Results: Upside Targets (1) HighPeak Acreage Key Points Middle Spraberry Jo Mill Outside of the primary targets HighPeak is developing, the Wolfcamp A Dean Wolfcamp B and Lower Spraberry, there is significant unquantified…
Geologic Overview Key Points Wolfcamp A and Lower Spraberry have consistently high gross thickness moving from SMs acreage through the easternmost HighPeak acreage Reservoir intervals are comprised of Middle interbedded…
Wolfcamp A and Lower Spraberry Geologic Overview HighPeak Acreage Lies within the Core Fairways of the Wolfcamp A and Lower Spraberry Wolfcamp A characterized by 250 gross, 200 net, and 35 MMBo/section OOIP across majority of acreage…
HighPeak Acreage Overlies Thermally Mature Reservoir Thermal Maturity Data Indicates Pay Section is Well Within Oil Window Key Points Wolfcamp A Structure (SSTVD) and Wolfcamp A Geochemistry Tmax Data Howard County has one of the…
HIGHPEAK RECENT ACTIVITY Key Points FLAT TOP ACTIVITY HighPeak has drilled 22 wells in the Flat Legend Top area with 6 wells producing, 8 wells PRODUCING completed (4 flowing back) and 8 DUCs COMPLETED DUC Jasmine wells were…
Illustrative Transaction Timeline Date Event Business Combination Transaction Agreed May 2019 Business Combination Transaction Announced Business Combination Proxy Filed with the SEC August 2020 Set Record Date for Stockholder…
Investment Highlights Attractive entry point valuation with differentiated growth and return profile Proposed valuation implies 5.1x NTM EBITDA and 3.0x 2021E EBITDA(1) (a 41% discount to the Permian comps on a 2021E EBITDA multiple…
Appendix 36
Extensive Access to Well Data Key Points Active drilling programs on and around HighPeak acreage has provided an extensive well data set Data through operated wells and numerous data trades Access to daily production Access to…
Substantial Existing In-Basin Infrastructure with Premier Midstream & Marketing Solutions Available Attractive solutions identified for manufacturing mode development Big Spring Alon HighPeak anticipates entering into an agreement…
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