HighPeak Energy, Inc.

Recent Events On August 4, 2025, the Company announced material amendments to the Term Loan Credit Agreement ( Term Loan ) and Senior Credit Facility Agreement ( Super Priority RCF ) including: o Extended the maturity dates of both agreements to September 2028.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

o Upsized the borrowings under the Term Loan to $1.2 billion, providing additional liquidity to the Company.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

o Amended certain covenants of the Term Loan including deferring mandatory amortization payments of $30 million per quarter until September 30, 2026.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

Additional key benefits to the amended and extended Term Loan include: o The 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.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

o The floating interest rate structure allows the Company to benefit from anticipated lower interest rates over the remaining term of the Term Loan.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

On August 11, 2025, the Company s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in September 2025.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

Recent Events On August 4, 2025, the Company announced material amendments to the Term Loan Credit Agreement ( Term Loan ) and Senior Credit Facility Agreement ( Super Priority RCF ) including: o Extended the maturity dates of both agreements to September 2028.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

Statement from Jack Hightower, Chairman and CEO: We are deeply grateful for the unwavering support of our investors, whose confidence in our vision has enabled us to execute the strategic initiative of amending and extending our current Term Loan and RCF.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

This amendment and extension, coupled with our proactive hedging strategy, positions HighPeak to capitalize on future opportunities while maintaining a strong and adaptable financial foundation.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

For example, the Company s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

Cautionary Note Regarding Forward-Looking Statements The information in this press release contains forward-looking statements that involve risks and uncertainties.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

For example, the Company s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company s Board and the interest of prospective counterparties, the Company s ability to realize the results contemplated by its 2025 guidance, volatility of commodity prices, political instability or armed conflicts in crude or natural gas producing regions such as the ongoing war between Russia and Ukraine or Israel and Hamas, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

Use of Projections The financial, operational, industry and market projections, estimates and targets in this press release and in the Company s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company s control.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025

The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in Cautionary Note Regarding Forward-Looking Statements above.

SEC original ↗HighPeak Energy, Inc. — Earnings release (8-K exhibit)EX-99Aug 11, 2025