HighPeak Energy, Inc. Announces Amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement
04-Aug-2025 06:00:02 EDT
HighPeak Energy, Inc. Announces Amendments to its Term Loan Credit Agreement and Senior Credit Facility Agreement
GlobeNewswire August 04, 2025
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
Settlement Month
Settlement Year
Type of Contract
Bbls Per Day
Index
Price per Bbl
Floor or Strike Price per Bbl
Ceiling Price per Bbl
Deferred Premium Payable per 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
$
—
$
60.53
$
69.65
$
—
Jan – Mar
2026
Swap
1,000
WTI Cushing
$
63.25
$
—
$
—
$
—
Jan – Mar
2026
Collar
14,350
WTI Cushing
$
—
$
60.58
$
69.92
$
—
Apr – Jun
2026
Swap
1,000
WTI Cushing
$
63.25
$
—
$
—
$
—
Apr – Jun
2026
Collar
12,350
WTI Cushing
$
—
$
59.87
$
66.82
$
—
Jul – Sep
2026
Swap
1,000
WTI Cushing
$
63.25
$
—
$
—
$
—
Jul – Sep
2026
Collar
12,000
WTI Cushing
$
—
$
59.83
$
66.84
$
—
Oct – Dec
2026
Swap
1,000
WTI Cushing
$
63.25
$
—
$
—
$
—
Oct – Dec
2026
Collar
9,800
WTI Cushing
$
—
$
59.80
$
65.31
$
—
Jan – Mar
2027
Swap
1,000
WTI Cushing
$
63.25
$
—
$
—
$
—
Jan – Mar
2027
Collar
8,900
WTI Cushing
$
—
$
59.78
$
65.24
$
—
The Company's crude oil derivative contracts are based on reported settlement prices on the New York Mercantile Exchange for West Texas Intermediate (“WTI Cushing”) pricing.
Natural gas. The Company has the following outstanding natural gas derivative instruments and the weighted average natural gas prices payable per MMBtu:
Settlement Month
Settlement Year
Type of Contract
MMBtu Per Day
Index
Price per MMBtu
Natural Gas:
Jul – Sep
2025
Swap
30,000
HH
$
4.43
Oct – Dec
2025
Swap
30,000
HH
$
4.43
Jan – Mar
2026
Swap
30,000
HH
$
4.39
Apr – Jun
2026
Swap
30,000
HH
$
4.30
Jul – Sep
2026
Swap
30,000
HH
$
4.30
Oct – Dec
2026
Swap
30,000
HH
$
4.30
Jan – Mar
2027
Swap
19,667
HH
$
4.30
The Company's natural gas derivative contracts are based on reported settlement prices on the New York Mercantile Exchange for Henry Hub (“HH”) pricing.
TCBI Securities, Inc., doing business as Texas Capital Securities, served as financial advisor to HighPeak and arranger of the amended and extended Term Loan Credit Agreement.
About HighPeak Energy, Inc.
HighPeak Energy, Inc. 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. For more information, please visit our website at www.highpeakenergy.com.
