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Item 9A. Controls and Procedures

2024-03-06 compared with 2023-03-06 · 61 added, 88 removed, 100 unchanged (60% of the section changed)

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Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15(b) under the Exchange Act, HighPeak Energy has evaluated, under the supervision and with the participation of the Company’s management, including HighPeak Energy’s principal executive officer and principal financial officer, the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the fiscal year covered by this Annual Report.

Based on such evaluation, HighPeak Energy’s principal executive officer and principal financial officer have concluded that as of such date, its disclosure controls and procedures were effective.

The Company’s disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by it in reports that it files under the Exchange Act is accumulated and communicated to management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure and is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC.

Based on such evaluation, HighPeak Energy’s principal executive officer and principal financial officer have concluded that as of such date, its disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

There have been no changes to the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the three months ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management ’

s Annual Report on Internal Control over Financial Reporting

There have been no changes to the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the three months ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Management ’ s Annual Report on Internal Control over Financial Reporting

Management is responsible for designing, implementing, and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act.

As required by Rule 13a-15 under the Exchange Act, management, with the participation of our principal executive and principal financial officers, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022, using the criteria in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this evaluation, management believes that the Company’s internal control over financial reporting was effective as of December 31, 2022.

As required by Rule 13a-15 under the Exchange Act, management, with the participation of our principal executive and principal financial officers, assessed the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023, using the criteria in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Based on this evaluation, management believes that the Company’s internal control over financial reporting was effective as of December 31, 2023.

OTHER INFORMATION

Trading Plans

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarter ended December 31, 2023.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

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EXECUTIVE COMPENSATION

The information required in response to this item will be set forth in HighPeak Energy’s Definitive Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report and is incorporated herein by reference.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

PRINCIPAL ACCOUNTANT FEES AND SERVICES

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, Fort Worth, TX , PCAOB ID No.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

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Financial Statements

The following consolidated financial statements are included in “Item 8.

Financial Statements and Supplementary Data”:

The following consolidated financial statements are included in “Item 8.

Financial Statements and Supplementary Data”:

Report of Independent Registered Public Accounting Firm

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Consolidated Statements of Operations

Consolidated Statements of Changes in Stockholders’

Consolidated Statement of Changes in Partners’

Consolidated Statements of Changes in Stockholders’ Equity

Consolidated Statements of Cash Flows

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Financial Statement Schedules

Financial statement schedules have been omitted because they either are not required, not applicable, or the information required to be presented is included in the Company’s financial statements and related notes.

Business Combination Agreement, dated as of May 4, 2020, by and among Pure Acquisition Corp., HighPeak Energy, Inc., Pure Acquisition Merger Sub, Inc., HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, HPK Energy, LLC, and, solely for limited purposes specified therein, HighPeak Energy Management, LLC (incorporated by reference to Annex A to the Company’s Registration Statement on Form S-4 and Form S-1 (File No.

333-235313) filed with the SEC on August 5, 2020).

First Amendment to Business Combination Agreement, dated as of June 12, 2020, by and among, Pure Acquisition Corp., HighPeak Energy, Inc., Pure Acquisition Merger Sub, Inc., HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, HPK Energy, LLC and HighPeak Energy Management, LLC (incorporated by reference to Annex A-I to the Company’s Registration Statement on Form S-4 and Form S-1 (File No.

333-235313) filed with the SEC on August 5, 2020).

Second Amendment to Business Combination Agreement, dated as of July 1, 2020, by and among, Pure Acquisition Corp., HighPeak Energy, Inc., Pure Acquisition Merger Sub, Inc., HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, HPK Energy, LLC and HighPeak Energy Management, LLC (incorporated by reference to Annex A-II to the Company’s Registration Statement on Form S-4 and Form S-1 (File No.

333-235313) filed with the SEC on August 5, 2020).

Third Amendment to Business Combination Agreement, dated as of July 24, 2020, by and among, Pure Acquisition Corp., HighPeak Energy, Inc., Pure Acquisition Merger Sub, Inc., HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, HPK Energy, LLC and HighPeak Energy Management, LLC (incorporated by reference to Annex A-III to the Company’s Registration Statement on Form S-4 and Form S-1 (File No.

333-235313) filed with the SEC on August 5, 2020).

Purchase and Sale Agreement, dated as of February 15, 2022, by and among HighPeak Energy, Inc., HighPeak Energy Assets, LLC, Alamo Borden County II, LLC, Alamo Borden County III, LLC and Alamo Borden County IV, LLC (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No.

Financial statement schedules have been omitted because they either are not required, not applicable, or the information required to be presented is included in the Company’s consolidated financial statements and related notes.

001-39464) filed with the SEC on June 23, 2022).

Put/Call Agreement, dated as of February 15, 2022, by and among HighPeak Energy, Inc.

HighPeak Energy Assets, LLC, Alamo Frac Holdings, LLC, Alamo Exploration and Production, LLC, Crocket Operating LLC, Alamo Borden County II, LLC, Alamo Borden County III, LLC, Alamo Borden County IV, LLC and the other parties signatory thereto (incorporated by reference to Exhibit 2.3 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 23, 2022).

Purchase and Sale Agreement, dated as of April 26, 2022, by and among HighPeak Energy, Inc., HighPeak Energy Assets, LLC, Hannathon Petroleum, LLC and other sellers party thereto (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 30, 2022).

Purchase and Sale Agreement, dated as of June 3, 2022, by and among HighPeak Energy Assets, LLC and Alamo Borden County 1, LLC (incorporated by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 23, 2022).

Amended and Restated Certificate of Incorporation of HighPeak Energy, Inc.

(incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on August 27, 2020).

Second Amended and Restated Certificate of Incorporation of HighPeak Energy, Inc.

(incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 2, 2023).

Amended and Restated Bylaws of HighPeak Energy, Inc.

(incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No.

(incorporated by reference to Exhibit 3.1 to the Company’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on November 9, 2020).

Registration Rights Agreement, dated as of August 21, 2020, by and among HighPeak Energy, Inc., HighPeak Pure Acquisition, LLC, HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP and certain other security holders named therein (incorporated by reference to Exhibit 4.4 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on August 27, 2020).

Stockholders’ Agreement, dated as of August 21, 2020, by and among HighPeak Energy, Inc., HighPeak Pure Acquisition, LLC, HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, Jack Hightower and certain directors of Pure Acquisition Corp.

(incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No.

Stockholders’ Agreement, dated as of August 21, 2020, by and among HighPeak Energy, Inc., HighPeak Pure Acquisition, LLC, HighPeak Energy, LP, HighPeak Energy II, LP, HighPeak Energy III, LP, Jack Hightower and certain directors of Pure Acquisition Corp.

(incorporated by reference to Exhibit 4.3 to the Company ’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on August 27, 2020).

Amendment and Assignment to Warrant Agreement, dated as of August 21, 2020, by and among Pure Acquisition Corp., Continental Stock Transfer & Trust Company and HighPeak Energy, Inc. (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-4 and Form S-1 (File No.

Amendment and Assignment to Warrant Agreement, dated as of August 21, 2020, by and among Pure Acquisition Corp., Continental Stock Transfer & Trust Company and HighPeak Energy, Inc.

(incorporated by reference to Exhibit 4.2 to the Company ’ s Registration Statement on Form S-4 and Form S-1 (File No.

333-235313) filed with the SEC on August 5, 2020).

Description of Securities Registered Under Section 12 of the Securities Exchange Act of 1934, as amended (incorporated by reference to Exhibit 4.4 of the Company's Annual Report on Form 10-K for the year ended December 31, 2020 (File No.

Indenture dated as of February 16, 2022, among HighPeak Energy, Inc., as issuer, the guarantors party thereto and UMB Bank, National Association, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K (File No.

001-39464) filed February 22, 2022).

Supplement No.

1 to Indenture dated as of November 9, 2022, by and among HighPeak Energy, Inc., as issuer, the guarantors party thereto and UMB Bank, National Association, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K (File No.

001-39464) filed November 10, 2022).

Indenture dated as of November 8, 2022, by and among HighPeak Energy, Inc., as issuer, the guarantors party thereto and UMB Bank, National Association, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K (File No.

001-39464) filed November 10, 2022).

Indenture dated December 12, 2022, by and among HighPeak Energy, Inc., as issuer, the guarantors party thereto and UMB Bank, National Association, as trustee (incorporated by reference to the Company’s Current Report on Form 8-K (File No.

001-39464) filed December 12, 2022).

Registration Rights Agreement, dated as of June 27, 2022, by and among HighPeak Energy, Inc., Hannathon Petroleum, LLC, the parties listed as signatories hetero in their capacities as holders of Registrable Securities, and any Transferees thereof which hold Registrable Securities (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on March 15, 2021 ).

Registration Rights Agreement, dated as of June 27, 2022, by and among HighPeak Energy, Inc., Hannathon Petroleum, LLC, the parties listed as signatories thereto in their capacities as holders of Registrable Securities, and any Transferees thereof which hold Registrable Securities (incorporated by reference to Exhibit 4.1 to the Company’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 30, 2022).

Amended and Restated Forward Purchase Agreement, dated as July 24, 2020, by and among HighPeak Energy, Inc., the Purchasers therein, HighPeak Energy Partners, LP and, solely for the purposes specified therein, Pure Acquisition Corp (incorporated by reference to Annex F to the Company’s Registration Statement on Form S-4 and Form S-1 (File No.

333-235313) filed with the SEC on August 5, 2020).

HighPeak Energy, Inc.

Second Amended and Restated Long Term Incentive Plan.

Form of Stock Option Agreement (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on August 27, 2020). 

Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

Second Amended and Restated Long Term Incentive Plan (incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K (File No.

001-39464) filed with the SEC on March 6, 2023).

Form of Stock Option Agreement (incorporated by reference to Exhibit 10.4 to the Company’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on August 27, 2020).

Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on November 9, 2020).

Credit Agreement, dated as of December 17, 2020, among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as administrative agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on December 18, 2020).

First Amendment to Credit Agreement, dated as of June 23, 2021, by and among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as administrative agent, the Guarantors, the Existing Lender and the New Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 24, 2021).

Second Amendment to Credit Agreement, dated as of October 1, 2021, by and among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as administrative agent, the Guarantors, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on October 4, 2021).

Third Amendment to Credit Agreement, dated as of February 9, 2022, among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as administrative agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on February 14, 2022).

Fourth Amendment to Credit Agreement, dated as of June 27, 2022, by and among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as administrative agent, and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on June 30, 2022).

Fifth Amendment to Credit Agreement, dated as of October 14, 2022, among HighPeak Energy, Inc., as Borrower, Fifth Third Bank, National Association, as the existing administrative agent, Wells Fargo Bank, National Association, as the new administrative agent, the guarantors party thereto and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on October 18, 2022).

Sixth Amendment to Credit Agreement, dated as of October 31, 2022, among HighPeak Energy, Inc., as Borrower, Wells Fargo Bank, National Association, as administrative agent, the guarantors party thereto and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

Term Loan Credit Agreement, dated September 12, 2023, by and between HighPeak Energy, Inc., as borrower, Texas Capital Bank, as administrative agent, Chambers Energy Management, LP, as collateral agent, and the lenders from time-to-time party thereto (incorporated by reference to Exhibit 10.1 to the Company’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on November 6, 2023).

Seventh Amendment to Credit Agreement, dated as of December 9, 2022, among HighPeak Energy, Inc., as Borrower, Wells Fargo Bank, National Association, as administrative agent, the guarantors and the lenders party thereto.

Form of Dividend Equivalent Award Agreement (incorporated by reference to Exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q (File No.

Collateral Agency Agreement, dated September 12, 2023, by and between HighPeak Energy, Inc., Texas Capital Bank, as collateral agent, Chambers Energy Management, LP, as term representative, and Mercuria Energy Trading SA, as first out representative (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on November 6, 2023).

Credit Agreement, dated November 1, 2023, by and between HighPeak Energy, Inc., as borrower Fifth Third Bank, National Association, as administrative agent and collateral agent, and lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on November 6, 2023).

Form of Dividend Equivalent Award Agreement (incorporated by reference to Exhibit 10.8 to the Company’ s Quarterly Report on Form 10-Q (File No.

001-39464) filed with the SEC on August 9, 2021).

Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 99.2 to the Company’s Registration Statement on Form S-8 (File No.

Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 99.2 to the Company’ s Registration Statement on Form S-8 (File No.

333-249888) filed with the SEC on November 5, 2020).

Form of Cash Award Agreement (incorporated by reference to Exhibit 10.12 to the Company’s Annua Report on Form 10-K (File No.

Form of Cash Award Agreement (incorporated by reference to Exhibit 10.12 to the Company’s Annual Report on Form 10-K (File No.

001-39464) filed with the SEC on March 7, 2022).

Form of Subscription Agreement, by and among HighPeak Energy, Inc.

and the purchaser party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No.

and the purchaser party thereto (incorporated by reference to Exhibit 10.1 to the Company’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on August 24, 2022).

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Consent of Cawley, Gillespie & Associates, Inc.

Certification of the Company ’

s Chief Executive Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Certification of the Company ’ s Chief Executive Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Section 7241)

Certification of the Company ’

s Chief Financial Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Certification of the Company ’ s Chief Financial Officer Pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Section 7241)

Certification of the Company ’

s Chief Executive Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Certification of the Company ’ s Chief Executive Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Section 1350)

Certification of the Company ’

s Chief Financial Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Certification of the Company ’ s Chief Financial Officer Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C.

Section 1350)

High Peak Energy, Inc.

Incentive-Based Compensation Recoupment Policy effective December 1, 2023.

Reserve Report of HighPeak Energy as of December 31, 202 3.

Reserve Report of HighPeak Energy as of December 31, 2021 (incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on February 9, 2022).

Reserve Report of HighPeak Energy as of December 31, 2020 (incorporated by reference to Exhibit 99.1 to the Company’s Annual Report on Form 10-K (File No.

Reserve Report of HighPeak Energy as of December 31, 2022 (incorporated by reference to Exhibit 99.1 to the Company ’ s Annual Report on Form 10-K (File No.

001-39464) filed with the SEC on March 6, 2023).

Reserve Report of HighPeak Energy as of December 31, 2021 (incorporated by reference to Exhibit 99.2 to the Company ’ s Current Report on Form 8-K (File No.

001-39464) filed with the SEC on February 9, 2022).

Inline XBRL Instance Document

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Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE** 

Inline XBRL Taxonomy Extension Presentation Linkbase Document

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Furnished herewith.

Certain schedules, annexes or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K, but will be furnished supplementally to the SEC upon request.

Schedules and similar attachments have been omitted pursuant to Item 601(b)(2) of Regulation S-K.

The Company agrees to furnish a supplemental copy of any omitted schedules or attachments to the SEC upon request.

Pursuant to Regulation S-K, Item 601(b)(2), the Exhibits and Schedules to the Purchase Agreement referenced in Exhibit 2.1, Exhibit 2.2, Exhibit 2.3, Exhibit 2.4 and Exhibit 4.9, respectively, above, have not been filed.

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Further, certain portions of these exhibits have been omitted and include a prominent statement on the first page that certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential as required by Item 601(b)(2)(ii) of Regulation S-K.

Information that was omitted has been noted in the exhibit with a placeholder identified by the mark “[***]” to indicate where omissions have been made.

Information that was omitted has been noted in the exhibit with a placeholder identified by the mark “[***]” to indicate where omissions have been made.

Management contract or form or compensatory plan or arrangement.

FORM 10-K SUMMARY

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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/  JACK HIGHTOWER

/s/ JACK HIGHTOWER

Chairman of the Board of Directors and Chief Executive

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March 6, 2024

/s/ SHARON FULGHAM

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Sharon Fulgham

/s/ MICHAEL H.

March 6, 2023

/s/ MICHAEL L.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures