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Exhibit 99.1

HighPeak Energy, Inc. Announces Third Quarter 2022 Results and Operational Updates

Fort Worth, Texas, November 14, 2022 (GLOBE NEWSWIRE) - HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the third quarter 2022 and provided current operational updates.  

Third Quarter 2022 and Current Highlights

HighPeak CEO, Jack Hightower said “Looking over our brief history as a public company, we have expanded our development program across the entirety of our acreage position and in several formations and, as a result, we have delineated significant proven reserves. We have also continued to improve performance as evidenced by our 2022 average well results outperforming earlier vintage wells. This speaks to the quality of the reservoirs across our entire block and the bright future ahead for HighPeak. In addition, we have increased production and cash flow at a rate rarely ever seen in the industry and we accomplished most of this growth organically. For example, our current quarter to date production rate is over 60% higher than our second quarter average. HighPeak achieved this monumental feat, in spite of experiencing the same supply chain constraints and inflationary pressures faced by our industry throughout the past year, while maintaining a very healthy balance sheet.”

Mr. Hightower commented further, “Our extraordinary cash margin, driven by our high oil-cut and low cost structure, is thirty-six percent higher than our peer average and generates EBITDA growth that our peers have not been able to replicate. We believe it’s only a matter of time before the broader market begins to see the dislocation between where our share price is currently trading and the intrinsic value we have created for our shareholders. This is one reason the management team and our largest legacy investors purchased over 90% of our recent $85 million equity private placement.”

Acquisitions

During the first nine months of 2022, the Company completed multiple acquisitions and leasehold purchases contiguous to its Flat Top and Signal Peak operating areas which, in aggregate, added over 42,000 net acres. The acquired properties provide high-margin oil production, a significant number of proved drilling locations along with additional upside opportunity and robust in-field infrastructure consisting of salt-water disposal systems, produced fluid gathering pipelines and substantial non-potable water sourcing capacity.

Since year-end 2021, the Company’s net acreage position has increased approximately 68%, expanding from 63,000 net acres to over 105,000 net acres as of September 30, 2022.

Third Quarter Operational Update

The Company’s net sales volumes during the third quarter 2022 averaged 26,247 Boe/d, consisting of approximately 83% oil and 93% liquids. Third quarter daily production increased 19% compared with the second quarter with oil production up about 16% compared with the second quarter. The Company’s production has continued to increase significantly since the end of the third quarter and has averaged approximately 35,750 Boe/d to date during the fourth quarter.

During the third quarter of 2022, the Company drilled 27 gross (26.5 net) operated horizontal wells and one salt-water disposal well utilizing six drilling rigs. Also, the Company completed 29 gross (27.0 net) operated horizontal wells during the third quarter of 2022. At September 30, 2022, the Company was in various stages of completion on 40 gross (37.6 net) operated horizontal wells, two salt-water disposal wells and was drilling 9 gross (8.8 net) horizontal wells.

Since the end of the second quarter 2022, the Company has advanced its ESG and capital expenditure reduction initiatives. Currently two rigs and one frac crew are using dual fuel, a second frac crew is now fully utilizing wet sand and one drilling rig is currently powered entirely with high line power.

Michael Hollis, HighPeak’s President, commented, “I am proud and humbled with what the HighPeak team has accomplished over the last year. We have increased production 220% year over year and, of that, roughly 190% is organic growth. As we have developed our 105,000 acres both geographically over substantially all of our Flat Top and Signal Peak acreage and stratigraphically in multiple zones, our 2022 blended results are more productive per lateral foot than the prior two years. We continue to increase the use of recycled stimulation fluid, electrification of our production and drilling activities, the use of wet sand in our completion operations, as we have begun utilizing wet sand for our second frac fleet. Additionally, we have been upgrading to instrument air pneumatics on our horizontal central tank batteries in Flat Top and anticipate being fully switched over by the end of the fourth quarter in Flat Top and by the first half of 2023 in Signal Peak. We have accomplished all these initiatives despite the difficult headwinds of inflation, supply-chain issues, tightness in every aspect of our business while continuing to operate in a safe and environmentally friendly manner. Again, a heartfelt thanks goes out to each and every HighPeak employee.”

Third Quarter 2022 Financial Results

HighPeak reported net income of $107.9 million for the third quarter of 2022, or net income of $0.85 per diluted share.  EBITDAX was $169.7 million, or $1.34 per diluted share, an increase of 25% quarter over quarter. 

Third quarter 2022 average realized prices were $94.21 per barrel of crude oil, $36.59 per barrel of natural gas liquids and $7.73 per Mcf of natural gas, resulting in an overall realized price of $84.53 per Boe, or 93% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. HighPeak’s cash costs for the third quarter were $13.30 per Boe including lease operating expenses of $7.23 per Boe, expense workovers of $0.93 per Boe, production and ad valorem taxes of $4.36 per Boe and cash G&A expenses of $0.78 per Boe. The Company’s unhedged cash margin was $71.23 per Boe, or 84% of our overall realized price per Boe for the quarter, excluding the effects of derivatives. The increase in the Company’s third quarter workover expense was mainly related to non-recurring workover operations on the 2022 acquired producing properties.

During the third quarter 2022, the Company closed an aggregate $85 million private placement of 3.9 million newly issued shares of the Company’s common stock at a price per share of $21.61 as determined by the 5-day volume weighted average closing price for the five days immediately prior to August 22, 2022. Purchasers, among others, included Jack Hightower, Chief Executive Officer, additional members of the Company’s management team and The John Paul DeJoria Family Trust. The private placement capital raise improved the balance sheet, lowered leverage and enhanced the Company’s liquidity.

At September 30, 2022, the Company had a net debt balance of approximately $545.7 million, consisting of $355.0 million in outstanding borrowings under its Revolving Credit Facility, $225.0 million in long-term notes outstanding and $34.3 million of cash on hand.  In October 2022, the Company amended its Revolving Credit Facility to increase the borrowing base to $550.0 million and elected commitments to $525.0 million. In early November 2022, the Company issued $225.0 million of 10.625% Senior Notes due November 2024 in a private placement. The Company used the majority of the net proceeds from the private placement to reduce the outstanding balance of its Revolving Credit Facility.

Hedging Update

As of September 30, 2022, the Company hedged 1.07 million barrels of its remaining 2022 crude oil production at an average swap price of $85.85 per barrel and 1.72 million barrels of its 2023 crude oil production at an average swap price of $71.57 per barrel. The Company’s crude oil derivative contracts are based on reported settlement prices on the New York Mercantile Exchange (“NYMEX”) for West Texas Intermediate pricing. The Company also hedged 460,000 MMBtu of its remaining 2022 natural gas production and 450,000 MMBtu of its 2023 natural gas production at an average price of $9.00 per MMBtu. The Company’s natural gas derivative contracts are based on reported settlement prices on the NYMEX for Henry Hub pricing.

Dividend

In January, April and July 2022, the Company’s Board of Directors declared a quarterly dividend of $0.025 per share which resulted in a total of $2.4 million, $2.6 million and $2.7 million in dividends paid to stockholders on February 25, 2022, May 25, 2022 and August 25, 2022, respectively. In addition, in October 2022, the Company’s Board of Directors declared a quarterly dividend of $0.025 per share which will result in a total of $2.8 million in dividends paid on November 23, 2022 to stockholders of record on November 1, 2022.

Conference Call

HighPeak Energy will host a conference call and webcast on Tuesday, November 15, 2022, at 10:00 a.m. Central Time for investors and analysts to discuss its third quarter 2022 financial results and operational highlights. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call. 

When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.

Conference Participation

The Company will participate in one-on-one investor meetings during the upcoming 17^th Annual Capital One Securities Energy Conference on December 6^th and 7^th, 2022 in Houston, Texas.

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.

Cautionary Note Regarding Forward-Looking Statements

The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy,” the “Company” or the “Successor”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. 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.

These risks and uncertainties include, among other things, volatility of commodity prices, political instability or armed conflict in crude oil or natural gas producing regions such as the ongoing war between Russia and Ukraine, OPEC+ policy decisions, inflationary pressures on costs of oilfield goods, services and personnel, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease (“COVID-19”) pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy’s crude oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of crude oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law.

Investor Contact:

Ryan Hightower

Vice President, Business Development

817.850.9204

rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.