21 July 2023securities registration● Neutral
HighPeak Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 July 2023director interest notice● Neutral
HighPeak Energy, Inc. director Larry Oldham bought 28,500 shares on the open market at $10.50.
18 July 2023debt financing▼ BadMajor
On July 12, 2023, HighPeak signed a Ninth Amendment to its credit facility that waives the June 30, 2023 current ratio test and an account control agreement failure, postpones the borrowing base redetermination to September 2023, and pushes the February notes refinancing deadline (set at June 30, 2023 in March) to September 1, 2023. It also bars further borrowing until at least $95 million of net equity proceeds are received, and raises pricing and hedging requirements. The company launched a public share offering on July 18, 2023 and warned that failing to refinance could trigger acceleration and cross-defaults, that it could not repay all its debt in that case, and that it might sell assets, cut drilling or seek bankruptcy protection, putting equity holders at risk of losing all or part of their interests. Preliminary June 30, 2023 figures show $30.3 million cash, $1,002.4 million total debt ($225.0M February notes, $250.0M November notes, $527.4M on the credit facility), $47.6 million remaining availability, and about $121.3 million of payables due or past due. Q2 2023 production was estimated at 41.0 to 43.0 MBoe/d versus 37.2 MBoe/d in Q1.
18 July 2023securities registration● Neutral
HighPeak Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
9 June 2023director interest notice● Neutral
Jason A. Edgeworth became a HighPeak Energy, Inc. director and company insider (initial ownership filing).
2 June 2023director interest notice● Neutral
Jason A. Edgeworth became a HighPeak Energy, Inc. director and company insider (initial ownership filing).
2 June 2023director interest notice● Neutral
HighPeak Energy, Inc. director Jason A. Edgeworth received 11,637 shares as part of the equity award.
1 June 2023director interest notice● Neutral
HighPeak Energy, Inc. director Sharon F. Fulgham received 11,637 shares as part of the equity award.
1 June 2023director interest notice● Neutral
HighPeak Energy, Inc. director Larry Oldham received 12,219 shares as part of the equity award.
1 June 2023director interest notice● Neutral
HighPeak Energy, Inc. director Keith Covington received 11,637 shares as part of the equity award.
1 June 2023director interest notice● Neutral
HighPeak Energy, Inc. director Jay M. Chernosky received 11,637 shares as part of the equity award.
11 May 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $223.8 million and net income of $50.3 million for the period ended 2023-03-31.
10 May 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $223.8 million and net income of $50.3 million for the period ended 2023-03-31.
10 May 2023quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $223.8 million and net income of $50.3 million for the period ended 2023-03-31.
11 Apr 2023dividend declaration● Neutral
The board declared another quarterly dividend of $0.025 per share, payable May 25, 2023 to holders of record on May 1, 2023, the same amount as before.
15 Mar 2023debt financing● NeutralMajor
On March 14, 2023, HighPeak signed an Eighth Amendment to its credit facility, raising the borrowing base to $700 million with initial elected commitments of $575 million, and adding Texas Capital Bank as a lender. It limits quarterly dividends to $4.0 million and requires the company by June 30, 2023 to redeem or refinance the 2024 (February) notes, set aside cash flow to retire them by November 30, 2023, or extend their repayment to no earlier than February 15, 2025. This puts a firm deadline on the February notes thread.
10 Feb 2023substantial holder notice● Neutral
Alamo Borden County IV, LLC, Nimitz Enterprises, LLC reported a HighPeak Energy, Inc. shareholding of 3,927,493 shares (3.50% of votes) in a periodic institutional filing.
20 Jan 2023director interest notice● Neutral
Jack Hightower became a HighPeak Energy, Inc. Chief Executive Officer and company insider (initial ownership filing).
11 Jan 2023dividend declaration● Neutral
The board declared another quarterly dividend of $0.025 per share, payable February 24, 2023 to holders of record on February 1, 2023, unchanged from the prior quarter.
5 Jan 2023director interest notice● Neutral
HighPeak Energy, Inc. Chief Executive Officer Jack Hightower bought 131,539 shares on the open market at $22.00.
23 Dec 2022director interest notice● Neutral
HighPeak Energy, Inc. Chief Executive Officer Jack Hightower bought 50,000 shares on the open market.
12 Dec 2022debt financing● Neutral
On December 12, 2022, HighPeak sold another $25 million of 10.625% senior notes due November 15, 2024, on the same terms as the November notes, for net proceeds of about $23 million for general corporate purposes. This takes the November-series notes to $250 million in total, a figure the July 2023 filing also states.
7 Dec 2022director interest notice● Neutral
HighPeak Energy, Inc. President Michael L. Hollis bought 31,825 shares on the open market.
22 Nov 2022director interest notice● Neutral
HighPeak Energy, Inc. President Michael L. Hollis bought 43,002 shares on the open market.
18 Nov 2022director interest notice● Neutral
HighPeak Energy, Inc. President Michael L. Hollis bought 12,854 shares on the open market.
15 Nov 2022quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $204.1 million and net income of $107.9 million for the period ended 2022-09-30.
14 Nov 2022quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $204.1 million and net income of $107.9 million for the period ended 2022-09-30.
14 Nov 2022quarterly activities report● Neutral
HighPeak Energy, Inc. reported quarterly revenue of $204.1 million and net income of $107.9 million for the period ended 2022-09-30.
10 Nov 2022debt financing● NeutralMajor
On November 8, 2022, HighPeak completed a $225 million offering of 10.625% senior unsecured notes due November 15, 2024, with net proceeds of about $200 million. Part of the proceeds reduced the bank credit facility balance, and the rest goes to drilling and development, fees and general purposes. The Notes can be redeemed in full at par from November 15, 2023, and on November 9 the holders of the February 2022 10% notes agreed to a supplement aligning their terms with the new ones. This adds a second layer of unsecured debt alongside the February notes.
4 Nov 2022debt financing● Neutral
On October 31, 2022, HighPeak signed a Sixth Amendment to its credit agreement with Wells Fargo as agent. It changes the notice period tied to the 2024 notes' maturity to 120 days, adds an escrow lien exception, and makes room for a special mandatory redemption of new notes ("Specified Senior Notes"). The filing also says a $225 million private placement of senior notes due 2024 was priced on November 4, 2022, which sets up the November notes deal.