HighPeak Energy intends to increase commitments on credit facility

Chicago, June 12 – HighPeak Energy, Inc. intends to raise the elected commitments on its credit agreement with Wells Fargo Bank, NA as administrative agent to $660 million and the borrowing base to $750 million, according to an 8-K filing with the Securities and Exchange Commission.

The ninth amendment would also extend the maturity date to July 1, 2025.

HighPeak plans to add a lender to the syndicate.

The amendment would also make certain other modifications to conform the credit agreement to the terms of a new $575 million note offering.

In addition, to the extent the company incurs any debt under the new notes (as defined in the ninth amendment), its obligation to reduce the borrowing base by an amount equal to 25% of the principal amount of such debt shall be waived.

Based in Fort Worth, HighPeak Energy is an independent oil and natural gas company engaged in the acquisition, development and production of oil, natural gas and NGL reserves.

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