Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 03, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001792849 | ||
Entity Registrant Name | HighPeak Energy, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 333-39464 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 84-3533602 | ||
Entity Address, Address Line One | 421 W. 3rd St., Suite 1000 | ||
Entity Address, City or Town | Fort Worth | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 76102 | ||
City Area Code | 817 | ||
Local Phone Number | 850-9200 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 48,747,167 | ||
Entity Common Stock, Shares Outstanding | 96,822,600 | ||
Auditor Name | WEAVER AND TIDWELL, L.L.P. | ||
Auditor Location | Fort Worth, TX | ||
Auditor Firm ID | 410 | ||
ICFR Auditor Attestation Flag | false | ||
Warrant [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants to purchase Common Stock | ||
Trading Symbol | HPKEW | ||
Security Exchange Name | NASDAQ | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | HPK | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 34,869 | $ 19,552 |
Accounts receivable | 39,378 | 7,722 |
Subscription receivable | 0 | 3,596 |
Prepaid expenses | 7,154 | 2,254 |
Inventory | 3,304 | 121 |
Derivatives | 2,199 | 0 |
Deposits | 50 | 50 |
Total current assets | 86,954 | 33,295 |
Crude oil and natural gas properties, using the successful efforts method of accounting: | ||
Proved properties | 699,701 | 367,372 |
Unproved properties | 108,392 | 152,741 |
Accumulated depletion, depreciation and amortization | (82,478) | (17,477) |
Total crude oil and natural gas properties, net | 725,615 | 502,636 |
Other property and equipment, net | 1,600 | 1,092 |
Other noncurrent assets | 4,791 | 907 |
Total assets | 818,960 | 537,930 |
Current liabilities: | ||
Accounts payable – trade | 38,144 | 7,581 |
Accrued liabilities | 32,409 | 12,374 |
Derivatives | 13,591 | 0 |
Advances from joint interest owners | 10,841 | 969 |
Other current liabilities | 8,015 | 1,511 |
Total current liabilities | 103,000 | 22,435 |
Noncurrent liabilities: | ||
Long-term debt, net | 97,929 | 0 |
Deferred income taxes | 55,802 | 38,898 |
Derivatives | 4,075 | 0 |
Asset retirement obligations | 4,260 | 2,293 |
Other | 831 | 78 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at December 31, 2021 and 2020 | 0 | 0 |
Common stock, $0.0001 par value, 600,000,000 shares authorized, 96,774,185 and 91,967,565 shares issued and outstanding at December 31, 2021 and 2020, respectively | 10 | 9 |
Additional paid-in capital | 617,489 | 581,426 |
Accumulated deficit | 64,436 | 107,209 |
Total stockholders’ equity | 553,063 | 474,226 |
Total liabilities and stockholders’ equity | $ 818,960 | $ 537,930 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 96,774,185 | 91,967,565 |
Common stock, shares outstanding (in shares) | 96,774,185 | 91,967,565 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | |
Operating Revenues: | |||
Operating revenues | $ 16,400 | $ 8,223 | $ 220,124 |
Operating Costs and Expenses: | |||
Crude oil and natural gas production | 2,653 | 4,870 | 25,053 |
Production and ad valorem taxes | 886 | 566 | 10,746 |
Exploration and abandonments | 5,032 | 4 | 1,549 |
Depletion, depreciation and amortization | 9,877 | 6,385 | 65,201 |
Accretion of discount | 51 | 89 | 167 |
General and administrative | 2,775 | 4,840 | 8,885 |
Stock-based compensation | 15,776 | 0 | 6,676 |
Total operating costs and expenses | 37,050 | 16,754 | 118,277 |
Income (loss) from operations | (20,650) | (8,531) | 101,847 |
Interest income | 6 | 0 | 1 |
Interest expense | (8) | 0 | (2,484) |
Derivative loss, net | 0 | 0 | (26,734) |
Other expense | 0 | (76,503) | (167) |
Income (loss) before income taxes | (20,652) | (85,034) | 72,463 |
Income tax expense (benefit) | (4,223) | 0 | 16,904 |
Net income (loss) | $ (16,429) | (85,034) | $ 55,559 |
Earnings (loss) per share: | |||
Basic net income (loss) (in dollars per share) | $ (0.18) | $ 0.55 | |
Diluted net income (loss) (in dollars per share) | $ (0.18) | $ 0.54 | |
Weighted average shares outstanding: | |||
Basic (in shares) | 91,629 | 93,127 | |
Diluted (in shares) | 91,629 | 94,772 | |
Dividends declared, per share (in dollars per share) | $ 0.125 | ||
Crude Oil Sales [Member] | |||
Operating Revenues: | |||
Operating revenues | $ 15,988 | 8,069 | $ 210,453 |
Natural Gas and NGL Sales [Member] | |||
Operating Revenues: | |||
Operating revenues | $ 412 | $ 154 | $ 9,671 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Successor) - USD ($) $ in Thousands | Outside Directors [Member]Common Stock [Member] | Outside Directors [Member]Additional Paid-in Capital [Member] | Outside Directors [Member]Retained Earnings [Member] | Outside Directors [Member] | Employee Directors [Member]Common Stock [Member] | Employee Directors [Member]Additional Paid-in Capital [Member] | Employee Directors [Member]Retained Earnings [Member] | Employee Directors [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Aug. 21, 2020 | 0 | |||||||||||
Balance at Aug. 21, 2020 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||
HighPeak business combination with HPK LP (in shares) | 81,383,000 | |||||||||||
HighPeak business combination with HPK LP | $ 8 | 521,674 | 430,902 | |||||||||
HighPeak business combination with HPK LP | (90,780) | |||||||||||
Conversion of Pure Common Stock (in shares) | 1,232,000 | |||||||||||
Conversion of Pure Common Stock | $ 0 | 12,324 | 0 | 12,324 | ||||||||
Forward Purchases (in shares) | 8,977,000 | |||||||||||
Forward Purchases | $ 1 | 89,768 | 0 | 89,769 | ||||||||
Offering costs (including costs incurred at Pure prior to HighPeak business combination) | 0 | (21,766) | 0 | (21,766) | ||||||||
Deferred income tax liability at HighPeak business combination | $ 0 | (39,946) | 0 | (39,946) | ||||||||
Exercise of warrants (in shares) | 313,000 | |||||||||||
Exercise of warrants | $ 0 | 3,596 | 0 | 3,596 | ||||||||
Compensation costs included in net loss | 0 | 15,776 | 0 | 15,776 | ||||||||
Net income as reported | $ 0 | 0 | (16,429) | (16,429) | ||||||||
Balance (in shares) at Dec. 31, 2020 | 91,968,000 | |||||||||||
Balance at Dec. 31, 2020 | $ 9 | 581,426 | (107,209) | 474,226 | ||||||||
Exercise of warrants (in shares) | 554,000 | |||||||||||
Exercise of warrants | $ 0 | 5,466 | 0 | 5,466 | ||||||||
Compensation costs included in net loss | 0 | 6,188 | 0 | 6,188 | ||||||||
Net income as reported | 0 | 0 | 55,559 | 55,559 | ||||||||
Dividends declared | 0 | 0 | (11,593) | (11,593) | ||||||||
Dividend equivalents declared on outstanding stock options | $ 0 | 0 | (1,193) | (1,193) | ||||||||
Issuance of common stock (in shares) | 2,530,000 | |||||||||||
Issuance of common stock | $ 1 | 22,836 | 0 | $ 22,837 | ||||||||
Shares issued upon options being exercised (in shares) | 154,000 | 154,268 | ||||||||||
Shares issued upon options being exercised | $ 0 | 1,573 | 0 | $ 1,573 | ||||||||
Restricted shares issued (in shares) | 68,000 | 1,500,000 | ||||||||||
Restricted shares issued | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Balance (in shares) at Dec. 31, 2021 | 96,774,000 | |||||||||||
Balance at Dec. 31, 2021 | $ 10 | $ 617,489 | $ (64,436) | $ 553,063 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Successor) (Parentheticals) | 12 Months Ended |
Dec. 31, 2021$ / shares | |
Dividends declared, per share (in dollars per share) | $ 0.125 |
Dividend equivalents declared, per share (in dollars per share) | $ 0.125 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Partners' Capital (Predecessor) - 8 months ended Aug. 21, 2020 - USD ($) $ in Thousands | Total | General Partner [Member] | Limited Partner [Member] |
Balance at Dec. 31, 2019 | $ 464,716 | $ 0 | $ 464,716 |
Cash capital contributions | 54,000 | 0 | 54,000 |
Distribution to partners | (2,780) | 0 | (2,780) |
Net income as reported | (85,034) | 0 | (85,034) |
Balance at Aug. 21, 2020 | $ 430,902 | $ 0 | $ 430,902 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | 36 Months Ended | |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income (loss) | $ (16,429) | $ (85,034) | $ 55,559 | ||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: | |||||
Exploration and abandonment expense | 4,854 | 4 | 742 | ||
Depletion, depreciation and amortization expense | 9,877 | 6,385 | 65,201 | ||
Accretion expense | 51 | 89 | 167 | ||
Stock-based compensation expense | 15,776 | 0 | 6,676 | ||
Amortization of debt issuance costs | 4 | 0 | 498 | ||
Derivative-related activity | 0 | 0 | 15,467 | ||
Loss on terminated acquisition | 0 | 76,500 | 0 | ||
Deferred income taxes | (1,047) | 0 | 16,904 | ||
Changes in operating assets and liabilities: | |||||
Accounts receivable | (5,177) | 844 | (31,655) | ||
Prepaid expenses, inventory and other assets | (506) | (196) | (7,053) | ||
Accounts payable, accrued liabilities and other current liabilities | (1,990) | (2,694) | 24,509 | ||
Net cash provided by (used in) operating activities | 5,413 | (4,102) | 147,015 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Additions to crude oil and natural gas properties | (64,947) | (49,364) | (236,242) | ||
Changes in working capital associated with crude oil and natural gas property additions | (5,666) | 7,348 | 37,259 | ||
Acquisitions of crude oil and natural gas properties | (1,181) | (3,338) | (54,045) | ||
Proceeds from sales of properties | 0 | 0 | 3,366 | ||
Other property additions | (145) | (50) | (709) | ||
Issuance of notes receivable | 0 | (7,482) | 0 | ||
Extension payment on acquisition | 0 | (15,000) | 0 | ||
Net cash used in investing activities | (71,939) | (67,886) | (250,371) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Borrowings under revolving credit facility | 0 | 0 | 120,000 | ||
Proceeds from public stock offering | 92,554 | 0 | 25,300 | ||
Proceeds from exercises of warrants | 0 | 0 | 5,466 | $ 3,600 | |
Proceeds from subscription receivable from exercises of warrants | 0 | 0 | 3,596 | ||
Proceeds from exercises of stock options | 0 | 0 | 1,573 | ||
Dividend equivalents paid | 0 | 0 | (1,037) | ||
Debt issuance costs | (405) | 0 | (2,169) | ||
Stock offering costs | (8,114) | 0 | (2,463) | ||
Dividends paid | 0 | 0 | (11,593) | ||
Repayments under revolving credit facility | 0 | 0 | (20,000) | ||
Cash from non-successors in HighPeak business combination | 100 | 0 | 0 | ||
Contributions from partners | 0 | 54,000 | 0 | ||
Distributions to partners | 0 | (2,780) | 0 | ||
Net cash provided by financing activities | 84,135 | 51,220 | 118,673 | ||
Net increase (decrease) in cash and cash equivalents | 17,609 | (20,768) | 15,317 | ||
Cash and cash equivalents, beginning of period | 1,943 | 22,711 | 19,552 | $ 22,711 | |
Cash and cash equivalents, end of period | 19,552 | 1,943 | 34,869 | $ 19,552 | $ 19,552 |
Supplemental disclosure of additional cash flow information and non-cash activities: | |||||
Cash paid for interest | 0 | 0 | 1,811 | ||
Cash paid for income taxes | 0 | 0 | 0 | ||
Additions to asset retirement obligations | (142) | 112 | 1,844 | ||
Subscription receivable from exercise of warrants | 3,596 | 0 | 0 | ||
Stock offering costs of accounting acquiree | $ (13,652) | $ 0 | $ 0 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" the "Company," or the “Successor”) is a Delaware corporation, initially formed in October 2019 November 2017, one 11 HighPeak Energy’s common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy’s Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market under the ticker symbol “HPKER,” although the Company has applied for listing on the Nasdaq. The Company is an independent crude oil and natural gas exploration and production company that explores for, develops and produces crude oil, NGL and natural gas in the Permian Basin in West Texas, more specifically, the Midland Basin in Eastern Howard County. Our acreage is composed of two |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | NOTE 2. Presentation. December 31, 2021, Principles of consolidation. August 22, 2020, August 21, 2020. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. December 31, 2021 2020, zero December 31, 2021 2020, Concentration of credit risk. December 31, 2021, not not Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. December 31, 2021. Prepaid expenses. December 31, 2021 2020 Inventory. December 31, 2021 2020 not Crude oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other crude oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties are credited to proved or unproved oil and natural gas properties, as the case may not no The Company performs assessments of its long-lived assets to be held and used, including proved crude oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved crude oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not Other property and equipment, net. December 31, 2021 2020, December 31, 2021 2020 Land $ 1,122 $ 725 Information technology 125 292 Transportation equipment 202 41 Leasehold improvements 143 24 Field equipment 8 10 Total other property and equipment, net $ 1,600 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Aid-in-construction assets. December 31, 2021, third four Debt issuance costs. December 31, 2021, December 31, 2021 2020, December 31, 2021, December 31, 2020, 7 Leases. not may 12 not 10 Accounts payable, accrued liabilities, derivative liabilities and accrued dividends and dividend equivalents. December 31, 2021 2020 Asset retirement obligations. 8 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its crude oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two December 31, 2021 2020, Crude Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5 Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not December 31, 2021 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the consolidated statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2020 The Predecessor recognizes in its consolidated financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to outside directors with no Segments. Impact of the COVID- 19 19" 2019 March 2020, 19 19 19 19 February 2020. 19 Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04” January 2021, No. 2021 01, Reference Rate Reform (Topic 848 2021 01” 848. 2020 04 March 12, 2020, March 12, 2020, 2020 04 2021 01 December 31, 2022. December 31, 2021, not 2020 04 2021 01. The Company has evaluated other recently issued, but not not |
Note 3 - Acquisitions and Dives
Note 3 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Acquisitions [Text Block] | NOTE 3. Acquisitions and Divestitures Acquisitions. December 31, 2021, December 31, 2020, All of the aforementioned individual acquisitions that included producing properties were accounted for as asset acquisitions as substantially all of the gross assets acquired in each individual acquisition are concentrated in a group of similar identifiable assets. The consideration paid was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. All transaction costs associated with the acquisitions were capitalized. Grenadier Acquisition. June 2019, June 1, 2019, October 1, 2019. 2019 2020 May 2020. April 2020 not December 31, 2020. Divestitures. December 31, 2021, |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. December 31, 2021 As of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Commodity price derivatives $ — $ 2,199 $ — $ 2,199 Liabilities: Commodity price derivatives – current — 13,591 — 13,591 Commodity price derivatives – noncurrent — 4,075 — 4,075 Total liabilities — 17,666 — 17,666 Total recurring fair value measurements $ — $ (15,467 ) $ — $ (15,467 ) The Company did not December 31, 2020. Commodity price derivatives. third third 2 Assets and liabilities measured at fair value on a nonrecurring basis. not 1 2 3 may not not The Company has other financial instruments consisting primarily of cash equivalents, accounts receivable, accounts payable, long-term debt and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. |
Note 5 - Derivative Financial I
Note 5 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 5. The Company primarily utilizes commodity swap contracts to (i) reduce the effect of price volatility on the commodities the Company produces and sells, and (ii) support the Company’s capital budgeting and expenditure plans, (iii) protect the Company’s borrowing base under its Revolving Credit Facility and (iv) support the payment of contractual obligations. The following table summarizes the effect of derivatives on the Company’s consolidated statements of operations (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Successor Successor Predecessor Noncash derivative gain (loss), net $ (15,467 ) $ — $ — Cash payments on settled derivatives, net (11,267 ) — — Derivative gain (loss), net $ (26,734 ) $ — $ — Crude oil production derivatives. The Company’s outstanding crude oil derivative contracts as of December 31, 2021 2022 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Crude Oil Price Swaps - WTI: (a) Volume (MBbls) 966.4 794.1 208.0 239.0 2,207.5 198.0 200.2 398.2 Price per Bbl $ 69.26 $ 69.32 $ 68.76 $ 59.37 $ 68.16 $ 57.22 $ 57.22 $ 57.22 The Company uses credit and other financial criteria to evaluate the credit standings of, and to select, counterparties to its derivative financial instruments. Although the Company does not Net derivative liabilities associated with the Company’s open commodity derivatives by counterparty are as follows (in thousands): As of December 31, 2021 Bank of Oklahoma, National Association $ 946 Bank of America, National Association 861 Citizens Bank, National Association 392 Fifth Third Bank, National Association (17,666 ) $ (15,467 ) |
Note 6 - Exploratory Well Costs
Note 6 - Exploratory Well Costs | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Exploratory Well Costs [Text Block] | NOTE 6. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Year Ended December 31, 2021 Beginning capitalized exploratory well costs $ 32,592 Additions to exploratory well costs 189,859 Reclassification to proved properties (194,375 ) Exploratory well costs charged to exploration and abandonment expense — Ending capitalized exploratory well costs $ 28,076 All capitalized exploratory well costs have been capitalized for less than one |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | NOTE 7. The components of long-term debt, including the effects of debt issuance costs, are as follows (in thousands): December 31, 2021 2020 Revolving Credit Facility due 2024 $ 100,000 $ — Debt issuance costs, net (a) (2,071 ) — Total debt 97,929 — Less current portion of long-term debt — — Long-term debt, net $ 97,929 $ — (a) Debt issuance costs as of December 31, 2021 December 31, 2020 Revolving Credit Facility December 2020, June 17, 2024. June 2021, October 2021, February 2022 2024 17, $195.0 $138.8 The borrowing capacity under the Revolving Credit Facility is equal to the lowest of (i) the borrowing base (which stands at $195.0 million as of December 31, 2021, February 2022), ( $195.0 December 31, 2021, $138.8 February 2022) December 31, 2021 2020, zero December 31, 2021 one December 31, 2021 three six February 2022, zero 1 3 first April October. The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 1.00 1.00 The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Facility contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Credit Agreement) is in excess of $20.0 million. In addition, the Credit Agreement is subject to customary events of default, including a change in control. If an event of default occurs and is continuing, the administrative agent or the majority of the lenders may |
Note 8 - Asset Retirement Oblig
Note 8 - Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Asset Retirement Obligation Disclosure [Text Block] | NOTE 8. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Year Ended December 31, 2021 Beginning asset retirement obligations $ 2,293 Liabilities incurred from new wells 980 Liabilities assumed in acquisitions 981 Liabilities divested (6 ) Dispositions (25 ) Revision of estimates (a) (130 ) Accretion of discount 167 Ending asset retirement obligations $ 4,260 (a) The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives. As of December 31, 2021 2020, |
Note 9 - Incentive Plans
Note 9 - Incentive Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 9. 401 401 “401 401 1986, October 1, 2020, 401 three may 401 401 401 four 401 December 31, 2021 August 22, 2020 December 31, 2020, 401 Long-Term Incentive Plan. December 31, 2021 December 31, 2021 Approved and authorized awards 12,376,766 Awards issued under plan (11,614,506 ) Awards available for future grant 762,260 Stock Options. August 24, 2020 November 4, 2021. December 31, 2021 2020 December 31, 2021 2020 two The Company estimates the fair values of stock options granted on the grant date using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of either an index of exploration and production crude oil and natural gas companies or on a peer group of companies with similar characteristics of the Company on the date of grant since the Company had minimal or did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 — Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Awards granted 442,500 14.36 Exercised (154,268 ) $ 10.00 Forfeitures (10,000 ) $ 10.00 Outstanding at December 31, 2021 9,983,727 $ 10.19 8.7 $ 44,395 Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at December 31, 2021 8,551,077 $ 10.13 8.7 $ 38,556 Exercisable at December 31, 2021 8,551,077 $ 10.13 8.7 $ 38,556 Restricted Stock Issued to Employee Members of the Board. November 4, 2021, three December 31, 2021, three December 31, 2021, December 31, 2021 not December 31, 2021. Stock Issued to Outside Directors. June 1, 2021, one December 31, 2021, Stock was issued to the outside directors of the Company in November 2020 no |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10. Leases. 842, January 1, 2020 December 31, 2021 December 31, 2020 not December 31, 2021 2022 $ 538 2023 349 Total lease payments 887 Less present value discount (31 ) Present value of lease liabilities $ 856 Legal actions. may not Indemnifications. Environmental. no not Salt-Water Disposal Commitments. third July 24, 2020 July 24, 2022. December 31, 2021, not not December 31, 2021. Crude Oil Delivery Commitments. May 2021, October 2021 first second eight October 1, 2021 December 31, 2021, December 31, 2021, Natural gas purchasing replacement contract. May 2021, not Power contracts. June 2021, 13 50 Also in June 2021, 12 fifteen 15 May 20, 2023. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11. HighPeak Business Combination. August 21, 2020, August 22, 2020 (a) (b) (c) (d) (e) (f) HPK LP Pure HighPeak Employees, Inc. Issuance of HighPeak Energy Common Stock Cash Offering Costs Deferred Tax Liability Beginning Balance Sheet on August 22, 2020 Cash and cash equivalents $ 1,943 $ 1 $ 99 $ 92,554 $ (8,114 ) $ — $ 86,483 Accounts receivable 3,001 — 26 — — — 3,027 Total current assets 4,944 1 125 92,554 (8,114 ) — 89,510 Total crude oil and natural gas properties, net 452,039 — — — — — 452,039 Other property and equipment, net 436 — — — — — 436 Total assets $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ — $ 541,985 Current liabilities $ 35,794 $ 2,025 $ 77 $ (9,538 ) $ — $ — $ 28,358 Deferred income tax liability — — — — — 39,946 39,946 Notes payable (receivable) (11,675 ) 11,675 — — — — — Asset retirement obligations 2,398 — — — — — 2,398 Partners' capital 521,682 — — (521,682 ) — — — Common stock — — — 9 — — 9 Additional paid-in capital — (13,699 ) 48 623,765 (8,114 ) (39,946 ) 562,054 Accumulated deficit (90,780 ) — — — — — (90,780 ) Total stockholders' equity/partner's capital 430,902 (13,699 ) 48 102,092 (8,114 ) (39,946 ) 471,283 Total liabilities and stockholders' equity/partners' capital $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ — $ 541,985 (a) Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020. (b) Represents Pure’s condensed consolidated balance sheet estimated as of August 21, 2020 (c) Represents the balance sheet of HighPeak Energy Employees, Inc which was acquired by the Company for $10.00 upon the closing of the HighPeak business combination. (d) Represents the issuance by the Company of 91,592,354 shares of common stock, 10,538,183 warrants and 10,209,300 Contingent Value Rights upon the closing of the HighPeak business combination. The reduction to accounts payable of $9.5 million represents those vendors of HPK LP that purchased shares under the Forward Purchase Agreement Amendment (as defined below) in the HighPeak business combination in lieu of being paid cash for the majority of their outstanding balances. (e) Represents the cash costs paid for the offering of the aforementioned shares in addition to the cash costs that had previously been incurred by Pure of $13.7 million in column (b). (f) Represents the beginning deferred tax liability of the Company given the combination of all the entities, most of which originated from HPK LP which was a partnership for U.S. federal income tax purposes and therefore did not Pursuant to the Business Combination Agreement, among other things, (a) MergerSub merged with and into Pure, with Pure surviving as a wholly owned subsidiary of the Company, (b) each outstanding share of Pure’s Class A Common Stock and Pure’s Class B Common Stock (other than certain shares of Pure’s Class B Common Stock that were surrendered for cancellation by Pure’s Sponsor) were converted into the right to receive (A) one share of HighPeak Energy common stock (and cash in lieu of fractional shares), and (B) solely with respect to each outstanding share of Pure’s Class A Common Stock, (i) a cash amount, without interest, equal to $0.62, which represented the amount by which the per-share redemption value of Pure’s Class A Common Stock that exceeded $10.00 per share at the closing, without interest, in each case, totaling approximately $767,902, (ii) one CVR for each one may August 21, 2022 February 21, 2023, one no no HighPeak I and HighPeak II collectively received 76,383,054 shares of HighPeak Energy common stock pursuant to the Business Combination Agreement. Further, certain of the Company’s executive officers and directors received the consideration provided by the HighPeak business combination through their ownership of Pure’s Class A Common Stock. Steven W. Tholen, the Company’s Chief Financial Officer received 5,000 shares of HighPeak Energy common stock, 5,000 CVRs and 5,000 warrants in exchange for shares of Pure’s Class A Common Stock owned by him prior to the HighPeak business combination. Michael L. Hollis, the Company’s President and member of the Company’s board of directors (the “Board”), received 16,802 shares of HighPeak Energy common stock, 16,802 CVRs and 20,382 warrants in exchange for shares of Pure’s Class A Common Stock and Pure’s warrants, respectively, owned by him prior to the HighPeak business combination. Further, Rodney L. Woodard, the Chief Operating Officer of the Company, received 14,000 shares of HighPeak Energy common stock, 14,000 CVRs and 14,000 warrants in exchange for shares of Pure’s Class A Common Stock and Pure’s warrants, respectively, owned by him prior to the HighPeak business combination. Unaudited Pro Forma Operating Results. January 1, 2020. The pro forma condensed combined financial information has been included for comparative purposes and is not January 1, 2020; not (Unaudited Pro Forma) Year Ended December 31, 2020 Total revenues $ 24,623 Net income attributable to Common Stock (23,310 ) Basic and diluted net loss per share (0.25 ) Contingent Value Rights. may August 21, 2022 February 21, 2023, not not Stockholders Agreement. one not ● for so long as (i) the Principal Stockholder Group beneficially owns at least 35% of the Original Shares and (ii) the Original Shares constitute at least 30% of the Company’s then-outstanding voting securities, the Principal Stockholder Group can designate up to four 50% ● for so long as (i) the Principal Stockholder Group beneficially owns less than 35% three ● for so long as (i) the Principal Stockholder Group beneficially owns less than 25% two ● if (i) the Principal Stockholder Group beneficially owns less than 15% one If at any time the Principal Stockholder Group owns less than 5% 7.5% For so long as the Principal Stockholder Group has the right to designate at least one not seven one one The Stockholders’ Agreement also includes customary restrictions on the transfer of equity securities to certain persons acquiring beneficial ownership. Pursuant to the Stockholders’ Agreement, the Principal Stockholder Group will agree not 180 no no Registration Rights Agreement. 1933, may no not one $5 $25 not may may not two sixty 60 ninety 90 twelve 12 Forward Purchases. July 24, 2020 ( Prior to the closing of the HighPeak business combination, and subsequent to the Company’s entry into the Forward Purchase Agreement Amendment, an aggregate of 8,976,875 forward purchase units (with each forward purchase unit consisting of one share of HighPeak Energy common stock, one warrant and one CVR), for aggregate consideration of approximately $89.8 million in a private placement pursuant to the Assignment and Joinder agreements under and pursuant to the Forward Purchase Agreement Amendment. The proceeds from the Forward Purchases were used to fund a portion of the minimum equity consideration condition to closing required to effect the HighPeak business combination pursuant to the Business Combination Agreement. Equity Offering. October 25, 2021, Registration Statement on Form S- 1 No. 333 258853 October 19, 2021 Registration Statement on Form S- 1MEG No. 333 260394 October 20, 2021. General and Administrative Expenses. January 1, 2020 August 21, 2020, January 1, 2020 August 21, 2020. no Water Treatment. September 2021, 25,000 third March 1, 2022, July 1, 2022 December 31, 2021, |
Note 12 - Major Customers
Note 12 - Major Customers | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 12. Lion Oil Trading and Transportation, LLC (“Lion”) accounted for approximately 94% of the Company’s revenues during the year ended December 31, 2021. August 22, 2020 December 31, 2020. January 1, 2020 August 21, 2020. not |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 13. The Company’s income tax expense (benefit) attributable to income from operations consisted of the following (in thousands): Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 Current tax expense $ — $ (3,176 ) Deferred tax expense 16,904 (1,047 ) Income tax expense (benefit) $ 16,904 $ (4,223 ) The reconciliation between the income tax expense (benefit) computed by multiplying pre-tax income by the U.S. federal statutory rate and the reported amounts of income tax expense is as follows (in thousands, except rate): Year Ended December 31 , 2021 August 22, 2020 through December 31, 2020 Income tax expense at U.S. federal statutory rate $ 15,217 $ (4,337 ) State deferred income taxes 1,730 — Limited tax benefit due to stock-based compensation (51 ) 127 Other 8 (13 ) Income tax expense (benefit) $ 16,904 $ (4,223 ) Effective income tax rate 23.3 % 20.4 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31, 2021 2020 December 31, 2021 2020 Deferred tax assets: Stock-based compensation $ 4,373 $ 3,124 Unrecognized derivative losses 3,248 — Net operating loss carryforwards 2,870 9,725 Other 31 31 Less: Valuation allowance — — Net deferred tax assets 10,522 12,880 Deferred tax liabilities: Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (66,324 ) (51,778 ) Net deferred tax liabilities $ (55,802 ) $ (38,898 ) The effective income tax rate differs from the U.S. statutory rate of 21 percent primarily due to deferred state income taxes and permanent differences between GAAP income and taxable income. Periods prior to August 22, 2020 not not 1065 2018 2020 As required by ASC Topic 740, 740” not” not not may not December 31, 2021 2020, not not” 740. The Company is also subject to Texas Margin Tax. The Company realized no not 2021. |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14. The Company uses the two The Company’s basic earnings per share attributable to common stockholders is computed as (i) net income as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings per share attributable to common stockholders is computed as (i) basic earnings attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table reconciles the Company’s earnings from operations and earnings attributable to common stockholders to the basic and diluted earnings used to determine the Company’s earnings per share amounts for the year ended December 31, 2021 August 22, 2020 December 31, 2020 two Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 Net income as reported $ 55,559 $ (16,429 ) Participating basic earnings (a) (4,674 ) — Basic earnings attributable to common stockholders 50,885 (16,429 ) Reallocation of participating earnings 58 — Diluted net income attributable to common stockholders $ 50,943 $ (16,429 ) Basic weighted average shares outstanding 93,127 91,629 Dilutive warrants and unvested stock options 145 — Dilutive unvested restricted stock 1,500 — Diluted weighted average shares outstanding 94,772 91,629 (a) Certain unvested restricted stock awarded to outside directors represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Certain unvested restricted stock awarded to employee members of the board of directors do not not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Successor) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 15. Equity (Successor) Public Offering of Common Stock. October 25, 2021, Registration Statement on Form S- 1 No. 333 258853 October 19, 2021 Registration Statement on Form S- 1MEF No. 333 260394 October 20, 2021. Dividends and dividend equivalents. July 2021, July 26, 2021. December 31, 2021 August 2022, no In September 2021, October 25, 2021. December 31, 2021 August 2022, no Outstanding Securities. December 31, 2021 2020, August 21, 2025 10,209,300 |
Note 16 - Partners' Capital (Pr
Note 16 - Partners' Capital (Predecessor) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Partners' Capital Notes Disclosure [Text Block] | NOTE 16. Capital (Predecessor) Allocation of partner s net profits and losses. January 1, 2020 August 21, 2020. Partner s distributions. January 1, 2020 August 21, 2020. |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17. Gas Purchase Contract Amendment. January 2022, January 1, 2022 March 31, 2023 1.2 Dividends and dividend equivalents. February 2022, February 25, 2022. February 2022 August 2022, November 2022 November 2023, no November 2021 November 2024. Issuance of Senior Unsecured Notes. February 2022, 2024 “2024 2022 2024 not may not not 2024 144A Revolving Credit Facility. February 2022 2024 $195.0 $195.0 Derivative financial instruments. February 2022, 2022 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Crude Oil Price Swaps - WTI: (a) Volume (MBbls) 966.4 1,039.8 456.4 487.4 2,950.0 441.0 200.2 641.2 Price per Bbl $ 69.26 $ 71.96 $ 75.15 $ 70.14 $ 71.27 $ 70.05 $ 57.22 $ 66.04 Acquisitions. first 2022, third 2,500 three 35,000 first second 2022. |
Note 18 - Supplemental Crude Oi
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Oil and Gas Exploration and Production Industries Disclosures [Text Block] | NOTE 18 Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) Net Capitalized Costs The following table reflects the capitalized costs of natural gas and crude oil properties and the related accumulated depletion (in thousands): December 31, 2021 2020 Proved properties $ 699,701 $ 367,372 Unproved properties 108,392 152,741 Total capitalized costs 808,093 520,113 Less: accumulated depletion (82,478 ) (17,477 ) Net capitalized costs $ 725,615 $ 502,636 Cost Incurred in Crude Oil and Natural Gas Property Acquisition, Exploration and Development The following table reflects costs incurred in crude oil and natural gas property acquisition, development and exploratory activities (in thousands): Year Ended December 31, 2020 Successor Predecessor Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Acquisition costs: Proved properties $ 33,253 $ — $ 585 Unproved properties 20,792 1,181 2,753 Total acquisition costs 54,045 1,181 3,338 Exploration costs 190,346 52,837 48,801 Development costs 45,852 11,757 863 Crude oil and natural gas expenditures 290,243 65,775 53,002 Asset retirement obligations, net 1,844 (105 ) 98 Total costs incurred $ 292,087 $ 65,670 $ 53,100 Results of Operations for Crude Oil, NGL and Natural Gas Producing Activities The following table reflects the Company’s results of operations for crude oil, NGL and natural gas producing activities (in thousands): Year Ended December 31, 2020 Successor Predecessor Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Crude oil, NGL and natural gas sales $ 220,124 $ 16,400 $ 8,223 Lease operating expenses 25,053 2,653 4,870 Production and ad valorem taxes 10,746 886 566 Exploration and abandonment expense 1,549 5,032 4 Depletion, depreciation and amortization expense 65,201 9,877 6,385 Accretion of discount on asset retirement obligations 167 51 89 Results of operations from crude oil and natural gas production activities $ 117,408 $ (2,099 ) $ (3,691 ) Crude Oil, NGL and Natural Gas Reserves Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon the 12 first December 31, 2021 2020 December 31, 2021 December 31, 2020 The proved reserve estimates as of December 31, 2021 2020 not, no may Reserve estimates are often different from the quantities of crude oil and natural gas that are ultimately recovered. Estimating quantities of proved crude oil and natural gas reserves is a complex process that involves significant interpretations and assumptions and cannot be measured in an exact manner. It requires interpretations and judgment of available technical data, including the evaluation of available geological, geophysical and engineering data. The accuracy of any reserve estimate is highly dependent on the quality of available data, the accuracy of the assumptions on which they are based upon, economic factors, such as crude oil and natural gas prices, production costs, severance and excise taxes, capital expenditures, workover and remedial costs, and the assumed effects of governmental regulation. In addition, due to the lack of substantial, if any, production data, there are greater uncertainties in estimating PUD reserves, proved developed non-producing reserves and proved developed reserves that are early in their production life. As a result, the Company’s reserve estimates are inherently imprecise. The meaningfulness of reserve estimates is highly dependent on the accuracy of the assumptions on which they were based. In general, the volume of production from crude oil and natural gas properties the Company owns declines as reserves are depleted. Except to the extent the Company conducts successful exploration and development activities or acquires additional properties containing proved reserves, or both, the Company’s proved reserves will decline as reserves are produced. The following table reflects changes in proved reserves during the periods indicated: Crude Oil (MBbl) NGL (MBbl) Natural Gas (MMcf) Total (MBoe) Predecessor Proved Reserves at January 1, 2020 9,372 1,349 4,654 11,497 Purchase of minerals-in-place 44 — 36 50 Extensions and discoveries 1,008 67 252 1,117 Revisions of previous estimates (1,555 ) (374 ) (1,144 ) (2,120 ) Production (236 ) (20 ) (87 ) (270 ) Proved Reserves at August 21, 2020 8,633 1,022 3,711 10,274 Successor Proved Reserves at August 22, 2020 8,633 1,022 3,711 10,274 Extensions and discoveries 11,977 1,433 5,215 14,279 Revisions of previous estimates (1,180 ) (277 ) (875 ) (1,603 ) Production (398 ) (18 ) (112 ) (435 ) Proved Reserves at December 31, 2020 19,032 2,160 7,939 22,515 Extensions and discoveries 36,867 4,845 19,529 44,967 Purchase of minerals-in-place 973 631 2,910 2,089 Sales of minerals-in-place (238 ) (44 ) (139 ) (305 ) Revisions of previous estimates (1,807 ) 10 842 (1,658 ) Production (3,002 ) (224 ) (1,020 ) (3,396 ) Proved Reserves at December 31, 2021 51,825 7,378 30,061 64,213 At December 31, 2021, December 31, 2021, December 31, 2021, ( December 31, 2021, December 31, 2021 December 31, 2021 December 31, 2021. At December 31, 2020, August 21, 2020, August 22, 2020 December 31, 2020, December 31, 2020, ( December 31, 2020, August 22, 2020 December 31, 2020 August 22, 2020 December 31, 2020. At August 21, 2020, January 1, 2020 August 21, 2020, three January 1, 2020 August 21, 2020, August 21, 2020. January 1, 2020 August 21, 2020 January 1, 2020 August 21, 2020. The following table sets forth the Company’s estimated quantities of proved developed and proved undeveloped crude oil, NGL and natural gas reserves: December 31, 2021 2020 Proved Developed Reserves (1) Crude oil (MBbl) 22,610 8,730 NGL (MBbl) 3,540 957 Natural gas (MMcf) 14,611 3,572 Total (MBoe) 28,585 10,282 Proved Undeveloped Reserves Crude oil (MBbl) 29,215 10,302 NGL (MBbl) 3,838 1,203 Natural gas (MMcf) 15,450 4,367 Total (MBoe) 35,628 12,233 Total Proved Reserves Crude oil (MBbl) 51,825 19,032 NGL (MBbl) 7,378 2,160 Natural gas (MMcf) 30,061 7,939 Total (MBoe) 64,213 22,515 ( 1 As of December 31, 2021 2020, Standardized Measure of Discounted Future Net Cash Flows The following table reflects the Company’s standardized measure of discounted future net cash flows relating from its proved crude oil, natural gas and NGL reserves (in thousands): December 31, 2021 2020 Future cash inflows $ 3,668,535 $ 740,859 Future production costs (824,865 ) (217,025 ) Future development costs (432,370 ) (117,887 ) Future income tax expense (431,737 ) (25,824 ) Future net cash flows 1,979,563 380,123 Discount to present value at 10% annual rate (860,754 ) (157,931 ) Standardized measure of discounted future net cash flows $ 1,118,809 $ 222,192 The following table reflects the principal changes in the standardized measure of discounted future net cash flows attributable to the Company’s proved reserves (in thousands): Year Ended December 31, 2021 2020 (2) Standardized measure of discounted future net cash flows, beginning of year $ 222,192 $ 140,032 Sales of crude oil and natural gas, net of production costs (184,325 ) (15,648 ) Extensions and discoveries, net of future development costs 987,689 172,478 Net changes in prices and production costs 272,889 (50,728 ) Changes in estimated future development costs (13,551 ) 6,466 Purchases of minerals-in-place 31,353 600 Sales of minerals-in-place (3,067 ) — Revisions of previous quantity estimates (40,466 ) (41,646 ) Accretion of discount 23,419 14,134 Net changes in income taxes (1) (212,574 ) (10,675 ) Net changes in timing of production and other 35,250 7,190 Standardized measure of discounted future net cash flows, end of year $ 1,118,809 $ 222,192 ( 1 Effective with the HighPeak business combination that closed on August 21, 2020, December 31, 2020 ( 2 The year ended December 31, 2020 December 31, 2019 December 31, 2020 January 1, 2020 August 21, 2020 August 22, 2020 December 31, 2020 no third August 21, 2020 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Presentation. December 31, 2021, |
Consolidation, Policy [Policy Text Block] | Principles of consolidation. August 22, 2020, August 21, 2020. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates in the preparation of financial statements. not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents. 90 may |
Accounts Receivable [Policy Text Block] | Accounts receivable. December 31, 2021 2020, zero December 31, 2021 2020, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk. December 31, 2021, not not |
Subscription Receivable [Policy Text Block] | Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. December 31, 2021. |
Prepaid Expense [Policy Text Block] | Prepaid expenses. December 31, 2021 2020 |
Inventory, Policy [Policy Text Block] | Inventory. December 31, 2021 2020 not |
Industry Specific Policies, Oil and Gas [Policy Text Block] | Crude oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other crude oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties are credited to proved or unproved oil and natural gas properties, as the case may not no The Company performs assessments of its long-lived assets to be held and used, including proved crude oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved crude oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not |
Property, Plant and Equipment, Policy [Policy Text Block] | Other property and equipment, net. December 31, 2021 2020, December 31, 2021 2020 Land $ 1,122 $ 725 Information technology 125 292 Transportation equipment 202 41 Leasehold improvements 143 24 Field equipment 8 10 Total other property and equipment, net $ 1,600 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not |
Other Non-current Assets, Aid-in-Construction Assets, Policy [Policy Text Block] | Aid-in-construction assets. December 31, 2021, third four |
Debt, Policy [Policy Text Block] | Debt issuance costs. December 31, 2021, December 31, 2021 2020, December 31, 2021, December 31, 2020, 7 |
Lessee, Leases [Policy Text Block] | Leases. not may 12 not 10 |
Accounts Payable and Accrued Liabilities, Policy [Policy Text Block] | Accounts payable, accrued liabilities, derivative liabilities and accrued dividends and dividend equivalents. December 31, 2021 2020 |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligations. 8 |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its crude oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two December 31, 2021 2020, Crude Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not |
Derivatives, Policy [Policy Text Block] | Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5 |
Income Tax, Policy [Policy Text Block] | Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not December 31, 2021 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the consolidated statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2020 The Predecessor recognizes in its consolidated financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to outside directors with no |
Segment Reporting, Policy [Policy Text Block] | Segments. |
Effect of Covid-19 Pandemic [Policy Text Block] | Impact of the COVID- 19 19" 2019 March 2020, 19 19 19 19 February 2020. 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04” January 2021, No. 2021 01, Reference Rate Reform (Topic 848 2021 01” 848. 2020 04 March 12, 2020, March 12, 2020, 2020 04 2021 01 December 31, 2022. December 31, 2021, not 2020 04 2021 01. The Company has evaluated other recently issued, but not not |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Land $ 1,122 $ 725 Information technology 125 292 Transportation equipment 202 41 Leasehold improvements 143 24 Field equipment 8 10 Total other property and equipment, net $ 1,600 $ 1,092 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Commodity price derivatives $ — $ 2,199 $ — $ 2,199 Liabilities: Commodity price derivatives – current — 13,591 — 13,591 Commodity price derivatives – noncurrent — 4,075 — 4,075 Total liabilities — 17,666 — 17,666 Total recurring fair value measurements $ — $ (15,467 ) $ — $ (15,467 ) |
Note 5 - Derivative Financial_2
Note 5 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Successor Successor Predecessor Noncash derivative gain (loss), net $ (15,467 ) $ — $ — Cash payments on settled derivatives, net (11,267 ) — — Derivative gain (loss), net $ (26,734 ) $ — $ — |
Schedule of Price Risk Derivatives [Table Text Block] | 2022 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Crude Oil Price Swaps - WTI: (a) Volume (MBbls) 966.4 794.1 208.0 239.0 2,207.5 198.0 200.2 398.2 Price per Bbl $ 69.26 $ 69.32 $ 68.76 $ 59.37 $ 68.16 $ 57.22 $ 57.22 $ 57.22 |
Schedule of Derivative Assets and Liabilities By Counterparty [Table Text Block] | As of December 31, 2021 Bank of Oklahoma, National Association $ 946 Bank of America, National Association 861 Citizens Bank, National Association 392 Fifth Third Bank, National Association (17,666 ) $ (15,467 ) |
Note 6 - Exploratory Well Cos_2
Note 6 - Exploratory Well Costs (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Capitalized Exploratory Well Costs, Roll Forward [Table Text Block] | Year Ended December 31, 2021 Beginning capitalized exploratory well costs $ 32,592 Additions to exploratory well costs 189,859 Reclassification to proved properties (194,375 ) Exploratory well costs charged to exploration and abandonment expense — Ending capitalized exploratory well costs $ 28,076 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, 2021 2020 Revolving Credit Facility due 2024 $ 100,000 $ — Debt issuance costs, net (a) (2,071 ) — Total debt 97,929 — Less current portion of long-term debt — — Long-term debt, net $ 97,929 $ — |
Note 8 - Asset Retirement Obl_2
Note 8 - Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Year Ended December 31, 2021 Beginning asset retirement obligations $ 2,293 Liabilities incurred from new wells 980 Liabilities assumed in acquisitions 981 Liabilities divested (6 ) Dispositions (25 ) Revision of estimates (a) (130 ) Accretion of discount 167 Ending asset retirement obligations $ 4,260 |
Note 9 - Incentive Plans (Table
Note 9 - Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Shares Available Under Long-term Incentive Plan [Table Text Block] | December 31, 2021 Approved and authorized awards 12,376,766 Awards issued under plan (11,614,506 ) Awards available for future grant 762,260 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 — Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Awards granted 442,500 14.36 Exercised (154,268 ) $ 10.00 Forfeitures (10,000 ) $ 10.00 Outstanding at December 31, 2021 9,983,727 $ 10.19 8.7 $ 44,395 Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at December 31, 2021 8,551,077 $ 10.13 8.7 $ 38,556 Exercisable at December 31, 2021 8,551,077 $ 10.13 8.7 $ 38,556 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | December 31, 2021 2022 $ 538 2023 349 Total lease payments 887 Less present value discount (31 ) Present value of lease liabilities $ 856 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (a) (b) (c) (d) (e) (f) HPK LP Pure HighPeak Employees, Inc. Issuance of HighPeak Energy Common Stock Cash Offering Costs Deferred Tax Liability Beginning Balance Sheet on August 22, 2020 Cash and cash equivalents $ 1,943 $ 1 $ 99 $ 92,554 $ (8,114 ) $ — $ 86,483 Accounts receivable 3,001 — 26 — — — 3,027 Total current assets 4,944 1 125 92,554 (8,114 ) — 89,510 Total crude oil and natural gas properties, net 452,039 — — — — — 452,039 Other property and equipment, net 436 — — — — — 436 Total assets $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ — $ 541,985 Current liabilities $ 35,794 $ 2,025 $ 77 $ (9,538 ) $ — $ — $ 28,358 Deferred income tax liability — — — — — 39,946 39,946 Notes payable (receivable) (11,675 ) 11,675 — — — — — Asset retirement obligations 2,398 — — — — — 2,398 Partners' capital 521,682 — — (521,682 ) — — — Common stock — — — 9 — — 9 Additional paid-in capital — (13,699 ) 48 623,765 (8,114 ) (39,946 ) 562,054 Accumulated deficit (90,780 ) — — — — — (90,780 ) Total stockholders' equity/partner's capital 430,902 (13,699 ) 48 102,092 (8,114 ) (39,946 ) 471,283 Total liabilities and stockholders' equity/partners' capital $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ — $ 541,985 |
Business Acquisition, Pro Forma Information [Table Text Block] | (Unaudited Pro Forma) Year Ended December 31, 2020 Total revenues $ 24,623 Net income attributable to Common Stock (23,310 ) Basic and diluted net loss per share (0.25 ) |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 Current tax expense $ — $ (3,176 ) Deferred tax expense 16,904 (1,047 ) Income tax expense (benefit) $ 16,904 $ (4,223 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31 , 2021 August 22, 2020 through December 31, 2020 Income tax expense at U.S. federal statutory rate $ 15,217 $ (4,337 ) State deferred income taxes 1,730 — Limited tax benefit due to stock-based compensation (51 ) 127 Other 8 (13 ) Income tax expense (benefit) $ 16,904 $ (4,223 ) Effective income tax rate 23.3 % 20.4 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Stock-based compensation $ 4,373 $ 3,124 Unrecognized derivative losses 3,248 — Net operating loss carryforwards 2,870 9,725 Other 31 31 Less: Valuation allowance — — Net deferred tax assets 10,522 12,880 Deferred tax liabilities: Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (66,324 ) (51,778 ) Net deferred tax liabilities $ (55,802 ) $ (38,898 ) |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 Net income as reported $ 55,559 $ (16,429 ) Participating basic earnings (a) (4,674 ) — Basic earnings attributable to common stockholders 50,885 (16,429 ) Reallocation of participating earnings 58 — Diluted net income attributable to common stockholders $ 50,943 $ (16,429 ) Basic weighted average shares outstanding 93,127 91,629 Dilutive warrants and unvested stock options 145 — Dilutive unvested restricted stock 1,500 — Diluted weighted average shares outstanding 94,772 91,629 |
Note 17 - Subsequent Events (Ta
Note 17 - Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments, Included Additional Crude Oil Decretive Financial Instruments [Table Text Block] | 2022 2023 First Quarter Second Quarter Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Crude Oil Price Swaps - WTI: (a) Volume (MBbls) 966.4 1,039.8 456.4 487.4 2,950.0 441.0 200.2 641.2 Price per Bbl $ 69.26 $ 71.96 $ 75.15 $ 70.14 $ 71.27 $ 70.05 $ 57.22 $ 66.04 |
Note 18 - Supplemental Crude _2
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block] | December 31, 2021 2020 Proved properties $ 699,701 $ 367,372 Unproved properties 108,392 152,741 Total capitalized costs 808,093 520,113 Less: accumulated depletion (82,478 ) (17,477 ) Net capitalized costs $ 725,615 $ 502,636 |
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block] | Year Ended December 31, 2020 Successor Predecessor Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Acquisition costs: Proved properties $ 33,253 $ — $ 585 Unproved properties 20,792 1,181 2,753 Total acquisition costs 54,045 1,181 3,338 Exploration costs 190,346 52,837 48,801 Development costs 45,852 11,757 863 Crude oil and natural gas expenditures 290,243 65,775 53,002 Asset retirement obligations, net 1,844 (105 ) 98 Total costs incurred $ 292,087 $ 65,670 $ 53,100 |
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block] | Year Ended December 31, 2020 Successor Predecessor Year Ended December 31, 2021 August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Crude oil, NGL and natural gas sales $ 220,124 $ 16,400 $ 8,223 Lease operating expenses 25,053 2,653 4,870 Production and ad valorem taxes 10,746 886 566 Exploration and abandonment expense 1,549 5,032 4 Depletion, depreciation and amortization expense 65,201 9,877 6,385 Accretion of discount on asset retirement obligations 167 51 89 Results of operations from crude oil and natural gas production activities $ 117,408 $ (2,099 ) $ (3,691 ) |
Schedule of Proved Developed and Undeveloped Reserve [Table Text Block] | Crude Oil (MBbl) NGL (MBbl) Natural Gas (MMcf) Total (MBoe) Predecessor Proved Reserves at January 1, 2020 9,372 1,349 4,654 11,497 Purchase of minerals-in-place 44 — 36 50 Extensions and discoveries 1,008 67 252 1,117 Revisions of previous estimates (1,555 ) (374 ) (1,144 ) (2,120 ) Production (236 ) (20 ) (87 ) (270 ) Proved Reserves at August 21, 2020 8,633 1,022 3,711 10,274 Successor Proved Reserves at August 22, 2020 8,633 1,022 3,711 10,274 Extensions and discoveries 11,977 1,433 5,215 14,279 Revisions of previous estimates (1,180 ) (277 ) (875 ) (1,603 ) Production (398 ) (18 ) (112 ) (435 ) Proved Reserves at December 31, 2020 19,032 2,160 7,939 22,515 Extensions and discoveries 36,867 4,845 19,529 44,967 Purchase of minerals-in-place 973 631 2,910 2,089 Sales of minerals-in-place (238 ) (44 ) (139 ) (305 ) Revisions of previous estimates (1,807 ) 10 842 (1,658 ) Production (3,002 ) (224 ) (1,020 ) (3,396 ) Proved Reserves at December 31, 2021 51,825 7,378 30,061 64,213 |
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block] | December 31, 2021 2020 Proved Developed Reserves (1) Crude oil (MBbl) 22,610 8,730 NGL (MBbl) 3,540 957 Natural gas (MMcf) 14,611 3,572 Total (MBoe) 28,585 10,282 Proved Undeveloped Reserves Crude oil (MBbl) 29,215 10,302 NGL (MBbl) 3,838 1,203 Natural gas (MMcf) 15,450 4,367 Total (MBoe) 35,628 12,233 Total Proved Reserves Crude oil (MBbl) 51,825 19,032 NGL (MBbl) 7,378 2,160 Natural gas (MMcf) 30,061 7,939 Total (MBoe) 64,213 22,515 |
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block] | December 31, 2021 2020 Future cash inflows $ 3,668,535 $ 740,859 Future production costs (824,865 ) (217,025 ) Future development costs (432,370 ) (117,887 ) Future income tax expense (431,737 ) (25,824 ) Future net cash flows 1,979,563 380,123 Discount to present value at 10% annual rate (860,754 ) (157,931 ) Standardized measure of discounted future net cash flows $ 1,118,809 $ 222,192 |
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block] | Year Ended December 31, 2021 2020 (2) Standardized measure of discounted future net cash flows, beginning of year $ 222,192 $ 140,032 Sales of crude oil and natural gas, net of production costs (184,325 ) (15,648 ) Extensions and discoveries, net of future development costs 987,689 172,478 Net changes in prices and production costs 272,889 (50,728 ) Changes in estimated future development costs (13,551 ) 6,466 Purchases of minerals-in-place 31,353 600 Sales of minerals-in-place (3,067 ) — Revisions of previous quantity estimates (40,466 ) (41,646 ) Accretion of discount 23,419 14,134 Net changes in income taxes (1) (212,574 ) (10,675 ) Net changes in timing of production and other 35,250 7,190 Standardized measure of discounted future net cash flows, end of year $ 1,118,809 $ 222,192 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 20 Months Ended | 36 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2020 | Aug. 22, 2020 | |
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 7,722,000 | $ 7,722,000 | $ 39,378,000 | $ 7,722,000 | $ 7,722,000 | $ 3,027,000 | ||
Income Taxes Receivable | 3,200,000 | 3,200,000 | 3,200,000 | 3,200,000 | 3,200,000 | |||
Oil and Gas Joint Interest Billing Receivables | 345,000 | 345,000 | 3,100,000 | 345,000 | 345,000 | |||
Accounts Receivable, Allowance for Credit Loss, Current | $ 0 | 0 | 0 | 0 | 0 | |||
Class of Warrant or Right, Exercised During Period (in shares) | 312,711 | |||||||
Proceeds from Warrant Exercises | 0 | $ 0 | 5,466,000 | 3,600,000 | ||||
Subscription Receivable, Current | $ 3,596,000 | 3,596,000 | 0 | 3,596,000 | 3,596,000 | |||
Prepaid Expense | 2,300,000 | 2,300,000 | 7,200,000 | 2,300,000 | 2,300,000 | |||
Inventory, Raw Materials and Supplies, Gross, Total | 121,000 | 121,000 | 3,300,000 | 121,000 | 121,000 | |||
Inventory, LIFO Reserve | 0 | 0 | 0 | 0 | 0 | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance | 237,000 | 237,000 | 438,000 | 237,000 | 237,000 | |||
Payments of Debt Issuance Costs | 405,000 | 0 | 2,169,000 | |||||
Amortization of Debt Issuance Costs | 4,000 | 0 | 498,000 | |||||
Accounts Payable and Accrued Liabilities, Current, Total | 22,400,000 | 22,400,000 | 103,000,000 | 22,400,000 | 22,400,000 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | |||||||
Income Tax Expense (Benefit), Total | (4,223,000) | $ 0 | $ 16,904,000 | $ 0 | ||||
Number of Operating Segments | 1 | |||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||||||
Open Tax Year | 2017 2018 2019 2020 | |||||||
Minimum [Member] | ||||||||
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month) | 1 month | |||||||
Maximum [Member] | ||||||||
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month) | 2 months | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Issuance Costs, Gross | $ 2,600,000 | |||||||
Payments of Debt Issuance Costs | 2,200,000 | |||||||
Amortization of Debt Issuance Costs | $ 498,000 | 4,000 | ||||||
Technology Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Transportation Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||
Field Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Purchaser [Member] | ||||||||
Concentration Risk, Percentage | 94.00% | |||||||
Refunds From Pipe Suppliers [Member] | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 0 | 0 | $ 3,200,000 | 0 | 0 | |||
Settlements of Derivative Contracts [Member] | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 0 | 0 | 771,000 | 0 | 0 | |||
Aid-in-construction Receivables [Member] | WTG Gas Processing, L.P. [Member] | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Total | 3,900,000 | |||||||
Crude Oil, Natural Gas and Natural Gas Liquids [Member] | ||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 4,200,000 | $ 4,200,000 | $ 29,300,000 | $ 4,200,000 | $ 4,200,000 |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Other Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 22, 2020 |
Other property and equipment, net | $ 1,600 | $ 1,092 | $ 436 |
Land [Member] | |||
Other property and equipment, net | 1,122 | 725 | |
Technology Equipment [Member] | |||
Other property and equipment, net | 125 | 292 | |
Transportation Equipment [Member] | |||
Other property and equipment, net | 202 | 41 | |
Leasehold Improvements [Member] | |||
Other property and equipment, net | 143 | 24 | |
Field Equipment [Member] | |||
Other property and equipment, net | $ 8 | $ 10 |
Note 3 - Acquisitions and Div_2
Note 3 - Acquisitions and Divestitures (Details Textual) $ in Thousands | Jun. 01, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 31, 2019USD ($) |
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 54,000 | $ 4,500 | ||
Number of Vertical Producing Properties Acquired, Gross | 3 | |||
Number of Salt Water Disposal Wells Acquired, Gross | 2 | |||
Proceeds from Sale of Oil and Gas Property and Equipment, Net | 3,300 | |||
Gain (Loss) on Disposition of Oil and Gas and Timber Property, Total | $ 0 | |||
Oil and Gas, Non-operated Horizontal Well Divested, Gross, Number | 1 | |||
Oil and Gas, Horizontal Well Divested, Net Productive, Number | 0.2 | |||
Oil and Gas, Operated Vertical Wells, Gross, Number | 4 | |||
Oil and Gas, Operated Vertical Wells, Net Productive, Number | 3.7 | |||
HighPeak Energy Assets II, LLC [Member] | Grenadier Acquisition [Member] | ||||
Payments to Acquire Businesses, Gross | $ 615,000 | |||
Business Combination, Escrow Deposit | $ 61,500 | |||
Business Combination, Escrow Deposit Not Credited Toward Purchase Price | $ 15,000 | |||
HPK, LP [Member] | Grenadier Acquisition [Member] | ||||
Business Combination Terminated, Charge to Expense | $ 76,500 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Impairment of Oil and Gas Properties | $ 0 | |
Fair Value, Recurring [Member] | ||
Assets, Fair Value Disclosure | $ 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Assets and Liabilities Measured On Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives | $ 13,591 | $ 0 |
Derivatives | 4,075 | 0 |
Fair Value, Recurring [Member] | ||
Total recurring fair value measurements | $ 0 | |
Commodity Contract [Member] | ||
Total liabilities | 15,467 | |
Commodity Contract [Member] | Fair Value, Recurring [Member] | ||
Derivative assets | 2,199 | |
Derivatives | 13,591 | |
Derivatives | 4,075 | |
Total liabilities | 17,666 | |
Total recurring fair value measurements | (15,467) | |
Commodity Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets | 0 | |
Derivatives | 0 | |
Derivatives | 0 | |
Total liabilities | 0 | |
Total recurring fair value measurements | 0 | |
Commodity Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets | 2,199 | |
Derivatives | 13,591 | |
Derivatives | 4,075 | |
Total liabilities | 17,666 | |
Total recurring fair value measurements | (15,467) | |
Commodity Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets | 0 | |
Derivatives | 0 | |
Derivatives | 0 | |
Total liabilities | 0 | |
Total recurring fair value measurements | $ 0 |
Note 5 - Derivative Financial_3
Note 5 - Derivative Financial Instruments - Summary of the Effect of Derivatives on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | |
Noncash derivative gain (loss), net | $ 0 | $ 0 | $ (15,467) |
Cash payments on settled derivatives, net | 0 | 0 | (11,267) |
Derivative gain (loss), net | $ 0 | $ 0 | $ (26,734) |
Note 5 - Derivative Financial_4
Note 5 - Derivative Financial Instruments - Commodity Derivative Contracts (Details) - Not Designated as Hedging Instrument [Member] | 12 Months Ended |
Dec. 31, 2021$ / bblbbl | |
Crude Oil Derivative Swap Q1 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 966.4 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 69.26 |
Crude Oil Derivative Swap Q2 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 794.1 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 69.32 |
Crude Oil Derivative Swap Q3 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 208 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 68.76 |
Crude Oil Derivative Swap Q4 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 239 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 59.37 |
Crude Oil Derivative Swap 2022 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 2,207.5 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 68.16 |
Crude Oil Derivative Swap Q1 2023 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 198 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 57.22 |
Crude Oil Derivative Swap Q2 2023 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 200.2 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 57.22 |
Crude Oil Derivative Swap 2023 [Member] | |
Volume (MBbls) (Barrel of Oil) | bbl | 398.2 |
Price per Bbl (in USD per Barrel of Oil) | $ / bbl | 57.22 |
Note 5 - Derivative Financial_5
Note 5 - Derivative Financial Instruments - Net Derivative Liabilities By Counterparty (Details) - Commodity Contract [Member] $ in Thousands | Dec. 31, 2021USD ($) |
Net derivative liabilities | $ (15,467) |
Bank of Oklahoma, National Association [Member] | |
Derivative assets | 946 |
Bank of America, National Association [Member] | |
Derivative assets | 861 |
Citizens Bank, National Association [Member] | |
Derivative assets | 392 |
Fifth Third Bank, National Association [Member] | |
Net derivative liabilities | $ (17,666) |
Note 6 - Exploratory Well Cos_3
Note 6 - Exploratory Well Costs (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Capitalized Exploratory Well Costs, Maximum Term (Year) | 1 year |
Note 6 - Exploratory Well Cos_4
Note 6 - Exploratory Well Costs - Exploratory Well Costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Beginning capitalized exploratory well costs | $ 32,592 |
Additions to exploratory well costs | 189,859 |
Reclassification to proved properties | (194,375) |
Exploratory well costs charged to exploration and abandonment expense | 0 |
Ending capitalized exploratory well costs | $ 28,076 |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 28, 2022 | Oct. 01, 2021 | Jun. 30, 2021 | |
Long-term Debt, Total | $ 0 | $ 97,929,000 | $ 0 | |||
Senior Unsecured Notes Due 2024 [Member] | Subsequent Event [Member] | ||||||
Debt Instrument, Face Amount | $ 225,000,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||
Revolving Credit Facility [Member] | ||||||
Debt Issuance Costs, Gross | 2,600,000 | |||||
Long-term Debt, Gross | 0 | 100,000,000 | 0 | |||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,000,000 | 40,000,000 | $ 195,000,000 | $ 125,000,000 | ||
Line of Credit Facility, Commitment Fee Amount | 20,000,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | 20,000,000 | 195,000,000 | 20,000,000 | $ 195,000,000 | $ 125,000,000 | |
Debt Instrument, Face Amount | 500,000,000 | |||||
Long-term Debt, Gross | 0 | $ 100,000,000 | $ 0 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | |||||
Debt Instrument, Covenant, Minimum Cash Threshold for Prepayment to be Due | $ 20,000,000 | |||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Maximum [Member] | ||||||
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio | 3 | |||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Minimum [Member] | ||||||
Debt Instrument, Covenant, Minimum Current Ratio | 1 | |||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 138,800,000 | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 138,800,000 | |||||
Letter of Credit [Member] | Fifth Third Bank, National Association [Member] | London Interbank Offered Rate (LIBOR), Applicable Margin [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | |||||
Other Noncurrent Assets [Member] | ||||||
Debt Issuance Costs, Gross | 401,000 | $ 2,600,000 | $ 401,000 | |||
Accumulated Amortization, Debt Issuance Costs | $ 4,000 | $ 502,000 | $ 4,000 |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt issuance costs, net (a) | [1] | $ (2,071) | $ 0 |
Long term debt | 97,929 | 0 | |
Less current portion of long-term debt | 0 | 0 | |
Long-term debt, net | 97,929 | 0 | |
Revolving Credit Facility [Member] | |||
Revolving Credit Facility due 2024 | $ 100,000 | $ 0 | |
[1] | Debt issuance costs as of December 31, 2021 consisted of $2.6 million in costs less accumulated amortization of $502,000. Debt issuance costs as of December 31, 2020 of $401,000, net of accumulated amortization of $4,000, were classified in other noncurrent assets on the accompanying balance sheet due to the fact that the Company had no outstanding debt at that time. |
Note 8 - Asset Retirement Obl_3
Note 8 - Asset Retirement Obligations - Asset Retirement Obligations Activity (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | ||
Beginning asset retirement obligations | $ 2,293 | |||
Liabilities incurred from new wells | 980 | |||
Liabilities assumed in acquisitions | 981 | |||
Liabilities divested | (6) | |||
Dispositions | (25) | |||
Revision of estimates (a) | [1] | (130) | ||
Accretion of discount | $ 51 | $ 89 | 167 | |
Ending asset retirement obligations | $ 2,293 | $ 4,260 | ||
[1] | The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives. |
Note 9 - Incentive Plans (Detai
Note 9 - Incentive Plans (Details Textual) - USD ($) | Nov. 04, 2021 | Jun. 01, 2021 | Nov. 30, 2020 | Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Payment Arrangement, Expense | $ 15,776,000 | $ 0 | $ 6,676,000 | ||||
Share Price (in dollars per share) | $ 10 | $ 14.64 | |||||
Outside Directors [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 302,000 | ||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 62,500 | ||||||
Each Outside Director [Member] | |||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 12,500 | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 4,600,000 | $ 15,500,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 3,800,000 | $ 1,800,000 | 3,800,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||||
Restricted Stock [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 1,200,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,500,500 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 20,400,000 | ||||||
Restricted Stock [Member] | Outside Directors [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 398,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,779 | ||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 284,000 | ||||||
Contractual Equity-based Bonus [Member] | |||||||
Share-based Payment Arrangement, Expense | 488,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 600,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8,300,000 | ||||||
The 401K Plan [Member] | |||||||
Defined Contribution Plan, Period of Employment for Eligibility (Month) | 3 months | ||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 80.00% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 227,000 | $ 49,000 |
Note 9 - Incentive Plans - Numb
Note 9 - Incentive Plans - Number of Shares Available for Grant Pursuant to Long-term Incentive Plan (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 21, 2020 |
Awards issued under plan (in shares) | (9,983,727) | (9,705,495) | 0 |
The 2020 Long-term Incentive Plan [Member] | |||
Approved and authorized awards (in shares) | 12,376,766 | ||
Awards issued under plan (in shares) | (11,614,506) | ||
Awards available for future grant (in shares) | 762,260 |
Note 9 - Incentive Plans - Stoc
Note 9 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Outstanding balance (in shares) | 0 | 9,705,495 | |
Awards granted (in shares) | 9,705,495 | 442,500 | |
Awards granted, weighted average exercise price (in dollars per share) | $ 10 | $ 14.36 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 10 | $ 10.19 | $ 10 |
Outstanding, remaining term (Year) | 9 years 8 months 12 days | 8 years 8 months 12 days | |
Outstanding, intrinsic value | $ 57,942 | $ 44,395 | $ 57,942 |
Exercised (in shares) | (154,268) | ||
Exercised, weighted average exercise price (in dollars per share) | $ 10 | ||
Forfeitures (in shares) | (10,000) | ||
Forfeitures, weighted average exercise price (in dollars per share) | $ 10 | ||
Outstanding balance (in shares) | 9,705,495 | 9,983,727 | 9,705,495 |
Vested (in shares) | 7,204,163 | 8,551,077 | 7,204,163 |
Vested, weighted average exercise price (in dollars per share) | $ 10 | $ 10.13 | $ 10 |
Vested, remaining term (Year) | 8 years 8 months 12 days | 9 years 8 months 12 days | |
Vested, intrinsic value | $ 43,009 | $ 38,556 | $ 43,009 |
Exercisable (in shares) | 7,204,163 | 8,551,077 | 7,204,163 |
Exercisable, weighted average exercise price (in dollars per share) | $ 10 | $ 10.13 | $ 10 |
Exercisable, remaining term (Year) | 8 years 8 months 12 days | 9 years 8 months 12 days | |
Exercisable, intrinsic value | $ 43,009 | $ 38,556 | $ 43,009 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2021bbl | Dec. 31, 2021USD ($)bbl | Dec. 31, 2021USD ($)bbl | Jun. 30, 2021USD ($)a | Dec. 31, 2020USD ($) | |
Oncor [Member] | |||||
Letters of Credit Outstanding, Amount | $ 1,900,000 | ||||
TEXAS | |||||
Area of Land (Acre) | a | 80 | ||||
The Salt-Water Disposal Agreement Due on July 24, 2022 [Member] | |||||
Number of Barrels to be Delivered (Barrel of Oil) | bbl | 3,000,000 | ||||
Number of Barrels, Delivered (Barrel of Oil) | bbl | 2,500,000 | ||||
Supply Commitment, Remaining Minimum Amount Committed | $ 236,000 | $ 236,000 | |||
Crude Oil Delivery Commitments [Member] | |||||
Number of Barrels, Delivered (Barrel of Oil) | bbl | 17,247 | ||||
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Year One (Barrel of Oil) | bbl | 5,000 | ||||
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Year Two (Barrel of Oil) | bbl | 7,500 | ||||
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Remaining Term of Contract (Barrel of Oil) | bbl | 10,000 | ||||
Supply Commitment, Remaining Term of Contract (Year) | 8 years | ||||
Supply Commitment, Amount Committed | $ 24,400,000 | 24,400,000 | |||
Other Noncurrent Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | 852,000 | 852,000 | $ 506,000 | ||
Other Liabilities [Member] | |||||
Operating Lease, Liability, Total | 856,000 | 856,000 | 508,000 | ||
Other Current Liabilities [Member] | |||||
Operating Lease, Liability, Noncurrent | 513,000 | 513,000 | 430,000 | ||
Other Noncurrent Liabilities [Member] | |||||
Operating Lease, Liability, Noncurrent | $ 343,000 | $ 343,000 | $ 78,000 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Operating Lease Obligations (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 538,000 | |
2023 | 349,000 | |
Total lease payments | 887,000 | |
Less present value discount | (31,000) | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 856,000 | $ 508,000 |
Note 11 - Related Party Trans_3
Note 11 - Related Party Transactions (Details Textual) | Oct. 25, 2021shares | Aug. 21, 2020USD ($)$ / sharesshares | Aug. 21, 2020USD ($)$ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Aug. 22, 2020USD ($) | |
Additional Paid in Capital, Ending Balance | $ 617,489,000 | $ 581,426,000 | $ 562,054,000 | ||||
Contingent Value Rights Agreement, Additional Shares, Preferred Simple Annual Return | 10.00% | 10.00% | |||||
Contingent Value Rights Agreement, Floor Downside Per Share (in dollars per share) | $ / shares | $ 4 | $ 4 | |||||
Share Price (in dollars per share) | $ / shares | $ 10 | $ 10 | $ 14.64 | ||||
Contingent Value Rights Agreement, Preferred Returns, Maximum Common Stock per CVR | 2.125 | 2.125 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares | 21,694,763 | 21,694,763 | |||||
Stockholders' Agreement, Maximum Number of Board Members | 7 | 7 | |||||
Stockholders' Agreement, Number of Non-voting Observers to the Board | 1 | 1 | |||||
Registration Rights Agreement, Minimum Registrable Securities, If Not All Registratable | $ 25,000,000 | $ 25,000,000 | |||||
Registration Rights Agreement, Minimum Demand of Registration | $ 5,000,000 | $ 5,000,000 | |||||
Registration Rights Agreement, Maximum Number of Suspensions In Twelve Month Period | 2 | 2 | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,530,000 | ||||||
Private Placement [Member] | |||||||
Forward Purchase Units Issued During the Period | 8,976,875 | ||||||
Number of Common Stock Shares Per Forward Purchase Unit | 1 | 1 | |||||
Number of Warrants Per Forward Purchase Unit | 1 | 1 | |||||
Number of CVR Per Forward Purchase Unit | 1 | 1 | |||||
Proceeds from Issuance of Private Placement | $ 89,800,000 | ||||||
Principal Stockholders Group Owns At Least Thirty Five Percent Original Shares [Member] | |||||||
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned | 35.00% | 35.00% | |||||
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities | 30.00% | 30.00% | |||||
Stockholders' Agreement, Maximum Number of Board Nominations | 4 | 4 | |||||
Stockholders' Agreement, Number of Independent Board Nominations, Less Than 50% Ownership | 1 | 1 | |||||
Principal Stockholders Group Owns At Least Twenty Five Percent Original Shares [Member] | |||||||
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned | 25.00% | 25.00% | |||||
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities | 25.00% | 25.00% | |||||
Stockholders' Agreement, Maximum Number of Board Nominations | 3 | 3 | |||||
Principal Stockholders Group Owns at Least Fifteen Percent Original Shares [Member] | |||||||
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned | 15.00% | 15.00% | |||||
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities | 15.00% | 15.00% | |||||
Stockholders' Agreement, Maximum Number of Board Nominations | 2 | 2 | |||||
Principal Stockholders Group Owns At Least Five Percent Original Shares [Member] | |||||||
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned | 5.00% | 5.00% | |||||
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities | 7.50% | 7.50% | |||||
Stockholders' Agreement, Maximum Number of Board Nominations | 1 | 1 | |||||
Right to Appoint Representative to Serve On Each Committee, Excluding Audit Committee [Member] | |||||||
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned | 20.00% | 20.00% | |||||
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities | 7.50% | 7.50% | |||||
Conversion of Accounts Payable to Common Stock [Member] | |||||||
Debt Conversion, Original Debt, Amount | $ 9,500,000 | ||||||
Pure [Member] | |||||||
Additional Paid in Capital, Ending Balance | [1] | (13,699,000) | $ (13,699,000) | ||||
HPK, LP [Member] | |||||||
Additional Paid in Capital, Ending Balance | [2] | 0 | $ 0 | ||||
Common Stock [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,530,000 | ||||||
High Peak Business Combination [Member] | Common Stock [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 91,592,354 | ||||||
High Peak Business Combination [Member] | Common Stock [Member] | Chief Financial Officer [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 5,000 | ||||||
High Peak Business Combination [Member] | Common Stock [Member] | President [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 16,802 | ||||||
High Peak Business Combination [Member] | Common Stock [Member] | Chief Operating Officer [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 14,000 | ||||||
High Peak Business Combination [Member] | Warrants [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 10,538,183 | ||||||
High Peak Business Combination [Member] | Warrants [Member] | Chief Financial Officer [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 5,000 | ||||||
High Peak Business Combination [Member] | Warrants [Member] | President [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 20,382 | ||||||
High Peak Business Combination [Member] | Warrants [Member] | Chief Operating Officer [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 14,000 | ||||||
High Peak Business Combination [Member] | Contingent Value Right [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 10,209,300 | ||||||
High Peak Business Combination [Member] | Contingent Value Right [Member] | Chief Financial Officer [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 5,000 | ||||||
High Peak Business Combination [Member] | Contingent Value Right [Member] | President [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 16,802 | ||||||
High Peak Business Combination [Member] | Contingent Value Right [Member] | Chief Operating Officer [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 14,000 | ||||||
HighPeak Energy Employees, Inc [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 10 | ||||||
Pure Acquisition [Member] | Conversion of Pure's Class A Common Stock Into HighPeak Energy Common Stock [Member] | |||||||
Business Combination, Conversion of Stock, Conversion Ratio | 1 | 1 | |||||
Business Combination, Conversion of Stock, Cash Issued (in dollars per share) | $ / shares | $ 0.62 | ||||||
Business Combination, Conversion of Stock, Minimum Redemption Value for Cash Issuance (in dollars per share) | $ / shares | $ 10 | $ 10 | |||||
Business Combination, Conversion of Stock, Cash Issued Total | $ 767,902 | ||||||
HighPeak I and HighPeak II [Member] | HPK, LP [Member] | Reimbursement of Costs Incurred by Management Company [Member] | General and Administrative Expense [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 4,700,000 | ||||||
HighPeak I and HighPeak II [Member] | High Peak Business Combination [Member] | Common Stock [Member] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 76,383,054 | ||||||
Pure [Member] | High Peak Business Combination [Member] | Contingent Value Right [Member] | |||||||
Business Acquisition, Contingent Value, Right Issuable, Per Share Of Common Stock (in shares) | shares | 1 | ||||||
Pure [Member] | High Peak Business Combination [Member] | Contingent Value Right [Member] | Warrant In Connection With Common Stock, Excluding Fraction Shares [Member] | |||||||
Business Acquisition, Number Of Warrants Per Unit (in shares) | shares | 1 | ||||||
President of HighPeak [Member] | |||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 45,454 | ||||||
HighPeak I [Member] | HPK, LP [Member] | Reimbursement of Costs Incurred by Management Company [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 2,400,000 | ||||||
Pilot Exploration Inc. [Member] | Water Treatment Services [Member] | |||||||
Related Party Transaction, Amounts of Transaction | $ 329,000 | ||||||
[1] | Represents Pure's condensed consolidated balance sheet estimated as of August 21, 2020 after taking into account: (i) the closing of its trust account, (ii) the redemption of Pure's Class A Common Stock by the former public stockholders of Pure that elected to redeem, (iii) paying out the cash consideration to those former public stockholders of Pure who elected to remain and (iv) the conversion of the remaining shares of Pure's Class A Common Stock to HighPeak Energy common stock upon the closing of the HighPeak business combination. The $13.7 million reduction to equity is considered noncash offering costs on the condensed consolidated statement of changes in stockholders’ equity. | ||||||
[2] | Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020. |
Note 11 - Related Party Trans_4
Note 11 - Related Party Transactions - Construction of Beginning Balance of the Company (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 22, 2020 | Aug. 21, 2020 | Dec. 31, 2019 | |
Cash and cash equivalents | $ 34,869 | $ 19,552 | $ 86,483 | |||
Cash and cash equivalents | (34,869) | (19,552) | (86,483) | |||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | 39,378 | 7,722 | 3,027 | |||
Accounts receivable | (39,378) | (7,722) | (3,027) | |||
Total current assets | 86,954 | 33,295 | 89,510 | |||
Total current assets | (86,954) | (33,295) | (89,510) | |||
Total crude oil and natural gas properties, net | 725,615 | 502,636 | 452,039 | |||
Other property and equipment, net | 1,600 | 1,092 | 436 | |||
Other property and equipment, net | (1,600) | (1,092) | (436) | |||
Total assets | 818,960 | 537,930 | 541,985 | |||
Total assets | (818,960) | (537,930) | (541,985) | |||
Current liabilities | 103,000 | 22,435 | 28,358 | |||
Current liabilities | (103,000) | (22,435) | (28,358) | |||
Deferred Income Tax Liabilities, Net, Total | 55,802 | 38,898 | 39,946 | |||
Deferred income tax liability | (55,802) | (38,898) | (39,946) | |||
Notes payable (receivable) | 0 | |||||
Notes payable (receivable) | 0 | |||||
Asset retirement obligations | 4,260 | 2,293 | 2,398 | |||
Asset retirement obligations | (4,260) | (2,293) | (2,398) | |||
Partners' capital | 0 | $ 430,902 | $ 464,716 | |||
Partners' capital | 0 | (430,902) | $ (464,716) | |||
Common stock | 10 | 9 | 9 | |||
Common stock | (10) | (9) | (9) | |||
Additional Paid in Capital, Ending Balance | 617,489 | 581,426 | 562,054 | |||
Additional paid-in capital | (617,489) | (581,426) | (562,054) | |||
Accumulated deficit | (64,436) | (107,209) | (90,780) | |||
Accumulated deficit | 64,436 | 107,209 | 90,780 | |||
Total stockholders' equity/partner's capital | 553,063 | 474,226 | 471,283 | 0 | ||
Total stockholders' equity/partner's capital | (553,063) | (474,226) | (471,283) | 0 | ||
Total liabilities and stockholders' equity/partners' capital | 818,960 | 537,930 | 541,985 | |||
Total liabilities and stockholders' equity/partners' capital | $ (818,960) | $ (537,930) | $ (541,985) | |||
High Peak Business Combination [Member] | Issuance of HighPeak Energy Common Stock [Member] | ||||||
Cash and cash equivalents | [1] | 92,554 | ||||
Cash and cash equivalents | [1] | (92,554) | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | [1] | 0 | ||||
Accounts receivable | [1] | 0 | ||||
Total current assets | [1] | 92,554 | ||||
Total current assets | [1] | (92,554) | ||||
Total crude oil and natural gas properties, net | [1] | 0 | ||||
Other property and equipment, net | [1] | 0 | ||||
Other property and equipment, net | [1] | 0 | ||||
Total assets | [1] | 92,554 | ||||
Total assets | [1] | (92,554) | ||||
Current liabilities | [1] | 9,538 | ||||
Current liabilities | [1] | (9,538) | ||||
Deferred Income Tax Liabilities, Net, Total | [1] | 0 | ||||
Deferred income tax liability | [1] | 0 | ||||
Notes payable (receivable) | [1] | 0 | ||||
Notes payable (receivable) | [1] | 0 | ||||
Asset retirement obligations | [1] | 0 | ||||
Asset retirement obligations | [1] | 0 | ||||
Partners' capital | [1] | (521,682) | ||||
Partners' capital | [1] | 521,682 | ||||
Common stock | [1] | 9 | ||||
Common stock | [1] | (9) | ||||
Additional Paid in Capital, Ending Balance | [1] | 623,765 | ||||
Additional paid-in capital | [1] | (623,765) | ||||
Accumulated deficit | [1] | 0 | ||||
Accumulated deficit | [1] | 0 | ||||
Total stockholders' equity/partner's capital | [1] | 102,092 | ||||
Total stockholders' equity/partner's capital | [1] | (102,092) | ||||
Total liabilities and stockholders' equity/partners' capital | [1] | 92,554 | ||||
Total liabilities and stockholders' equity/partners' capital | [1] | (92,554) | ||||
High Peak Business Combination [Member] | Offering Costs [Member] | ||||||
Cash and cash equivalents | [2] | 8,114 | ||||
Cash and cash equivalents | [2] | (8,114) | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | [2] | 0 | ||||
Accounts receivable | [2] | 0 | ||||
Total current assets | [2] | 8,114 | ||||
Total current assets | [2] | (8,114) | ||||
Total crude oil and natural gas properties, net | [2] | 0 | ||||
Other property and equipment, net | [2] | 0 | ||||
Other property and equipment, net | [2] | 0 | ||||
Total assets | [2] | 8,114 | ||||
Total assets | [2] | (8,114) | ||||
Current liabilities | [2] | 0 | ||||
Current liabilities | [2] | 0 | ||||
Deferred Income Tax Liabilities, Net, Total | [2] | 0 | ||||
Deferred income tax liability | [2] | 0 | ||||
Notes payable (receivable) | [2] | 0 | ||||
Notes payable (receivable) | [2] | 0 | ||||
Asset retirement obligations | [2] | 0 | ||||
Asset retirement obligations | [2] | 0 | ||||
Partners' capital | [2] | 0 | ||||
Partners' capital | [2] | 0 | ||||
Common stock | [2] | 0 | ||||
Common stock | [2] | 0 | ||||
Additional Paid in Capital, Ending Balance | [2] | 8,114 | ||||
Additional paid-in capital | [2] | (8,114) | ||||
Accumulated deficit | [2] | 0 | ||||
Accumulated deficit | [2] | 0 | ||||
Total stockholders' equity/partner's capital | [2] | 8,114 | ||||
Total stockholders' equity/partner's capital | [2] | (8,114) | ||||
Total liabilities and stockholders' equity/partners' capital | [2] | 8,114 | ||||
Total liabilities and stockholders' equity/partners' capital | [2] | (8,114) | ||||
High Peak Business Combination [Member] | Deferred Tax Liability [Member] | ||||||
Cash and cash equivalents | [3] | 0 | ||||
Cash and cash equivalents | [3] | 0 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | [3] | 0 | ||||
Accounts receivable | [3] | 0 | ||||
Total current assets | [3] | 0 | ||||
Total current assets | [3] | 0 | ||||
Total crude oil and natural gas properties, net | [3] | 0 | ||||
Other property and equipment, net | [3] | 0 | ||||
Other property and equipment, net | [3] | 0 | ||||
Total assets | [3] | 0 | ||||
Total assets | [3] | 0 | ||||
Current liabilities | [3] | 0 | ||||
Current liabilities | [3] | 0 | ||||
Deferred Income Tax Liabilities, Net, Total | [3] | 39,946 | ||||
Deferred income tax liability | [3] | (39,946) | ||||
Notes payable (receivable) | [3] | 0 | ||||
Notes payable (receivable) | [3] | 0 | ||||
Asset retirement obligations | [3] | 0 | ||||
Asset retirement obligations | [3] | 0 | ||||
Partners' capital | [3] | 0 | ||||
Partners' capital | [3] | 0 | ||||
Common stock | [3] | 0 | ||||
Common stock | [3] | 0 | ||||
Additional Paid in Capital, Ending Balance | [3] | (39,946) | ||||
Additional paid-in capital | [3] | 39,946 | ||||
Accumulated deficit | [3] | 0 | ||||
Accumulated deficit | [3] | 0 | ||||
Total stockholders' equity/partner's capital | [3] | (39,946) | ||||
Total stockholders' equity/partner's capital | [3] | 39,946 | ||||
Total liabilities and stockholders' equity/partners' capital | [3] | 0 | ||||
Total liabilities and stockholders' equity/partners' capital | [3] | 0 | ||||
HPK, LP [Member] | ||||||
Cash and cash equivalents | [4] | 1,943 | ||||
Cash and cash equivalents | [4] | (1,943) | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | [4] | 3,001 | ||||
Accounts receivable | [4] | (3,001) | ||||
Total current assets | [4] | 4,944 | ||||
Total current assets | [4] | (4,944) | ||||
Total crude oil and natural gas properties, net | [4] | 452,039 | ||||
Other property and equipment, net | [4] | 436 | ||||
Other property and equipment, net | [4] | (436) | ||||
Total assets | [4] | 457,419 | ||||
Total assets | [4] | (457,419) | ||||
Current liabilities | [4] | 35,794 | ||||
Current liabilities | [4] | (35,794) | ||||
Deferred Income Tax Liabilities, Net, Total | [4] | 0 | ||||
Deferred income tax liability | [4] | 0 | ||||
Notes payable (receivable) | [4] | (11,675) | ||||
Notes payable (receivable) | [4] | 11,675 | ||||
Asset retirement obligations | [4] | 2,398 | ||||
Asset retirement obligations | [4] | (2,398) | ||||
Partners' capital | [4] | 521,682 | ||||
Partners' capital | [4] | (521,682) | ||||
Common stock | [4] | 0 | ||||
Common stock | [4] | 0 | ||||
Additional Paid in Capital, Ending Balance | [4] | 0 | ||||
Additional paid-in capital | [4] | 0 | ||||
Accumulated deficit | [4] | (90,780) | ||||
Accumulated deficit | [4] | 90,780 | ||||
Total stockholders' equity/partner's capital | [4] | 430,902 | ||||
Total stockholders' equity/partner's capital | [4] | (430,902) | ||||
Total liabilities and stockholders' equity/partners' capital | [4] | 457,419 | ||||
Total liabilities and stockholders' equity/partners' capital | [4] | (457,419) | ||||
Pure [Member] | ||||||
Cash and cash equivalents | [5] | 1 | ||||
Cash and cash equivalents | [5] | (1) | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | [5] | 0 | ||||
Accounts receivable | [5] | 0 | ||||
Total current assets | [5] | 1 | ||||
Total current assets | [5] | (1) | ||||
Total crude oil and natural gas properties, net | [5] | 0 | ||||
Other property and equipment, net | [5] | 0 | ||||
Other property and equipment, net | [5] | 0 | ||||
Total assets | [5] | 1 | ||||
Total assets | [5] | (1) | ||||
Current liabilities | [5] | 2,025 | ||||
Current liabilities | [5] | (2,025) | ||||
Deferred Income Tax Liabilities, Net, Total | [5] | 0 | ||||
Deferred income tax liability | [5] | 0 | ||||
Notes payable (receivable) | [5] | 11,675 | ||||
Notes payable (receivable) | [5] | (11,675) | ||||
Asset retirement obligations | [5] | 0 | ||||
Asset retirement obligations | [5] | 0 | ||||
Partners' capital | [5] | 0 | ||||
Partners' capital | [5] | 0 | ||||
Common stock | [5] | 0 | ||||
Common stock | [5] | 0 | ||||
Additional Paid in Capital, Ending Balance | [5] | (13,699) | ||||
Additional paid-in capital | [5] | 13,699 | ||||
Accumulated deficit | [5] | 0 | ||||
Accumulated deficit | [5] | 0 | ||||
Total stockholders' equity/partner's capital | [5] | (13,699) | ||||
Total stockholders' equity/partner's capital | [5] | 13,699 | ||||
Total liabilities and stockholders' equity/partners' capital | [5] | 1 | ||||
Total liabilities and stockholders' equity/partners' capital | [5] | (1) | ||||
HighPeak Energy Employees, Inc [Member] | ||||||
Cash and cash equivalents | [6] | 99 | ||||
Cash and cash equivalents | [6] | (99) | ||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | [6] | 26 | ||||
Accounts receivable | [6] | (26) | ||||
Total current assets | [6] | 125 | ||||
Total current assets | [6] | (125) | ||||
Total crude oil and natural gas properties, net | [6] | 0 | ||||
Other property and equipment, net | [6] | 0 | ||||
Other property and equipment, net | [6] | 0 | ||||
Total assets | [6] | 125 | ||||
Total assets | [6] | (125) | ||||
Current liabilities | [6] | 77 | ||||
Current liabilities | [6] | (77) | ||||
Deferred Income Tax Liabilities, Net, Total | [6] | 0 | ||||
Deferred income tax liability | [6] | 0 | ||||
Notes payable (receivable) | [6] | 0 | ||||
Notes payable (receivable) | [6] | 0 | ||||
Asset retirement obligations | [6] | |||||
Asset retirement obligations | [6] | |||||
Partners' capital | [6] | 0 | ||||
Partners' capital | [6] | 0 | ||||
Common stock | [6] | 0 | ||||
Common stock | [6] | 0 | ||||
Additional Paid in Capital, Ending Balance | [6] | 48 | ||||
Additional paid-in capital | [6] | (48) | ||||
Accumulated deficit | [6] | 0 | ||||
Accumulated deficit | [6] | 0 | ||||
Total stockholders' equity/partner's capital | [6] | 48 | ||||
Total stockholders' equity/partner's capital | [6] | (48) | ||||
Total liabilities and stockholders' equity/partners' capital | [6] | 125 | ||||
Total liabilities and stockholders' equity/partners' capital | [6] | $ (125) | ||||
[1] | Represents the issuance by the Company of 91,592,354 shares of common stock, 10,538,183 warrants and 10,209,300 Contingent Value Rights upon the closing of the HighPeak business combination. The reduction to accounts payable of $9.5 million represents those vendors of HPK LP that purchased shares under the Forward Purchase Agreement Amendment in the HighPeak business combination in lieu of being paid cash for the majority of their outstanding balances. | |||||
[2] | Represents the cash costs paid for the offering of the aforementioned shares in addition to the cash costs that had previously been incurred by Pure of $13.7 million in column (b). | |||||
[3] | Represents the beginning deferred tax liability of the Company given the combination of all the entities, most of which originated from HPK LP which was a partnership for U.S. federal income tax purposes and therefore did not record a deferred tax liability. | |||||
[4] | Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020. | |||||
[5] | Represents Pure's condensed consolidated balance sheet estimated as of August 21, 2020 after taking into account: (i) the closing of its trust account, (ii) the redemption of Pure's Class A Common Stock by the former public stockholders of Pure that elected to redeem, (iii) paying out the cash consideration to those former public stockholders of Pure who elected to remain and (iv) the conversion of the remaining shares of Pure's Class A Common Stock to HighPeak Energy common stock upon the closing of the HighPeak business combination. The $13.7 million reduction to equity is considered noncash offering costs on the condensed consolidated statement of changes in stockholders’ equity. | |||||
[6] | Represents the balance sheet of HighPeak Energy Employees, Inc which was acquired by the Company for $10.00 upon the closing of the HighPeak business combination. |
Note 11 - Related Party Trans_5
Note 11 - Related Party Transactions - Pro Forma Condensed Combined Financial Information (Details) - High Peak Business Combination [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($)$ / shares | |
Total revenues | $ 24,623 |
Net income attributable to Common Stock | $ (23,310) |
Basic and diluted net loss per share (in dollars per share) | $ / shares | $ (0.25) |
Note 12 - Major Customers (Deta
Note 12 - Major Customers (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | |
Lion Oil Trading and Transportation, LLC [Member] | |||
Concentration Risk, Percentage | 98.00% | 49.00% | 94.00% |
Enlink Crude Purchasing, LLC [Member] | |||
Concentration Risk, Percentage | 44.00% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 22, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | |
Deferred Income Tax Liabilities, Net, Total | 55,802 | $ 38,898 | $ 39,946 |
State and Local Jurisdiction [Member] | Texas Margin Tax [Member] | |||
Deferred Income Tax Liabilities, Net, Total | $ 1,800 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Benefit and Effective Tax Rate (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | 20 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | Aug. 21, 2020 | |
Current tax expense | $ (3,176) | $ 0 | ||
Deferred tax expense | (1,047) | 16,904 | ||
Income tax expense (benefit) | $ (4,223) | $ 0 | $ 16,904 | $ 0 |
Note 13 - Income Taxes - Effect
Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | 20 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | Aug. 21, 2020 | |
Income tax expense at U.S. federal statutory rate | $ (4,337) | $ 15,217 | ||
State deferred income taxes | 0 | 1,730 | ||
Limited tax benefit due to stock-based compensation | 127 | (51) | ||
Other | (13) | 8 | ||
Income tax expense (benefit) | $ (4,223) | $ 0 | $ 16,904 | $ 0 |
Effective income tax rate | 20.40% | 23.30% |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Stock-based compensation | $ 4,373 | $ 3,124 |
Unrecognized derivative losses | 3,248 | 0 |
Net operating loss carryforwards | 2,870 | 9,725 |
Other | 31 | 31 |
Less: Valuation allowance | 0 | 0 |
Net deferred tax assets | 10,522 | 12,880 |
Crude oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes | (66,324) | (51,778) |
Net deferred tax liabilities | $ (55,802) | $ (38,898) |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) shares in Thousands, $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | ||
Net income as reported | $ (16,429) | $ (85,034) | $ 55,559 | |
Participating basic earnings (a) | [1] | 0 | (4,674) | |
Basic earnings attributable to common stockholders | (16,429) | 50,885 | ||
Reallocation of participating earnings | 0 | 58 | ||
Diluted net income attributable to common stockholders | $ (16,429) | $ 50,943 | ||
Basic weighted average shares outstanding (in shares) | 91,629 | 93,127 | ||
Dilutive warrants and unvested stock options (in shares) | 0 | 145 | ||
Dilutive unvested restricted stock (in shares) | 0 | 1,500 | ||
Diluted weighted average shares outstanding (in shares) | 91,629 | 94,772 | ||
[1] | Certain unvested restricted stock awarded to outside directors represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Certain unvested restricted stock awarded to employee members of the board of directors do not represent participating securities because, while they participate in dividends with the common equity holders of the Company, the dividends associated with such unvested restricted stock are forfeitable in connection with the forfeitability of the underlying restricted stock. Unvested stock options do not represent participating securities because, while they participate in dividend equivalents with the common equity holders of the Company, the dividend equivalents associated with unvested stock options are forfeitable in connection with the forfeitability of the underlying stock options. |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Successor) (Details Textual) - USD ($) | Aug. 31, 2022 | Aug. 01, 2022 | Oct. 25, 2021 | Oct. 01, 2021 | Jul. 26, 2021 | Jul. 01, 2021 | Nov. 30, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | Feb. 28, 2022 | Sep. 30, 2021 | Feb. 28, 2022 | Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 |
Stock Issued During Period, Shares, New Issues (in shares) | 2,530,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 22,800,000 | $ 92,554,000 | $ 0 | $ 25,300,000 | |||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.125 | ||||||||||||||
Payments of Dividends, Total | $ 9,300,000 | $ 0 | $ 0 | $ 11,593,000 | |||||||||||
Dividends, Total | $ 207,000 | $ 830,000 | |||||||||||||
Dividends Payable, Current | $ 2,300,000 | ||||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 91,967,565 | 96,774,185 | |||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 10,225,472 | 9,500,166 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 11.50 | $ 11.50 | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 21,694,763 | 21,694,763 | |||||||||||||
Contingent Value Right [Member] | |||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 10,209,300 | 10,209,300 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 2.125 | 2.125 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Dividends, Total | $ 214,000 | $ 53,000 | |||||||||||||
Forecast [Member] | |||||||||||||||
Dividends, Total | $ 125,000 | $ 2,000 | $ 2,000 | $ 31,000 | |||||||||||
Forecast [Member] | Subsequent Event [Member] | |||||||||||||||
Dividends, Total | $ 31,000 | ||||||||||||||
Quarterly Dividend [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.025 | $ 0.025 | |||||||||||||
Quarterly Dividend [Member] | Subsequent Event [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.025 | ||||||||||||||
Dividends, Total | $ 2,400,000 | ||||||||||||||
Special Dividend [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.075 |
Note 16 - Partners' Capital (_2
Note 16 - Partners' Capital (Predecessor) (Details Textual) - HPK, LP [Member] $ in Millions | 8 Months Ended |
Aug. 21, 2020USD ($) | |
Net Income (Loss) Allocated to Limited Partners | $ 85 |
Limited Partners' Capital Account, Distribution Amount | $ 2.8 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) $ / shares in Units, shares in Thousands | Aug. 31, 2022USD ($) | Aug. 01, 2022USD ($) | Oct. 01, 2021USD ($) | Jul. 01, 2021$ / shares | Nov. 30, 2023USD ($) | Nov. 30, 2022USD ($) | Aug. 31, 2022USD ($) | Feb. 28, 2022USD ($)$ / shares | Sep. 30, 2021$ / shares | Mar. 07, 2022USD ($)ashares | Feb. 28, 2022USD ($) | Dec. 31, 2021USD ($)$ / shares | Dec. 31, 2020USD ($) | Jan. 31, 2022USD ($) | Jun. 30, 2021USD ($) |
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.125 | ||||||||||||||
Dividends, Total | $ 207,000 | $ 830,000 | |||||||||||||
Number of Salt Water Disposal Wells Acquired, Gross | 2 | ||||||||||||||
Payments to Acquire Oil and Gas Property and Equipment, Total | 54,000,000 | $ 4,500,000 | |||||||||||||
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | |||||||||||||||
Debt Instrument, Face Amount | 500,000,000 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 195,000,000 | 40,000,000 | $ 125,000,000 | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 195,000,000 | $ 195,000,000 | $ 20,000,000 | $ 125,000,000 | |||||||||||
Forecast [Member] | |||||||||||||||
Dividends, Total | $ 125,000 | $ 2,000 | $ 2,000 | $ 31,000 | |||||||||||
Quarterly Dividend [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.025 | $ 0.025 | |||||||||||||
Subsequent Event [Member] | |||||||||||||||
Purchase Commitment if No Volumes are Delivered | $ 300,000 | ||||||||||||||
Dividends, Total | $ 214,000 | $ 53,000 | |||||||||||||
Subsequent Event [Member] | Flat Top Operating Area [Member] | |||||||||||||||
Acquisition, Area of Working Interests in Producing Properties and Salt-water Disposal Wells (Acre) | a | 9,500 | ||||||||||||||
Number of Horizontal Producing Properties Acquired, Gross | 40 | ||||||||||||||
Number of Salt Water Disposal Wells Acquired, Gross | 3 | ||||||||||||||
Stock Issued During Period, Shares, Acquisitions (in shares) | shares | 7,730 | ||||||||||||||
Payments to Acquire Oil and Gas Property and Equipment, Total | $ 4,000,000 | ||||||||||||||
Subsequent Event [Member] | Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 138,800,000 | 138,800,000 | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 138,800,000 | 138,800,000 | |||||||||||||
Subsequent Event [Member] | Senior Unsecured Notes Due 2024 [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 225,000,000 | $ 225,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | |||||||||||||
Proceeds from Issuance of Debt | $ 203,900,000 | ||||||||||||||
Subsequent Event [Member] | Forecast [Member] | |||||||||||||||
Dividends, Total | $ 31,000 | ||||||||||||||
Subsequent Event [Member] | Quarterly Dividend [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares | $ 0.025 | ||||||||||||||
Dividends, Total | $ 2,400,000 |
Note 17 - Subsequent Events - C
Note 17 - Subsequent Events - Commodity Derivative Contracts (Details) - Designated as Hedging Instrument [Member] - Subsequent Event [Member] | Feb. 28, 2022$ / item |
Crude Oil Derivative Swap Q1 2022 [Member] | |
Volume (MBbls) | 966.4 |
Price per Bbl (in USD per Barrel of Oil) | 69.26 |
Crude Oil Derivative Swap Q2 2022 [Member] | |
Volume (MBbls) | 1,039.8 |
Price per Bbl (in USD per Barrel of Oil) | 71.96 |
Crude Oil Derivative Swap Q3 2022 [Member] | |
Volume (MBbls) | 456.4 |
Price per Bbl (in USD per Barrel of Oil) | 75.15 |
Crude Oil Derivative Swap Q4 2022 [Member] | |
Volume (MBbls) | 487.4 |
Price per Bbl (in USD per Barrel of Oil) | 70.14 |
Crude Oil Derivative Swap 2022 [Member] | |
Volume (MBbls) | 2,950 |
Price per Bbl (in USD per Barrel of Oil) | 71.27 |
Crude Oil Derivative Swap Q1 2023 [Member] | |
Volume (MBbls) | 441 |
Price per Bbl (in USD per Barrel of Oil) | 70.05 |
Crude Oil Derivative Swap Q2 2023 [Member] | |
Volume (MBbls) | 200.2 |
Price per Bbl (in USD per Barrel of Oil) | 57.22 |
Crude Oil Derivative Swap 2023 [Member] | |
Volume (MBbls) | 641.2 |
Price per Bbl (in USD per Barrel of Oil) | 66.04 |
Note 18 - Supplemental Crude _3
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) (Details Textual) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020MMBoeMcfe | Aug. 21, 2020MMBoeMcfe | Dec. 31, 2021MMBoeMcfe$ / item | Dec. 31, 2020MMBoe$ / bbl$ / MMBTU$ / MMcf$ / Boe | Dec. 31, 2021Mcfe | Dec. 31, 2020Mcfe | Dec. 31, 2019MMBoeMcfe | ||
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent) | 22,515 | 10,274 | 64,213 | 22,515 | 11,497 | |||
Proved Developed and Undeveloped Reserve, Net (Energy), Period Increase (Decrease), Total (Millions of Barrels of Oil Equivalent) | 14,279 | 44,967 | ||||||
Oil and Gas, Exploratory Well Drilled, Production, Gross, Number | 3 | 3 | 22 | |||||
Oil and Gas, Exploratory Well Drilled, Production, Net, Number | 3 | 3 | 17.8 | |||||
Oil and Gas, Exploratory Well Drilled, Completion, Gross, Number | 9 | 15 | ||||||
Oil and Gas, Exploratory Well Drilled, Completion, Net, Number | 8.9 | 11 | ||||||
Oil and Gas, Proved Undeveloped Reserves, Well Drilled, Gross, Number | 15 | 53 | ||||||
Oil and Gas, Proved Undeveloped Reserves, Well Drilled, Net Productive, Number | 12.4 | 41.5 | ||||||
Oil and Gas Reserves Aquired (Millions of Barrels of Oil Equivalent) | 2,089 | |||||||
Oil and Gas Reserves, Proved Reserve Assets Sold (Millions of Barrels of Oil Equivalent) | 305 | |||||||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | (1,603) | (2,120) | (1,658) | |||||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Well Performance (Millions of Barrels of Oil Equivalent) | (1,112) | (1,975) | (2,529) | |||||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Increase in Operating Expenses (Millions of Barrels of Oil Equivalent) | 85 | |||||||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Price Differentials (Millions of Barrels of Oil Equivalent) | (98) | (173) | 956 | |||||
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent) | 435 | 270 | 3,396 | |||||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Proved Undeveloped Removed (Millions of Barrels of Oil Equivalent) | (409) | |||||||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Forecast Operating Expenses (Millions of Barrels of Oil Equivalent) | 16 | 28 | ||||||
Oil and Gas, Well Acquired | 3 | |||||||
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent) | 50 | 2,089 | ||||||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 14,279 | 1,117 | 44,967 | |||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | [1] | 10,282 | 28,585 | 10,282 | ||||
Oil [Member] | ||||||||
Oil and Gas, Average Sale Price (in USD per Per Share) | 66.56 | 39.57 | ||||||
Oil and Gas, Estimated Realized Price (in USD per Per Share) | 66.10 | 38.08 | ||||||
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent) | 19,032 | 8,633 | 51,825 | 19,032 | 9,372 | |||
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | (1,180) | (1,555) | (1,807) | |||||
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent) | 398 | 236 | 3,002 | |||||
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent) | 44 | 973 | ||||||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 11,977 | 1,008 | 36,867 | |||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | [1] | 8,730 | 22,610 | 8,730 | ||||
Natural Gas [Member] | ||||||||
Oil and Gas, Average Sale Price (in USD per Per Share) | 3.598 | 1.985 | ||||||
Oil and Gas, Estimated Realized Price (in USD per Per Share) | 0.786 | 1.304 | ||||||
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent) | 7,939 | 3,711 | 30,061 | 7,939 | 30,061,000 | 7,939,000 | 4,654 | |
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | (875) | (1,144) | 842 | |||||
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent) | 112 | 87 | 1,020 | |||||
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent) | 36 | 2,910 | ||||||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | 5,215 | 252 | 19,529 | |||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe | [1] | 14,611,000 | 3,572,000 | |||||
Natural Gas Liquids [Member] | ||||||||
Oil and Gas, Estimated Realized Price (in USD per Per Share) | 29.76 | 12.27 | ||||||
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent) | 2,160 | 1,022,000 | 7,378 | 2,160 | 7,378,000 | 2,160,000 | 1,349,000 | |
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe | (277,000) | (374,000) | 10,000 | |||||
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe | 18,000 | 20,000 | 224,000 | |||||
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe | 0 | 631 | ||||||
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe | 1,433,000 | 67,000 | 4,845,000 | |||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | [1] | 957 | 3,540 | 957 | ||||
Oil Reserves, Non-producing [Member] | ||||||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | 4,517 | 6,884 | 4,517 | |||||
Natural Gas Liquids Reserves, Non-producing [Member] | ||||||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | 517 | 793 | 517 | |||||
Natural Gas Reserves, Non-producing [Member] | ||||||||
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | 1,912 | 3,222 | 1,912 | |||||
[1] | As of December 31, 2021 and 2020, proved developed reserves includes proved developed non-producing reserves of 6,884 and 4,517 MBbl of crude oil, 793 and 517 MBbl of NGL and 3,222 and 1,912 MMcf of natural gas, respectively |
Note 18 - Supplemental Crude _4
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Net Capitalized Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Proved properties | $ 699,701 | $ 367,372 |
Unproved properties | 108,392 | 152,741 |
Total capitalized costs | 808,093 | 520,113 |
Less: accumulated depletion | (82,478) | (17,477) |
Net capitalized costs | $ 725,615 | $ 502,636 |
Note 18 - Supplemental Crude _5
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | |
Proved properties | $ 0 | $ 585 | $ 33,253 |
Unproved properties | 1,181 | 2,753 | 20,792 |
Total acquisition costs | 1,181 | 3,338 | 54,045 |
Exploration costs | 52,837 | 48,801 | 190,346 |
Development costs | 11,757 | 863 | 45,852 |
Crude oil and natural gas expenditures | 65,775 | 53,002 | 290,243 |
Asset retirement obligations, net | 105 | (98) | (1,844) |
Total costs incurred | $ 65,670 | $ 53,100 | $ 292,087 |
Note 18 - Supplemental Crude _6
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Results of Operating for Oil, Natural Gas and NGL Producing Activities (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Aug. 21, 2020 | Dec. 31, 2021 | |
Crude oil, NGL and natural gas sales | $ 16,400 | $ 8,223 | $ 220,124 |
Lease operating expenses | 2,653 | 4,870 | 25,053 |
Production and ad valorem taxes | 886 | 566 | 10,746 |
Exploration and abandonment expense | 5,032 | 4 | 1,549 |
Depletion, depreciation and amortization expense | 9,877 | 6,385 | 65,201 |
Accretion of discount on asset retirement obligations | 51 | 89 | 167 |
Results of operations from crude oil and natural gas production activities | $ (2,099) | $ (3,691) | $ 117,408 |
Note 18 - Supplemental Crude _7
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Changes in Proved Reserves (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2020MMBoe | Dec. 31, 2020Mcfe | Aug. 21, 2020MMBoeMcfe | Dec. 31, 2021MMBoe | Dec. 31, 2021Mcfe | |
Proved Reserves (Millions of Barrels of Oil Equivalent) | 10,274 | 11,497 | 22,515 | ||
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | 50 | 2,089 | |||
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | 14,279 | 1,117 | 44,967 | ||
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | (1,603) | (2,120) | (1,658) | ||
Production (Millions of Barrels of Oil Equivalent) | (435) | (270) | (3,396) | ||
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | 50 | 2,089 | |||
Sales of minerals-in-place (Millions of Barrels of Oil Equivalent) | 305 | ||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 22,515 | 10,274 | 64,213 | ||
Oil [Member] | |||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 8,633 | 9,372 | 19,032 | ||
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | 44 | 973 | |||
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | 11,977 | 1,008 | 36,867 | ||
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | (1,180) | (1,555) | (1,807) | ||
Production (Millions of Barrels of Oil Equivalent) | (398) | (236) | (3,002) | ||
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | 44 | 973 | |||
Sales of minerals-in-place (Millions of Barrels of Oil Equivalent) | 238 | ||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 19,032 | 8,633 | 51,825 | ||
Natural Gas Liquids [Member] | |||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 1,022,000 | 1,349,000 | 2,160 | 2,160,000 | |
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | Mcfe | 0 | 631 | |||
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | Mcfe | 1,433,000 | 67,000 | 4,845,000 | ||
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | Mcfe | (277,000) | (374,000) | 10,000 | ||
Production (Millions of Barrels of Oil Equivalent) | Mcfe | (18,000) | (20,000) | (224,000) | ||
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | Mcfe | 0 | 631 | |||
Sales of minerals-in-place (Millions of Barrels of Oil Equivalent) | Mcfe | 44 | ||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 2,160 | 2,160,000 | 1,022,000 | 7,378 | 7,378,000 |
Natural Gas [Member] | |||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 3,711 | 4,654 | 7,939 | 7,939,000 | |
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | 36 | 2,910 | |||
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | 5,215 | 252 | 19,529 | ||
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | (875) | (1,144) | 842 | ||
Production (Millions of Barrels of Oil Equivalent) | (112) | (87) | (1,020) | ||
Purchase of minerals-in-place (Millions of Barrels of Oil Equivalent) | 36 | 2,910 | |||
Sales of minerals-in-place (Millions of Barrels of Oil Equivalent) | 139 | ||||
Proved Reserves (Millions of Barrels of Oil Equivalent) | 7,939 | 7,939,000 | 3,711 | 30,061 | 30,061,000 |
Note 18 - Supplemental Crude _8
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Quantities of Proved Developed and Undeveloped Reserves (Details) Mcfe in Thousands, MBoe in Thousands | Dec. 31, 2021MMBoe | Dec. 31, 2021Mcfe | Dec. 31, 2021MBoe | Dec. 31, 2020MMBoe | Dec. 31, 2020Mcfe | Dec. 31, 2020MBoe | Aug. 21, 2020MMBoeMcfe | Dec. 31, 2019MMBoeMcfe | |
Proved Developed Reserves (Millions of Barrels of Oil Equivalent) | [1] | 28,585 | 10,282 | ||||||
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent) | 35,628 | 12,233 | |||||||
Total Proved Reserves (Millions of Barrels of Oil Equivalent) | 64,213 | 22,515 | 10,274 | 11,497 | |||||
Oil [Member] | |||||||||
Proved Developed Reserves (Millions of Barrels of Oil Equivalent) | [1] | 22,610 | 8,730 | ||||||
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent) | 29,215 | 10,302 | |||||||
Total Proved Reserves (Millions of Barrels of Oil Equivalent) | 51,825 | 19,032 | 8,633 | 9,372 | |||||
Natural Gas Liquids [Member] | |||||||||
Proved Developed Reserves (Millions of Barrels of Oil Equivalent) | [1] | 3,540 | 957 | ||||||
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent) | 3,838 | 1,203 | |||||||
Total Proved Reserves (Millions of Barrels of Oil Equivalent) | 7,378 | 7,378 | 2,160 | 2,160 | 1,022 | 1,349 | |||
Natural Gas [Member] | |||||||||
Proved Developed Reserves (Millions of Barrels of Oil Equivalent) | Mcfe | [1] | 14,611 | 3,572 | ||||||
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent) | MBoe | 15,450 | 4,367 | |||||||
Total Proved Reserves (Millions of Barrels of Oil Equivalent) | 30,061 | 30,061 | 7,939 | 7,939 | 3,711 | 4,654 | |||
[1] | As of December 31, 2021 and 2020, proved developed reserves includes proved developed non-producing reserves of 6,884 and 4,517 MBbl of crude oil, 793 and 517 MBbl of NGL and 3,222 and 1,912 MMcf of natural gas, respectively |
Note 18 - Supplemental Crude _9
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Standardized Measure of Discounted Future of Net Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | |
Future cash inflows | $ 3,668,535 | $ 740,859 | |||
Future production costs | (824,865) | (217,025) | |||
Future development costs | (432,370) | (117,887) | |||
Future income tax expense | (431,737) | (25,824) | |||
Future net cash flows | 1,979,563 | 380,123 | |||
Discount to present value at 10% annual rate | (860,754) | (157,931) | |||
Standardized measure of discounted future net cash flows | $ 1,118,809 | $ 222,192 | [1] | $ 140,032 | |
[1] | The year ended December 31, 2020 in the table above reflects the change in standardized measure from that of HPK LP, our Predecessor, as of December 31, 2019 to that of the Company as of December 31, 2020 and amounts are combined for the period from January 1, 2020 to August 21, 2020 of HPK LP and from August 22, 2020 to December 31, 2020 of the Company. There was no third-party reserve report prepared as of August 21, 2020 from which to compute a standardized measure from as of that date. We believe the table above accurately reflects the change in standardized measure for the Predecessor and Successor in a meaningful context. |
Note 18 - Supplemental Crude_10
Note 18 - Supplemental Crude Oil and Natural Gas Disclosures (Unaudited) - Changes in Standardized Measure of Discounted Future (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Standardized measure of discounted future net cash flows, beginning of year | [1] | $ 222,192,000 | $ 140,032,000 | |
Sales of crude oil and natural gas, net of production costs | (184,325) | (15,648) | [1] | |
Extensions and discoveries, net of future development costs | 987,689,000 | 172,478,000 | [1] | |
Net changes in prices and production costs | 272,889,000 | (50,728,000) | [1] | |
Changes in estimated future development costs | (13,551,000) | 6,466,000 | [1] | |
Purchases of minerals-in-place | 31,353,000 | 600,000 | [1] | |
Sales of minerals-in-place | (3,067) | 0 | [1] | |
Revisions of previous quantity estimates | (40,466,000) | (41,646,000) | [1] | |
Accretion of discount | 23,419,000 | 14,134,000 | [1] | |
Net changes in income taxes (1) | [2] | (212,574,000) | (10,675,000) | [1] |
Net changes in timing of production and other | 35,250,000 | 7,190,000 | [1] | |
Standardized measure of discounted future net cash flows, end of year | $ 1,118,809,000 | $ 222,192,000 | [1] | |
[1] | The year ended December 31, 2020 in the table above reflects the change in standardized measure from that of HPK LP, our Predecessor, as of December 31, 2019 to that of the Company as of December 31, 2020 and amounts are combined for the period from January 1, 2020 to August 21, 2020 of HPK LP and from August 22, 2020 to December 31, 2020 of the Company. There was no third-party reserve report prepared as of August 21, 2020 from which to compute a standardized measure from as of that date. We believe the table above accurately reflects the change in standardized measure for the Predecessor and Successor in a meaningful context. | |||
[2] | Effective with the HighPeak business combination that closed on August 21, 2020, the crude oil and natural gas properties became owned by HighPeak Energy, which is treated as a corporation for U.S. federal income tax purposes. As such, the “Net change in income taxes” in the table above for the year ended December 31, 2020 reflects the change in tax status applicable to the operations of the crude oil and natural gas properties. Prior to the HighPeak business combination, the Predecessor was treated as a partnership for U.S. federal income tax purposes. Accordingly, federal taxable income and losses relating to the operation of the crude oil and natural gas properties were reported on the income tax returns of the Predecessor’s partners. The Predecessor was subject to margin / franchise taxes in Texas, which is reflected as “Net change in income taxes” in the table above. |