They announce HighPeak Energy, Inc. and PriorityPower

FORT WORTH, Texas and MIDLAND, Texas, May 30, 2024 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or “HPK”) (NASDAQ: HPK), a leading independent oil and gas company, recently completed and commissioned a new solar facility, the WildHorse Solar Farm, in its Flat Top operating area. The WildHorse solar farm was developed and is owned and operated by Priority Power Management (“Priority Power”), a leader in the development of decarbonization infrastructure.

This 9.9 megawatt (“MW”) photovoltaic installation will produce 26,806 MW of electricity, enough to power nearly 3,700 homes, while reducing over 18 million metric tons of carbon dioxide emissions, the equivalent of removing 6,500 tons of landfill waste or protecting over 21,000 acres of forest land. This project demonstrates HighPeak’s commitment to minimizing greenhouse gas (“GHG”) emissions and leveraging renewable energy infrastructure to reduce the costs of powering HPK’s operations.

“Across the state of Texas, energy prices are expected to increase dramatically over the next decade. Every major energy user is competing for the next electron, including oil and gas operators, traditional businesses, hyperscale data centers and new energy sources such as hydrogen plants. This year alone, the value of 100 megawatts of energy over the next 10 years has already increased by $100 million, and the pressure for further escalation remains,” said Brandon Schwertner, CEO of Priority Power.

Priority Power’s scope of work on this project included management of the interconnection process and turnkey design, construction, engineering, procurement, construction and ownership of the WildHorse facility. This unique project allows HighPeak to add a significant amount of green energy to HPK’s portfolio without incurring capital costs to shareholders.

Mike Hollis, president of HighPeak, said: “It has been a pleasure working with Priority Power throughout this process. HighPeak continually strives to be great stewards of the environment, and this solar farm is both financially and environmentally beneficial to our shareholders and the local community. The 10 megawatts generated by this project will lower our energy costs, protect us from summer spikes in spot energy prices, and reduce our carbon footprint. HighPeak has been powering our drilling rigs with grid power, and we are now drilling with power provided directly by the sun in West Texas.”

“This project exemplifies HighPeak’s commitment to being a sustainable operator while delivering shareholder value. At a time when energy prices in Texas are highly volatile, the WildHorse solar farm has the added benefit of reducing HighPeak’s operating costs while providing clean and reliable energy,” said Danny Smedley, managing director and vice president of Priority Power. “Priority Power is extremely proud of our partnership with HighPeak and we look forward to continuing our partnership for many years to come.”

About HighPeak Energy, Inc.

HighPeak Energy, Inc. is a publicly traded, independent oil and gas company headquartered in Fort Worth, Texas, engaged in the acquisition, development, exploration and production of unconventional oil and natural gas resources in the Midland Basin of West Texas. More information can be found on our website www.highpeakenergy.com.

Investor contact:

Ryan Hightower
Vice President of Business Development
817.850.9204
[email protected]

Source: HighPeak Energy, Inc.

About priority power

Priority Power is leading the energy transition with proven integrity, trust and transparency. Priority Power combines energy optimization and infrastructure expertise to help large commercial/industrial enterprises achieve decarbonization and sustainability goals while maximizing savings and efficiency. For more information about Priority Power, visit https://prioritypower.com/ and linkedin.com/company/priority-power-inc.

Priority power contact:

Danny Smedley | Managing Director | Vice President – ​​Texas
4000 North Big Springs, STE 400 | Midland, Texas 79705
T 432.620.9100 | C 817.716.1794
[email protected]