HighPeak Energy is an independent oil and gas E&P company focused entirely on the Midland Basin of West Texas. HighPeak drills and produces crude oil, NGLs, and natural gas from approximately 142,560 net acres concentrated in two adjacent blocks — Flat Top (northern Howard County and southern Borden County) and Signal Peak (southern Howard County) — operating about 92% of its acreage. The company targets three primary formations — Wolfcamp A, Lower Spraberry, and Middle Spraberry — using horizontal drilling, multi-well pad development, and hydraulic fracturing. HighPeak runs roughly two rigs and produces over 50,000 BOE per day, with crude oil comprising about 68% of volumes. The company sells approximately 82% of its oil to Delek under a 12-year contract with a minimum volume commitment of 23,500 Bopd, with most remaining oil sold to Energy Transfer. HighPeak's revenue is driven by production volumes and WTI crude prices, with profitability determined by the spread between realized prices and all-in costs, including LOE of roughly $7-8/BOE. HighPeak has invested in owned water handling and electrical infrastructure to reduce long-term costs, and is deploying simul-frac completion techniques to cut well costs by roughly $400,000 per well. The company's most significant financial constraint is a leveraged term loan maturing in 2028, and management's stated priority is generating free cash flow to pay down debt rather than pursuing aggressive production growth.