HighPeak Energy to reduce drilling operations from six to four rigs in FY23

During the first half of 2023, the company plans to reduce drilling operations from six to four drilling rigs. The company regularly assesses the financial viability of its capital development plan. Accordingly, the company intends to continue to align its 2023 and 2024 plans with the evolving economic environment. HighPeak President, Michael Hollis, commented, "We have substantially de-risked our highly contiguous acreage blocks and have positioned the Company for future, consistent strong returns. Our highly oil-weighted production stream coupled with our capital efficiency helps drive our industry leading margins which truly differentiates our assets from those of our peers. It is a testament to the quality of our asset base and the hard work of our great team that we can continue to both increase production and, at the same time, decrease expenses by utilizing fewer rigs."