HighPeak Energy CEO Transition and Leadership Changes

HighPeak Energy, Inc. announced the retirement of Jack Hightower from his roles as Chief Executive Officer, Chairman of the Board, and director, effective September 15, 2025. Michael L. Hollis, the current President and a member of the Board, has been appointed as the Interim Chief Executive Officer. Hightower's retirement includes stepping down from managing HighPeak Energy Partners, LP, HighPeak Energy Partners II, LP, and HighPeak Pure Acquisition, LLC, which collectively own approximately 64.4% of the company's common stock. These entities will now be managed by a committee comprising Hollis, Daniel Silver, and Ryan Hightower. Silver has also been appointed to the Board as the designee of the Highpeak Funds. The transition includes a separation agreement with Hightower, which provides for the acceleration of vesting of certain restricted stock, extension of stock option exercise periods, and a cash separation payment of $2.4 million. The company emphasized that these changes are not due to any disputes or disagreements.