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1 INVESTOR PRESENTATION NOVEMBER 2025
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2 •FORWARD-LOOKING STATEMENTS •The information in this presentation and in any oral statements made in connection herewith contains forward-looking statements that involve risks and uncertainties. When used in connection with this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “projects,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy” or the “Company”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties. •These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’sBoard and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2025 guidance , volatility of commodity prices, political instability or armed conflict in crude oil or natural gas producing regions such as the ongoing war between Russia and Ukraine, the ongoing conflict between Israel and Hamas, OPEC+ policy decisions, potential new trade policies,such as tariffs, could adversely affect the Company’s operations, business and profitability, inflationary pressures on costs of oilfield goods, services and personnel, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirusdisease 2019 (“COVID-19”) pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy's oil, NGL and gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurityrisks and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2025 (the “Annual Report”), and in its other filings with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. See “Risk Factors,” “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative and Qualitative Disclosures About Market Risk” in the Registration Statement for a description of various factors that could materially affect the ability of HighPeak Energy to achieve the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no duty to publicly update these statements except as required by law. •RESERVE INFORMATION •Reserve engineering is a process of estimating the recovery of underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’sstrategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. •Estimated Ultimate Recoveries, or “EURs,” refers to estimates of the sum of total gross remaining reserves per well as of a given date and cumulative production prior to such given date for developed wells. “Resource” refers to gross volumes of hydrocarbons without giving effect to recovery efficiency or the economic viability of production. Neither EURs nor resource constitute represent reserves as defined by the SEC and neither is intended to be representative of anticipated future well results or aggregate production volumes. Each such metric is inherently more uncertain than proved reserve estimates prepared in accordance with SEC guidelines. •USE OF PROJECTIONS •The financial, operational, industry and market projections, estimates and targets in this presentation (including production, operating expenses, capital expenditures, EBITDAX and Free Cash Flow in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2025 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyondthe Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law. Disclaimer
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3 •USE OF NON-GAAP FINANCIAL MEASURES •This presentation may include non-GAAP financial measures, including EBITDAX and adjusted EBITDAX, free cash flow, unlevered free cash flow, EBITDAX per Boe and unhedged EBITDAX per Boe, and PV-10. HighPeak believes these non-GAAP measures are useful because they allow HighPeak to more effectively evaluate its operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods, capital structure or tax status. HighPeak does not consider these non-GAAP measures in isolation or as alternatives to similar financial measures determined in accordance with GAAP. HighPeak’s computations of these non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. •HighPeak defines EBITDAX as net income before interest expense, income taxes, depreciation, depletion and amortization, exploration and other expenses, impairment and abandonment expenses, non-cash gains or losses on derivatives, stock-based compensation, gain on exchange of debt, gains and losses from the sale of assets, transaction costs and nonrecurring workforce reduction severance payments. HighPeak defines Adjusted EBITDAX as EBITDAX excluding cash G&A expenses. HighPeak’s management believes EBITDAX is useful as it allows them to more effectively evaluate HighPeak’s operating performance and compare the results of its operations from period to period and against its peers without regard to financing methods or capital structure. HighPeak excludes the items listed above from net income in arriving at EBITDAX because these amounts can vary substantially from company to company within the industry dependingupon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. HighPeak also periodically presents EBITDAX on an “annualized” basis, which represents EBITDAX for a fiscal quarter annualized for a 12-month period as if EBITDAX for each fiscal quarter in such period was equal to the quarter specified. HighPeak defines Adjusted EBITDAX per Boe as realized price less lease operating expenses, gathering, processing and transportation expenses and production taxes, on a per-Boe basis. HighPeak defines EBITDAX per Boe as realized price less lease operating expense, gathering, processing and transportation expenses, cash general and administrative expenses and production taxes, on a per-Boe basis. HighPeak defines unhedged as excluding the effects of derivatives and hedged as including the effects of derivatives. HighPeak defines Free Cash Flow as operating cash flow before working capital changes (i.e. discretionary cash flow) less capex excluding acquisitions. HighPeak defines Unlevered Free Cash Flow as EBITDAX less Capex. HighPeak defines PV-10 as the present value of estimated future net revenues to be generated from the production of proved reserves, without giving effect to non-property related expenses, discounted at 10% per year before income taxes. For reconciliations of each such non-GAAP measure as presented herein to its most comparable measure prepared in accordance with GAAP, see theAppendix to this presentation. •In the case of non-GAAP financial measures presented for future periods, HighPeak advises that it is unable to provide reconciliations of such measures without unreasonable efforts. Accordingly, such measures should be considered in light of the fact that no GAAP measure of performance or liquidity is available as a point of comparison to such non-GAAP measures. •INDUSTRY AND MARKET DATA •This presentation has been prepared by HighPeak and may include market data and other statistical information from sources believed by HighPeak to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on HighPeak’s good faith estimates, which are derived from its review of internal sources aswell as the independent sources described above. Although HighPeak believes these sources are reliable, they have not independently verified the information and cannot guarantee its accuracy and completeness. •DRILLING LOCATIONS •The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. Thedrilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires,the Company would lose its right to develop the related locations. Disclaimer (Cont’d)
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4 Recent Operational Updates Picked up 2nd rig in mid-October Implemented 2nd successful simul-frac completion ($2.5MM est. savings) Extended debt maturities and increased liquidity >$170 MM increase in liquidity LOE consistent with 1H’25 $6.57/Boe(3) • Third Quarter Highlights Consistent production, 1 rig running throughout the quarter 48 MBoe/D $140 MM EBITDAX(1) Capital expenditures down 30%+ from Q2 $86.6 MM(2) 6 Drills, 9 TILs, 19 WIPs (1) EBITDAX is a non-GAAP financial measure. See appendix for reconciliation. (2) Excluding acquisitions. (3) Excluding workover expenses.
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5 LOOKING FORWARD
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6 Reflect on Five Year Public Performance Strength Developed lean cost structure and competitive drilling economics Optimized large contiguous acreage for long lateral development and efficient infrastructure Strength Strength Assembled quality acreage with high oil cut, strong IRRs, including long runway of valuable inventory Public company scorecard(1) (1) Utilizing various public sources, ratings agencies, and internal management assessment. Responsible governance - providing oversight, accountability and alignment with shareholders Needs Improvement Exercise financial discipline and maintain optimal capital structure Needs Improvement Have long-term vision and instill market confidence Needs Improvement Targeted Changes Continued Focus
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7 Same Asset, Different Strategy How are we changing? Align Governance Aligned, Accountable, Transparent Use Sound Business Principles Operational and Financial Discipline Build Market Confidence Long-Term Outlook, Interactive, No Quick Fixes
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8 Align Corporate Governance • Independent Chairman and Board of Directors • Independent Audit, Compensation, and Nominating committees Board of Directors Oversight & Guidance Management Direction & Execution Shareholders Accountability • New Chief Executive Officer • Re-energized team • Performance based compensation in 2026 • Share distribution plan • HighPeak Energy Partners II – 36 million HPK shares in 2026 • HighPeak Energy Partners I – 39 million HPK shares in 2027 Aligned governance leading to shared vision and smart leadership
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9 Use Sound Business Principles Relying on established principles to navigate cycles BEAR CASE <$60 Bbl BASE CASE $60 - $70 Bbl BULL CASE $70+ Bbl Focus Operate within cash flow Free cash flow and debt paydown Free cash flow, debt paydown and production growth Capex <2 Rigs Minimal production decline 2 Rigs Maintain production volumes ≥2 Rigs Moderate production growth Liquidity Preserve liquidity Moderate debt reduction Maintain dividend Accelerate debt reduction
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10 Build Market Confidence - What We’ve Heard in the Past “HighPeak is a controlled company – there is no oversight” “The Company has no float” “HighPeak is over levered” “They have GOR issues” “HighPeak has been for sale for years” “Can’t trust management” “Their cost of capital is not sustainable” “Eastern Midland Basin is unproven”
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11 Build Market Confidence – Action Items Controlled Company No Float Leverage/Cost of Capital GOR Issues Strategic Alternatives Management Consistency Eastern Midland Basin Independent committees and chairman Methodical distribution plan in 2026/2027 FCF and debt paydown focus moving forward Positive ESG development – not reservoir degradation Start operating with long-term focus Initiate performance-based compensation in 2026 >350 HPK horizontal wells – redefining 3rd party views Issue Action
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12 HIGHPEAK ENERGY , INC. Appendix
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13 •Simul-Frac Details •Tami Jo Hill / Shafer – 6 well Pad Pad: Tami Jo Hill / Shafer Units – 6 well pad – 15,000’ Avg. lateral length Complete 19 - 23 frac stages per day – ~4,725 feet of lateral per day – 11,340,000 lbs. of proppant per day – 180,000 bbls of water per day 85,000 HHP – ~200 bbls/minute pumping rate – Utilizing continuous pumping operations 100% local wet sand stored via sand pile ~60% natural gas substitution (vs. diesel) Second Successful Simul-Frac Completion Est. Savings: $2.5mm (>$400k/well) vs historical zipper frac method
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14 In Progress . HighPeak Well Activity As of 9/30/2025 Gross Net OP 19 19.0 Non-Op 0 0.0 Total 19 19.0 SWD 0 0.0 Rig Released Wells Turned in Line 3Q25 YTD Gross Net Gross Net OP 6 6.0 35 34.8 Non-Op 0 0.0 0 0.0 Total 6 6.0 35 34.8 SWD 0 0 1 1.0 3Q25 YTD Gross Net Gross Net OP 9 8.9 36 35.7 Non-Op 0 0.0 0 0.0 Total 9 14.0 36 35.7 SWD 0 0.0 2 2.0
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15 Capitalization as of 9/30/25 (in $MM) Cash & Cash Equivalents $165 RBL Revolver 0 Term Loan 1,200 Total Debt $1,200 Total Net Debt $1,035 Market Capitalization(1) 839 Total Enterprise Value $1,874 Liquidity RBL Availability (2) $100 Less: Drawn Amount 0 Plus: Cash and Cash Equivalents 165 Total Liquidity $265 (1) Market capitalization as of October 31, 2025, per NASDAQ. (2) RBL availability exclusive of ~$6.9mm of Letters of Credit. •Debt Maturity ($MM) Capitalization and Debt Maturity
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16 17.7 MBO/d 4Q25 Avg. Oil Hedged Note: Hedges as of 11/3/25. Updated Hedge Profile 30,000 MMBtu/d 4Q25 Avg. Gas Hedged HighPeak’s hedging policy is focused on protecting cash flows to fund debt payments and capex budget Swaps Collars
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17 Hedge Summary Gas Oil Note: Hedges as of 11/3/25. Swaps Collars Swaps Mid-Cush Basis Volume (Mbbl) Price Volume (Mbbl) Price Low Price High Volume (BBtu) Price Vol (Mbbl) Price Q4 25 166 63.77$ 1,458 60.53$ 69.65$ 2,760 4.43$ 1,840 0.97$ 2025 Total 166 63.77$ 1,458 60.53$ 69.65$ 2,760 4.43$ 1,840 - Q1 26 180 63.14$ 1,292 60.58$ 69.92$ 2,700 4.39$ Q2 26 91 63.25$ 1,124 59.87$ 66.82$ 2,730 4.30$ Q3 26 92 63.25$ 1,104 59.83$ 66.84$ 2,760 4.30$ Q4 26 92 63.25$ 902 59.80$ 65.31$ 2,760 4.30$ 2026 Total 455 63.21$ 4,421 60.05$ 67.42$ 10,950 4.32$ - Q1 27 90 63.25$ 801 59.78$ 65.24$ 1,770 4.30$ Q2 27 - - Q3 27 - - Q4 27 - - 2027 Total 90 63.25$ 801 59.78$ 65.24$ 1,770 4.30$ -
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18 (1) Excludes acquisitions. (2) Rig Released / Turn in Line includes gross operated wells. (3) As of 9/30/2025. (4) Q3 Cash G&A excluding effect of CEO retirement was $1.34/Boe. Q3 2025 Summary Production 3Q’25 Total sales volumes (MBoe) 4,401.2 Total daily sales volumes (MBoe/d) 47.8 Oil percentage 66% Liquids percentage 83% Realized Pricing Oil per Bbl $65.63 NGL per Bbl $17.40 Gas per Mcf $1.07 Total per Boe (excluding derivatives) $42.91 Total per Boe (including derivatives) $43.74 Costs (per Boe) LOE $6.57 Workover expenses $1.00 Production & Ad Valorem taxes $2.28 G&A (Cash) (4) $2.12 Total cash costs $11.97 EBITDAX per Boe (excluding derivatives) $30.94 EBITDAX per Boe (including derivatives) $31.77 Earnings 3Q’25 Net Loss ($MM) ($18.3) Loss Per Diluted Share ($0.15) EBITDAX ($MM) $139.9 EBITDAX Per Diluted Share $1.01 Adjusted Net Income ($MM) $3.8 Adjusted Earnings Per Diluted Share $0.03 Free Cash Flow ($MM) $1.6 Other Capex ($MM) (1) $86.6 Rig Released / Turn in Line (2) 6 / 9 Wells in Progress (gross / net) (3) 19 / 19
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19 •Reconciliation of Net (Loss) Income to EBITDAX Non-GAAP Financial Measures Reconciliations (in thousands) Quarters Ended Q3'25 Q2'25 Q1'25 Net (loss) income ($18,335) $26,176 $36,335 Interest expense $37,150 $36,412 $36,988 Interest and other income ($1,165) ($361) ($810) Income tax (benefit) expense ($3,567) $7,663 $9,939 Depletion, depreciation and amortization $100,636 $101,226 $109,325 Accretion of discount $285 $256 $244 Exploration and abandonment expense $2,278 $1,109 $264 Stock based compensation $177 $88 $177 Derivative-related noncash activity ($3,266) ($19,034) $4,856 Loss on extinguishment of debt $25,437 — — Other expense $222 $2,489 — EBITDAX $139,852 $156,024 $197,318 Net Debt ($MM) As of 30-Sept-25 Long-term debt $1,200 Cash and cash equivalents (165) Net debt $1,035 Adjusted Net Income Reconciliation Q3’25 Q3’25 ($/Diluted Share)($MM) Net Loss $(18.3) $(0.15) Noncash derivative gain, net (3.3) (0.03) Other expense 25.4 0.21 Abandoned leasehold and plugging and abandonment expenses 3.4 0.03 Other expense 2.0 0.02 Abandoned leasehold and plugging and abandonment expenses 0.2 — Stock-based compensation 0.2 — Income tax adjustment for above items (5.8) (0.05) Adjusted net income $3.8 $0.03