HighPeak Energy, Inc.

A proxy that is properly completed and submitted will be voted at the Annual Meeting in accordance with the instructions on the proxy, unless revoked as described above. If you properly execute and submit a proxy, but do not provide any voting instructions, your shares will be voted (i)FOR each of the two Class B director nominees listed in Proposal ONE and (ii)FOR the ratification of our independent registered public accounting firm for the year ending December 31, 2025 in Proposal TWO.

If any other business properly comes before the stockholders for a vote at the Annual Meeting, your shares will be voted in accordance with the discretion of the holders of the proxy. The Board of Directors knows of no matters, other than those previously stated, to be presented for consideration at the Annual Meeting.