HighPeak Energy, Inc.

HighPeak Energy’s common stock is listed and traded on the Nasdaq under the symbol “HPK.”

Holders

As of March 6, 2026, there were 43 holders of record of HighPeak Energy common stock.

Dividend Policy

On July 6, 2021, the Company announced the initiation of a quarterly cash dividend in the amount of $0.025 per share of our common stock payable quarterly which began with the third quarter of 2021 and continued quarterly through the fourth quarter of 2023. The Company also approved a special dividend of $0.075 per share of common stock that was paid in July 2021. During the first quarter of 2024, the Company announced an increase in its quarterly cash dividends to $0.04 per share of our common stock which has continued through the fourth quarter of 2025 thus far. However, in the first quarter of 2026, the Board elected not to declare a quarterly dividend and suspended the payment of dividends by the Company for the foreseeable future. There can be no assurance that we will resume paying dividends following the expiration of this restriction, and any decision to pay any future dividends is solely within the discretion of, and subject to approval by, our Board. Our Board’s determination with respect to any such dividends, including the record date, the payment date and the actual amount of the dividend, will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and other factors that the Board deems relevant at the time of such determination. In addition, the Term Loan Credit Agreement and the Senior Credit Facility Agreement place certain restrictions on our ability to pay cash dividends.

Issuer Purchases of Equity Securities

Our common stock repurchase activity for the three months ended December 31, 2025 was as follows:

(1) Consists entirely of 256,989 shares of common stock repurchased from officers of the Company in order to satisfy tax withholding requirements. Such shares have been cancelled and retired. These shares also do not count toward the dollar value that may yet to be purchased under the plan nor are they subject to the 1% excise tax discussed below.

(2) The average price paid per share includes any commissions paid to repurchase stock.

(3) In February 2024, our Board approved a stock repurchase program for up to $75.0 million, excluding excise taxes and other expenses. The stock repurchase program expired on December 31, 2024. However, on March 6, 2025, our Board extended the program in its entirety to December 31, 2025. The program has not been extended beyond December 31, 2025 and if it is, it may be suspended, modified, or discontinued by the Board at any time.

(4) A nondeductible 1% excise tax is imposed on the net value of certain stock repurchases. All dollar amounts presented exclude such excise taxes, as applicable.

Stock Performance Graph

The following performance graph and related information shall not be deemed “soliciting material” or to be “filed” with the SEC, nor shall the information be incorporated by reference into any future filing under the Securities Act or Exchange Act except to the extent that the Company specifically incorporates it by reference to such filing.

The graph below compares the cumulative total stockholder return on the Company’s common stock during the period from December 31, 2020 through December 31, 2025, with cumulative total returns during the same period for the Standard & Poor’s (“S&P”) 500 Index and the S&P Oil and Gas Exploration & Production Index.

The stock price performance included in this graph is not necessarily indicative of future stock price performance.