HighPeak Energy to weigh strategic options including sale; shares gain

HighPeak Energy

23/01/2023 22:25

** Shares of HighPeak Energy Inc  HPK.O  gain 7.9% to $29.05
in aftermarket trading
    ** HPK says it will evaluate strategic alternatives to
maximize shareholder value, including a potential sale of the
company  urn:newsml:reuters.com:*:nGNXRHFRX
    ** HPK, however, has not set a timetable for the conclusion
of its evaluation of strategic alternatives
    ** Co plans to reduce drilling operations from six to four
drilling rigs in the first half of 2023
    ** Expects to become cash flow positive in second half of
this year 
    ** Sees average production rate of 47 - 53 thousand barrels
of oil equivalent per day (Mboe/d) for 2023
    ** Expects 2023 total capital expenditures of between $1.15
bln and $1.26 bln
    ** Sees average production rate of 70 - 76 Mboe/d for 2024
and 2024 total capital expenditures of between $870 mln and $930
mln
    ** Stock gained 56% last year
 (Reporting by Arshreet Singh in Bengaluru)
 ((Arshreet.Singh@thomsonreuters.com))