HPK - HighPeak Energy to evaluate strategic options including possible sale

HighPeak Energy ( NASDAQ: HPK ) +10% post-market Monday following a trading halt after its board voted to launch a process to evaluate certain strategic alternatives including a potential sale of the company .

The company said it hired Credit Suisse and Wells Fargo as financial advisors and Vinson & Elkins as legal counsel to assist in the review process.

HighPeak ( HPK ) said it plans to reduce drilling operations from six to four drilling rigs during H1 2023, with capital spending of $1.15B-$1.26 in 2023 reduced to $870M-$930M in 2024, while planning to produce 47K-53K boe/day of oil and gas in 2023 and 70K-76K boe/day in 2024.

"We have substantially de-risked our highly contiguous acreage blocks and have positioned the company for future, consistent strong returns," HighPeak ( HPK ) President Michael Hollis said.

HighPeak Energy ( HPK ) shares are down 35% from their 52-week and all-time high as the price of oil has retreated in recent months, The Insiders Forum writes in an analysis published recently on Seeking Alpha .

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