Note 1 - Organization and Nature of Operations

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

NOTE

1.

Organization and Nature of Operations

HighPeak Energy, Inc. ("HighPeak Energy" the "Company" or the “Successor”) is a Delaware corporation, initially formed in

October 2019,

whose common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq"). The Company is an independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids and natural gas in the Permian Basin in West Texas.

The accompanying condensed consolidated and combined statements of operations for the periods from

January 1, 2020

and

July 1, 2020

to

August 21, 2020

and condensed consolidated and combined statement of cash flows for the period from

January 1, 2020

through

August 21, 2020

are those of HPK Energy, LP, a Delaware limited partnership ("HPK LP") which is the predecessor to HighPeak Energy prior to the business combination between the Company, Pure Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of the Company (“Pure”) and HPK LP that closed on

August 21, 2020 (

the “HighPeak business combination”). The accompanying condensed consolidated statements of operations for the

three

and

nine

months ended

September 30, 2019

and the statement of cash flows for the

nine

months ended

September 30, 2020

are those of HighPeak Energy, LP, a Delaware limited partnership ("HighPeak I") which is the predecessor to HPK LP prior to the HPK LP business combination that closed on

October 1, 2019 (

the “HPK LP business combination”). HPK LP and HighPeak I are individually and collectively referred to as the "Predecessors" herein. However, if we refer to the "Company" for a date or activity prior to

August 21, 2020,

we are also referring to the Predecessors. See Note

10

for further information regarding the

two

aforementioned business combinations.