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Note 3 - Acquisitions	3 Months Ended
Mar. 31, 2022
Notes to Financial Statements
Acquisitions [Text Block]	NOTE 3. *Acquisitions* Acquisitions. During the three months ended March 31, 2022, the Company incurred a total of $162.9 million in acquisition costs primarily related to a series of agreements to acquire various crude oil and natural gas properties contiguous to its Flat Top operating area in Borden and Howard counties, consisting of approximately 10,200 net acres and associated producing properties, water system infrastructure and in-field fluid gathering pipelines. Included in the acquisition costs is the issuance of 6,960,000 shares of HighPeak Energy common stock valued at $156.6 million on the date of closing. All of the aforementioned acquisitions were accounted for as asset acquisitions as substantially all of the gross assets acquired are concentrated in a group of similar identifiable assets. The consideration paid was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. All transaction costs associated with the acquisitions were capitalized. Contingent Acquisition. The Company is also party to an option agreement to acquire additional producing horizontal wells and acreage contiguous to its Flat Top Area for consideration of approximately 773,333 shares of HighPeak common stock, which may be adjusted for customary purchase price adjustments, should certain closing conditions come to fruition prior to May 31, 2022. At this time, it is unknown if this transaction will be consummated.

Note 3 - Acquisitions

3 Months Ended

Mar. 31, 2022

NOTE 3. Acquisitions

Acquisitions. During the three months ended March 31, 2022, the Company incurred a total of $162.9 million in acquisition costs primarily related to a series of agreements to acquire various crude oil and natural gas properties contiguous to its Flat Top operating area in Borden and Howard counties, consisting of approximately 10,200 net acres and associated producing properties, water system infrastructure and in-field fluid gathering pipelines. Included in the acquisition costs is the issuance of 6,960,000 shares of HighPeak Energy common stock valued at $156.6 million on the date of closing. All of the aforementioned acquisitions were accounted for as asset acquisitions as substantially all of the gross assets acquired are concentrated in a group of similar identifiable assets. The consideration paid was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. All transaction costs associated with the acquisitions were capitalized.

Contingent Acquisition. The Company is also party to an option agreement to acquire additional producing horizontal wells and acreage contiguous to its Flat Top Area for consideration of approximately 773,333 shares of HighPeak common stock, which may be adjusted for customary purchase price adjustments, should certain closing conditions come to fruition prior to May 31, 2022. At this time, it is unknown if this transaction will be consummated.