HighPeak Energy to Acquire Hannathon Permian Properties for $373.4 Million

The Hannathon acquisition adds roughly 18,600 net acres largely contiguous to the company’s existing Signal Peak position in the Permian Basin where Chairman and CEO Jack Hightower said HighPeak began its strategic expansion last August.

HighPeak Energy Inc. agreed on April 27 to acquire the Howard County, Texas, assets of Hannathon Petroleum LLC and other nonoperated working interest owners in a cash-and-stock deal estimated to be worth about $373.4 million.

The bolt-on acquisition adds approximately 150 net locations and 18,600 net acres in the Midland Basin largely contiguous to the company’s existing Signal Peak position with 2022E average production of 5,000 boe/d (85% liquids). Chairman and CEO Jack Hightower said HighPeak began its strategic expansion in the Signal Peak area in August 2021 by acquiring a nonoperated ownership interest in these assets.

“Acquiring the balance of the working interest will bolster our drilling potential in the area and give us control of significant infrastructure to support, and accelerate, our development program in the region,” Hightower commented in a company release.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.