Some deals are still getting done in the Mid­land Basin. Longtime E&P executive Jack Hightower picked private-equity-backed Grenadier Energy Partners II LLC as the plat­form purchase for his SPAC, Pure Acquisition Corp., which will trade as HighPeak Energy Inc. upon closing.

In the $615 million (75% cash) deal for 23,000 net acres Fort Worth, Texas-based HighPeak will launch with 73,000 net and 12,000 barrels of oil equivalent per day (boe/d) of production, 80% oil, in Howard County, northeast of Midland, Texas. The Woodlands, Texas-based Grenadier ranks on R.W. Baird & Co. Inc.’s monthly summary of top operators by U.S. play on several measures. First three-month gross production—58,583 boe, 92% oil—per operated well is $2.8 million of reve­nues, averaging $269 per lateral foot.

Of all the upstream SPACs, or special purpose acquisition companies, launched in the past few years, the Pure deal is the first to focus on the Midland Basin. Mark Papa’s SPAC picked the Delaware; Jim Hackett’s bought in Oklahoma’s Stack play; Steve Chazen chose the Eagle Ford and Austin Chalk.

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