Fort Worth-based HighPeak Energy recently commissioned its 60MW high-voltage substation, began removing rental generators to reduce lease operating expenses and emissions, and launched a local sand project. HighPeak removed at least 70 percent of rental generators in Flat Top operating area, and electrification of the substation enabled HighPeak to power its first drilling rig with highline power in Flat Top to reduce drilling costs and fuel consumption. HighPeak is using recycled produced fluids in Flat Top and Signal Peak.
HighPeak completed its acquisition of 18,600 net acres from Hannathon Petroleum in Howard County contiguous to its Signal Peak area. As of June 30, HighPeak had more than 97,000 net acres – an increase of 54 percent compared with yearend 2021. HighPeak averaged 4 rigs in Q2, added a fifth rig in June, continued Hannathon’s 1 rig, and announced plans to maintain 6 rigs through yearend 2022.
Jack Hightower, CEO, said Aug. 8, “We are just now starting to realize the impact of our decision to increase drilling activity. Our production rates are expected to continue to increase throughout the remainder of the year and into 2023.”
