HighPeak Energy, Inc. HPK Electric Power Infrastructure — Accounts Receivable Net Current

Accounts receivable. As of June 30, 2026 and December 31, 2025, the Company’s accounts receivables primarily consist of amounts due from the sale of crude oil, NGL and natural gas of $60.8 million and $35.4 million, respectively, and are based on estimates of sales volumes and realized prices the Company anticipates it will receive, a receivable from the State of Texas of $10.0 million for a multi-year natural gas severance tax refund as of both June 30, 2026 and December 31, 2025, receivables from electric power infrastructure installed throughout Flat Top by the Company for which it will be reimbursed totaling $4.1 million and $224,000, respectively, joint interest receivables of $3.3 million and $4.8 million, respectively, current U.S. federal income tax receivables of $2.9 million and $3.2 million, respectively, and receivables related to settlements of derivative contracts of $1.9 million and $1.9 million, respectively. The Company’s share of crude oil, NGL and natural gas production is sold to various purchasers who must be prequalified under the Company’s credit risk policies and procedures. The Company’s credit risk related to collecting accounts receivables is mitigated by using credit and other financial criteria to evaluate the credit standing of the entity obligated to make payment on the accounts receivable, and where appropriate, the Company obtains assurances of payment, such as a guarantee by the parent company of the counterparty or other credit support.