FORT WORTH, Texas, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Pure Acquisition Corp. (“Pure”) (NASDAQ: PACQ, PACQU, PACQW), a special purpose acquisition company focused on oil and gas exploration and production, today announced that it has named Michael L. Hollis as President. Mr. Hollis is also expected to be named President of HighPeak Energy, Inc. (“HighPeak”) upon the consummation of Pure’s business combination, which is expected to close in the first quarter of 2020. On November 27, 2019, Pure announced that it had entered into a business combination agreement with HighPeak and certain affiliates of HighPeak Energy Partners, LP and a contribution agreement with Grenadier Energy Partners II, LLC. HighPeak filed a Form S-4 Registration Statement with the Securities and Exchange Commission on December 2, 2019.
Mr. Hollis joins Pure most recently from Diamondback Energy, Inc. (“Diamondback”) (Nasdaq: FANG), a Permian focused oil and gas producer, where he served as President and Chief Operating Officer (“COO”) since 2017, COO since 2015 and Vice President of Drilling since 2011. Mr. Hollis also served on the Board of Directors for Diamondback Energy, Inc. as well as on the Board of Directors for Viper Energy Partners LP. Prior to his positions at Diamondback, Mr. Hollis was a Drilling Manager at Chesapeake Energy Corporation and also held roles of increasing responsibility in production, completions, and drilling engineering at ConocoPhillips and Burlington Resources Inc. Mr. Hollis has over 20 years of oil and gas experience and holds a Bachelor of Science in Chemical Engineering from Louisiana State University.
“Mike’s proven track record of building and facilitating an organization that is focused on best-in-class execution and low-cost operations fits perfectly with HighPeak’s culture and goal of returning industry-leading margins and stakeholder value,” commented Jack Hightower, HighPeak’s Chairman and Chief Executive Officer.
“Mr. Hightower has assembled an envious 73,000-acre position in the highly coveted, oil-rich Howard County area of the Midland Basin, and I am extremely honored to be given the opportunity to work alongside the already talented team at HighPeak,” commented Mr. Hollis. “I could not be more excited at the prospect of participating in building and maturing another premier company in the very competitive Permian landscape. Under the impressive direction of Mr. Hightower, the contiguous oil-rich position that HighPeak has assembled is ideally set-up for low-cost, efficient operations. I look forward to further building upon what this remarkable team has done to date and continuing to help drive value creation.”
About Pure Acquisition Corp.
Pure is a blank check company formed in Delaware on November 13, 2017 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Pure’s units were listed for trading on the Nasdaq under the symbol “PACQU” on April 13, 2018. On May 29, 2018, Pure’s Class A common stock and warrants began trading on the Nasdaq under the symbols “PACQ” and “PACQW,” respectively.
About HighPeak Energy, Inc.
HighPeak is an independent oil and natural gas company engaged in the acquisition, development and production of oil, natural gas and NGL reserves. HighPeak’s assets, after giving effect to the potential business combination, will be primarily located in Howard County, Texas, which lies within the northeastern part of the oil-rich Midland Basin. HighPeak is led by its Chairman, CEO and President, Jack Hightower, an industry veteran with over 48 years of experience in the oil and natural gas industry, primarily in the Permian Basin managing multiple E&P platforms and generating strong returns despite industry cycles by consistently applying a disciplined, risk-adjusted approach designed to balance capital preservation with value creation. HighPeak’s objective is to maximize returns by generating rapid production growth initially followed by steady production growth with strong margins and cash flow. HighPeak also intends to generate attractive full cycle returns on capital employed.
