HighPeak Energy (HPK) S-1 16 Aug 21 2021 Q2 IPO registration Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2021
Document Information [Line Items]
Entity Central Index Key	0001792849
Entity Registrant Name	HighPeak Energy, Inc.
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	S-1
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3533602
Entity Address, Address Line One	421 W. 3rd Street, Suite 1000
Entity Address, City or Town	Fort Worth
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76102
City Area Code	817
Local Phone Number	850-9200
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 12,842	$ 19,552
Accounts receivable	23,786	7,722
Subscription receivable	0	3,596
Prepaid expenses	1,062	2,254
Inventory	217	121
Deposits	50	50
Total current assets	37,957	33,295
Oil and natural gas properties, using the successful efforts method of accounting:
Proved properties	497,938	367,372
Unproved properties	114,435	152,741
Accumulated depletion, depreciation and amortization	(47,200)	(17,477)
Total oil and natural gas properties, net	565,173	502,636
Other property and equipment, net	1,057	1,092
Other noncurrent assets	236	907
Total assets	604,423	537,930
Current liabilities:
Accounts payable - trade	18,018	7,581
Accrued liabilities	20,727	12,374
Derivatives	12,558	0
Other current liabilities	3,037	2,480
Total current liabilities	54,340	22,435
Noncurrent liabilities:
Long-term debt, net	11,918	0
Deferred income taxes	41,432	38,898
Asset retirement obligations	2,965	2,293
Other	26	78
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at June 30, 2021 and December 31, 2020	0	0
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,728,781 and 91,967,565 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	9	9
Additional paid-in capital	590,455	581,426
Accumulated deficit	96,722	107,209
Total stockholders' equity	493,742	474,226
Total liabilities and stockholders' equity	$ 604,423	$ 537,930

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	92,728,781	91,967,565
Common stock, shares outstanding (in shares)	92,728,781	91,967,565

Condensed Consolidated and Comb

Condensed Consolidated and Combined Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating Revenues:
Operating revenues	$ 48,270,000	$ 944,000	$ 73,987,000	$ 5,567,000
Operating Costs and Expenses:
Oil and natural gas production	4,692,000	1,814,000	6,919,000	4,203,000
Production and ad valorem taxes	2,543,000	94,000	4,207,000	402,000
Exploration and abandonments	463,000	1,000	654,000	4,000
Depletion, depreciation and amortization	16,857,000	1,735,000	29,820,000	5,091,000
Accretion of discount on asset retirement obligations	37,000	35,000	72,000	69,000
General and administrative	1,617,000	1,412,000	3,376,000	4,273,000
Stock-based compensation	1,023,000	0	1,989,000	0
Total operating costs and expenses	27,232,000	5,091,000	47,037,000	14,042,000
Income (loss) from operations	21,038,000	(4,147,000)	26,950,000	(8,475,000)
Interest income	0	0	1,000	0
Interest expense	(152,000)	0	(206,000)	0
Derivative loss, net	(13,596,000)	0	(13,596,000)	0
Other expense	(127,000)	0	(127,000)	(76,503,000)
Income (loss) before income taxes	7,163,000	(4,147,000)	13,022,000	(84,978,000)
Income tax expense	1,420,000	0	2,535,000	0
Net income (loss)	$ 5,743,000	$ (4,147,000)	$ 10,487,000	$ (84,978,000)
Earnings per share:
Basic net income (in dollars per share)	$ 0.06		$ 0.11
Diluted net income (in dollars per share)	$ 0.06		$ 0.10
Weighted average shares outstanding:
Basic (in shares)	92,676		92,634
Diluted (in shares)	92,676		92,830
Crude Oil Sales [Member]
Operating Revenues:
Operating revenues	$ 46,985,000	$ 938,000	$ 71,855,000	$ 5,462,000
Natural Gas and NGL Sales [Member]
Operating Revenues:
Operating revenues	$ 1,285,000	$ 6,000	$ 2,132,000	$ 105,000

Condensed Consolidated Statemen

Condensed Consolidated Statement of Changes in Stockholders' Equity (Successor) (Unaudited) - USD ($) $ in Thousands	Outside Directors [Member]Common Stock [Member]	Outside Directors [Member]Additional Paid-in Capital [Member]	Outside Directors [Member]Retained Earnings [Member]	Outside Directors [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Aug. 21, 2020					0
Balance at Aug. 21, 2020					$ 0	$ 0	$ 0	$ 0
Exercise of warrants (in shares)					313,000
Exercise of warrants					$ 0	3,596	0	$ 3,596
Exercised (in shares)					0			0
Shares issued upon options being exercised					$ 0	0	0	$ 0
Compensation costs included in net income					0	15,776	0	15,776
Net income (loss)					$ 0	0	(16,429)	(16,429)
Balance (in shares) at Dec. 31, 2020					91,968,000
Balance at Dec. 31, 2020					$ 9	581,426	(107,209)	474,226
Exercise of warrants (in shares)					554,000
Exercise of warrants					$ 0	5,466	0	5,466
Exercised (in shares)					154,000
Shares issued upon options being exercised					$ 0	1,574	0	1,574
Compensation costs included in net income					0	966	0	966
Net income (loss)					$ 0	0	4,744	4,744
Balance (in shares) at Mar. 31, 2021					92,676,000
Balance at Mar. 31, 2021					$ 9	589,432	(102,465)	486,976
Balance (in shares) at Dec. 31, 2020					91,968,000
Balance at Dec. 31, 2020					$ 9	581,426	(107,209)	$ 474,226
Exercised (in shares)								154,268
Net income (loss)								$ 10,487
Balance (in shares) at Jun. 30, 2021					92,729,000
Balance at Jun. 30, 2021					$ 9	590,455	(96,722)	493,742
Balance (in shares) at Mar. 31, 2021					92,676,000
Balance at Mar. 31, 2021					$ 9	589,432	(102,465)	486,976
Compensation costs included in net income					0	1,023	0	1,023
Net income (loss)					$ 0	0	5,743	5,743
Restricted shares issued to outside directors (in shares)	53,000
Restricted shares issued to outside directors	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Jun. 30, 2021					92,729,000
Balance at Jun. 30, 2021					$ 9	$ 590,455	$ (96,722)	$ 493,742

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Partners' Capital (Predecessor) (Unaudited) - USD ($) $ in Thousands	Total	General Partner [Member]	Limited Partner [Member]
Balance at Dec. 31, 2018	$ 84,057	$ 0	$ 84,057
Cash capital contributions	73,543	0	73,543
Net income (loss)	(11,579)	0	(11,579)
Balance at Dec. 31, 2019	464,716	0	464,716
Cash capital contributions	54,000	0	54,000
Net income (loss)	(80,831)	0	(80,831)
Balance at Mar. 31, 2020	437,885	0	437,885
Balance at Dec. 31, 2019	464,716	0	464,716
Net income (loss)	(84,978)
Balance at Jun. 30, 2020	433,738	0	433,738
Balance at Dec. 31, 2019	464,716	0	464,716
Cash capital contributions	54,000	0	54,000
Net income (loss)	(85,034)	0	(85,034)
Balance at Aug. 21, 2020	430,902	0	430,902
Balance at Mar. 31, 2020	437,885	0	437,885
Net income (loss)	(4,147)	0	(4,147)
Balance at Jun. 30, 2020	$ 433,738	$ 0	$ 433,738

Condensed Consolidated and Co_2

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ 5,743	$ 4,744	$ (4,147)	$ (80,831)	$ (16,429)	$ 10,487	$ (84,978)	$ (85,034)		$ (11,579)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Exploration and abandonment expense						4,854	369	4	4		2,850
Depletion, depreciation and amortization		16,857		1,735		9,877	29,820	5,091	6,385		4,269
Accretion expense						51	72	69	89		72
Stock-based compensation expense						15,776	1,989	0	0		0
Amortization of debt issuance costs						4	77	0	0		0
Derivative-related activity		12,558		0			12,558	0
Loss on terminated acquisition						0	0	76,500	76,500		0
Deferred income taxes						(1,047)	2,535	0	0		0
Changes in operating assets and liabilities:
Accounts receivable						(5,177)	(16,064)	2,886	844		70
Prepaid expenses, inventory and other current assets						(506)	(366)	(3,621)	(196)		(209)
Accounts payable and accrued liabilities						(1,990)	5,803	(763)	(2,694)		3,755
Net cash provided by (used in) operating activities						5,413	47,280	(4,812)	(4,102)		(772)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and natural gas properties						(64,947)	(89,959)	(49,016)	(49,364)		(60,998)
Changes in working capital associated with oil and natural gas property additions						(5,666)	15,223	7,652	7,348		24,682
Acquisitions of oil and natural gas properties						(1,181)	(2,070)	(3,298)	(3,338)		(10,918)
Other property additions						(145)	(61)	(50)	(50)		(7)
Issuance of notes receivable						0	0	(5,907)	(7,482)		(4,193)
Extension payment on acquisition						0	0	(15,000)	(15,000)		0
Net cash used in investing activities						(71,939)	(76,867)	(65,619)	(67,886)		(51,434)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility							14,000	0
Proceeds from exercises of warrants	$ 3,600						5,466	0
Proceeds from subscription receivable from exercises of warrants							3,596	0
Proceeds from exercises of stock options							1,574	0
Debt issuance costs						(405)	(1,759)	0	0		0
Contributions from partners						0	0	54,000	54,000		74,023
Net cash provided by financing activities						84,135	22,877	54,000	51,220		74,023
Net decrease in cash and cash equivalents						17,609	(6,710)	(16,431)	(20,768)		21,817
Cash and cash equivalents, beginning of period			$ 19,552		$ 22,711		19,552	22,711	22,711	$ 22,711
Cash and cash equivalents, end of period	$ 19,552	$ 12,842		$ 6,280		19,552	12,842	6,280		$ 19,552	22,711
Supplemental disclosure of certain cash and non-cash transactions:
Cash paid for interest							133	0
Cash paid (received) for income taxes							0	0
Non-cash additions to asset retirement obligations						$ (142)	$ 600	$ 97	$ 112		$ 312

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and cash equivalents	$ 19,552	$ 22,711
Accounts receivable	7,722	3,363
Subscription receivable	3,596	0
Prepaid expenses	2,254	25
Inventory	121	184
Deposits	50	61,550
Notes receivable	0	4,193
Total current assets	33,295	92,026
Oil and natural gas properties, using the successful efforts method of accounting:
Proved properties	367,372	178,835
Unproved properties	152,741	227,525
Accumulated depletion, depreciation and amortization	(17,477)	(1,566)
Total oil and natural gas properties, net	502,636	404,794
Other property and equipment, net	1,092	1,088
Other noncurrent assets	907	0
Total assets	537,930	497,908
Current liabilities:
Accounts payable - trade	7,581	11,118
Accrued liabilities	12,374	19,678
Other current liabilities	2,480	184
Total current liabilities	22,435	30,980
Noncurrent liabilities:
Deferred income taxes	38,898	0
Asset retirement obligations	2,293	2,212
Other	78	0
Commitments and contingencies (Note 10)
Stockholders' equity / partners' capital:
Partners' capital	0	458,970
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at June 30, 2021 and December 31, 2020	0	0
Common stock, $0.0001 par value, 600,000,000 shares authorized, 92,728,781 and 91,967,565 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	9	0
Additional paid-in capital	581,426	0
Accumulated deficit	107,209	5,746
Total stockholders' equity / partners' capital	474,226	464,716
Total liabilities and stockholders' equity	$ 537,930	$ 497,908

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	92,728,781	91,967,565
Common stock, shares outstanding (in shares)	92,728,781	91,967,565

Consolidated and Combined State

Consolidated and Combined Statements of Operations - USD ($) shares in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 21, 2020	Dec. 31, 2019
Operating Revenues:
Operating revenues	$ 16,400,000	$ 8,223,000	$ 8,115,000
Operating Costs and Expenses:
Oil and natural gas production	2,653,000	4,870,000	3,372,000
Production and ad valorem taxes	886,000	566,000	449,000
Exploration and abandonments	5,032,000	4,000	2,850,000
Depletion, depreciation and amortization	9,877,000	6,385,000	4,269,000
Accretion of discount on asset retirement obligations	51,000	89,000	72,000
General and administrative	2,775,000	4,840,000	8,682,000
Stock-based compensation	15,776,000	0	0
Total operating costs and expenses	37,050,000	16,754,000	19,694,000
Income (loss) from operations	(20,650,000)	(8,531,000)	(11,579,000)
Interest income	6,000	0	0
Interest expense	(8,000)	0	0
Other expense	0	(76,503,000)	0
Loss before income taxes	(20,652,000)	(85,034,000)	(11,579,000)
Income tax expense	(4,223,000)	0	0
Net income (loss)	$ (16,429,000)	$ (85,034,000)	$ (11,579,000)
Earnings per share:
Basic net income (in dollars per share)	$ (0.18)
Diluted net income (in dollars per share)	$ (0.18)
Weighted average shares outstanding:
Basic (in shares)	91,629
Diluted (in shares)	91,629
Crude Oil Sales [Member]
Operating Revenues:
Operating revenues	$ 15,988,000	$ 8,069,000	$ 7,849,000
Natural Gas and NGL Sales [Member]
Operating Revenues:
Operating revenues	$ 412,000	$ 154,000	$ 266,000

Consolidated and Combined Sta_2

Consolidated and Combined Statement of Changes in Partners' Capital (Predecessors) - USD ($) $ in Thousands	Total	General Partner [Member]	Limited Partner [Member]
Balance at Dec. 31, 2018	$ 84,057	$ 0	$ 84,057
Cash capital contributions	73,543	0	73,543
Net income (loss)	(11,579)	0	(11,579)
Noncash capital contributions	232,394	0	232,394
Step up in basis from contributions	86,301	0	86,301
Balance at Dec. 31, 2019	464,716	0	464,716
Cash capital contributions	54,000	0	54,000
Net income (loss)	(80,831)	0	(80,831)
Balance at Mar. 31, 2020	437,885	0	437,885
Balance at Dec. 31, 2019	464,716	0	464,716
Net income (loss)	(84,978)
Balance at Jun. 30, 2020	433,738	0	433,738
Balance at Dec. 31, 2019	464,716	0	464,716
Cash capital contributions	54,000	0	54,000
Distribution to partners	(2,780)	0	(2,780)
Net income (loss)	(85,034)	0	(85,034)
Balance at Aug. 21, 2020	430,902	0	430,902
Balance at Mar. 31, 2020	437,885	0	437,885
Net income (loss)	(4,147)	0	(4,147)
Balance at Jun. 30, 2020	$ 433,738	$ 0	$ 433,738

Consolidated Statement of Chang

Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Aug. 21, 2020	0
Balance at Aug. 21, 2020	$ 0	$ 0	$ 0	$ 0
HighPeak business combination with HPK LP (in shares)	81,383,000			430,902,000
HighPeak business combination with HPK LP	$ 8	521,674
HighPeak business combination with HPK LP			(90,780)
Conversion of Pure Common Stock (in shares)	1,232,000
Conversion of Pure Common Stock	$ 0	12,324	0	$ 12,324
Forward Purchases (in shares)	8,977,000
Forward Purchases	$ 1	89,768	0	89,769
Offering costs (including costs incurred at Pure prior to HighPeak business combination)	0	(21,766)	0	(21,766)
Deferred income tax liability at HighPeak business combination	$ 0	(39,946)	0	(39,946)
Exercise of warrants (in shares)	313,000
Exercise of warrants	$ 0	3,596	0	$ 3,596
Exercised (in shares)	0			0
Shares issued upon options being exercised	$ 0	0	0	$ 0
Compensation costs included in net income	0	15,776	0	15,776
Net income (loss)	$ 0	0	(16,429)	(16,429)
Balance (in shares) at Dec. 31, 2020	91,968,000
Balance at Dec. 31, 2020	$ 9	581,426	(107,209)	474,226
Exercise of warrants (in shares)	554,000
Exercise of warrants	$ 0	5,466	0	5,466
Exercised (in shares)	154,000
Shares issued upon options being exercised	$ 0	1,574	0	1,574
Compensation costs included in net income	0	966	0	966
Net income (loss)	$ 0	0	4,744	4,744
Balance (in shares) at Mar. 31, 2021	92,676,000
Balance at Mar. 31, 2021	$ 9	589,432	(102,465)	486,976
Balance (in shares) at Dec. 31, 2020	91,968,000
Balance at Dec. 31, 2020	$ 9	581,426	(107,209)	$ 474,226
Exercised (in shares)				154,268
Net income (loss)				$ 10,487
Balance (in shares) at Jun. 30, 2021	92,729,000
Balance at Jun. 30, 2021	$ 9	590,455	(96,722)	493,742
Balance (in shares) at Mar. 31, 2021	92,676,000
Balance at Mar. 31, 2021	$ 9	589,432	(102,465)	486,976
Compensation costs included in net income	0	1,023	0	1,023
Net income (loss)	$ 0	0	5,743	5,743
Balance (in shares) at Jun. 30, 2021	92,729,000
Balance at Jun. 30, 2021	$ 9	$ 590,455	$ (96,722)	$ 493,742

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 21, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (16,429)	$ (85,034)	$ (11,579)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:
Exploration and abandonment expense	4,854	4	2,850
Depletion, depreciation and amortization	9,877	6,385	4,269
Accretion expense	51	89	72
Stock-based compensation expense	15,776	0	0
Amortization of debt issuance costs	4	0	0
Loss on terminated acquisition	0	76,500	0
Deferred income taxes	(1,047)	0	0
Changes in operating assets and liabilities:
Accounts receivable	(5,177)	844	70
Prepaid expenses, inventory and other current assets	(506)	(196)	(209)
Accounts payable and accrued liabilities	(1,990)	(2,694)	3,755
Net cash provided by (used in) operating activities	5,413	(4,102)	(772)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to oil and natural gas properties	(64,947)	(49,364)	(60,998)
Changes in working capital associated with oil and natural gas property additions	(5,666)	7,348	24,682
Acquisitions of oil and natural gas properties	(1,181)	(3,338)	(10,918)
Issuance of notes receivable	0	(7,482)	(4,193)
Other property additions	(145)	(50)	(7)
Extension payment on acquisition	0	(15,000)	0
Net cash used in investing activities	(71,939)	(67,886)	(51,434)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from stock offering	92,554	0	0
Stock offering costs	(8,114)	0	0
Cash acquired from non-successors in HighPeak business combination	100	0	0
Debt issuance costs	(405)	0	0
Contributions from partners	0	54,000	74,023
Distributions to partners	0	(2,780)	0
Net cash provided by financing activities	84,135	51,220	74,023
Net decrease in cash and cash equivalents	17,609	(20,768)	21,817
Cash and cash equivalents, beginning of period	1,943	22,711	894
Cash and cash equivalents, end of period	19,552	1,943	22,711
Supplemental disclosure of certain cash and non-cash transactions:
Subscription receivable from exercise of warrants	3,596	0	0
Noncash contributions from Limited Partners (see Note 9 for more detail)	0	0	232,394
Step up in basis of oil and gas properties	0	0	86,301
Non-cash additions to asset retirement obligations	(142)	112	312
Stock offering costs of accounting acquiree	$ (13,652)	$ 0	$ 0

Note 1 - Organization and Natur

Note 1 - Organization and Nature of Operations	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" the "Company," or the “Successor”) is a Delaware corporation, initially formed in October 2019 November 2017, one 10 December 31, 2020 HighPeak Energy’s common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy’s Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market under the ticker symbol “HPKER,” although the Company has applied for listing on the Nasdaq. The Company is an independent oil and natural gas exploration and production company that explores for, develops and produces oil, NGL and natural gas in the Permian Basin in West Texas, more specifically, the Midland Basin. Our acreage is composed of two	NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" the "Company," or the “Successor”) is a Delaware corporation, initially formed in October 2019 November 2017, one 10 HighPeak Energy’s common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy’s Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market, although the Company has applied for listing on the Nasdaq as well. The Company is an independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids and natural gas in the Permian Basin in West Texas.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 2. Presentation. June 30, 2021 December 31, 2020 three six June 30, 2021 ( three six June 30, 2020 ( three six June 30, 2021 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated and combined financial statements should be read together with the consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2020. Principles of consolidation. August 22, 2020, August 21, 2020. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. June 30, 2021 December 31, 2020, zero June 30, 2021 December 31, 2020, Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. June 30, 2021 Inventory. June 30, 2021 December 31, 2020 not Oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not Other property and equipment, net. June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020 Land $ 731 $ 725 Information technology 208 292 Transportation equipment 92 41 Leasehold improvements 17 24 Field equipment 9 10 Total other property and equipment, net $ 1,057 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Debt issuance costs. six June 30, 2021, zero six June 30, 2021 2020, June 30, 2021, December 31, 2020, 7 Leases. not may 12 not 10 Accounts payable, accrued liabilities and derivative liabilities. June 30, 2021 December 31, 2020 Asset retirement obligations. 8 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two June 30, 2021 December 31, 2020, Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5 Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not June 30, 2021 December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no Segments. one Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04” January 2021, No. 2021 01, Reference Rate Reform (Topic 848 2021 01” 848. 2020 04 March 12, 2020, March 12, 2020, 2020 04 2021 01 December 31, 2022. June 30, 2021, not 2020 04 2021 01. 7 The Company has evaluated other recently issued, but not not	NOTE 2. Presentation. December 31, 2020, The accompanying consolidated and combined statement of operations and the consolidated and combined statement of cash flows for the period from January 1, 2020 August 21, 2020 August 21, 2020 ( December 31, 2019 October 1, 2019 ( October 1, 2019 December 31, 2019. August 21, 2020, 10 two December 31, 2019 Predecessors for the Year Ended December 31, 2019 (in thousands) HPK LP from August 28, 2019 (Inception) through December 31, 2019 HighPeak I for the Year Ended December 31, 2019 Eliminations Combined Year Ended December 31, 2019 Operating Revenues: Crude oil sales $ 3,695 $ 4,154 $ 7,849 Natural gas and NGL sales 163 103 266 Total operating revenues 3,858 4,257 8,115 Operating Costs and Expenses: Oil and natural gas production 1,578 1,794 3,372 Production and ad valorem taxes 188 261 449 Exploration and abandonments 33 2,817 2,850 Depletion, depreciation and amortization 1,612 2,657 4,269 Accretion of discount on asset retirement obligations 34 38 72 General and administrative 6,159 2,523 8,682 Total operating costs and expenses 9,604 10,090 19,694 Loss from operations (5,746 ) (5,833 ) (11,579 ) Equity in losses of affiliate - (3,175 ) 3,175 - Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) Adjustments to reconcile net loss to net cash provided by (used in) operations: Exploration and abandonment expense 33 2,817 - 2,850 Depletion, depreciation and amortization expense 1,612 2,657 - 4,269 Accretion expense 34 38 - 72 Equity in loss off affiliate - 3,175 (3,175 ) - Changes in operating assets and liabilities: Accounts receivable (1,355 ) 1,425 - 70 Inventory and other current assets (88 ) (121 ) - (209 ) Accounts payable and accrued liabilities 3,010 745 - 3,755 Net cash provided by (used in) operating activities (2,500 ) 1,728 - (772 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and natural gas properties (45,318 ) (15,687 ) - (61,005 ) Changes in working capital associated with oil and natural gas property additions 19,097 5,585 - 24,682 Acquisitions of oil and natural gas properties (2,456 ) (8,462 ) - (10,918 ) Investment in affiliate - (7,796 ) 7,796 - Issuance of notes receivable (4,193 ) - - (4,193 ) Net cash used in investing activities (32,870 ) (26,360 ) 7,796 (51,434 ) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions from partners 58,081 23,738 (7,796 ) 74,023 Net cash provided by financing activities 58,081 23,738 (7,796 ) 74,023 Net increase (decrease) in cash and cash equivalents 22,711 (894 ) - 21,817 Cash and cash equivalents, beginning of period - 894 - 894 Cash and cash equivalents, end of period $ 22,711 $ - $ - $ 22,711 See Note 10 Principles of consolidation. August 22, 2020, August 21, 2020. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. not As of December 31, 2020 2019, August 22, 2020 December 31, 2020, December 31, 2020 2019, Subscription receivable. 505 10 45 2, “Receivables for Issuance of Equity,” December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. Notes receivable. August 21, 2020, August 21, 2020 December 31, 2019, December 31, 2019, 10. Deposits. 2019, 2020 April 2020 Inventory. December 31, 2020 2019 120,000 not Oil and gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 5 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not August 22, 2020 December 31, 2020, not Other property and equipment, net. December 31, 2020 2019, Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Land $ 725 $ 580 Information technology 292 459 Transportation equipment 41 - Leasehold improvements 24 37 Field equipment 10 12 Total other property and equipment, net $ 1,092 $ 1,088 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Debt issuance costs. December 2020, 2020 December 31, 2020, 6 Leases. not may 12 not 9 Accounts payable and accrued liabilities. December 31, 2020 2019 Asset retirement obligations. 7 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two December 31, 2020 2019, Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 12 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no November 2020 may Segments. one Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 2020 Adoption of new accounting standards. February 2016, 2016 02, 842 842" 840, 840" 842 August 22, 2020 2018 11, 842 842 840. not ASC 842 August 22, 2020, ( not 842. The adoption of ASC 842 not no not August 22, 2020, no 842. New accounting pronouncements. June 2016, 2016 13, 326 2016 13" 2016 13 not not 2016 03 not In December 2019, 2019 12, 740 2019 12” 740 not December 15, 2020. In March 2020, 2020 04, 848 2020 04” not not In January 2021, 2021 01, 848 2021 01” 848 The Company has evaluated recently issued, but not not

Note 3 - Acquisitions

Note 3 - Acquisitions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Acquisitions [Text Block]	NOTE 3. During the six June 30, 2021 2020, 2020 three two Grenadier Acquisition. June 2019, June 1, 2019, October 1, 2019. 2019 2020 May 2020. April 2020 not six June 30, 2020.	NOTE 3. During the period from August 22, 2020 December 31, 2020 January 1, 2020 August 21, 2020, three two Grenadier Acquisition. June 2019, June 1, 2019, 10, October 1, 2019. no October 2019 May 2020. second not April 2020 not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. June 30, 2021 As of June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Commodity price derivatives $ - $ 12,558 $ - $ 12,558 The Company did not December 31, 2020. Commodity price derivatives. third third 2 Assets and liabilities measured at fair value on a nonrecurring basis. not 1 2 3 may not not The Company has other financial instruments consisting primarily of cash equivalents, accounts receivable, accounts payable, long-term debt and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Impact of the COVID- 19 Proved Properties. may not The Company performed an impairment assessment of its proved oil and natural gas properties as of June 30, 2021 December 31, 2020 not may There is significant uncertainty surrounding the long-term impact to global oil demand due to the effects of the COVID- 19	NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. The Company did not December 31, 2020 2019. Assets and liabilities measured at fair value on a nonrecurring basis. not 2 one 10 3 3 may not not The Company has other financial instruments consisting primarily of cash equivalents, accounts receivable, accounts payable, long-term debt and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Concentrations of credit risk. December 31, 2020 2019, no Impact of the COVID- 19 Proved Properties. may not Due to the decrease in management's commodity price outlooks ("Management's Price Outlooks"), the Company performed an impairment assessment of its proved oil and gas properties as of December 31, 2020 not may There is significant uncertainty surrounding the long-term impact to global oil demand due to the effects of the COVID- 19 2020

Note 5 - Derivative Financial I

Note 5 - Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	NOTE 5. The Company primarily utilizes commodity swap contracts to (i) reduce the effect of price volatility on the commodities the Company produces and sells, and (ii) support the Company’s capital budgeting and expenditure plans and (iii) support the payment of contractual obligations. The following table summarizes the effect of derivatives on the Company’s condensed consolidated statements of operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Successor Predecessor Successor Predecessor Noncash derivative gain (loss), net $ (12,558 ) $ - $ (12,558 ) $ - Cash payments on settled derivative instruments, net (1,038 ) - (1,038 ) - Derivative gain (loss), net $ (13,596 ) $ - $ (13,596 ) $ - Crude oil production derivatives. The Company’s outstanding crude oil derivative contracts as of June 30, 2021 2021 2022 Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Oil Price Swaps Volume (Bbls) 460,000 460,000 920,000 450,000 302,500 752,500 Price per Bbl $ 61.91 $ 61.91 $ 61.91 $ 61.91 $ 62.16 $ 61.95 The Company uses credit and other financial criteria to evaluate the credit standings of, and to select, counterparties to its derivative financial instruments. Although the Company does not Net derivative liabilities associated with the Company’s open commodity derivatives are all with Fifth Third Bank, National Association (“Fifth Third”) as of June 30, 2021.

Note 6 - Exploratory Well Costs

Note 6 - Exploratory Well Costs	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Exploratory Well Costs [Text Block]	NOTE 6. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the condensed consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Six Months Ended June 30, 2021 Beginning capitalized exploratory well costs $ 32,592 Additions to exploratory well costs 75,289 Reclassification to proved properties (106,749 ) Exploratory well costs charged to exploration and abandonment expense - Ending capitalized exploratory well costs $ 1,132 All capitalized exploratory well costs have been capitalized for less than one	NOTE 5. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the condensed consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Year Ended December 31, 2020 Successor Predecessors August 22, through December 31, 2020 January 1, through August 21, 2020 Year Ended December 31, 2019 Beginning capitalized exploratory well costs $ 41,524 $ 11,427 $ - Additions to exploratory well costs pending the determination of proved reserves 53,462 48,169 58,435 Reclassification due to determination of proved reserves (62,394 ) (18,072 ) (47,008 ) Exploratory well costs charged to exploration and abandonment expense - - - Ending capitalized exploratory well costs $ 32,592 $ 41,524 $ 11,427 All capitalized exploratory well costs have been capitalized for less than one

Note 7 - Long-term Debt

Note 7 - Long-term Debt	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	Note 7. The components of long-term debt, including the effects of debt issuance costs, are as follows (in thousands): June 30, December 31, 2021 2020 Revolving Credit Facility due 2024 $ 14,000 $ - Debt issuance costs, net (a) (2,082 ) - Total debt 11,918 - Less current portion of long-term debt - - Long-term debt, net $ 11,918 $ - (a) Debt issuance costs as of June 30, 2021 December 31, 2020 $4,000, Revolving Credit Facility December 2020, June 17, 2024. June 2021, $125,0 The borrowing capacity under the Revolving Credit Facility is equal to the lowest of (i) the borrowing base (which currently stands at $125.0 million), (ii) the aggregate elected commitments (which currently stand at $125.0 million) and (iii) $500.0 million. As of June 30, 2021 December 31, 2020, zero first April October. The Credit Agreement specifies that if LIBOR is no no 2 The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 1.00 June 30, 2021) 1.00 The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Facility contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Revolving Credit Agreement) is in excess of $20.0 million. In addition, the Revolving Credit Agreement is subject to customary events of default, including a change in control. If an event of default occurs and is continuing, the administrative agent or the majority of the lenders may	Note 6. Revolving Credit Facility December 2020, June 17, 2024. $40.0 $20.0 December 31, 2020, first April October. The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 1.00 March 31, 2021) 1.00 March 31, 2021). The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Agreement contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Revolving Credit Agreement) is in excess of $20.0 million. In addition, the Revolving Credit Agreement is subject to customary events of default, including a change in control. If an event of default occurs and is continuing, the administrative agent or the majority may

Note 8 - Asset Retirement Oblig

Note 8 - Asset Retirement Obligations	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	Note 8. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Six Months Ended June 30, 2021 Beginning asset retirement obligations $ 2,293 Liabilities incurred from new wells 610 Revision of estimates (a) (10 ) Accretion of discount 72 Ending asset retirement obligations $ 2,965 (a) The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives. As of June 30, 2021 December 31, 2020,	Note 7. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Beginning asset retirement obligations $ 2,398 $ 2,212 $ 520 Liabilities incurred from new wells 84 97 1,511 Liabilities settled upon plugging and abandoning wells (29 ) - (51 ) Revision of estimates (a) (211 ) - 160 Accretion of discount 51 89 72 Ending asset retirement obligations $ 2,293 $ 2,398 $ 2,212 (a) The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties. As of December 31, 2020 2019,

Note 9 - Incentive Plans

Note 9 - Incentive Plans	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 9. 401 401 “401 401 1986, October 1, 2020, 401 three may 401 401 401 four 401 six June 30, 2021 2020, zero 401 Long-Term Incentive Plan. June 30, 2021 Approved and authorized awards 12,047,866 Awards issued under plan (9,681,506 ) Awards available for future grant 2,366,360 Stock Options. August 24, 2020. six June 30, 2021 2020 zero June 30, 2021 December 31, 2020 two The Company estimates the fair values of stock options granted on the grant date using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of a peer group of companies with similar characteristics of the Company on the date of grant since the Company did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Exercised (154,268 ) $ 10.00 Outstanding at June 30, 2021 9,551,227 $ 10.00 9.2 $ - Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232 Exercisable at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232 Stock Issued to Directors. June 1, 2021, one June 2021 July 2021. six June 30, 2021, Stock was issued to the outside directors of the Company in November 2020 no	NOTE 8. 401 401 “401 401 1986, October 1, 2020, 401 three may 401 401 401 not four 401 August 24, 2020 December 31, 2020, 401 Long-Term Incentive Plan. 2020 December 31, 2020 Approved and authorized awards 11,907,006 Awards granted under plan (9,767,995 ) Awards available for future grant 2,139,011 Stock Options. August 24, 2020. August 22, 2020 December 31, 2020 December 31, 2020 two The Company estimates the fair values of stock options granted using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of a peer group of companies with similar characteristics of the Company on the date of grant since the Company did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Awards forfeited - Exercised - Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Stock Issued to Directors. November 2020 no

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10. Leases. 842, January 1, 2020 June 30, 2021 December 31, 2020 not June 30, 2021 Remainder of 2021 $ 164 2022 79 Total lease payments 243 Less present value discount (4 ) Present value of lease liabilities $ 239 Legal actions. may not Indemnifications. Environmental. no not Salt-Water Disposal Commitments. third July 24, 2020 July 24, 2022. June 30, 2021, not not June 30, 2021. Crude Oil Delivery Commitments. May 2021, October 2021 first second eight June 30, 2021, Natural gas purchasing replacement contract. May 2021, not Power contracts. June 2021, 13 50 Also in June 2021, 12 fifteen 15 May 20, 2023.	NOTE 9. Leases. 842, January 1, 2020 December 31, 2020 not Successor December 31, 2020 2021 $ 439 2022 79 Total lease payments 518 Less present value discount (10 ) Present value of lease liabilities $ 508 Legal actions. may not Indemnifications. Environmental. no not Salt-Water Disposal Commitments. two third September 30, 2020 September 30, 2021 July 24, 2020 July 24, 2022. December 31, 2020, two not not December 31, 2020. 2021,

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 11. General and Administrative Expenses. six June 30, 2020, six June 30, 2020. no	NOTE 10. HPK LP Business Combination. October 1, 2019, 2019, January 1, 2020 August 21, 2020, January 1, 2020 August 21, 2020, August 21, 2020, Since HighPeak I is the predecessor to HPK LP, its consolidated statement of operations and consolidated statement of cash flows for the nine September 30, 2019 Nine Months Ended September 30, 2019 Operating Revenues: Crude oil sales $ 719 Natural gas and natural gas liquid sales 223 Total operating revenues 942 Operating costs and expenses: Oil and natural gas production 1,190 Production and ad valorem taxes 59 Exploration and abandonment 756 Depletion, depreciation and amortization 650 Accretion of discount on asset retirement obligations 86 General and administrative 2,891 Abandoned project 1,122 Total operating costs and expenses 6,754 Loss from operations (5,812 ) Interest income 107 Net loss $ (5,705 ) HighPeak Business Combination. August 21, 2020, August 22, 2020 (a) (b) (c) (d) (e) (f) HPK LP Pure HighPeak Employees, Inc. Issuance of HighPeak Energy Common Stock Cash Offering Costs Deferred Tax Liability Beginning Balance Sheet on August 22, 2020 Cash and cash equivalents $ 1,943 $ 1 $ 99 $ 92,554 $ (8,114 ) $ - $ 86,483 Accounts receivable 3,001 - 26 - - - 3,027 Total current assets 4,944 1 125 92,554 (8,114 ) - 89,510 Total oil and gas properties, net 452,039 - - - - - 452,039 Other property and equipment, net 436 - - - - - 436 Total assets $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ - $ 541,985 Current liabilities $ 35,794 $ 2,025 $ 77 $ (9,538 ) $ - $ - $ 28,358 Deferred income tax liability - - - - - 39,946 39,946 Notes payable (receivable) (11,675 ) 11,675 - - - - - Asset retirement obligations 2,398 - - - - - 2,398 Partners' capital 521,682 - - (521,682 ) - - - Common stock - - - 9 - - 9 Additional paid-in capital - (13,699 ) 48 623,765 (8,114 ) (39,946 ) 562,054 Accumulated deficit (90,780 ) - - - - - (90,780 ) Total stockholders' equity/partner's capital 430,902 (13,699 ) 48 102,092 (8,114 ) (39,946 ) 471,283 Total liabilities and stockholders' equity/partners' capital $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ - $ 541,985 (a) Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020. (b) Represents Pure’s condensed consolidated balance sheet estimated as of August 21, 2020 (c) Represents the balance sheet of HighPeak Energy Employees, Inc which was acquired by the Company for $10.00 upon the closing of the HighPeak business combination. (d) Represents the issuance by the Company of 91,592,354 shares of common stock, 10,538,183 warrants and 10,209,300 Contingent Value Rights upon the closing of the HighPeak business combination. The reduction to accounts payable of $9.5 million represents those vendors of HPK LP that purchased shares under the Forward Purchase Agreement Amendment in the HighPeak business combination in lieu of being paid cash for the majority of their outstanding balances. (e) Represents the cash costs paid for the offering of the aforementioned shares in addition to the cash costs that had previously been incurred by Pure of $13.7 million in column (b). (f) Represents the beginning deferred tax liability of the Company given the combination of all the entities, most of which originated from HPK LP which was a partnership for U.S. federal income tax purposes and therefore did not Pursuant to the Business Combination Agreement, among other things, (a) MergerSub merged with and into Pure, with Pure surviving as a wholly owned subsidiary of the Company, (b) each outstanding share of Pure’s Class A Common Stock and Pure’s Class B Common Stock (other than certain shares of Pure’s Class B Common Stock that were surrendered for cancellation by Pure’s Sponsor) were converted into the right to receive (A) one one one may August 21, 2022 February 21, 2023, one one no no HighPeak I and HighPeak II collectively received 76,383,054 shares of HighPeak Energy common stock pursuant to the Business Combination Agreement. Further, certain of the Company’s executive officers and directors received the consideration provided by the HighPeak business combination through their ownership of Pure’s Class A Common Stock. Steven W. Tholen, the Company’s Chief Financial Officer received 5,000 shares of HighPeak Energy common stock, 5,000 CVRs and 5,000 warrants in exchange for shares of Pure’s Class A Common Stock owned by him prior to the HighPeak business combination. Michael L. Hollis, the Company’s President and member of the Company’s board of directors (the “Board”), received 16,802 shares of HighPeak Energy common stock, 16,802 CVRs and 20,382 warrants in exchange for shares of Pure’s Class A Common Stock and Pure’s warrants, respectively, owned by him prior to the HighPeak business combination. Further, Rodney L. Woodard, the Chief Operating Officer of the Company, received 14,000 shares of HighPeak Energy common stock, 14,000 CVRs and 14,000 warrants in exchange for shares of Pure’s Class A Common Stock and Pure’s warrants, respectively, owned by him prior to the HighPeak business combination. Unaudited Pro Forma Operating Results. January 1, 2019. The pro forma condensed combined financial information has been included for comparative purposes and is not January 1, 2019; not (Unaudited Pro Forma) Year Ended December 31, 2020 2019 Total revenues $ 24,623 $ 9,057 Net income attributable to Common Stock (23,310 ) (8,838 ) Basic and diluted net loss per share (0.25 ) (0.10 ) Contingent Value Rights. may August 21, 2022 February 21, 2023, Stockholders Agreement . one not ● for so long as (i) the Principal Stockholder Group beneficially owns at least 35% of the Original Shares and (ii) the Original Shares constitute at least 30% of the Company’s then-outstanding voting securities, the Principal Stockholder Group can designate up to four 50% one ● for so long as (i) the Principal Stockholder Group beneficially owns less than 35% three ● for so long as (i) the Principal Stockholder Group beneficially owns less than 25% two ● if (i) the Principal Stockholder Group beneficially owns less than 15% one If at any time the Principal Stockholder Group owns less than 5% 7.5% For so long as the Principal Stockholder Group has the right to designate at least one not seven one one The Stockholders’ Agreement also includes customary restrictions on the transfer of equity securities to certain persons acquiring beneficial ownership. Pursuant to the Stockholders’ Agreement, the Principal Stockholder Group will agree not 180 no no Registration Rights Agreement . 1933, may no not one $5 $25 not may may not two sixty 60 ninety 90 twelve 12 Forward Purchases . July 24, 2020 ( Prior to the closing of the HighPeak business combination, and subsequent to the Company’s entry into the Forward Purchase Agreement Amendment, an aggregate of 8,976,875 forward purchase units (with each forward purchase unit consisting of one one one General and Administrative Expenses. January 1, 2020 August 21, 2020, January 1, 2020 August 21, 2020. no In October 2020, G4

Note 12 - Major Customers

Note 12 - Major Customers	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 12. Lion Oil Trading and Transportation, LLC (“Lion”) accounted for approximately 95% of the Company’s revenues during the six June 30, 2021. six June 30, 2020. not	NOTE 11. Lion Oil Trading and Transportation, LLC purchased approximately 98% of the Company’s crude oil, natural gas and natural gas liquids during the period from August 22, 2020 December 31, 2020. 44%, January 1, 2020 August 21, 2020. not

Note 13 - Income Taxes

Note 13 - Income Taxes	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 13. The Company’s income tax expense attributable to income from operations consisted of the following (in thousands): Six Months Ended June 30, 2021 Current tax expense $ - Deferred tax expense 2,535 Income tax expense $ 2,535 The reconciliation between the income tax expense computed by multiplying pre-tax income by the U.S. federal statutory rate and the reported amounts of income tax expense is as follows (in thousands, except rate): Six Months Ended June 30, 2021 Income tax expense at U.S. federal statutory rate $ 2,735 Limited tax benefit due to stock-based compensation (81 ) Other (119 ) Income tax expense $ 2,535 Effective income tax rate 19.5 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of June 30, 2021 December 31, 2020 ( June 30, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 16,770 $ 9,725 Stock-based compensation 3,419 3,124 Unrecognized derivative losses 2,637 - Other 107 31 Less: Valuation allowance - - Net deferred tax assets 22,933 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (64,365 ) (51,778 ) Net deferred tax liabilities $ (41,432 ) $ (38,898 ) The effective income tax rate differs from the U.S. statutory rate of 21 percent primarily due to permanent differences between GAAP income and taxable income. Periods prior to August 22, 2020 not not 1065 2020 As required by ASC Topic 740, 740” not” not not may not June 30, 2021 December 31, 2020, not not” 740. may not June 30, 2021 December 31, 2020, The Company is also subject to Texas Margin Tax. The Company realized no not 2021.	NOTE 12. On March 27, 2020, may The Company’s income tax expense (benefit) attributable to income (loss) from operations consisted of the following(in thousands): August 22, 2020 through December 31, 2020 Current tax benefit $ (3,176 ) Deferred tax benefit (1,047 ) Income tax benefit $ (4,223 ) The reconciliation between the income tax expense (benefit) computed by multiplying pre-tax income (loss) by the U.S. federal statutory rate and the reported amounts of income tax expense (benefit) is as follows (in thousands, except rate): August 22, 2020 through December 31, 2020 Income tax expense (benefit) at U.S. federal statutory rate $ (4,337 ) Limited tax benefit due to stock-based compensation 127 Other (13 ) Income tax expense (benefit) $ (4,223 ) Effective income tax rate 20.4 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31, 2020 ( December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 9,725 Stock-based compensation 3,124 Other 31 Less: Valuation allowance - Net deferred tax assets 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (51,778 ) Net deferred tax liabilities $ (38,898 ) The effective income tax rate differs from the U.S. statutory rate of 21 percent primarily due to permanent differences between GAAP income and taxable income. Periods prior to August 22, 2020 not not 1065 2017 2019 As required by ASC Topic 740, 740” not” not not may not December 31, 2020, not not” 740. may not December 31, 2020 On December 27, 2020, 100% 2021 2022, 50% December 31, 2020. not December 31, 2020. The Company is also subject to Texas Margin Tax. The Company realized no not

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 14. The Company uses the two The Company’s basic earnings per share attributable to common stockholders is computed as (i) net income as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings per share attributable to common stockholders is computed as (i) basic earnings attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table reconciles the Company’s earnings from operations and earnings attributable to common stockholders to the basic and diluted earnings used to determine the Company’s earnings per share amounts for the three six June 30, 2021 two Three Six Months Ended Months Ended June 30, June 30, 2021 2021 Net income as reported $ 5,743 $ 10,487 Participating basic earnings (a) (407 ) (743 ) Basic earnings attributable to common stockholders 5,336 9,744 Reallocation of participating earnings - 1 Diluted net income attributable to common stockholders $ 5,336 $ 9,745 Basic weighted average shares outstanding 92,676 92,634 Dilutive warrants and unvested stock options - 196 Diluted weighted average shares outstanding 92,676 92,830 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested stock options do not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding.	NOTE 13. The Company uses the two The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported attributable to common stockholders, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted shares outstanding. The components of basic and diluted earnings (loss) per share attributable to common stockholders are as follows (in thousands): Successor August 22, through December 31, 2020 Net income (loss) attributable to common stockholders $ (16,429 ) Participating share-based earnings (a) - Basic and diluted net income (loss) attributable to common stockholders $ (16,429 ) Basic weighted average shares outstanding 91,629 Dilution attributable to stock-based compensation awards - Diluted weighted average shares outstanding 91,629 (a) Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do not not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. The Company excluded 10,225,472 of weighted average shares of common stock issuable upon the conversion of the warrants for the period from August 22, 2020 December 31, 2020

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity (Successor)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 15. Equity (Successor) At June 30, 2021 December 31, 2020, August 21, 2025	NOTE 14. Equity (Successor) At December 31, 2020, August 21, 2025

Note 16 - Partners' Capital (Pr

Note 16 - Partners' Capital (Predecessor)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Partners' Capital Notes Disclosure [Text Block]	NOTE 16. Capital (Predecessor) Allocation of partner s net profits and losses. six June 30, 2020. Partner s distributions.	NOTE 15. Capital (Predecessors) Allocation of partner s net profits and losses. January 1, 2020 August 21, 2020. Partner s distributions. August 21, 2020,

Note 17 - Subsequent Events

Note 17 - Subsequent Events	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 17. WTG aid-in-construction. July 2021, Acquisitions. July 2021, third third 2021. Dividends and dividend equivalents. July 2021, July 26, 2021. July 2021 August 2021 August 2022, no	NOTE 16. Exercises of warrants. December 31, 2020, December 31, 2020. $9.1 December 31, 2020. December 31, 2020 250,000 March 15, 2020, Revolving Credit Facility commitment. March 2021,

Note 1 - Organization and Nat_2

Note 1 - Organization and Nature of Operations	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" the "Company," or the “Successor”) is a Delaware corporation, initially formed in October 2019 November 2017, one 10 December 31, 2020 HighPeak Energy’s common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy’s Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market under the ticker symbol “HPKER,” although the Company has applied for listing on the Nasdaq. The Company is an independent oil and natural gas exploration and production company that explores for, develops and produces oil, NGL and natural gas in the Permian Basin in West Texas, more specifically, the Midland Basin. Our acreage is composed of two	NOTE 1. HighPeak Energy, Inc. ("HighPeak Energy" the "Company," or the “Successor”) is a Delaware corporation, initially formed in October 2019 November 2017, one 10 HighPeak Energy’s common stock and warrants are listed and traded on the Nasdaq Global Market (the "Nasdaq") under the ticker symbols “HPK” and “HPKEW,” respectively. HighPeak Energy’s Contingent Value Rights (“CVRs”) are currently traded on the Over-The-Counter market, although the Company has applied for listing on the Nasdaq as well. The Company is an independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids and natural gas in the Permian Basin in West Texas.

Note 2 - Basis of Presentatio_2

Note 2 - Basis of Presentation and Summary of Significant Accounting Policy	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	NOTE 2. Presentation. June 30, 2021 December 31, 2020 three six June 30, 2021 ( three six June 30, 2020 ( three six June 30, 2021 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated and combined financial statements should be read together with the consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2020. Principles of consolidation. August 22, 2020, August 21, 2020. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. June 30, 2021 December 31, 2020, zero June 30, 2021 December 31, 2020, Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. June 30, 2021 Inventory. June 30, 2021 December 31, 2020 not Oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not Other property and equipment, net. June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020 Land $ 731 $ 725 Information technology 208 292 Transportation equipment 92 41 Leasehold improvements 17 24 Field equipment 9 10 Total other property and equipment, net $ 1,057 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Debt issuance costs. six June 30, 2021, zero six June 30, 2021 2020, June 30, 2021, December 31, 2020, 7 Leases. not may 12 not 10 Accounts payable, accrued liabilities and derivative liabilities. June 30, 2021 December 31, 2020 Asset retirement obligations. 8 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two June 30, 2021 December 31, 2020, Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5 Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not June 30, 2021 December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no Segments. one Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04” January 2021, No. 2021 01, Reference Rate Reform (Topic 848 2021 01” 848. 2020 04 March 12, 2020, March 12, 2020, 2020 04 2021 01 December 31, 2022. June 30, 2021, not 2020 04 2021 01. 7 The Company has evaluated other recently issued, but not not	NOTE 2. Presentation. December 31, 2020, The accompanying consolidated and combined statement of operations and the consolidated and combined statement of cash flows for the period from January 1, 2020 August 21, 2020 August 21, 2020 ( December 31, 2019 October 1, 2019 ( October 1, 2019 December 31, 2019. August 21, 2020, 10 two December 31, 2019 Predecessors for the Year Ended December 31, 2019 (in thousands) HPK LP from August 28, 2019 (Inception) through December 31, 2019 HighPeak I for the Year Ended December 31, 2019 Eliminations Combined Year Ended December 31, 2019 Operating Revenues: Crude oil sales $ 3,695 $ 4,154 $ 7,849 Natural gas and NGL sales 163 103 266 Total operating revenues 3,858 4,257 8,115 Operating Costs and Expenses: Oil and natural gas production 1,578 1,794 3,372 Production and ad valorem taxes 188 261 449 Exploration and abandonments 33 2,817 2,850 Depletion, depreciation and amortization 1,612 2,657 4,269 Accretion of discount on asset retirement obligations 34 38 72 General and administrative 6,159 2,523 8,682 Total operating costs and expenses 9,604 10,090 19,694 Loss from operations (5,746 ) (5,833 ) (11,579 ) Equity in losses of affiliate - (3,175 ) 3,175 - Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) Adjustments to reconcile net loss to net cash provided by (used in) operations: Exploration and abandonment expense 33 2,817 - 2,850 Depletion, depreciation and amortization expense 1,612 2,657 - 4,269 Accretion expense 34 38 - 72 Equity in loss off affiliate - 3,175 (3,175 ) - Changes in operating assets and liabilities: Accounts receivable (1,355 ) 1,425 - 70 Inventory and other current assets (88 ) (121 ) - (209 ) Accounts payable and accrued liabilities 3,010 745 - 3,755 Net cash provided by (used in) operating activities (2,500 ) 1,728 - (772 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and natural gas properties (45,318 ) (15,687 ) - (61,005 ) Changes in working capital associated with oil and natural gas property additions 19,097 5,585 - 24,682 Acquisitions of oil and natural gas properties (2,456 ) (8,462 ) - (10,918 ) Investment in affiliate - (7,796 ) 7,796 - Issuance of notes receivable (4,193 ) - - (4,193 ) Net cash used in investing activities (32,870 ) (26,360 ) 7,796 (51,434 ) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions from partners 58,081 23,738 (7,796 ) 74,023 Net cash provided by financing activities 58,081 23,738 (7,796 ) 74,023 Net increase (decrease) in cash and cash equivalents 22,711 (894 ) - 21,817 Cash and cash equivalents, beginning of period - 894 - 894 Cash and cash equivalents, end of period $ 22,711 $ - $ - $ 22,711 See Note 10 Principles of consolidation. August 22, 2020, August 21, 2020. Use of estimates in the preparation of financial statements. not Cash and cash equivalents. 90 may Accounts receivable. not As of December 31, 2020 2019, August 22, 2020 December 31, 2020, December 31, 2020 2019, Subscription receivable. 505 10 45 2, “Receivables for Issuance of Equity,” December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. Notes receivable. August 21, 2020, August 21, 2020 December 31, 2019, December 31, 2019, 10. Deposits. 2019, 2020 April 2020 Inventory. December 31, 2020 2019 120,000 not Oil and gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 5 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not August 22, 2020 December 31, 2020, not Other property and equipment, net. December 31, 2020 2019, Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Land $ 725 $ 580 Information technology 292 459 Transportation equipment 41 - Leasehold improvements 24 37 Field equipment 10 12 Total other property and equipment, net $ 1,092 $ 1,088 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not Debt issuance costs. December 2020, 2020 December 31, 2020, 6 Leases. not may 12 not 9 Accounts payable and accrued liabilities. December 31, 2020 2019 Asset retirement obligations. 7 Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two December 31, 2020 2019, Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 12 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no November 2020 may Segments. one Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 2020 Adoption of new accounting standards. February 2016, 2016 02, 842 842" 840, 840" 842 August 22, 2020 2018 11, 842 842 840. not ASC 842 August 22, 2020, ( not 842. The adoption of ASC 842 not no not August 22, 2020, no 842. New accounting pronouncements. June 2016, 2016 13, 326 2016 13" 2016 13 not not 2016 03 not In December 2019, 2019 12, 740 2019 12” 740 not December 15, 2020. In March 2020, 2020 04, 848 2020 04” not not In January 2021, 2021 01, 848 2021 01” 848 The Company has evaluated recently issued, but not not

Note 3 - Acquisitions_2

Note 3 - Acquisitions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Acquisitions [Text Block]	NOTE 3. During the six June 30, 2021 2020, 2020 three two Grenadier Acquisition. June 2019, June 1, 2019, October 1, 2019. 2019 2020 May 2020. April 2020 not six June 30, 2020.	NOTE 3. During the period from August 22, 2020 December 31, 2020 January 1, 2020 August 21, 2020, three two Grenadier Acquisition. June 2019, June 1, 2019, 10, October 1, 2019. no October 2019 May 2020. second not April 2020 not

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. June 30, 2021 As of June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Commodity price derivatives $ - $ 12,558 $ - $ 12,558 The Company did not December 31, 2020. Commodity price derivatives. third third 2 Assets and liabilities measured at fair value on a nonrecurring basis. not 1 2 3 may not not The Company has other financial instruments consisting primarily of cash equivalents, accounts receivable, accounts payable, long-term debt and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Impact of the COVID- 19 Proved Properties. may not The Company performed an impairment assessment of its proved oil and natural gas properties as of June 30, 2021 December 31, 2020 not may There is significant uncertainty surrounding the long-term impact to global oil demand due to the effects of the COVID- 19	NOTE 4. The Company determines fair value based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon inputs that market participants use in pricing an asset or liability, which are characterized according to a hierarchy that prioritizes those inputs based on the degree to which they are observable. Observable inputs represent market data obtained from independent sources, whereas unobservable inputs reflect a company's own market assumptions, which are used if observable inputs are not The three ● Level 1 ● Level 2 not ● Level 3 Assets and liabilities measured at fair value on a recurring basis. The Company did not December 31, 2020 2019. Assets and liabilities measured at fair value on a nonrecurring basis. not 2 one 10 3 3 may not not The Company has other financial instruments consisting primarily of cash equivalents, accounts receivable, accounts payable, long-term debt and other current assets and liabilities that approximate fair value due to the nature of the instrument and their relatively short maturities. Concentrations of credit risk. December 31, 2020 2019, no Impact of the COVID- 19 Proved Properties. may not Due to the decrease in management's commodity price outlooks ("Management's Price Outlooks"), the Company performed an impairment assessment of its proved oil and gas properties as of December 31, 2020 not may There is significant uncertainty surrounding the long-term impact to global oil demand due to the effects of the COVID- 19 2020

Note 5 - Exploratory Well Costs

Note 5 - Exploratory Well Costs	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Exploratory Well Costs [Text Block]	NOTE 6. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the condensed consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Six Months Ended June 30, 2021 Beginning capitalized exploratory well costs $ 32,592 Additions to exploratory well costs 75,289 Reclassification to proved properties (106,749 ) Exploratory well costs charged to exploration and abandonment expense - Ending capitalized exploratory well costs $ 1,132 All capitalized exploratory well costs have been capitalized for less than one	NOTE 5. The Company capitalizes exploratory well and project costs until a determination is made that the well or project has either found proved reserves, is impaired or is sold. The Company's capitalized exploratory well and project costs are included in proved properties in the condensed consolidated balance sheets. If the exploratory well or project is determined to be impaired, the impaired costs are charged to exploration and abandonments expense. The changes in capitalized exploratory well costs are as follows (in thousands): Year Ended December 31, 2020 Successor Predecessors August 22, through December 31, 2020 January 1, through August 21, 2020 Year Ended December 31, 2019 Beginning capitalized exploratory well costs $ 41,524 $ 11,427 $ - Additions to exploratory well costs pending the determination of proved reserves 53,462 48,169 58,435 Reclassification due to determination of proved reserves (62,394 ) (18,072 ) (47,008 ) Exploratory well costs charged to exploration and abandonment expense - - - Ending capitalized exploratory well costs $ 32,592 $ 41,524 $ 11,427 All capitalized exploratory well costs have been capitalized for less than one

Note 6 - Long-term Debt

Note 6 - Long-term Debt	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Long-term Debt [Text Block]	Note 7. The components of long-term debt, including the effects of debt issuance costs, are as follows (in thousands): June 30, December 31, 2021 2020 Revolving Credit Facility due 2024 $ 14,000 $ - Debt issuance costs, net (a) (2,082 ) - Total debt 11,918 - Less current portion of long-term debt - - Long-term debt, net $ 11,918 $ - (a) Debt issuance costs as of June 30, 2021 December 31, 2020 $4,000, Revolving Credit Facility December 2020, June 17, 2024. June 2021, $125,0 The borrowing capacity under the Revolving Credit Facility is equal to the lowest of (i) the borrowing base (which currently stands at $125.0 million), (ii) the aggregate elected commitments (which currently stand at $125.0 million) and (iii) $500.0 million. As of June 30, 2021 December 31, 2020, zero first April October. The Credit Agreement specifies that if LIBOR is no no 2 The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 1.00 June 30, 2021) 1.00 The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Facility contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Revolving Credit Agreement) is in excess of $20.0 million. In addition, the Revolving Credit Agreement is subject to customary events of default, including a change in control. If an event of default occurs and is continuing, the administrative agent or the majority of the lenders may	Note 6. Revolving Credit Facility December 2020, June 17, 2024. $40.0 $20.0 December 31, 2020, first April October. The Revolving Credit Facility requires the maintenance of a ratio of total debt to EBITDAX, subject to certain adjustments, not 1.00 March 31, 2021) 1.00 March 31, 2021). The Company has limited equity cure rights for a breach of the above-listed financial covenants. Additionally, the Revolving Credit Agreement contains additional restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness, incur additional liens, make investments and loans, enter into mergers and acquisitions, make or declare dividends and other payments, enter into certain hedging transactions, sell assets and engage in transactions with affiliates. The Revolving Credit Facility contains customary mandatory prepayments, including a monthly mandatory prepayment if the Consolidated Cash Balance (as defined in the Revolving Credit Agreement) is in excess of $20.0 million. In addition, the Revolving Credit Agreement is subject to customary events of default, including a change in control. If an event of default occurs and is continuing, the administrative agent or the majority may

Note 7 - Asset Retirement Oblig

Note 7 - Asset Retirement Obligations	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Asset Retirement Obligation Disclosure [Text Block]	Note 8. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Six Months Ended June 30, 2021 Beginning asset retirement obligations $ 2,293 Liabilities incurred from new wells 610 Revision of estimates (a) (10 ) Accretion of discount 72 Ending asset retirement obligations $ 2,965 (a) The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives. As of June 30, 2021 December 31, 2020,	Note 7. The Company’s asset retirement obligations primarily relate to the future plugging and abandonment of wells and related facilities. Market risk premiums associated with asset retirement obligations are estimated to represent a component of the Company’s credit-adjusted risk-free rate that is utilized in the calculations of asset retirement obligations. Asset retirement obligations activity is as follows (in thousands): Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Beginning asset retirement obligations $ 2,398 $ 2,212 $ 520 Liabilities incurred from new wells 84 97 1,511 Liabilities settled upon plugging and abandoning wells (29 ) - (51 ) Revision of estimates (a) (211 ) - 160 Accretion of discount 51 89 72 Ending asset retirement obligations $ 2,293 $ 2,398 $ 2,212 (a) The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties. As of December 31, 2020 2019,

Note 8 - Incentive Plans

Note 8 - Incentive Plans	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE 9. 401 401 “401 401 1986, October 1, 2020, 401 three may 401 401 401 four 401 six June 30, 2021 2020, zero 401 Long-Term Incentive Plan. June 30, 2021 Approved and authorized awards 12,047,866 Awards issued under plan (9,681,506 ) Awards available for future grant 2,366,360 Stock Options. August 24, 2020. six June 30, 2021 2020 zero June 30, 2021 December 31, 2020 two The Company estimates the fair values of stock options granted on the grant date using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of a peer group of companies with similar characteristics of the Company on the date of grant since the Company did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Exercised (154,268 ) $ 10.00 Outstanding at June 30, 2021 9,551,227 $ 10.00 9.2 $ - Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232 Exercisable at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232 Stock Issued to Directors. June 1, 2021, one June 2021 July 2021. six June 30, 2021, Stock was issued to the outside directors of the Company in November 2020 no	NOTE 8. 401 401 “401 401 1986, October 1, 2020, 401 three may 401 401 401 not four 401 August 24, 2020 December 31, 2020, 401 Long-Term Incentive Plan. 2020 December 31, 2020 Approved and authorized awards 11,907,006 Awards granted under plan (9,767,995 ) Awards available for future grant 2,139,011 Stock Options. August 24, 2020. August 22, 2020 December 31, 2020 December 31, 2020 two The Company estimates the fair values of stock options granted using a Black-Scholes option valuation model, which requires the Company to make several assumptions. The expected term of options granted was determined based on the simplified method of the midpoint between the vesting dates and the contractual term of the options. The risk-free interest rate is based on the U.S. treasury yield curve rate for the expected term of the option at the date of grant and the volatility was based on the volatility of a peer group of companies with similar characteristics of the Company on the date of grant since the Company did not Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Awards forfeited - Exercised - Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Stock Issued to Directors. November 2020 no

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 10. Leases. 842, January 1, 2020 June 30, 2021 December 31, 2020 not June 30, 2021 Remainder of 2021 $ 164 2022 79 Total lease payments 243 Less present value discount (4 ) Present value of lease liabilities $ 239 Legal actions. may not Indemnifications. Environmental. no not Salt-Water Disposal Commitments. third July 24, 2020 July 24, 2022. June 30, 2021, not not June 30, 2021. Crude Oil Delivery Commitments. May 2021, October 2021 first second eight June 30, 2021, Natural gas purchasing replacement contract. May 2021, not Power contracts. June 2021, 13 50 Also in June 2021, 12 fifteen 15 May 20, 2023.	NOTE 9. Leases. 842, January 1, 2020 December 31, 2020 not Successor December 31, 2020 2021 $ 439 2022 79 Total lease payments 518 Less present value discount (10 ) Present value of lease liabilities $ 508 Legal actions. may not Indemnifications. Environmental. no not Salt-Water Disposal Commitments. two third September 30, 2020 September 30, 2021 July 24, 2020 July 24, 2022. December 31, 2020, two not not December 31, 2020. 2021,

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 11. General and Administrative Expenses. six June 30, 2020, six June 30, 2020. no	NOTE 10. HPK LP Business Combination. October 1, 2019, 2019, January 1, 2020 August 21, 2020, January 1, 2020 August 21, 2020, August 21, 2020, Since HighPeak I is the predecessor to HPK LP, its consolidated statement of operations and consolidated statement of cash flows for the nine September 30, 2019 Nine Months Ended September 30, 2019 Operating Revenues: Crude oil sales $ 719 Natural gas and natural gas liquid sales 223 Total operating revenues 942 Operating costs and expenses: Oil and natural gas production 1,190 Production and ad valorem taxes 59 Exploration and abandonment 756 Depletion, depreciation and amortization 650 Accretion of discount on asset retirement obligations 86 General and administrative 2,891 Abandoned project 1,122 Total operating costs and expenses 6,754 Loss from operations (5,812 ) Interest income 107 Net loss $ (5,705 ) HighPeak Business Combination. August 21, 2020, August 22, 2020 (a) (b) (c) (d) (e) (f) HPK LP Pure HighPeak Employees, Inc. Issuance of HighPeak Energy Common Stock Cash Offering Costs Deferred Tax Liability Beginning Balance Sheet on August 22, 2020 Cash and cash equivalents $ 1,943 $ 1 $ 99 $ 92,554 $ (8,114 ) $ - $ 86,483 Accounts receivable 3,001 - 26 - - - 3,027 Total current assets 4,944 1 125 92,554 (8,114 ) - 89,510 Total oil and gas properties, net 452,039 - - - - - 452,039 Other property and equipment, net 436 - - - - - 436 Total assets $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ - $ 541,985 Current liabilities $ 35,794 $ 2,025 $ 77 $ (9,538 ) $ - $ - $ 28,358 Deferred income tax liability - - - - - 39,946 39,946 Notes payable (receivable) (11,675 ) 11,675 - - - - - Asset retirement obligations 2,398 - - - - - 2,398 Partners' capital 521,682 - - (521,682 ) - - - Common stock - - - 9 - - 9 Additional paid-in capital - (13,699 ) 48 623,765 (8,114 ) (39,946 ) 562,054 Accumulated deficit (90,780 ) - - - - - (90,780 ) Total stockholders' equity/partner's capital 430,902 (13,699 ) 48 102,092 (8,114 ) (39,946 ) 471,283 Total liabilities and stockholders' equity/partners' capital $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ - $ 541,985 (a) Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020. (b) Represents Pure’s condensed consolidated balance sheet estimated as of August 21, 2020 (c) Represents the balance sheet of HighPeak Energy Employees, Inc which was acquired by the Company for $10.00 upon the closing of the HighPeak business combination. (d) Represents the issuance by the Company of 91,592,354 shares of common stock, 10,538,183 warrants and 10,209,300 Contingent Value Rights upon the closing of the HighPeak business combination. The reduction to accounts payable of $9.5 million represents those vendors of HPK LP that purchased shares under the Forward Purchase Agreement Amendment in the HighPeak business combination in lieu of being paid cash for the majority of their outstanding balances. (e) Represents the cash costs paid for the offering of the aforementioned shares in addition to the cash costs that had previously been incurred by Pure of $13.7 million in column (b). (f) Represents the beginning deferred tax liability of the Company given the combination of all the entities, most of which originated from HPK LP which was a partnership for U.S. federal income tax purposes and therefore did not Pursuant to the Business Combination Agreement, among other things, (a) MergerSub merged with and into Pure, with Pure surviving as a wholly owned subsidiary of the Company, (b) each outstanding share of Pure’s Class A Common Stock and Pure’s Class B Common Stock (other than certain shares of Pure’s Class B Common Stock that were surrendered for cancellation by Pure’s Sponsor) were converted into the right to receive (A) one one one may August 21, 2022 February 21, 2023, one one no no HighPeak I and HighPeak II collectively received 76,383,054 shares of HighPeak Energy common stock pursuant to the Business Combination Agreement. Further, certain of the Company’s executive officers and directors received the consideration provided by the HighPeak business combination through their ownership of Pure’s Class A Common Stock. Steven W. Tholen, the Company’s Chief Financial Officer received 5,000 shares of HighPeak Energy common stock, 5,000 CVRs and 5,000 warrants in exchange for shares of Pure’s Class A Common Stock owned by him prior to the HighPeak business combination. Michael L. Hollis, the Company’s President and member of the Company’s board of directors (the “Board”), received 16,802 shares of HighPeak Energy common stock, 16,802 CVRs and 20,382 warrants in exchange for shares of Pure’s Class A Common Stock and Pure’s warrants, respectively, owned by him prior to the HighPeak business combination. Further, Rodney L. Woodard, the Chief Operating Officer of the Company, received 14,000 shares of HighPeak Energy common stock, 14,000 CVRs and 14,000 warrants in exchange for shares of Pure’s Class A Common Stock and Pure’s warrants, respectively, owned by him prior to the HighPeak business combination. Unaudited Pro Forma Operating Results. January 1, 2019. The pro forma condensed combined financial information has been included for comparative purposes and is not January 1, 2019; not (Unaudited Pro Forma) Year Ended December 31, 2020 2019 Total revenues $ 24,623 $ 9,057 Net income attributable to Common Stock (23,310 ) (8,838 ) Basic and diluted net loss per share (0.25 ) (0.10 ) Contingent Value Rights. may August 21, 2022 February 21, 2023, Stockholders Agreement . one not ● for so long as (i) the Principal Stockholder Group beneficially owns at least 35% of the Original Shares and (ii) the Original Shares constitute at least 30% of the Company’s then-outstanding voting securities, the Principal Stockholder Group can designate up to four 50% one ● for so long as (i) the Principal Stockholder Group beneficially owns less than 35% three ● for so long as (i) the Principal Stockholder Group beneficially owns less than 25% two ● if (i) the Principal Stockholder Group beneficially owns less than 15% one If at any time the Principal Stockholder Group owns less than 5% 7.5% For so long as the Principal Stockholder Group has the right to designate at least one not seven one one The Stockholders’ Agreement also includes customary restrictions on the transfer of equity securities to certain persons acquiring beneficial ownership. Pursuant to the Stockholders’ Agreement, the Principal Stockholder Group will agree not 180 no no Registration Rights Agreement . 1933, may no not one $5 $25 not may may not two sixty 60 ninety 90 twelve 12 Forward Purchases . July 24, 2020 ( Prior to the closing of the HighPeak business combination, and subsequent to the Company’s entry into the Forward Purchase Agreement Amendment, an aggregate of 8,976,875 forward purchase units (with each forward purchase unit consisting of one one one General and Administrative Expenses. January 1, 2020 August 21, 2020, January 1, 2020 August 21, 2020. no In October 2020, G4

Note 11 - Major Customers

Note 11 - Major Customers	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 12. Lion Oil Trading and Transportation, LLC (“Lion”) accounted for approximately 95% of the Company’s revenues during the six June 30, 2021. six June 30, 2020. not	NOTE 11. Lion Oil Trading and Transportation, LLC purchased approximately 98% of the Company’s crude oil, natural gas and natural gas liquids during the period from August 22, 2020 December 31, 2020. 44%, January 1, 2020 August 21, 2020. not

Note 12 - Income Taxes

Note 12 - Income Taxes	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 13. The Company’s income tax expense attributable to income from operations consisted of the following (in thousands): Six Months Ended June 30, 2021 Current tax expense $ - Deferred tax expense 2,535 Income tax expense $ 2,535 The reconciliation between the income tax expense computed by multiplying pre-tax income by the U.S. federal statutory rate and the reported amounts of income tax expense is as follows (in thousands, except rate): Six Months Ended June 30, 2021 Income tax expense at U.S. federal statutory rate $ 2,735 Limited tax benefit due to stock-based compensation (81 ) Other (119 ) Income tax expense $ 2,535 Effective income tax rate 19.5 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of June 30, 2021 December 31, 2020 ( June 30, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 16,770 $ 9,725 Stock-based compensation 3,419 3,124 Unrecognized derivative losses 2,637 - Other 107 31 Less: Valuation allowance - - Net deferred tax assets 22,933 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (64,365 ) (51,778 ) Net deferred tax liabilities $ (41,432 ) $ (38,898 ) The effective income tax rate differs from the U.S. statutory rate of 21 percent primarily due to permanent differences between GAAP income and taxable income. Periods prior to August 22, 2020 not not 1065 2020 As required by ASC Topic 740, 740” not” not not may not June 30, 2021 December 31, 2020, not not” 740. may not June 30, 2021 December 31, 2020, The Company is also subject to Texas Margin Tax. The Company realized no not 2021.	NOTE 12. On March 27, 2020, may The Company’s income tax expense (benefit) attributable to income (loss) from operations consisted of the following(in thousands): August 22, 2020 through December 31, 2020 Current tax benefit $ (3,176 ) Deferred tax benefit (1,047 ) Income tax benefit $ (4,223 ) The reconciliation between the income tax expense (benefit) computed by multiplying pre-tax income (loss) by the U.S. federal statutory rate and the reported amounts of income tax expense (benefit) is as follows (in thousands, except rate): August 22, 2020 through December 31, 2020 Income tax expense (benefit) at U.S. federal statutory rate $ (4,337 ) Limited tax benefit due to stock-based compensation 127 Other (13 ) Income tax expense (benefit) $ (4,223 ) Effective income tax rate 20.4 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows as of December 31, 2020 ( December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 9,725 Stock-based compensation 3,124 Other 31 Less: Valuation allowance - Net deferred tax assets 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (51,778 ) Net deferred tax liabilities $ (38,898 ) The effective income tax rate differs from the U.S. statutory rate of 21 percent primarily due to permanent differences between GAAP income and taxable income. Periods prior to August 22, 2020 not not 1065 2017 2019 As required by ASC Topic 740, 740” not” not not may not December 31, 2020, not not” 740. may not December 31, 2020 On December 27, 2020, 100% 2021 2022, 50% December 31, 2020. not December 31, 2020. The Company is also subject to Texas Margin Tax. The Company realized no not

Note 13 - Earnings (Loss) Per S

Note 13 - Earnings (Loss) Per Share	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 14. The Company uses the two The Company’s basic earnings per share attributable to common stockholders is computed as (i) net income as reported, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings per share attributable to common stockholders is computed as (i) basic earnings attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted common shares outstanding. The following table reconciles the Company’s earnings from operations and earnings attributable to common stockholders to the basic and diluted earnings used to determine the Company’s earnings per share amounts for the three six June 30, 2021 two Three Six Months Ended Months Ended June 30, June 30, 2021 2021 Net income as reported $ 5,743 $ 10,487 Participating basic earnings (a) (407 ) (743 ) Basic earnings attributable to common stockholders 5,336 9,744 Reallocation of participating earnings - 1 Diluted net income attributable to common stockholders $ 5,336 $ 9,745 Basic weighted average shares outstanding 92,676 92,634 Dilutive warrants and unvested stock options - 196 Diluted weighted average shares outstanding 92,676 92,830 (a) Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested stock options do not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding.	NOTE 13. The Company uses the two The Company’s basic earnings (loss) per share attributable to common stockholders is computed as (i) net income (loss) as reported attributable to common stockholders, (ii) less participating basic earnings (iii) divided by weighted average basic common shares outstanding. The Company’s diluted earnings (loss) per share attributable to common stockholders is computed as (i) basic earnings (loss) attributable to common stockholders, (ii) plus reallocation of participating earnings (iii) divided by weighted average diluted shares outstanding. The components of basic and diluted earnings (loss) per share attributable to common stockholders are as follows (in thousands): Successor August 22, through December 31, 2020 Net income (loss) attributable to common stockholders $ (16,429 ) Participating share-based earnings (a) - Basic and diluted net income (loss) attributable to common stockholders $ (16,429 ) Basic weighted average shares outstanding 91,629 Dilution attributable to stock-based compensation awards - Diluted weighted average shares outstanding 91,629 (a) Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do not not The calculation for weighted average shares reflects shares outstanding over the reporting period based on the actual number of days the shares were outstanding. The Company excluded 10,225,472 of weighted average shares of common stock issuable upon the conversion of the warrants for the period from August 22, 2020 December 31, 2020

Note 14 - Stockholders' Equity

Note 14 - Stockholders' Equity (Successor)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 15. Equity (Successor) At June 30, 2021 December 31, 2020, August 21, 2025	NOTE 14. Equity (Successor) At December 31, 2020, August 21, 2025

Note 15 - Partners' Capital (Pr

Note 15 - Partners' Capital (Predecessors)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Partners' Capital Notes Disclosure [Text Block]	NOTE 16. Capital (Predecessor) Allocation of partner s net profits and losses. six June 30, 2020. Partner s distributions.	NOTE 15. Capital (Predecessors) Allocation of partner s net profits and losses. January 1, 2020 August 21, 2020. Partner s distributions. August 21, 2020,

Note 16 - Subsequent Events

Note 16 - Subsequent Events	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 17. WTG aid-in-construction. July 2021, Acquisitions. July 2021, third third 2021. Dividends and dividend equivalents. July 2021, July 26, 2021. July 2021 August 2021 August 2022, no	NOTE 16. Exercises of warrants. December 31, 2020, December 31, 2020. $9.1 December 31, 2020. December 31, 2020 250,000 March 15, 2020, Revolving Credit Facility commitment. March 2021,

Note 17 - Supplemental Oil and

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited)	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Oil and Gas Exploration and Production Industries Disclosures [Text Block]	Note 17 Supplemental Oil and Gas Disclosures (Unaudited) Net Capitalized Costs The following table reflects the capitalized costs of natural gas and oil properties and the related accumulated depletion (in thousands): Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Proved properties $ 367,372 $ 178,835 Unproved properties 152,741 227,525 Total capitalized costs 520,113 406,360 Less: accumulated depletion (17,477 ) (1,566 ) Net capitalized costs $ 502,636 $ 404,794 Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development The following table reflects costs incurred in oil, natural gas and NGL property acquisition, development and exploratory activities (in thousands): Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Acquisition costs: Proved properties $ - $ 585 $ 4,635 Unproved properties 1,181 2,753 6,288 Total acquisition costs 1,181 3,338 10,923 Exploration costs 52,837 48,801 59,349 Development costs 11,757 863 54 Oil and gas expenditures 65,775 53,002 70,326 Asset retirement obligations, net (105 ) 98 316 Total costs incurred $ 65,670 $ 53,100 $ 70,642 Results of Operations for Oil, Natural Gas and NGL Producing Activities The following table reflects the Partnership’s results of operations for oil, natural gas and natural gas liquids producing activities (in thousands): Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Oil, NGL and natural gas sales $ 16,400 $ 8,223 $ 8,115 Lease operating expenses 2,653 4,870 3,372 Production and ad valorem taxes 886 566 449 Exploration and abandonment expense 5,032 4 2,850 Depletion, depreciation and amortization expense 9,877 6,385 4,269 Accretion of discount on asset retirement obligations 51 89 72 Results of operations from oil and gas production activities $ (2,099 ) $ (3,691 ) $ (2,897 ) Oil, Natural Gas and NGL Reserves Proved reserves were estimated in accordance with guidelines established by the SEC, which require that reserve estimates be prepared under existing economic and operating conditions based upon the 12 first December 31, 2020 2019 December 31, 2020 December 31, 2019 The proved reserve estimates as of December 31, 2020 2019 not, no may Reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered. Estimating quantities of proved oil and natural gas reserves is a complex process that involves significant interpretations and assumptions and cannot be measured in an exact manner. It requires interpretations and judgment of available technical data, including the evaluation of available geological, geophysical and engineering data. The accuracy of any reserve estimate is highly dependent on the quality of available data, the accuracy of the assumptions on which they are based upon, economic factors, such as oil and natural gas prices, production costs, severance and excise taxes, capital expenditures, workover and remedial costs, and the assumed effects of governmental regulation. In addition, due to the lack of substantial, if any, production data, there are greater uncertainties in estimating PUD reserves, proved developed non-producing reserves and proved developed reserves that are early in their production life. As a result, the Company’s reserve estimates are inherently imprecise. The meaningfulness of reserve estimates is highly dependent on the accuracy of the assumptions on which they were based. In general, the volume of production from oil and natural gas properties the Company owns declines as reserves are depleted. Except to the extent the Company conducts successful exploration and development activities or acquires additional properties containing proved reserves, or both, the Company’s proved reserves will decline as reserves are produced. The following table reflects changes in proved reserves during the periods indicated: Crude Oil (MBbl) Natural Gas (MMcf) NGL (MBbl) Total (MBoe) Predecessors Proved Reserves at January 1, 2019 2,914 809 222 3,271 Contribution from HighPeak II 973 569 78 1,146 Extensions and discoveries 5,413 2,528 759 6,593 Revisions of previous estimates 217 887 290 655 Production (145 ) (139 ) - (168 ) Proved Reserves at December 31, 2019 9,372 4,654 1,349 11,497 Purchase of minerals in place 44 36 - 50 Extensions and discoveries 1,008 252 67 1,117 Revisions of previous estimates (1,555 ) (1,144 ) (374 ) (2,120 ) Production (236 ) (87 ) (20 ) (270 ) Proved Reserves at August 21, 2020 8,633 3,711 1,022 10,274 Successor Proved Reserves at August 22, 2020 8,633 3,711 1,022 10,274 Extensions and discoveries 11,977 5,215 1,433 14,279 Revisions of previous estimates (1,180 ) (875 ) (277 ) (1,603 ) Production (398 ) (112 ) (18 ) (435 ) Proved Reserves at December 31, 2020 19,032 7,939 2,160 22,515 At December 31, 2020, August 21, 2020, August 22, 2020 December 31, 2020, December 31, 2020, ( December 31, 2020, August 22, 2020 December 31, 2020 August 22, 2020 December 31, 2020. At August 21, 2020, January 1, 2020 August 21, 2020, three January 1, 2020 August 21, 2020, August 21, 2020. January 1, 2020 August 21, 2020 January 1, 20202 August 21, 2020. At December 31, 2019, October 1, 2019, December 31, 2019, December 31, 2019, ( December 31, 2019, December 31, 2019 December 31, 2019. The following table sets forth the Partnership’s estimated quantities of proved developed and proved undeveloped oil, natural gas and natural gas liquid reserves: Successor December 31, 2020 Predecessors December 31, 2019 Proved Developed Reserves (1) Oil (MBbl) 8,730 4,091 Natural gas (MMcf) 3,572 1,952 Natural gas liquids (MBbl) 957 548 Total (MBoe) 10,282 4,964 Proved Undeveloped Reserves Oil (MBbl) 10,302 5,281 Natural gas (MMcf) 4,367 2,702 Natural gas liquids (MBbl) 1,203 801 Total (MBoe) 12,233 6,533 Total Proved Reserves Oil (MBbl) 19,032 9,372 Natural gas (MMcf) 7,939 4,654 Natural gas liquids (MBbl) 2,160 1,349 Total (MBoe) 22,515 11,497 ( 1 As of December 31, 2020 2019, Standardized Measure of Discounted Future Net Cash Flows The following table reflects the Partnership’s standardized measure of discounted future net cash flows relating from its proved crude oil, natural gas and natural gas liquids reserves (in thousands): Successor December 31, 2020 Predecessors December 31, 2019 Future cash inflows $ 740,859 $ 502,961 Future production costs (217,025 ) (127,897 ) Future development costs (117,887 ) (78,360 ) Future income tax expense (25,824 ) (2,640 ) Future net cash flows 380,123 294,064 Discount to present value at 10% annual rate (157,931 ) (154,043 ) Standardized measure of discounted future net cash flows $ 222,192 $ 140,021 ( 1 Effective beginning on August 22, 2020 December 31, 2020, may December 31, 2019, The following table reflects the principal changes in the standardized measure of discounted future net cash flows attributable to the Partnership’s proved reserves (in thousands): Year Ended December 31, 2020 (2) Year Ended December 31, 2019 (2) Standardized measure of discounted future net cash flows, beginning of year $ 140,021 $ 31,118 Contribution of HighPeak II to Predecessors - 10,488 Sales of oil and natural gas, net of production costs (15,648 ) (4,294 ) Extensions and discoveries, net of future development costs 172,478 85,626 Net changes in prices and production costs (50,728 ) (6,755 ) Changes in estimated future development costs 6,466 9,483 Purchases of minerals in place 600 14 Revisions of previous quantity estimates (41,646 ) 8,232 Accretion of discount 14,134 3,165 Net changes in income taxes (1) (10,675 ) (857 ) Net changes in timing of production and other 7,190 3,801 Standardized measure of discounted future net cash flows, end of year $ 222,192 $ 140,021 ( 1 Effective with the HighPeak business combination that closed on August 21, 2020, December 31, 2020 December 31, 2019. ( 2 The year ended December 31, 2020 December 31, 2019 December 31, 2020 January 1, 2020 August 21, 2020 August 22, 2020 December 31, 2020 no third August 21, 2020 December 31, 2019 December 31, 2018 December 31, 2019 January 1, 2019 September 30, 2019 October 1, 2019 December 31, 2019 no third October 1, 2019

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Presentation. June 30, 2021 December 31, 2020 three six June 30, 2021 ( three six June 30, 2020 ( three six June 30, 2021 not Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim condensed consolidated and combined financial statements should be read together with the consolidated and combined financial statements and notes thereto included in the Company’s Annual Report on Form 10 December 31, 2020.	Presentation. December 31, 2020, The accompanying consolidated and combined statement of operations and the consolidated and combined statement of cash flows for the period from January 1, 2020 August 21, 2020 August 21, 2020 ( December 31, 2019 October 1, 2019 ( October 1, 2019 December 31, 2019. August 21, 2020, 10 two December 31, 2019 Predecessors for the Year Ended December 31, 2019 (in thousands) HPK LP from August 28, 2019 (Inception) through December 31, 2019 HighPeak I for the Year Ended December 31, 2019 Eliminations Combined Year Ended December 31, 2019 Operating Revenues: Crude oil sales $ 3,695 $ 4,154 $ 7,849 Natural gas and NGL sales 163 103 266 Total operating revenues 3,858 4,257 8,115 Operating Costs and Expenses: Oil and natural gas production 1,578 1,794 3,372 Production and ad valorem taxes 188 261 449 Exploration and abandonments 33 2,817 2,850 Depletion, depreciation and amortization 1,612 2,657 4,269 Accretion of discount on asset retirement obligations 34 38 72 General and administrative 6,159 2,523 8,682 Total operating costs and expenses 9,604 10,090 19,694 Loss from operations (5,746 ) (5,833 ) (11,579 ) Equity in losses of affiliate - (3,175 ) 3,175 - Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) Adjustments to reconcile net loss to net cash provided by (used in) operations: Exploration and abandonment expense 33 2,817 - 2,850 Depletion, depreciation and amortization expense 1,612 2,657 - 4,269 Accretion expense 34 38 - 72 Equity in loss off affiliate - 3,175 (3,175 ) - Changes in operating assets and liabilities: Accounts receivable (1,355 ) 1,425 - 70 Inventory and other current assets (88 ) (121 ) - (209 ) Accounts payable and accrued liabilities 3,010 745 - 3,755 Net cash provided by (used in) operating activities (2,500 ) 1,728 - (772 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and natural gas properties (45,318 ) (15,687 ) - (61,005 ) Changes in working capital associated with oil and natural gas property additions 19,097 5,585 - 24,682 Acquisitions of oil and natural gas properties (2,456 ) (8,462 ) - (10,918 ) Investment in affiliate - (7,796 ) 7,796 - Issuance of notes receivable (4,193 ) - - (4,193 ) Net cash used in investing activities (32,870 ) (26,360 ) 7,796 (51,434 ) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions from partners 58,081 23,738 (7,796 ) 74,023 Net cash provided by financing activities 58,081 23,738 (7,796 ) 74,023 Net increase (decrease) in cash and cash equivalents 22,711 (894 ) - 21,817 Cash and cash equivalents, beginning of period - 894 - 894 Cash and cash equivalents, end of period $ 22,711 $ - $ - $ 22,711 See Note 10
Consolidation, Policy [Policy Text Block]	Principles of consolidation. August 22, 2020, August 21, 2020.	Principles of consolidation. August 22, 2020, August 21, 2020.
Use of Estimates, Policy [Policy Text Block]	Use of estimates in the preparation of financial statements. not	Use of estimates in the preparation of financial statements. not
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and cash equivalents. 90 may	Cash and cash equivalents. 90 may
Accounts Receivable [Policy Text Block]	Accounts receivable. June 30, 2021 December 31, 2020, zero June 30, 2021 December 31, 2020,	Accounts receivable. not As of December 31, 2020 2019, August 22, 2020 December 31, 2020, December 31, 2020 2019,
Subscription Receivable [Policy Text Block]	Subscription receivable. 505 10 45 2, Receivables for Issuance of Equity, December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020. June 30, 2021	Subscription receivable. 505 10 45 2, “Receivables for Issuance of Equity,” December 31, 2020 December 31, 2020 December 31, 2020, December 2020 December 31, 2020. December 31, 2020.
Inventory, Policy [Policy Text Block]	Inventory. June 30, 2021 December 31, 2020 not	Inventory. December 31, 2020 2019 120,000 not
Industry Specific Policies, Oil and Gas [Policy Text Block]	Oil and natural gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 6 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and natural gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and natural gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not	Oil and gas properties. The Company does not Due to the capital-intensive nature and the geographical location of certain projects, it may not 5 The capitalized costs of proved properties are depleted using the unit-of-production method based on proved reserves for leasehold costs and proved reserves for drilling, completion and other oil and natural gas property costs. Costs of unproved leasehold costs are excluded from depletion until proved reserves are established or, if unsuccessful, impairment is determined. Proceeds from the sales of individual properties and the capitalized costs of individual properties sold or abandoned are credited and charged, respectively, to accumulated depletion, depreciation and amortization, if doing so does not no The Company performs assessments of its long-lived assets to be held and used, including proved oil and gas properties accounted for under the successful efforts method of accounting, whenever events or circumstances indicate that the carrying value of those assets may not Unproved oil and gas properties are periodically assessed for impairment on a project-by-project basis. These impairment assessments are affected by the results of exploration activities, commodity price outlooks, planned future sales or expirations of all or a portion of such projects. If the estimated future net cash flows attributable to such projects are not August 22, 2020 December 31, 2020, not
Property, Plant and Equipment, Policy [Policy Text Block]	Other property and equipment, net. June 30, 2021 December 31, 2020, June 30, 2021 December 31, 2020 Land $ 731 $ 725 Information technology 208 292 Transportation equipment 92 41 Leasehold improvements 17 24 Field equipment 9 10 Total other property and equipment, net $ 1,057 $ 1,092 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not	Other property and equipment, net. December 31, 2020 2019, Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Land $ 725 $ 580 Information technology 292 459 Transportation equipment 41 - Leasehold improvements 24 37 Field equipment 10 12 Total other property and equipment, net $ 1,092 $ 1,088 Other property and equipment is depreciated over its estimated useful life on a straight-line basis. Land is not three five seven The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not
Debt, Policy [Policy Text Block]	Debt issuance costs. six June 30, 2021, zero six June 30, 2021 2020, June 30, 2021, December 31, 2020, 7	Debt issuance costs. December 2020, 2020 December 31, 2020, 6
Lessee, Leases [Policy Text Block]	Leases. not may 12 not 10	Leases. not may 12 not 9
Accounts Payable and Accrued Liabilities, Policy [Policy Text Block]	Accounts payable, accrued liabilities and derivative liabilities. June 30, 2021 December 31, 2020	Accounts payable and accrued liabilities. December 31, 2020 2019
Asset Retirement Obligation [Policy Text Block]	Asset retirement obligations. 8	Asset retirement obligations. 7
Revenue from Contract with Customer [Policy Text Block]	Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two June 30, 2021 December 31, 2020, Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not	Revenue recognition . 606, 606” The Company enters into contracts with purchasers to sell its oil and natural gas production. Revenue on these contracts is recognized in accordance with the five 606. one two December 31, 2020 2019, Oil Contracts. Natural Gas Contracts. The Company does not 606. 606 10 50 14 not
Derivatives, Policy [Policy Text Block]	Derivatives. may The Company’s credit risk related to derivatives is a counterparties’ failure to perform under derivative contracts owed to the Company. The Company uses credit and other financial criteria to evaluate the credit standing of, and to select, counterparties to its derivative instruments. Although the Company does not The Company has entered into International Swap Dealers Association Master Agreements (“ISDA Agreements”) with each of its derivative counterparties. The terms of the ISDA Agreements provide the Company and the counterparties with rights of set off upon the occurrence of defined acts of default by either the Company or a counterparty to a derivative, whereby the party not may 5
Income Tax, Policy [Policy Text Block]	Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not June 30, 2021 December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 13 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not	Income taxes. The Company reviews its deferred tax assets for recoverability and establishes a valuation allowance based on projected future taxable income, applicable tax strategies and the expected timing of the reversals of existing temporary differences. A valuation allowance is provided when it is more likely than not 50 not not December 31, 2020. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not 12 The Company records any tax-related interest charges as interest expense and any tax-related penalties as other expense in the condensed consolidated and combined statements of operations of which there have been none Prior to August 21, 2020, not 1065 2017 2019 The Predecessors recognize in their condensed consolidated and combined financial statements the effect of a tax position, if that position is more likely than not not not August 21, 2020. 2017, may The Company is also subject to Texas Margin Tax. The Company realized no not
Share-based Payment Arrangement [Policy Text Block]	Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no	Stock-based compensation. Stock-based compensation for HighPeak Energy common stock issued to directors with no November 2020 may
Segment Reporting, Policy [Policy Text Block]	Segments. one	Segments. one
Effect of Covid-19 Pandemic [Policy Text Block]	Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19	Impact of the COVID- 19 2019 19" 2019 March 2020, 19 19 19 19 February 2020. 19 2020
New Accounting Pronouncements, Policy [Policy Text Block]	Adoption of new accounting standards. December 2019, No. 2019 12, Simplifying the Accounting for Income Taxes (Topic 740 2019 12 January 1, 2021, not New accounting pronouncements. March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04” January 2021, No. 2021 01, Reference Rate Reform (Topic 848 2021 01” 848. 2020 04 March 12, 2020, March 12, 2020, 2020 04 2021 01 December 31, 2022. June 30, 2021, not 2020 04 2021 01. 7 The Company has evaluated other recently issued, but not not	New accounting pronouncements. June 2016, 2016 13, 326 2016 13" 2016 13 not not 2016 03 not In December 2019, 2019 12, 740 2019 12” 740 not December 15, 2020. In March 2020, 2020 04, 848 2020 04” not not In January 2021, 2021 01, 848 2021 01” 848 The Company has evaluated recently issued, but not not
Receivable [Policy Text Block]		Notes receivable. August 21, 2020, August 21, 2020 December 31, 2019, December 31, 2019, 10.
Deposits, Policy [Policy Text Block]		Deposits. 2019, 2020 April 2020

Note 2 - Basis of Presentatio_3

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2021 December 31, 2020 Land $ 731 $ 725 Information technology 208 292 Transportation equipment 92 41 Leasehold improvements 17 24 Field equipment 9 10 Total other property and equipment, net $ 1,057 $ 1,092	Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Land $ 725 $ 580 Information technology 292 459 Transportation equipment 41 - Leasehold improvements 24 37 Field equipment 10 12 Total other property and equipment, net $ 1,092 $ 1,088

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	As of June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Liabilities: Commodity price derivatives $ - $ 12,558 $ - $ 12,558

Note 5 - Derivative Financial_2

Note 5 - Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Derivative Instruments, Gain (Loss) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Successor Predecessor Successor Predecessor Noncash derivative gain (loss), net $ (12,558 ) $ - $ (12,558 ) $ - Cash payments on settled derivative instruments, net (1,038 ) - (1,038 ) - Derivative gain (loss), net $ (13,596 ) $ - $ (13,596 ) $ -
Schedule of Price Risk Derivatives [Table Text Block]	2021 2022 Third Quarter Fourth Quarter Total First Quarter Second Quarter Total Oil Price Swaps Volume (Bbls) 460,000 460,000 920,000 450,000 302,500 752,500 Price per Bbl $ 61.91 $ 61.91 $ 61.91 $ 61.91 $ 62.16 $ 61.95

Note 6 - Exploratory Well Cos_2

Note 6 - Exploratory Well Costs (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Capitalized Exploratory Well Costs, Roll Forward [Table Text Block]	Six Months Ended June 30, 2021 Beginning capitalized exploratory well costs $ 32,592 Additions to exploratory well costs 75,289 Reclassification to proved properties (106,749 ) Exploratory well costs charged to exploration and abandonment expense - Ending capitalized exploratory well costs $ 1,132	Year Ended December 31, 2020 Successor Predecessors August 22, through December 31, 2020 January 1, through August 21, 2020 Year Ended December 31, 2019 Beginning capitalized exploratory well costs $ 41,524 $ 11,427 $ - Additions to exploratory well costs pending the determination of proved reserves 53,462 48,169 58,435 Reclassification due to determination of proved reserves (62,394 ) (18,072 ) (47,008 ) Exploratory well costs charged to exploration and abandonment expense - - - Ending capitalized exploratory well costs $ 32,592 $ 41,524 $ 11,427

Note 7 - Long-term Debt (Tables

Note 7 - Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	June 30, December 31, 2021 2020 Revolving Credit Facility due 2024 $ 14,000 $ - Debt issuance costs, net (a) (2,082 ) - Total debt 11,918 - Less current portion of long-term debt - - Long-term debt, net $ 11,918 $ -

Note 8 - Asset Retirement Obl_2

Note 8 - Asset Retirement Obligations (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Six Months Ended June 30, 2021 Beginning asset retirement obligations $ 2,293 Liabilities incurred from new wells 610 Revision of estimates (a) (10 ) Accretion of discount 72 Ending asset retirement obligations $ 2,965	Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Beginning asset retirement obligations $ 2,398 $ 2,212 $ 520 Liabilities incurred from new wells 84 97 1,511 Liabilities settled upon plugging and abandoning wells (29 ) - (51 ) Revision of estimates (a) (211 ) - 160 Accretion of discount 51 89 72 Ending asset retirement obligations $ 2,293 $ 2,398 $ 2,212

Note 9 - Incentive Plans (Table

Note 9 - Incentive Plans (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Shares Available Under Long-term Incentive Plan [Table Text Block]	June 30, 2021 Approved and authorized awards 12,047,866 Awards issued under plan (9,681,506 ) Awards available for future grant 2,366,360	December 31, 2020 Approved and authorized awards 11,907,006 Awards granted under plan (9,767,995 ) Awards available for future grant 2,139,011
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Exercised (154,268 ) $ 10.00 Outstanding at June 30, 2021 9,551,227 $ 10.00 9.2 $ - Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232 Exercisable at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232	Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Awards forfeited - Exercised - Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	June 30, 2021 Remainder of 2021 $ 164 2022 79 Total lease payments 243 Less present value discount (4 ) Present value of lease liabilities $ 239	Successor December 31, 2020 2021 $ 439 2022 79 Total lease payments 518 Less present value discount (10 ) Present value of lease liabilities $ 508

Note 13 - Income Taxes (Tables)

Note 13 - Income Taxes (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Six Months Ended June 30, 2021 Current tax expense $ - Deferred tax expense 2,535 Income tax expense $ 2,535	August 22, 2020 through December 31, 2020 Current tax benefit $ (3,176 ) Deferred tax benefit (1,047 ) Income tax benefit $ (4,223 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Six Months Ended June 30, 2021 Income tax expense at U.S. federal statutory rate $ 2,735 Limited tax benefit due to stock-based compensation (81 ) Other (119 ) Income tax expense $ 2,535 Effective income tax rate 19.5 %	August 22, 2020 through December 31, 2020 Income tax expense (benefit) at U.S. federal statutory rate $ (4,337 ) Limited tax benefit due to stock-based compensation 127 Other (13 ) Income tax expense (benefit) $ (4,223 ) Effective income tax rate 20.4 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	June 30, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 16,770 $ 9,725 Stock-based compensation 3,419 3,124 Unrecognized derivative losses 2,637 - Other 107 31 Less: Valuation allowance - - Net deferred tax assets 22,933 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (64,365 ) (51,778 ) Net deferred tax liabilities $ (41,432 ) $ (38,898 )	December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 9,725 Stock-based compensation 3,124 Other 31 Less: Valuation allowance - Net deferred tax assets 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (51,778 ) Net deferred tax liabilities $ (38,898 )

Note 14 - Earnings Per Share (T

Note 14 - Earnings Per Share (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Six Months Ended Months Ended June 30, June 30, 2021 2021 Net income as reported $ 5,743 $ 10,487 Participating basic earnings (a) (407 ) (743 ) Basic earnings attributable to common stockholders 5,336 9,744 Reallocation of participating earnings - 1 Diluted net income attributable to common stockholders $ 5,336 $ 9,745 Basic weighted average shares outstanding 92,676 92,634 Dilutive warrants and unvested stock options - 196 Diluted weighted average shares outstanding 92,676 92,830	Successor August 22, through December 31, 2020 Net income (loss) attributable to common stockholders $ (16,429 ) Participating share-based earnings (a) - Basic and diluted net income (loss) attributable to common stockholders $ (16,429 ) Basic weighted average shares outstanding 91,629 Dilution attributable to stock-based compensation awards - Diluted weighted average shares outstanding 91,629

Note 2 - Basis of Presentatio_4

Note 2 - Basis of Presentation and Summary of Significant Accounting Policy (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Condensed Financial Statements [Table Text Block]		Predecessors for the Year Ended December 31, 2019 (in thousands) HPK LP from August 28, 2019 (Inception) through December 31, 2019 HighPeak I for the Year Ended December 31, 2019 Eliminations Combined Year Ended December 31, 2019 Operating Revenues: Crude oil sales $ 3,695 $ 4,154 $ 7,849 Natural gas and NGL sales 163 103 266 Total operating revenues 3,858 4,257 8,115 Operating Costs and Expenses: Oil and natural gas production 1,578 1,794 3,372 Production and ad valorem taxes 188 261 449 Exploration and abandonments 33 2,817 2,850 Depletion, depreciation and amortization 1,612 2,657 4,269 Accretion of discount on asset retirement obligations 34 38 72 General and administrative 6,159 2,523 8,682 Total operating costs and expenses 9,604 10,090 19,694 Loss from operations (5,746 ) (5,833 ) (11,579 ) Equity in losses of affiliate - (3,175 ) 3,175 - Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (5,746 ) $ (9,008 ) $ 3,175 $ (11,579 ) Adjustments to reconcile net loss to net cash provided by (used in) operations: Exploration and abandonment expense 33 2,817 - 2,850 Depletion, depreciation and amortization expense 1,612 2,657 - 4,269 Accretion expense 34 38 - 72 Equity in loss off affiliate - 3,175 (3,175 ) - Changes in operating assets and liabilities: Accounts receivable (1,355 ) 1,425 - 70 Inventory and other current assets (88 ) (121 ) - (209 ) Accounts payable and accrued liabilities 3,010 745 - 3,755 Net cash provided by (used in) operating activities (2,500 ) 1,728 - (772 ) CASH FLOWS FROM INVESTING ACTIVITIES: Additions to oil and natural gas properties (45,318 ) (15,687 ) - (61,005 ) Changes in working capital associated with oil and natural gas property additions 19,097 5,585 - 24,682 Acquisitions of oil and natural gas properties (2,456 ) (8,462 ) - (10,918 ) Investment in affiliate - (7,796 ) 7,796 - Issuance of notes receivable (4,193 ) - - (4,193 ) Net cash used in investing activities (32,870 ) (26,360 ) 7,796 (51,434 ) CASH FLOWS FROM FINANCING ACTIVITIES: Contributions from partners 58,081 23,738 (7,796 ) 74,023 Net cash provided by financing activities 58,081 23,738 (7,796 ) 74,023 Net increase (decrease) in cash and cash equivalents 22,711 (894 ) - 21,817 Cash and cash equivalents, beginning of period - 894 - 894 Cash and cash equivalents, end of period $ 22,711 $ - $ - $ 22,711
Property, Plant and Equipment [Table Text Block]	June 30, 2021 December 31, 2020 Land $ 731 $ 725 Information technology 208 292 Transportation equipment 92 41 Leasehold improvements 17 24 Field equipment 9 10 Total other property and equipment, net $ 1,057 $ 1,092	Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Land $ 725 $ 580 Information technology 292 459 Transportation equipment 41 - Leasehold improvements 24 37 Field equipment 10 12 Total other property and equipment, net $ 1,092 $ 1,088

Note 5 - Exploratory Well Cos_2

Note 5 - Exploratory Well Costs (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Capitalized Exploratory Well Costs, Roll Forward [Table Text Block]	Six Months Ended June 30, 2021 Beginning capitalized exploratory well costs $ 32,592 Additions to exploratory well costs 75,289 Reclassification to proved properties (106,749 ) Exploratory well costs charged to exploration and abandonment expense - Ending capitalized exploratory well costs $ 1,132	Year Ended December 31, 2020 Successor Predecessors August 22, through December 31, 2020 January 1, through August 21, 2020 Year Ended December 31, 2019 Beginning capitalized exploratory well costs $ 41,524 $ 11,427 $ - Additions to exploratory well costs pending the determination of proved reserves 53,462 48,169 58,435 Reclassification due to determination of proved reserves (62,394 ) (18,072 ) (47,008 ) Exploratory well costs charged to exploration and abandonment expense - - - Ending capitalized exploratory well costs $ 32,592 $ 41,524 $ 11,427

Note 7 - Asset Retirement Obl_2

Note 7 - Asset Retirement Obligations (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Schedule of Change in Asset Retirement Obligation [Table Text Block]	Six Months Ended June 30, 2021 Beginning asset retirement obligations $ 2,293 Liabilities incurred from new wells 610 Revision of estimates (a) (10 ) Accretion of discount 72 Ending asset retirement obligations $ 2,965	Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Beginning asset retirement obligations $ 2,398 $ 2,212 $ 520 Liabilities incurred from new wells 84 97 1,511 Liabilities settled upon plugging and abandoning wells (29 ) - (51 ) Revision of estimates (a) (211 ) - 160 Accretion of discount 51 89 72 Ending asset retirement obligations $ 2,293 $ 2,398 $ 2,212

Note 8 - Incentive Plans (Table

Note 8 - Incentive Plans (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Shares Available Under Long-term Incentive Plan [Table Text Block]	June 30, 2021 Approved and authorized awards 12,047,866 Awards issued under plan (9,681,506 ) Awards available for future grant 2,366,360	December 31, 2020 Approved and authorized awards 11,907,006 Awards granted under plan (9,767,995 ) Awards available for future grant 2,139,011
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Exercised (154,268 ) $ 10.00 Outstanding at June 30, 2021 9,551,227 $ 10.00 9.2 $ - Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Vested at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232 Exercisable at June 30, 2021 7,049,895 $ 10.00 9.2 $ 2,232	Stock Options Exercise Price Remaining Term in Years Intrinsic Value (in thousands) Outstanding at August 22, 2020 - Awards granted 9,705,495 $ 10.00 Awards forfeited - Exercised - Outstanding at December 31, 2020 9,705,495 $ 10.00 9.7 $ 57,942 Vested at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009 Exercisable at December 31, 2020 7,204,163 $ 10.00 9.7 $ 43,009

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	June 30, 2021 Remainder of 2021 $ 164 2022 79 Total lease payments 243 Less present value discount (4 ) Present value of lease liabilities $ 239	Successor December 31, 2020 2021 $ 439 2022 79 Total lease payments 518 Less present value discount (10 ) Present value of lease liabilities $ 508

Note 10 - Related Party Trans_2

Note 10 - Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Condensed Income Statement [Table Text Block]	Nine Months Ended September 30, 2019 Operating Revenues: Crude oil sales $ 719 Natural gas and natural gas liquid sales 223 Total operating revenues 942 Operating costs and expenses: Oil and natural gas production 1,190 Production and ad valorem taxes 59 Exploration and abandonment 756 Depletion, depreciation and amortization 650 Accretion of discount on asset retirement obligations 86 General and administrative 2,891 Abandoned project 1,122 Total operating costs and expenses 6,754 Loss from operations (5,812 ) Interest income 107 Net loss $ (5,705 )
Condensed Balance Sheet [Table Text Block]	(a) (b) (c) (d) (e) (f) HPK LP Pure HighPeak Employees, Inc. Issuance of HighPeak Energy Common Stock Cash Offering Costs Deferred Tax Liability Beginning Balance Sheet on August 22, 2020 Cash and cash equivalents $ 1,943 $ 1 $ 99 $ 92,554 $ (8,114 ) $ - $ 86,483 Accounts receivable 3,001 - 26 - - - 3,027 Total current assets 4,944 1 125 92,554 (8,114 ) - 89,510 Total oil and gas properties, net 452,039 - - - - - 452,039 Other property and equipment, net 436 - - - - - 436 Total assets $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ - $ 541,985 Current liabilities $ 35,794 $ 2,025 $ 77 $ (9,538 ) $ - $ - $ 28,358 Deferred income tax liability - - - - - 39,946 39,946 Notes payable (receivable) (11,675 ) 11,675 - - - - - Asset retirement obligations 2,398 - - - - - 2,398 Partners' capital 521,682 - - (521,682 ) - - - Common stock - - - 9 - - 9 Additional paid-in capital - (13,699 ) 48 623,765 (8,114 ) (39,946 ) 562,054 Accumulated deficit (90,780 ) - - - - - (90,780 ) Total stockholders' equity/partner's capital 430,902 (13,699 ) 48 102,092 (8,114 ) (39,946 ) 471,283 Total liabilities and stockholders' equity/partners' capital $ 457,419 $ 1 $ 125 $ 92,554 $ (8,114 ) $ - $ 541,985
Business Acquisition, Pro Forma Information [Table Text Block]	(Unaudited Pro Forma) Year Ended December 31, 2020 2019 Total revenues $ 24,623 $ 9,057 Net income attributable to Common Stock (23,310 ) (8,838 ) Basic and diluted net loss per share (0.25 ) (0.10 )

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Six Months Ended June 30, 2021 Current tax expense $ - Deferred tax expense 2,535 Income tax expense $ 2,535	August 22, 2020 through December 31, 2020 Current tax benefit $ (3,176 ) Deferred tax benefit (1,047 ) Income tax benefit $ (4,223 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Six Months Ended June 30, 2021 Income tax expense at U.S. federal statutory rate $ 2,735 Limited tax benefit due to stock-based compensation (81 ) Other (119 ) Income tax expense $ 2,535 Effective income tax rate 19.5 %	August 22, 2020 through December 31, 2020 Income tax expense (benefit) at U.S. federal statutory rate $ (4,337 ) Limited tax benefit due to stock-based compensation 127 Other (13 ) Income tax expense (benefit) $ (4,223 ) Effective income tax rate 20.4 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	June 30, 2021 December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 16,770 $ 9,725 Stock-based compensation 3,419 3,124 Unrecognized derivative losses 2,637 - Other 107 31 Less: Valuation allowance - - Net deferred tax assets 22,933 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (64,365 ) (51,778 ) Net deferred tax liabilities $ (41,432 ) $ (38,898 )	December 31, 2020 Deferred tax assets: Net operating loss carryforwards $ 9,725 Stock-based compensation 3,124 Other 31 Less: Valuation allowance - Net deferred tax assets 12,880 Deferred tax liabilities: Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes (51,778 ) Net deferred tax liabilities $ (38,898 )

Note 13 - Earnings (Loss) Per_2

Note 13 - Earnings (Loss) Per Share (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Six Months Ended Months Ended June 30, June 30, 2021 2021 Net income as reported $ 5,743 $ 10,487 Participating basic earnings (a) (407 ) (743 ) Basic earnings attributable to common stockholders 5,336 9,744 Reallocation of participating earnings - 1 Diluted net income attributable to common stockholders $ 5,336 $ 9,745 Basic weighted average shares outstanding 92,676 92,634 Dilutive warrants and unvested stock options - 196 Diluted weighted average shares outstanding 92,676 92,830	Successor August 22, through December 31, 2020 Net income (loss) attributable to common stockholders $ (16,429 ) Participating share-based earnings (a) - Basic and diluted net income (loss) attributable to common stockholders $ (16,429 ) Basic weighted average shares outstanding 91,629 Dilution attributable to stock-based compensation awards - Diluted weighted average shares outstanding 91,629

Note 17 - Supplemental Oil an_2

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Capitalized Costs Relating to Oil and Gas Producing Activities Disclosure [Table Text Block]	Successor Predecessors December 31, 2020 December 31, 2019 (in thousands) Proved properties $ 367,372 $ 178,835 Unproved properties 152,741 227,525 Total capitalized costs 520,113 406,360 Less: accumulated depletion (17,477 ) (1,566 ) Net capitalized costs $ 502,636 $ 404,794
Cost Incurred in Oil and Gas Property Acquisition, Exploration, and Development Activities Disclosure [Table Text Block]	Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Acquisition costs: Proved properties $ - $ 585 $ 4,635 Unproved properties 1,181 2,753 6,288 Total acquisition costs 1,181 3,338 10,923 Exploration costs 52,837 48,801 59,349 Development costs 11,757 863 54 Oil and gas expenditures 65,775 53,002 70,326 Asset retirement obligations, net (105 ) 98 316 Total costs incurred $ 65,670 $ 53,100 $ 70,642
Results of Operations for Oil and Gas Producing Activities Disclosure [Table Text Block]	Year Ended December 31, 2020 Successor Predecessors August 22, 2020 through December 31, 2020 January 1, 2020 through August 21, 2020 Year Ended December 31, 2019 Oil, NGL and natural gas sales $ 16,400 $ 8,223 $ 8,115 Lease operating expenses 2,653 4,870 3,372 Production and ad valorem taxes 886 566 449 Exploration and abandonment expense 5,032 4 2,850 Depletion, depreciation and amortization expense 9,877 6,385 4,269 Accretion of discount on asset retirement obligations 51 89 72 Results of operations from oil and gas production activities $ (2,099 ) $ (3,691 ) $ (2,897 )
Schedule of Proved Developed and Undeveloped Reserve [Table Text Block]	Crude Oil (MBbl) Natural Gas (MMcf) NGL (MBbl) Total (MBoe) Predecessors Proved Reserves at January 1, 2019 2,914 809 222 3,271 Contribution from HighPeak II 973 569 78 1,146 Extensions and discoveries 5,413 2,528 759 6,593 Revisions of previous estimates 217 887 290 655 Production (145 ) (139 ) - (168 ) Proved Reserves at December 31, 2019 9,372 4,654 1,349 11,497 Purchase of minerals in place 44 36 - 50 Extensions and discoveries 1,008 252 67 1,117 Revisions of previous estimates (1,555 ) (1,144 ) (374 ) (2,120 ) Production (236 ) (87 ) (20 ) (270 ) Proved Reserves at August 21, 2020 8,633 3,711 1,022 10,274 Successor Proved Reserves at August 22, 2020 8,633 3,711 1,022 10,274 Extensions and discoveries 11,977 5,215 1,433 14,279 Revisions of previous estimates (1,180 ) (875 ) (277 ) (1,603 ) Production (398 ) (112 ) (18 ) (435 ) Proved Reserves at December 31, 2020 19,032 7,939 2,160 22,515
Schedule of Proved Developed and Undeveloped Oil and Gas Reserve Quantities [Table Text Block]	Successor December 31, 2020 Predecessors December 31, 2019 Proved Developed Reserves (1) Oil (MBbl) 8,730 4,091 Natural gas (MMcf) 3,572 1,952 Natural gas liquids (MBbl) 957 548 Total (MBoe) 10,282 4,964 Proved Undeveloped Reserves Oil (MBbl) 10,302 5,281 Natural gas (MMcf) 4,367 2,702 Natural gas liquids (MBbl) 1,203 801 Total (MBoe) 12,233 6,533 Total Proved Reserves Oil (MBbl) 19,032 9,372 Natural gas (MMcf) 7,939 4,654 Natural gas liquids (MBbl) 2,160 1,349 Total (MBoe) 22,515 11,497
Standardized Measure of Discounted Future Cash Flows Relating to Proved Reserves Disclosure [Table Text Block]	Successor December 31, 2020 Predecessors December 31, 2019 Future cash inflows $ 740,859 $ 502,961 Future production costs (217,025 ) (127,897 ) Future development costs (117,887 ) (78,360 ) Future income tax expense (25,824 ) (2,640 ) Future net cash flows 380,123 294,064 Discount to present value at 10% annual rate (157,931 ) (154,043 ) Standardized measure of discounted future net cash flows $ 222,192 $ 140,021
Schedule of Changes in Standardized Measure of Discounted Future Net Cash Flows [Table Text Block]	Year Ended December 31, 2020 (2) Year Ended December 31, 2019 (2) Standardized measure of discounted future net cash flows, beginning of year $ 140,021 $ 31,118 Contribution of HighPeak II to Predecessors - 10,488 Sales of oil and natural gas, net of production costs (15,648 ) (4,294 ) Extensions and discoveries, net of future development costs 172,478 85,626 Net changes in prices and production costs (50,728 ) (6,755 ) Changes in estimated future development costs 6,466 9,483 Purchases of minerals in place 600 14 Revisions of previous quantity estimates (41,646 ) 8,232 Accretion of discount 14,134 3,165 Net changes in income taxes (1) (10,675 ) (857 ) Net changes in timing of production and other 7,190 3,801 Standardized measure of discounted future net cash flows, end of year $ 222,192 $ 140,021

Note 2 - Basis of Presentatio_5

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	1 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended		20 Months Ended
	Dec. 31, 2020USD ($)shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Aug. 21, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 21, 2020USD ($)	Aug. 22, 2020USD ($)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	$ 7,722,000	$ 23,786,000		$ 7,722,000	$ 23,786,000			$ 7,722,000	$ 3,363,000		$ 3,027,000
Oil and Gas Joint Interest Billing Receivables	345,000	4,200,000		345,000	4,200,000			345,000	440,000
Income Taxes Receivable	3,200,000	3,200,000		3,200,000	3,200,000			3,200,000
Other Receivables	0	123,000		0	123,000			0
Accounts Receivable, Allowance for Credit Loss, Current	$ 0	0		0	0			0	0
Class of Warrant or Right, Exercised During Period (in shares) | shares	312,711
Proceeds from Warrant Exercises	$ 3,600,000				5,466,000	$ 0
Subscription Receivable, Current	3,596,000	0		3,596,000	0			3,596,000	0
Inventory, Raw Materials and Supplies, Gross, Total	121,000	217,000		121,000	217,000			121,000	184,000
Inventory, LIFO Reserve	0	0		0	0			0	0
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance	237,000	334,000		237,000	334,000			237,000	46,000
Debt Issuance Costs, Gross	401,000	2,200,000		401,000	2,200,000			401,000
Payments of Debt Issuance Costs				405,000	1,759,000	0	$ 0		0
Amortization of Debt Issuance Costs				4,000	77,000	0	0		0
Accounts Payable and Accrued Liabilities, Current, Total	22,400,000	54,300,000		22,400,000	54,300,000			22,400,000	31,000,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	0	0		0	0			$ 0
Income Tax Expense (Benefit), Total		1,420,000	$ 0	(4,223,000)	$ 2,535,000	0	$ 0		0	$ 0
Number of Operating Segments					1			1
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year					2017			2017 2018 2019
Minimum [Member]
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month)					1 month			1 month
Maximum [Member]
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month)					2 months			2 months
Revolving Credit Facility [Member]
Debt Issuance Costs, Gross		2,200,000			$ 2,200,000
Payments of Debt Issuance Costs					1,800,000			$ 405,000
Amortization of Debt Issuance Costs					$ 77,000	$ 0		$ 4,000
Technology Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)					3 years			3 years
Transportation Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)					5 years			5 years
Field Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)					7 years			7 years
Crude Oil, Natural Gas and Natural Gas Liquids [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total	$ 4,200,000	$ 16,300,000		$ 4,200,000	$ 16,300,000			$ 4,200,000	$ 2,900,000

Note 2 - Basis of Presentatio_6

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Other Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Aug. 22, 2020	Dec. 31, 2019
Other property and equipment, net	$ 1,057	$ 1,092	$ 436	$ 1,088
Land [Member]
Other property and equipment, net	731	725		580
Technology Equipment [Member]
Other property and equipment, net	208	292		459
Transportation Equipment [Member]
Other property and equipment, net	92	41		0
Leasehold Improvements [Member]
Other property and equipment, net	17	24		37
Field Equipment [Member]
Other property and equipment, net	$ 9	$ 10		$ 12

Note 3 - Acquisitions (Details

Note 3 - Acquisitions (Details Textual) $ in Thousands	Jun. 01, 2019USD ($)	Oct. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Aug. 21, 2020USD ($)	Sep. 30, 2020	Dec. 31, 2020USD ($)
Payments to Acquire Oil and Gas Property and Equipment, Total				$ 1,200		$ 2,100	$ 3,300	$ 3,300
Number of Vertical Producing Properties Acquired									3	3
Number of Salt Water Disposal Wells Acquired									2	2
HighPeak Energy Assets II, LLC [Member] | Grenadier Acquisition [Member]
Payments to Acquire Businesses, Gross	$ 615,000		$ 615,000
Business Combination, Escrow Deposit		$ 61,500
Business Combination, Escrow Deposit Not Credited Toward Purchase Price				$ 15,000						$ 15,000
HPK, LP [Member] | Grenadier Acquisition [Member]
Payments to Acquire Businesses, Gross		30,750
Business Combination, Escrow Deposit Not Credited Toward Purchase Price		$ 15,000
Business Combination Terminated, Charge to Expense					$ 76,500		$ 76,500

Note 4 - Fair Value Measureme_4

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Impairment of Oil and Gas Properties	$ 0	$ 0
Fair Value, Recurring [Member]
Assets, Fair Value Disclosure		0
Financial and Nonfinancial Liabilities, Fair Value Disclosure		$ 0

Note 4 - Fair Value Measureme_5

Note 4 - Fair Value Measurements - Assets and Liabilities Measured On Recurring Basis (Details) - Commodity Contract [Member] - Fair Value, Recurring [Member] $ in Thousands	Jun. 30, 2021USD ($)
Commodity price derivatives	$ 12,558
Fair Value, Inputs, Level 1 [Member]
Commodity price derivatives	0
Fair Value, Inputs, Level 2 [Member]
Commodity price derivatives	12,558
Fair Value, Inputs, Level 3 [Member]
Commodity price derivatives	$ 0

Note 5 - Derivative Financial_3

Note 5 - Derivative Financial Instruments - Summary of the Effect of Derivatives on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncash derivative gain (loss), net	$ (12,558)	$ 0	$ (12,558)	$ 0
Cash payments on settled derivative instruments, net	(1,038)	0	(1,038)	0
Derivative gain (loss), net	$ (13,596)	$ 0	$ (13,596)	$ 0

Note 5 - Derivative Financial_4

Note 5 - Derivative Financial Instruments - Commodity Derivative Contracts (Details) - Not Designated as Hedging Instrument [Member]	6 Months Ended
	Jun. 30, 2021$ / bblbbl
Crude Oil Derivative Swap Q3 2021 [Member]
Volume (Bbls) (Barrel of Oil) | bbl	460,000
Price per Bbl (in USD per Barrel of Oil) | $ / bbl	61.91
Crude Oil Derivative Swap Q4 2021 [Member]
Volume (Bbls) (Barrel of Oil) | bbl	460,000
Price per Bbl (in USD per Barrel of Oil) | $ / bbl	61.91
Crude Oil Derivative Swap 2021 [Member]
Volume (Bbls) (Barrel of Oil) | bbl	920,000
Price per Bbl (in USD per Barrel of Oil) | $ / bbl	61.91
Crude Oil Derivative Swap Q1 2022 [Member]
Volume (Bbls) (Barrel of Oil) | bbl	450,000
Price per Bbl (in USD per Barrel of Oil) | $ / bbl	61.91
Crude Oil Derivative Swap Q2 2022 [Member]
Volume (Bbls) (Barrel of Oil) | bbl	302,500
Price per Bbl (in USD per Barrel of Oil) | $ / bbl	62.16
Crude Oil Derivative Swap 2022 [Member]
Volume (Bbls) (Barrel of Oil) | bbl	752,500
Price per Bbl (in USD per Barrel of Oil) | $ / bbl	61.95

Note 6 - Exploratory Well Cos_3

Note 6 - Exploratory Well Costs (Details Textual)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Capitalized Exploratory Well Costs, Maximum Term (Year)	1 year	1 year

Note 6 - Exploratory Well Cos_4

Note 6 - Exploratory Well Costs - Exploratory Well Costs (Details) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Aug. 21, 2020	Dec. 31, 2019
Beginning capitalized exploratory well costs	$ 41,524	$ 32,592	$ 11,427	$ 0
Additions to exploratory well costs	53,462	75,289	48,169	58,435
Reclassification to proved properties	(62,394)	(106,749)	(18,072)	(47,008)
Exploratory well costs charged to exploration and abandonment expense	0	0	0	0
Ending capitalized exploratory well costs	$ 32,592	$ 1,132	$ 41,524	$ 11,427

Note 7 - Long-term Debt (Detail

Note 7 - Long-term Debt (Details Textual) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Debt Issuance Costs, Gross	$ 401,000	$ 2,200,000	$ 401,000
Accumulated Amortization, Debt Issuance Costs		81,000
Long-term Debt, Total	0	11,918,000	0
Revolving Credit Facility [Member]
Debt Issuance Costs, Gross		2,200,000
Long-term Debt, Gross	0	14,000,000	0
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity	40,000,000	125,000,000	40,000,000
Line of Credit Facility, Commitment Fee Amount	20,000,000	125,000,000
Line of Credit Facility, Current Borrowing Capacity	20,000,000	125,000,000	20,000,000
Debt Instrument, Face Amount	500,000,000	500,000,000	500,000,000
Long-term Debt, Gross	0	$ 14,000,000	$ 0
Debt Instrument, Interest Rate, Effective Percentage		3.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%	0.50%
Debt Instrument, Covenant, Minimum Cash Threshold for Prepayment to be Due	20,000,000	$ 20,000,000	$ 20,000,000
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Maximum [Member]
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio		3	3
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Minimum [Member]
Debt Instrument, Covenant, Minimum Current Ratio		1	1
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Letter of Credit [Member] | Fifth Third Bank, National Association [Member] | London Interbank Offered Rate (LIBOR), Applicable Margin [Member]
Debt Instrument, Basis Spread on Variable Rate		0.125%	0.125%
Other Noncurrent Assets [Member]
Accumulated Amortization, Debt Issuance Costs	$ 4,000		$ 4,000

Note 7 - Long-term Debt - Long-

Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Dec. 31, 2020
Debt issuance costs, net (a)	[1]	$ (2,082)	$ 0
Long term debt		11,918	0
Less current portion of long-term debt		0	0
Long-term debt, net		11,918	0
Revolving Credit Facility [Member]
Revolving Credit Facility due 2024		$ 14,000	$ 0
[1]	Debt issuance costs as of June 30, 2021 consisted of $2.2 million in costs less accumulated amortization of $81,000. Debt issuance costs as of December 31, 2020 of $401,000, net of accumulated amortization of $4,000, were classified in other noncurrent assets on the accompanying balance sheet due to the fact that the Company had no outstanding debt at that time.

Note 8 - Asset Retirement Obl_3

Note 8 - Asset Retirement Obligations - Asset Retirement Obligations Activity (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended		6 Months Ended			8 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020		Jun. 30, 2021		Jun. 30, 2020	Aug. 21, 2020		Dec. 31, 2019
Beginning asset retirement obligations			$ 2,398		$ 2,293		$ 2,212	$ 2,212		$ 520
Liabilities incurred from new wells			84		610			97		1,511
Revision of estimates (a)			(211)	[1]	(10)	[2]		0	[1]	160	[1]
Accretion of discount	$ 37	$ 35	51		72		$ 69	89		72
Ending asset retirement obligations	$ 2,965		$ 2,293		$ 2,965			$ 2,398		$ 2,212
[1]	The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties.
[2]	The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives.

Note 9 - Incentive Plans (Detai

Note 9 - Incentive Plans (Details Textual) - USD ($)	Jun. 01, 2021	Jul. 31, 2021	Jun. 30, 2021	Nov. 30, 2020	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense				$ 302,000		$ 1,023,000	$ 0	$ 15,776,000		$ 1,989,000	$ 0	$ 0		$ 0
Outside Directors [Member]
Share-based Payment Arrangement, Expense				$ 302,000
Stock Issued During Period, Shares, Issued for Services (in shares)				62,500
Each Outside Director [Member]
Stock Issued During Period, Shares, Issued for Services (in shares)				12,500
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense								15,500,000		1,900,000	0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 1,900,000			1,900,000		$ 3,800,000	$ 3,800,000	$ 1,900,000			$ 3,800,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					2 years
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)										2 years
Restricted Stock [Member] | Outside Directors [Member]
Share-based Payment Arrangement, Expense										$ 57,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	67,779
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)	1 year
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)			52,883
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount			$ 626,000			$ 626,000				$ 626,000
Restricted Stock [Member] | Outside Directors [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares)		14,896
The 401K Plan [Member]
Defined Contribution Plan, Period of Employment for Eligibility (Month)										3 months			3 months
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent										80.00%			80.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match										100.00%			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay										4.00%			4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount									$ 49,000	$ 111,000	$ 0

Note 9 - Incentive Plans - Numb

Note 9 - Incentive Plans - Number of Shares Available for Grant Pursuant to Long-term Incentive Plan (Details) - shares	Jun. 30, 2021	Dec. 31, 2020	Aug. 21, 2020
Awards issued under plan (in shares)	(9,551,227)	(9,705,495)	0
The 2020 Long-term Incentive Plan [Member]
Approved and authorized awards (in shares)	12,047,866	11,907,006
Awards issued under plan (in shares)	(9,681,506)	(9,767,995)
Awards available for future grant (in shares)	2,366,360	2,139,011

Note 9 - Incentive Plans - Stoc

Note 9 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Outstanding balance (in shares)	0	9,705,495
Awards granted (in shares)	9,705,495
Awards granted, weighted average exercise price (in dollars per share)	$ 10
Outstanding, remaining term (Year)	9 years 8 months 12 days	9 years 2 months 12 days
Outstanding, intrinsic value	$ 57,942	$ 0
Exercised (in shares)	0	(154,268)
Exercised, weighted average exercise price (in dollars per share)		$ 10
Outstanding balance (in shares)	9,705,495	9,551,227
Outstanding, weighted average exercise price (in dollars per share)	$ 10	$ 10
Vested (in shares)	7,204,163	7,049,895
Vested, weighted average exercise price (in dollars per share)	$ 10	$ 10
Vested, remaining term (Year)	9 years 8 months 12 days	9 years 2 months 12 days
Vested, intrinsic value	$ 43,009	$ 2,232
Exercisable (in shares)	7,204,163	7,049,895
Exercisable, weighted average exercise price (in dollars per share)	$ 10	$ 10
Exercisable, remaining term (Year)	9 years 8 months 12 days	9 years 2 months 12 days
Exercisable, intrinsic value	$ 43,009	$ 2,232

Note 10 - Commitments and Con_3

Note 10 - Commitments and Contingencies (Details Textual)	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2021bbl	Jun. 30, 2021USD ($)abbl	Dec. 31, 2020USD ($)bbl	Aug. 22, 2020USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Retained Earnings (Accumulated Deficit), Ending Balance		$ (96,722,000)	$ (107,209,000)	$ (90,780,000)		$ (5,746,000)
Oncor [Member]
Letters of Credit Outstanding, Amount		$ 1,900,000
TEXAS
Area of Land (Acre) | a		80
The Salt-Water Disposal Agreement Due on July 24, 2022 [Member]
Number of Barrels to be Delivered (Barrel of Oil) | bbl		3,000,000	3,000,000
Number of Barrels, Delivered (Barrel of Oil) | bbl		1,700,000	700,000
Supply Commitment, Remaining Minimum Amount Committed		$ 603,000
Crude Oil Delivery Commitments [Member]
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Year One (Barrel of Oil) | bbl	5,000
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Year Two (Barrel of Oil) | bbl	7,500
Supply Commitment, Gross Barrels of Oil Delivered Per Day, Remaining Term of Contract (Barrel of Oil) | bbl	10,000
Supply Commitment, Remaining Term of Contract (Year)	8 years
Supply Commitment, Amount Committed		25,400,000
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset		236,000	$ 506,000
Other Liabilities [Member]
Operating Lease, Liability, Total		239,000	508,000
Other Current Liabilities [Member]
Operating Lease, Liability, Noncurrent		213,000	430,000
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total		$ 26,000
Operating Lease, Liability, Noncurrent			$ 78,000
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings (Accumulated Deficit), Ending Balance					$ 0

Note 10 - Commitments and Con_4

Note 10 - Commitments and Contingencies - Operating Lease Obligations (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Remainder of 2021	$ 164,000
2022	79,000	$ 439,000
Total lease payments	243,000	518,000
Less present value discount	(4,000)	(10,000)
Other Liabilities [Member]
Operating Lease, Liability, Total	$ 239,000	$ 508,000

Note 11 - Related Party Trans_2

Note 11 - Related Party Transactions (Details Textual) - HPK, LP [Member] - HighPeak II [Member] - Reimbursement of Costs Incurred by Management Company [Member] $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Related Party Transaction, Amounts of Transaction	$ 3.8
General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction	$ 4.1

Note 12 - Major Customers (Deta

Note 12 - Major Customers (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	4 Months Ended	6 Months Ended		8 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020
Lion Oil Trading and Transportation, LLC [Member]
Concentration Risk, Percentage	98.00%	95.00%	16.00%	49.00%
Enlink Crude Purchasing, LLC [Member]
Concentration Risk, Percentage			76.00%	44.00%

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Deferred Tax Assets, Valuation Allowance, Total	$ 0	$ 0	$ 0
Deferred Tax Assets, Net of Valuation Allowance, Total	$ 12,880	$ 22,933	$ 12,880
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year		2017	2017 2018 2019

Note 13 - Income Taxes - Income

Note 13 - Income Taxes - Income Tax Benefit and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended	20 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019	Aug. 21, 2020
Current tax expense			$ (3,176)	$ 0
Deferred tax expense			(1,047)	2,535
Income tax expense	$ 1,420	$ 0	$ (4,223)	$ 2,535	$ 0	$ 0	$ 0	$ 0

Note 13 - Income Taxes - Effect

Note 13 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended	20 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019	Aug. 21, 2020
Income tax expense at U.S. federal statutory rate			$ (4,337)	$ 2,735
Limited tax benefit due to stock-based compensation			127	(81)
Other			(13)	(119)
Income tax expense	$ 1,420	$ 0	$ (4,223)	$ 2,535	$ 0	$ 0	$ 0	$ 0
Effective income tax rate			20.40%	19.50%

Note 13 - Income Taxes - Deferr

Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Net operating loss carryforwards	$ 16,770	$ 9,725
Stock-based compensation	3,419	3,124
Unrecognized derivative losses	2,637	0
Other	107	31
Less: Valuation allowance	0	0
Net deferred tax assets	22,933	12,880
Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes	(64,365)	(51,778)
Net deferred tax liabilities	$ (41,432)	$ (38,898)

Note 14 - Earnings Per Share -

Note 14 - Earnings Per Share - Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended				4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019
Net income (loss)		$ 5,743	$ 4,744	$ (4,147)	$ (80,831)	$ (16,429)	$ 10,487	$ (84,978)	$ (85,034)	$ (11,579)
Participating basic earnings (a)	[1]	(407)					(743)
Basic and diluted net income (loss) attributable to common stockholders		5,336				$ (16,429)	9,744
Reallocation of participating earnings		0					1
Diluted net income attributable to common stockholders		$ 5,336					$ 9,745
Basic weighted average shares outstanding (in shares)		92,676				91,629	92,634
Dilutive warrants and unvested stock options (in shares)		0					196
Diluted weighted average shares outstanding (in shares)		92,676				91,629	92,830
[1]	Unvested restricted stock awards represent participating securities because they participate in nonforfeitable dividends with the common equity holders of the Company. Vested stock options represent participating securities because they participate in dividend equivalents with the common equity holders of the Company. Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unvested stock options do not represent participating securities because, while they participate in dividend equivalents with the common equity holders of the Company, the dividend equivalents associated with unvested stock options are forfeitable in connection with the forfeitability of the underlying stock options.

Note 15 - Stockholders' Equit_2

Note 15 - Stockholders' Equity (Successor) (Details Textual) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common Stock, Shares, Outstanding, Ending Balance (in shares)	92,728,781	91,967,565
Class of Warrant or Right, Outstanding (in shares)	9,500,174	10,225,472
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 11.50	$ 11.50
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	21,694,763	21,694,763
Contingent Value Right [Member]
Class of Warrant or Right, Outstanding (in shares)	10,209,300	10,209,300
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	2.125	2.125

Note 16 - Partners' Capital (_2

Note 16 - Partners' Capital (Predecessor) (Details Textual) - USD ($) $ in Millions	6 Months Ended	8 Months Ended
	Jun. 30, 2020	Aug. 21, 2020
HPK, LP [Member]
Net Income (Loss) Allocated to Limited Partners	$ 85	$ 85

Note 17 - Subsequent Events (De

Note 17 - Subsequent Events (Details Textual) - Subsequent Event [Member]	Jul. 26, 2021USD ($)	Jul. 31, 2021USD ($)a$ / shares	Jul. 30, 2021USD ($)
Acquisition, Area of Working Interests in Producing Properties and Salt-water Disposal Wells (Acre) | a		6,200
Payments of Dividends, Total	$ 9,300,000
Quarterly Dividend [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares		$ 0.025
Special Dividend [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ / shares		$ 0.075
WTG Gas Processing, L.P. [Member]
Payments for Aid-in-construction		$ 3,900,000
Vested Stock Option Holders [Member]
Dividends, Total			$ 705,000
Unvested Stock Option Holders, One [Member]
Dividends, Total			125,000
Unvested Stock Option Holders, Two [Member]
Dividends, Total			$ 125,000

Note 2 - Basis of Presentatio_7

Note 2 - Basis of Presentation and Summary of Significant Accounting Policy (Details Textual)		1 Months Ended		3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended		20 Months Ended
		Dec. 31, 2020USD ($)shares	Nov. 30, 2020shares	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Aug. 21, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Aug. 21, 2020USD ($)	Aug. 22, 2020USD ($)
Accounts Receivable, after Allowance for Credit Loss, Current, Total		$ 7,722,000		$ 23,786,000		$ 7,722,000	$ 23,786,000			$ 7,722,000	$ 3,363,000		$ 3,027,000
Income Taxes Receivable		3,200,000		3,200,000		3,200,000	3,200,000			3,200,000
Oil and Gas Joint Interest Billing Receivables		345,000		4,200,000		345,000	4,200,000			345,000	440,000
Accounts Receivable, Allowance for Credit Loss, Current		$ 0		0		0	0			0	0
Class of Warrant or Right, Exercised During Period (in shares) | shares		312,711
Proceeds from Warrant Exercises		$ 3,600,000					5,466,000	$ 0
Other Payments to Acquire Businesses						0	0	15,000,000	$ 15,000,000		0
Inventory, Raw Materials and Supplies, Gross, Total		121,000		217,000		121,000	217,000			121,000	184,000
Inventory, LIFO Reserve		0		0		0	0			0	0
Impairment of Leasehold						4,800,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Ending Balance		237,000		334,000		237,000	334,000			237,000	46,000
Payments of Debt Issuance Costs						405,000	1,759,000	0	0		0
Amortization of Debt Issuance Costs						4,000	77,000	0	0		0
Accounts Payable and Accrued Liabilities, Current, Total		22,400,000		54,300,000		22,400,000	54,300,000			22,400,000	31,000,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total		0		0		0	0			$ 0
Income Tax Expense (Benefit), Total				1,420,000	$ 0	(4,223,000)	$ 2,535,000	0	0		0	$ 0
Number of Operating Segments							1			1
Outside Directors [Member]
Stock Issued During Period, Shares, Issued for Services (in shares) | shares			62,500
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year							2017			2017 2018 2019
Minimum [Member]
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month)							1 month			1 month
Maximum [Member]
Oil and Natural Gas Marketing Contracts, Term Over Which Consideration is Received from Purchaser (Month)							2 months			2 months
Revolving Credit Facility [Member]
Payments of Debt Issuance Costs							$ 1,800,000			$ 405,000
Amortization of Debt Issuance Costs							$ 77,000	$ 0		$ 4,000
Technology Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)							3 years			3 years
Transportation Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)							5 years			5 years
Field Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)							7 years			7 years
HPK, LP [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[1]								3,001,000			3,001,000
Grenadier [Member] | HPK, LP [Member]
Payments of Deposits for Acquisition											61,500,000
Other Payments to Acquire Businesses										$ 15,000,000
Acquisition-related Deposits and Extension Payments Charged to Expense										76,500,000
Texas Railroad Commission [Member] | HPK, LP [Member]
Payments Made in Lieu of Plugging Bond										50,000
Pure Acquisition [Member]
Financing Receivable, before Allowance for Credit Loss, Current									$ 11,700,000		4,200,000	$ 11,700,000
Financing Receivable, Allowance for Credit Loss, Current											0
Crude Oil, Natural Gas and Natural Gas Liquids [Member]
Accounts Receivable, after Allowance for Credit Loss, Current, Total		$ 4,200,000		$ 16,300,000		$ 4,200,000	$ 16,300,000			$ 4,200,000	$ 2,900,000
[1]	Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020.

Note 2 - Basis of Presentatio_8

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Condensed Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended				4 Months Ended		6 Months Ended		8 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating revenues	$ 48,270		$ 944		$ 16,400		$ 73,987	$ 5,567	$ 8,223		$ 8,115
Oil and natural gas production	4,692		1,814		2,653		6,919	4,203	4,870		3,372
Production and ad valorem taxes	2,543		94		886		4,207	402	566		449
Exploration and abandonments	463		1		5,032		654	4	4		2,850
Depletion, depreciation and amortization	16,857		1,735		9,877		29,820	5,091	6,385		4,269
Accretion of discount on asset retirement obligations	37		35		51		72	69	89		72
General and administrative	1,617		1,412		2,775		3,376	4,273	4,840		8,682
Total operating costs and expenses	27,232		5,091		37,050		47,037	14,042	16,754		19,694
Income (loss) from operations	21,038		(4,147)		(20,650)		26,950	(8,475)	(8,531)		(11,579)
Net income (loss)	5,743	$ 4,744	(4,147)	$ (80,831)	(16,429)		10,487	(84,978)	(85,034)		(11,579)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	5,743	4,744	(4,147)	(80,831)	(16,429)		10,487	(84,978)	(85,034)		(11,579)
Exploration and abandonment expense					4,854		369	4	4		2,850
Depletion, depreciation and amortization	16,857		1,735		9,877		29,820	5,091	6,385		4,269
Accretion expense					51		72	69	89		72
Accounts receivable					(5,177)		(16,064)	2,886	844		70
Prepaid expenses, inventory and other current assets					(506)		(366)	(3,621)	(196)		(209)
Accounts payable and accrued liabilities					(1,990)		5,803	(763)	(2,694)		3,755
Net cash provided by (used in) operating activities					5,413		47,280	(4,812)	(4,102)		(772)
Additions to oil and natural gas properties					(64,947)		(89,959)	(49,016)	(49,364)		(60,998)
Changes in working capital associated with oil and natural gas property additions					(5,666)		15,223	7,652	7,348		24,682
Acquisitions of oil and natural gas properties					(1,181)		(2,070)	(3,298)	(3,338)		(10,918)
Issuance of notes receivable					0		0	(5,907)	(7,482)		(4,193)
Net cash used in investing activities					(71,939)		(76,867)	(65,619)	(67,886)		(51,434)
Contributions from partners					0		0	54,000	54,000		74,023
Net cash provided by financing activities					84,135		22,877	54,000	51,220		74,023
Net decrease in cash and cash equivalents					17,609		(6,710)	(16,431)	(20,768)		21,817
Cash and cash equivalents, beginning of period		$ 19,552		22,711	1,943		19,552	22,711	22,711	$ 894	894
Cash and cash equivalents, end of period					19,552	$ 22,711			1,943		22,711
HighPeak II [Member]
Operating revenues						3,858				942
Oil and natural gas production						1,578				1,190
Production and ad valorem taxes						188				59
Exploration and abandonments						33				756
Depletion, depreciation and amortization						1,612				650
Accretion of discount on asset retirement obligations						34				86
General and administrative						6,159
Total operating costs and expenses						9,604				6,754
Income (loss) from operations						(5,746)				(5,812)
Equity in losses of affiliate						0
Net income (loss)						(5,746)				(5,705)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)						(5,746)				(5,705)
Exploration and abandonment expense						33
Depletion, depreciation and amortization						1,612				650
Accretion expense						34
Equity in loss off affiliate						0
Accounts receivable						(1,355)
Prepaid expenses, inventory and other current assets						(88)
Accounts payable and accrued liabilities						3,010
Net cash provided by (used in) operating activities						(2,500)
Additions to oil and natural gas properties						(45,318)
Changes in working capital associated with oil and natural gas property additions						19,097
Acquisitions of oil and natural gas properties						(2,456)
Investment in affiliate						0
Issuance of notes receivable						(4,193)
Net cash used in investing activities						(32,870)
Contributions from partners						58,081
Net cash provided by financing activities						58,081
Net decrease in cash and cash equivalents						22,711
Cash and cash equivalents, beginning of period				22,711		0		22,711	22,711
Cash and cash equivalents, end of period						22,711					22,711
HighPeak I [Member]
Operating revenues											4,257
Oil and natural gas production											1,794
Production and ad valorem taxes											261
Exploration and abandonments											2,817
Depletion, depreciation and amortization											2,657
Accretion of discount on asset retirement obligations											38
General and administrative											2,523
Total operating costs and expenses											10,090
Income (loss) from operations											(5,833)
Equity in losses of affiliate											(3,175)
Net income (loss)											(9,008)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)											(9,008)
Exploration and abandonment expense											2,817
Depletion, depreciation and amortization											2,657
Accretion expense											38
Equity in loss off affiliate											3,175
Accounts receivable											1,425
Prepaid expenses, inventory and other current assets											(121)
Accounts payable and accrued liabilities											745
Net cash provided by (used in) operating activities											1,728
Additions to oil and natural gas properties											(15,687)
Changes in working capital associated with oil and natural gas property additions											5,585
Acquisitions of oil and natural gas properties											(8,462)
Investment in affiliate											(7,796)
Issuance of notes receivable											0
Net cash used in investing activities											(26,360)
Contributions from partners											23,738
Net cash provided by financing activities											23,738
Net decrease in cash and cash equivalents											(894)
Cash and cash equivalents, beginning of period				0				0	0	894	894
Cash and cash equivalents, end of period						0					0
HighPeak I and HighPeak II [Member]
Operating revenues											8,115
Oil and natural gas production											3,372
Production and ad valorem taxes											449
Exploration and abandonments											2,850
Depletion, depreciation and amortization											4,269
Accretion of discount on asset retirement obligations											72
General and administrative											8,682
Total operating costs and expenses											19,694
Income (loss) from operations											(11,579)
Equity in losses of affiliate											0
Net income (loss)											(11,579)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)											(11,579)
Exploration and abandonment expense											2,850
Depletion, depreciation and amortization											4,269
Accretion expense											72
Equity in loss off affiliate											0
Accounts receivable											70
Prepaid expenses, inventory and other current assets											(209)
Accounts payable and accrued liabilities											3,755
Net cash provided by (used in) operating activities											(772)
Additions to oil and natural gas properties											(61,005)
Changes in working capital associated with oil and natural gas property additions											24,682
Acquisitions of oil and natural gas properties											(10,918)
Investment in affiliate											0
Issuance of notes receivable											(4,193)
Net cash used in investing activities											(51,434)
Contributions from partners											74,023
Net cash provided by financing activities											74,023
Net decrease in cash and cash equivalents											21,817
Cash and cash equivalents, beginning of period				22,711				22,711	22,711	894	894
Cash and cash equivalents, end of period						22,711					22,711
HighPeak I and HighPeak II [Member] | Consolidation, Eliminations [Member]
Depletion, depreciation and amortization											0
Equity in losses of affiliate											3,175
Net income (loss)											3,175
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)											3,175
Exploration and abandonment expense											0
Depletion, depreciation and amortization											0
Accretion expense											0
Equity in loss off affiliate											(3,175)
Accounts receivable											0
Prepaid expenses, inventory and other current assets											0
Accounts payable and accrued liabilities											0
Net cash provided by (used in) operating activities											0
Additions to oil and natural gas properties											0
Changes in working capital associated with oil and natural gas property additions											0
Acquisitions of oil and natural gas properties											0
Investment in affiliate											7,796
Issuance of notes receivable											0
Net cash used in investing activities											7,796
Contributions from partners											(7,796)
Net cash provided by financing activities											(7,796)
Net decrease in cash and cash equivalents											0
Cash and cash equivalents, beginning of period				$ 0				0	0	0	0
Cash and cash equivalents, end of period						0					0
Crude Oil Sales [Member]
Operating revenues	46,985		938		15,988		71,855	5,462	8,069		7,849
Crude Oil Sales [Member] | HighPeak II [Member]
Operating revenues						3,695				719
Crude Oil Sales [Member] | HighPeak I [Member]
Operating revenues											4,154
Crude Oil Sales [Member] | HighPeak I and HighPeak II [Member]
Operating revenues											7,849
Natural Gas and NGL Sales [Member]
Operating revenues	$ 1,285		$ 6		$ 412		$ 2,132	$ 105	$ 154		266
Natural Gas and NGL Sales [Member] | HighPeak II [Member]
Operating revenues						$ 163				$ 223
Natural Gas and NGL Sales [Member] | HighPeak I [Member]
Operating revenues											103
Natural Gas and NGL Sales [Member] | HighPeak I and HighPeak II [Member]
Operating revenues											$ 266

Note 2 - Basis of Presentatio_9

Note 2 - Basis of Presentation and Summary of Significant Accounting Policies - Other Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Aug. 22, 2020	Dec. 31, 2019
Other property and equipment, net	$ 1,057	$ 1,092	$ 436	$ 1,088
Land [Member]
Other property and equipment, net	731	725		580
Technology Equipment [Member]
Other property and equipment, net	208	292		459
Transportation Equipment [Member]
Other property and equipment, net	92	41		0
Leasehold Improvements [Member]
Other property and equipment, net	17	24		37
Field Equipment [Member]
Other property and equipment, net	$ 9	$ 10		$ 12

Note 3 - Acquisitions (Detail_2

Note 3 - Acquisitions (Details Textual) $ in Thousands	Jun. 01, 2019USD ($)	Oct. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Apr. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Aug. 21, 2020USD ($)	Sep. 30, 2020	Dec. 31, 2020USD ($)
Payments to Acquire Oil and Gas Property and Equipment, Total				$ 1,200		$ 2,100	$ 3,300	$ 3,300
Number of Vertical Producing Properties Acquired									3	3
Number of Salt Water Disposal Wells Acquired									2	2
HighPeak Energy Assets II, LLC [Member] | Grenadier Acquisition [Member]
Payments to Acquire Businesses, Gross	$ 615,000		$ 615,000
Business Combination, Escrow Deposit Not Credited Toward Purchase Price				$ 15,000						$ 15,000
Business Combination, Escrow Deposit		$ 61,500
HPK, LP [Member] | Grenadier Acquisition [Member]
Payments to Acquire Businesses, Gross		30,750
Business Combination, Amount of Deposit Released from Escrow		30,750
Business Combination, Escrow Deposit Not Credited Toward Purchase Price		$ 15,000
Business Combination Terminated, Charge to Expense					$ 76,500		$ 76,500

Note 4 - Fair Value Measureme_6

Note 4 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Impairment of Oil and Gas Properties	$ 0	$ 0
Fair Value, Recurring [Member]
Assets, Fair Value Disclosure		$ 0

Note 5 - Exploratory Well Cos_3

Note 5 - Exploratory Well Costs (Details Textual)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Capitalized Exploratory Well Costs, Maximum Term (Year)	1 year	1 year

Note 5 - Exploratory Well Cos_4

Note 5 - Exploratory Well Costs (Details) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Aug. 21, 2020	Dec. 31, 2019
Beginning capitalized exploratory well costs	$ 41,524	$ 32,592	$ 11,427	$ 0
Additions to exploratory well costs	53,462	75,289	48,169	58,435
Reclassification to proved properties	(62,394)	(106,749)	(18,072)	(47,008)
Exploratory well costs charged to exploration and abandonment expense	0	0	0	0
Ending capitalized exploratory well costs	$ 32,592	$ 1,132	$ 41,524	$ 11,427

Note 6 - Long-term Debt (Detail

Note 6 - Long-term Debt (Details Textual) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Revolving Credit Facility [Member]
Long-term Debt, Gross	$ 0	$ 14,000	$ 0
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member]
Line of Credit Facility, Maximum Borrowing Capacity	40,000	125,000	40,000
Line of Credit Facility, Commitment Fee Amount	20,000	125,000
Debt Instrument, Face Amount	500,000	500,000	500,000
Long-term Debt, Gross	0	$ 14,000	$ 0
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.50%	0.50%
Debt Instrument, Covenant, Minimum Cash Threshold for Prepayment to be Due	$ 20,000	$ 20,000	$ 20,000
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Maximum [Member]
Debt Instrument, Covenant, Maximum Total Debt to EBITDAX Ratio		3	3
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Minimum [Member]
Debt Instrument, Covenant, Minimum Current Ratio		1	1
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate			0.50%
Revolving Credit Facility [Member] | Fifth Third Bank, National Association [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			3.25%
Letter of Credit [Member] | Fifth Third Bank, National Association [Member] | London Interbank Offered Rate (LIBOR), Applicable Margin [Member]
Debt Instrument, Basis Spread on Variable Rate		0.125%	0.125%

Note 7 - Asset Retirement Obl_3

Note 7 - Asset Retirement Obligations - Asset Retirement Obligations Activity (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended		6 Months Ended			8 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020		Jun. 30, 2021		Jun. 30, 2020	Aug. 21, 2020		Dec. 31, 2019
Beginning asset retirement obligations			$ 2,398		$ 2,293		$ 2,212	$ 2,212		$ 520
Liabilities incurred from new wells			84		610			97		1,511
Liabilities settled upon plugging and abandoning wells			(29)					0		(51)
Revision of estimates (a)			(211)	[1]	(10)	[2]		0	[1]	160	[1]
Accretion of discount on asset retirement obligations	$ 37	$ 35	51		72		$ 69	89		72
Ending asset retirement obligations	$ 2,965		$ 2,293		$ 2,965			$ 2,398		$ 2,212
[1]	The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties.
[2]	The revisions to the Company’s asset retirement obligation estimates are primarily due to changes in estimated costs based on experience with the properties and their expected useful lives.

Note 8 - Incentive Plans (Detai

Note 8 - Incentive Plans (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		4 Months Ended		6 Months Ended		8 Months Ended	12 Months Ended
	Nov. 30, 2020	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense	$ 302,000		$ 1,023,000	$ 0	$ 15,776,000		$ 1,989,000	$ 0	$ 0		$ 0
Each Outside Director [Member]
Stock Issued During Period, Shares, Issued for Services (in shares)	12,500
Outside Directors [Member]
Share-based Payment Arrangement, Expense	$ 302,000
Stock Issued During Period, Shares, Issued for Services (in shares)	62,500
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense					15,500,000		1,900,000	0
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount			$ 1,900,000		$ 3,800,000	$ 3,800,000	$ 1,900,000			$ 3,800,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years
The 401K Plan [Member]
Defined Contribution Plan, Period of Employment for Eligibility (Month)							3 months			3 months
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent							80.00%			80.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match							100.00%			100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay							4.00%			4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount						$ 49,000	$ 111,000	$ 0

Note 8 - Incentive Plans - Numb

Note 8 - Incentive Plans - Number of Shares Available for Grant Pursuant to Long-term Incentive Plan (Details) - shares	Jun. 30, 2021	Dec. 31, 2020	Aug. 21, 2020
Awards issued under plan (in shares)	(9,551,227)	(9,705,495)	0
The 2020 Long-term Incentive Plan [Member]
Approved and authorized awards (in shares)	12,047,866	11,907,006
Awards issued under plan (in shares)	(9,681,506)	(9,767,995)
Awards available for future grant (in shares)	2,366,360	2,139,011

Note 8 - Incentive Plans - Stoc

Note 8 - Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	4 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Outstanding balance (in shares)	0	9,705,495
Awards granted (in shares)	9,705,495
Awards granted, weighted average exercise price (in dollars per share)	$ 10
Awards forfeited (in shares)	0
Exercised (in shares)	0	154,268
Outstanding balance (in shares)	9,705,495	9,551,227
Outstanding, weighted average exercise price (in dollars per share)	$ 10	$ 10
Outstanding, remaining term (Year)	9 years 8 months 12 days	9 years 2 months 12 days
Outstanding, intrinsic value	$ 57,942	$ 0
Vested (in shares)	7,204,163	7,049,895
Vested, weighted average exercise price (in dollars per share)	$ 10	$ 10
Vested, remaining term (Year)	9 years 8 months 12 days	9 years 2 months 12 days
Vested, intrinsic value	$ 43,009	$ 2,232
Exercisable (in shares)	7,204,163	7,049,895
Exercisable, weighted average exercise price (in dollars per share)	$ 10	$ 10
Exercisable, remaining term (Year)	9 years 8 months 12 days	9 years 2 months 12 days
Exercisable, intrinsic value	$ 43,009	$ 2,232

Note 9 - Commitments and Cont_3

Note 9 - Commitments and Contingencies (Details Textual) bbl in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)bbl	Dec. 31, 2020USD ($)bbl
The Salt-Water Disposal Supply Agreement [Member]
Number of Barrels to be Delivered (Barrel of Oil) | bbl		5.5
Contractual Obligation, Total		$ 1,800,000
The Salt-Water Disposal Supply Agreement Due on September 30, 2021
Number of Barrels to be Delivered (Barrel of Oil) | bbl		2.5
Number of Barrels, Delivered (Barrel of Oil) | bbl		0.7
The Salt-Water Disposal Agreement Due on July 24, 2022 [Member]
Number of Barrels to be Delivered (Barrel of Oil) | bbl	3	3
Number of Barrels, Delivered (Barrel of Oil) | bbl	1.7	0.7
Other Noncurrent Assets [Member]
Operating Lease, Right-of-Use Asset	$ 236,000	$ 506,000
Other Liabilities [Member]
Operating Lease, Liability, Total	239,000	508,000
Other Current Liabilities [Member]
Operating Lease, Liability, Noncurrent	213,000	430,000
Other Noncurrent Liabilities [Member]
Operating Lease, Liability, Total	$ 26,000
Operating Lease, Liability, Noncurrent		$ 78,000

Note 9 - Commitments and Cont_4

Note 9 - Commitments and Contingencies - Operating Lease Obligations (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
2022	$ 79,000	$ 439,000
2022		79,000
Total lease payments	243,000	518,000
Less present value discount	(4,000)	(10,000)
Other Liabilities [Member]
Operating Lease, Liability, Total	$ 239,000	$ 508,000

Note 10 - Related Party Trans_3

Note 10 - Related Party Transactions (Details Textual)		Aug. 21, 2020USD ($)$ / sharesshares	Oct. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Aug. 21, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Jun. 30, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Aug. 22, 2020USD ($)
Partners' Capital Account, Contributions				$ 54,000,000			$ 54,000,000	$ 73,543,000
Additional Paid in Capital, Ending Balance					$ 0			0	$ 590,455,000	$ 581,426,000	$ 562,054,000
Contingent Value Rights Agreement, Additional Shares, Preferred Simple Annual Return		10.00%					10.00%
Contingent Value Rights Agreement, Floor Downside Per Share (in dollars per share) | $ / shares		$ 4					$ 4
Share Price (in dollars per share) | $ / shares		$ 10					$ 10
Contingent Value Rights Agreement, Preferred Returns, Maximum Common Stock per CVR		2.125					2.125
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | shares									21,694,763	21,694,763
Stockholders' Agreement, Maximum Number of Board Members		7					7
Stockholders' Agreement, Number of Non-voting Observers to the Board		1					1
Registration Rights Agreement, Minimum Registrable Securities, If Not All Registratable		$ 25,000,000					$ 25,000,000
Registration Rights Agreement, Minimum Demand of Registration		$ 5,000,000					$ 5,000,000
Registration Rights Agreement, Maximum Number of Suspensions In Twelve Month Period		2					2
Private Placement [Member]
Forward Purchase Units Issued During the Period		8,976,875
Number of Common Stock Shares Per Forward Purchase Unit		1					1
Number of Warrants Per Forward Purchase Unit		1					1
Number of CVR Per Forward Purchase Unit		1					1
Proceeds from Issuance of Private Placement		$ 89,800,000
Principal Stockholders Group Owns At Least Thirty Five Percent Original Shares [Member]
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned		35.00%					35.00%
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities		30.00%					30.00%
Stockholders' Agreement, Maximum Number of Board Nominations		4					4
Stockholders' Agreement, Number of Independent Board Nominations, Less Than 50% Ownership		1					1
Principal Stockholders Group Owns At Least Twenty Five Percent Original Shares [Member]
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned		25.00%					25.00%
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities		25.00%					25.00%
Stockholders' Agreement, Maximum Number of Board Nominations		3					3
Principal Stockholders Group Owns at Least Fifteen Percent Original Shares [Member]
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned		15.00%					15.00%
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities		15.00%					15.00%
Stockholders' Agreement, Maximum Number of Board Nominations		2					2
Principal Stockholders Group Owns At Least Five Percent Original Shares [Member]
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned		5.00%					5.00%
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities		7.50%					7.50%
Stockholders' Agreement, Maximum Number of Board Nominations		1					1
Right to Appoint Representative to Serve On Each Committee, Excluding Audit Committee [Member]
Stockholders' Agreement, Board Nomination, Minimum Percentage of Original Shares Owned		20.00%					20.00%
Stockholders' Agreement, Board Nomination, Original Shares, Outstanding Voting Securities		7.50%					7.50%
Conversion of Accounts Payable to Common Stock [Member]
Debt Conversion, Original Debt, Amount		$ 9,500,000
High Peak Business Combination [Member] | Common Stock [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		91,592,354
High Peak Business Combination [Member] | Common Stock [Member] | Chief Financial Officer [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		5,000
High Peak Business Combination [Member] | Common Stock [Member] | President [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		16,802
High Peak Business Combination [Member] | Common Stock [Member] | Chief Operating Officer [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		14,000
High Peak Business Combination [Member] | Warrants [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		10,538,183
High Peak Business Combination [Member] | Warrants [Member] | Chief Financial Officer [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		5,000
High Peak Business Combination [Member] | Warrants [Member] | President [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		20,382
High Peak Business Combination [Member] | Warrants [Member] | Chief Operating Officer [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		14,000
High Peak Business Combination [Member] | Contingent Value Right [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		10,209,300
High Peak Business Combination [Member] | Contingent Value Right [Member] | Chief Financial Officer [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		5,000
High Peak Business Combination [Member] | Contingent Value Right [Member] | President [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		16,802
High Peak Business Combination [Member] | Contingent Value Right [Member] | Chief Operating Officer [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		14,000
HighPeak Energy Employees, Inc [Member]
Business Combination, Consideration Transferred, Total		$ 10
Pure Acquisition [Member] | Conversion of Pure's Class A Common Stock Into HighPeak Energy Common Stock [Member]
Business Combination, Conversion of Stock, Conversion Ratio		1					1
Business Combination, Conversion of Stock, Cash Issued (in dollars per share) | $ / shares		$ 0.62
Business Combination, Conversion of Stock, Minimum Redemption Value for Cash Issuance (in dollars per share) | $ / shares		$ 10					$ 10
Business Combination, Conversion of Stock, Cash Issued Total		$ 767,902
HPK, LP [Member]
Limited Partners' Capital Account, Distribution Amount							$ 2,800,000
Additional Paid in Capital, Ending Balance	[1]	0					0
Pure [Member]
Additional Paid in Capital, Ending Balance	[2]	(13,699,000)					(13,699,000)
HighPeak I [Member] | HPK, LP [Member] | Reimbursement of Costs Incurred by Management Company [Member]
Related Party Transaction, Amounts of Transaction							2,400,000
HighPeak II [Member] | HPK, LP [Member] | Reimbursement of Costs Incurred by Management Company [Member]
Related Party Transaction, Amounts of Transaction						$ 3,800,000
HighPeak II [Member] | HPK, LP [Member] | Reimbursement of Costs Incurred by Management Company [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction						$ 4,100,000
HighPeak I and HighPeak II [Member] | High Peak Business Combination [Member] | Common Stock [Member]
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable		$ 76,383,054
HighPeak I and HighPeak II [Member] | HPK, LP [Member]
Limited Partners' Capital Account, Distribution Amount							2,800,000
HighPeak I and HighPeak II [Member] | HPK, LP [Member] | Reimbursement of Costs Incurred by Management Company [Member] | General and Administrative Expense [Member]
Related Party Transaction, Amounts of Transaction							4,700,000
Pure [Member] | High Peak Business Combination [Member] | Contingent Value Right [Member]
Business Acquisition, Contingent Value, Right Issuable, Per Share Of Common Stock (in shares) | shares		1
Pure [Member] | High Peak Business Combination [Member] | Contingent Value Right [Member] | Warrant In Connection With Common Stock, Excluding Fraction Shares [Member]
Business Acquisition, Number Of Warrants Per Unit (in shares) | shares		1
G4 Companies, LLC [Member]
Related Party Transaction, Amounts of Transaction			$ 1,500,000
Limited Partner [Member]
Partners' Capital Account, Contributions				$ 54,000,000			54,000,000	$ 73,543,000
Limited Partner [Member] | HighPeak I [Member] | HPK, LP [Member]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest		51.90%
Limited Partner [Member] | HighPeak II [Member] | HPK, LP [Member]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest		48.10%
Limited Partner [Member] | HighPeak I [Member] | HPK, LP [Member]
Partners' Capital Account, Contributions					805,000
Limited Partner [Member] | HighPeak II [Member] | HPK, LP [Member]
Partners' Capital Account, Contributions					$ 25,800,000		$ 54,000,000
[1]	Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020.
[2]	Represents Pure's condensed consolidated balance sheet estimated as of August 21, 2020 after taking into account: (i) the closing of its trust account, (ii) the redemption of Pure's Class A Common Stock by the former public stockholders of Pure that elected to redeem, (iii) paying out the cash consideration to those former public stockholders of Pure who elected to remain and (iv) the conversion of the remaining shares of Pure's Class A Common Stock to HighPeak Energy common stock upon the closing of the HighPeak business combination. The $13.7 million reduction to equity is considered noncash offering costs on the condensed consolidated statement of changes in stockholders’ equity.

Note 10 - Related Party Trans_4

Note 10 - Related Party Transactions - HighPeak II Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended				4 Months Ended		6 Months Ended		8 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Sep. 30, 2019	Dec. 31, 2019
Total operating revenues	$ 48,270		$ 944		$ 16,400		$ 73,987	$ 5,567	$ 8,223		$ 8,115
Oil and natural gas production	4,692		1,814		2,653		6,919	4,203	4,870		3,372
Production and ad valorem taxes	2,543		94		886		4,207	402	566		449
Exploration and abandonment	463		1		5,032		654	4	4		2,850
Depletion, depreciation and amortization	16,857		1,735		9,877		29,820	5,091	6,385		4,269
Accretion of discount on asset retirement obligations	37		35		51		72	69	89		72
Total operating costs and expenses	27,232		5,091		37,050		47,037	14,042	16,754		19,694
Loss from operations	21,038		(4,147)		(20,650)		26,950	(8,475)	(8,531)		(11,579)
Net loss	5,743	$ 4,744	(4,147)	$ (80,831)	(16,429)		10,487	(84,978)	(85,034)		(11,579)
Crude Oil Sales [Member]
Total operating revenues	46,985		938		15,988		71,855	5,462	8,069		7,849
Natural Gas and NGL Sales [Member]
Total operating revenues	$ 1,285		$ 6		$ 412		$ 2,132	$ 105	$ 154		$ 266
HighPeak II [Member]
Total operating revenues						$ 3,858				$ 942
Oil and natural gas production						1,578				1,190
Production and ad valorem taxes						188				59
Exploration and abandonment						33				756
Depletion, depreciation and amortization						1,612				650
Accretion of discount on asset retirement obligations						34				86
General and administrative										2,891
Total operating costs and expenses						9,604				6,754
Loss from operations						(5,746)				(5,812)
Interest income										107
Net loss						(5,746)				(5,705)
HighPeak II [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Abandonment [Member]
Abandoned project										1,122
HighPeak II [Member] | Crude Oil Sales [Member]
Total operating revenues						3,695				719
HighPeak II [Member] | Natural Gas and NGL Sales [Member]
Total operating revenues						$ 163				$ 223

Note 10 - Related Party Trans_5

Note 10 - Related Party Transactions - Construction of Beginning Balance of the Company (Details) - USD ($) $ in Thousands		Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Aug. 22, 2020	Aug. 21, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents		$ 12,842		$ 19,552	$ 86,483				$ 22,711
Cash and cash equivalents		(12,842)		(19,552)	(86,483)				(22,711)
Accounts Receivable, after Allowance for Credit Loss, Current, Total		23,786		7,722	3,027				3,363
Accounts receivable		(23,786)		(7,722)	(3,027)				(3,363)
Total current assets		37,957		33,295	89,510				92,026
Total current assets		(37,957)		(33,295)	(89,510)				(92,026)
Total oil and gas properties, net		565,173		502,636	452,039				404,794
Total oil and gas properties, net		(565,173)		(502,636)	(452,039)				(404,794)
Other property and equipment, net		1,057		1,092	436				1,088
Other property and equipment, net		(1,057)		(1,092)	(436)				(1,088)
Total assets		604,423		537,930	541,985				497,908
Total assets		(604,423)		(537,930)	(541,985)				(497,908)
Current liabilities		54,340		22,435	28,358				30,980
Current liabilities		(54,340)		(22,435)	(28,358)				(30,980)
Deferred income tax liability		41,432		38,898	39,946				0
Deferred income tax liability		(41,432)		(38,898)	(39,946)				0
Notes payable (receivable)					0
Notes payable (receivable)					0
Asset retirement obligations		2,965		2,293	2,398				2,212
Asset retirement obligations		(2,965)		(2,293)	(2,398)				(2,212)
Partners' capital					0	$ 430,902	$ 433,738	$ 437,885	464,716	$ 84,057
Partners' capital					0	(430,902)	$ (433,738)	$ (437,885)	(464,716)	$ (84,057)
Common stock		9		9	9				0
Common stock		(9)		(9)	(9)				0
Additional Paid in Capital, Ending Balance		590,455		581,426	562,054				0
Additional paid-in capital		(590,455)		(581,426)	(562,054)				0
Retained Earnings (Accumulated Deficit), Ending Balance		(96,722)		(107,209)	(90,780)				(5,746)
Accumulated deficit		96,722		107,209	90,780				5,746
Total stockholders' equity/partner's capital		493,742	$ 486,976	474,226	471,283	0
Total stockholders' equity/partner's capital		(493,742)	$ (486,976)	(474,226)	(471,283)	0
Total liabilities and stockholders' equity/partners' capital		604,423		537,930	541,985				497,908
Total liabilities and stockholders' equity/partners' capital		$ (604,423)		$ (537,930)	$ (541,985)				$ (497,908)
High Peak Business Combination [Member] | Issuance of HighPeak Energy Common Stock [Member]
Cash and cash equivalents	[1]					92,554
Cash and cash equivalents	[1]					(92,554)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[1]					0
Accounts receivable	[1]					0
Total current assets	[1]					92,554
Total current assets	[1]					(92,554)
Total oil and gas properties, net	[1]					0
Total oil and gas properties, net	[1]					0
Other property and equipment, net	[1]					0
Other property and equipment, net	[1]					0
Total assets	[1]					92,554
Total assets	[1]					(92,554)
Current liabilities	[1]					9,538
Current liabilities	[1]					(9,538)
Deferred income tax liability	[1]					0
Deferred income tax liability	[1]					0
Notes payable (receivable)	[1]					0
Notes payable (receivable)	[1]					0
Asset retirement obligations	[1]					0
Asset retirement obligations	[1]					0
Partners' capital	[1]					(521,682)
Partners' capital	[1]					521,682
Common stock	[1]					9
Common stock	[1]					(9)
Additional Paid in Capital, Ending Balance	[1]					623,765
Additional paid-in capital	[1]					(623,765)
Retained Earnings (Accumulated Deficit), Ending Balance	[1]					0
Accumulated deficit	[1]					0
Total stockholders' equity/partner's capital	[1]					102,092
Total stockholders' equity/partner's capital	[1]					(102,092)
Total liabilities and stockholders' equity/partners' capital	[1]					92,554
Total liabilities and stockholders' equity/partners' capital	[1]					(92,554)
High Peak Business Combination [Member] | Offering Costs [Member]
Cash and cash equivalents	[2]					8,114
Cash and cash equivalents	[2]					(8,114)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[2]					0
Accounts receivable	[2]					0
Total current assets	[2]					8,114
Total current assets	[2]					(8,114)
Total oil and gas properties, net	[2]					0
Total oil and gas properties, net	[2]					0
Other property and equipment, net	[2]					0
Other property and equipment, net	[2]					0
Total assets	[2]					8,114
Total assets	[2]					(8,114)
Current liabilities	[2]					0
Current liabilities	[2]					0
Deferred income tax liability	[2]					0
Deferred income tax liability	[2]					0
Notes payable (receivable)	[2]					0
Notes payable (receivable)	[2]					0
Asset retirement obligations	[2]					0
Asset retirement obligations	[2]					0
Partners' capital	[2]					0
Partners' capital	[2]					0
Common stock	[2]					0
Common stock	[2]					0
Additional Paid in Capital, Ending Balance	[2]					8,114
Additional paid-in capital	[2]					(8,114)
Retained Earnings (Accumulated Deficit), Ending Balance	[2]					0
Accumulated deficit	[2]					0
Total stockholders' equity/partner's capital	[2]					8,114
Total stockholders' equity/partner's capital	[2]					(8,114)
Total liabilities and stockholders' equity/partners' capital	[2]					8,114
Total liabilities and stockholders' equity/partners' capital	[2]					(8,114)
High Peak Business Combination [Member] | Deferred Tax Liability [Member]
Cash and cash equivalents	[3]					0
Cash and cash equivalents	[3]					0
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[3]					0
Accounts receivable	[3]					0
Total current assets	[3]					0
Total current assets	[3]					0
Total oil and gas properties, net	[3]					0
Total oil and gas properties, net	[3]					0
Other property and equipment, net	[3]					0
Other property and equipment, net	[3]					0
Total assets	[3]					0
Total assets	[3]					0
Current liabilities	[3]					0
Current liabilities	[3]					0
Deferred income tax liability	[3]					39,946
Deferred income tax liability	[3]					(39,946)
Notes payable (receivable)	[3]					0
Notes payable (receivable)	[3]					0
Asset retirement obligations	[3]					0
Asset retirement obligations	[3]					0
Partners' capital	[3]					0
Partners' capital	[3]					0
Common stock	[3]					0
Common stock	[3]					0
Additional Paid in Capital, Ending Balance	[3]					(39,946)
Additional paid-in capital	[3]					39,946
Retained Earnings (Accumulated Deficit), Ending Balance	[3]					0
Accumulated deficit	[3]					0
Total stockholders' equity/partner's capital	[3]					(39,946)
Total stockholders' equity/partner's capital	[3]					39,946
Total liabilities and stockholders' equity/partners' capital	[3]					0
Total liabilities and stockholders' equity/partners' capital	[3]					0
HPK, LP [Member]
Cash and cash equivalents	[4]					1,943
Cash and cash equivalents	[4]					(1,943)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[4]					3,001
Accounts receivable	[4]					(3,001)
Total current assets	[4]					4,944
Total current assets	[4]					(4,944)
Total oil and gas properties, net	[4]					452,039
Total oil and gas properties, net	[4]					(452,039)
Other property and equipment, net	[4]					436
Other property and equipment, net	[4]					(436)
Total assets	[4]					457,419
Total assets	[4]					(457,419)
Current liabilities	[4]					35,794
Current liabilities	[4]					(35,794)
Deferred income tax liability	[4]					0
Deferred income tax liability	[4]					0
Notes payable (receivable)	[4]					(11,675)
Notes payable (receivable)	[4]					11,675
Asset retirement obligations	[4]					2,398
Asset retirement obligations	[4]					(2,398)
Partners' capital	[4]					521,682
Partners' capital	[4]					(521,682)
Common stock	[4]					0
Common stock	[4]					0
Additional Paid in Capital, Ending Balance	[4]					0
Additional paid-in capital	[4]					0
Retained Earnings (Accumulated Deficit), Ending Balance	[4]					(90,780)
Accumulated deficit	[4]					90,780
Total stockholders' equity/partner's capital	[4]					430,902
Total stockholders' equity/partner's capital	[4]					(430,902)
Total liabilities and stockholders' equity/partners' capital	[4]					457,419
Total liabilities and stockholders' equity/partners' capital	[4]					(457,419)
Pure [Member]
Cash and cash equivalents	[5]					1
Cash and cash equivalents	[5]					(1)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[5]					0
Accounts receivable	[5]					0
Total current assets	[5]					1
Total current assets	[5]					(1)
Total oil and gas properties, net	[5]					0
Total oil and gas properties, net	[5]					0
Other property and equipment, net	[5]					0
Other property and equipment, net	[5]					0
Total assets	[5]					1
Total assets	[5]					(1)
Current liabilities	[5]					2,025
Current liabilities	[5]					(2,025)
Deferred income tax liability	[5]					0
Deferred income tax liability	[5]					0
Notes payable (receivable)	[5]					11,675
Notes payable (receivable)	[5]					(11,675)
Asset retirement obligations	[5]					0
Asset retirement obligations	[5]					0
Partners' capital	[5]					0
Partners' capital	[5]					0
Common stock	[5]					0
Common stock	[5]					0
Additional Paid in Capital, Ending Balance	[5]					(13,699)
Additional paid-in capital	[5]					13,699
Retained Earnings (Accumulated Deficit), Ending Balance	[5]					0
Accumulated deficit	[5]					0
Total stockholders' equity/partner's capital	[5]					(13,699)
Total stockholders' equity/partner's capital	[5]					13,699
Total liabilities and stockholders' equity/partners' capital	[5]					1
Total liabilities and stockholders' equity/partners' capital	[5]					(1)
HighPeak Energy Employees, Inc [Member]
Cash and cash equivalents	[6]					99
Cash and cash equivalents	[6]					(99)
Accounts Receivable, after Allowance for Credit Loss, Current, Total	[6]					26
Accounts receivable	[6]					(26)
Total current assets	[6]					125
Total current assets	[6]					(125)
Total oil and gas properties, net	[6]					0
Total oil and gas properties, net	[6]					0
Other property and equipment, net	[6]					0
Other property and equipment, net	[6]					0
Total assets	[6]					125
Total assets	[6]					(125)
Current liabilities	[6]					77
Current liabilities	[6]					(77)
Deferred income tax liability	[6]					0
Deferred income tax liability	[6]					0
Notes payable (receivable)	[6]					0
Notes payable (receivable)	[6]					0
Asset retirement obligations	[6]					0
Asset retirement obligations	[6]					0
Partners' capital	[6]					0
Partners' capital	[6]					0
Common stock	[6]					0
Common stock	[6]					0
Additional Paid in Capital, Ending Balance	[6]					48
Additional paid-in capital	[6]					(48)
Retained Earnings (Accumulated Deficit), Ending Balance	[6]					0
Accumulated deficit	[6]					0
Total stockholders' equity/partner's capital	[6]					48
Total stockholders' equity/partner's capital	[6]					(48)
Total liabilities and stockholders' equity/partners' capital	[6]					125
Total liabilities and stockholders' equity/partners' capital	[6]					$ (125)
[1]	Represents the issuance by the Company of 91,592,354 shares of common stock, 10,538,183 warrants and 10,209,300 Contingent Value Rights upon the closing of the HighPeak business combination. The reduction to accounts payable of $9.5 million represents those vendors of HPK LP that purchased shares under the Forward Purchase Agreement Amendment in the HighPeak business combination in lieu of being paid cash for the majority of their outstanding balances.
[2]	Represents the cash costs paid for the offering of the aforementioned shares in addition to the cash costs that had previously been incurred by Pure of $13.7 million in column (b).
[3]	Represents the beginning deferred tax liability of the Company given the combination of all the entities, most of which originated from HPK LP which was a partnership for U.S. federal income tax purposes and therefore did not record a deferred tax liability.
[4]	Represents HPK LP’s condensed consolidated balance sheet estimated as of August 21, 2020.
[5]	Represents Pure's condensed consolidated balance sheet estimated as of August 21, 2020 after taking into account: (i) the closing of its trust account, (ii) the redemption of Pure's Class A Common Stock by the former public stockholders of Pure that elected to redeem, (iii) paying out the cash consideration to those former public stockholders of Pure who elected to remain and (iv) the conversion of the remaining shares of Pure's Class A Common Stock to HighPeak Energy common stock upon the closing of the HighPeak business combination. The $13.7 million reduction to equity is considered noncash offering costs on the condensed consolidated statement of changes in stockholders’ equity.
[6]	Represents the balance sheet of HighPeak Energy Employees, Inc which was acquired by the Company for $10.00 upon the closing of the HighPeak business combination.

Note 10 - Related Party Trans_6

Note 10 - Related Party Transactions - Pro Forma Condensed Combined Financial Information (Details) - High Peak Business Combination [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total revenues	$ 24,623	$ 9,057
Net income attributable to Common Stock	$ (23,310)	$ (8,838)
Basic and diluted net loss per share (in dollars per share)	$ (0.25)	$ (0.10)

Note 11 - Major Customers (Deta

Note 11 - Major Customers (Details Textual) - Customer Concentration Risk [Member] - Revenue Benchmark [Member]	4 Months Ended	6 Months Ended		8 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020
Lion Oil Trading and Transportation, LLC [Member]
Concentration Risk, Percentage	98.00%	95.00%	16.00%	49.00%
Enlink Crude Purchasing, LLC [Member]
Concentration Risk, Percentage			76.00%	44.00%

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Deferred Tax Assets, Valuation Allowance, Total	$ 0	$ 0	$ 0
Deferred Tax Assets, Net of Valuation Allowance, Total	$ 12,880	$ 22,933	$ 12,880
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year		2017	2017 2018 2019

Note 12 - Income Taxes - Income

Note 12 - Income Taxes - Income Tax Benefit and Effective Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended	20 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019	Aug. 21, 2020
Current tax expense			$ (3,176)	$ 0
Deferred tax expense			(1,047)	2,535
Income tax expense	$ 1,420	$ 0	$ (4,223)	$ 2,535	$ 0	$ 0	$ 0	$ 0

Note 12 - Income Taxes - Effect

Note 12 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended	20 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019	Aug. 21, 2020
Income tax expense at U.S. federal statutory rate			$ (4,337)	$ 2,735
Limited tax benefit due to stock-based compensation			127	(81)
Other			(13)	(119)
Income tax expense	$ 1,420	$ 0	$ (4,223)	$ 2,535	$ 0	$ 0	$ 0	$ 0
Effective income tax rate			20.40%	19.50%

Note 12 - Income Taxes - Deferr

Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Net operating loss carryforwards	$ 16,770	$ 9,725
Stock-based compensation	3,419	3,124
Other	107	31
Less: Valuation allowance	0	0
Net deferred tax assets	22,933	12,880
Oil and natural gas properties, principally due to differences in basis and depreciation and the deduction of intangible drilling costs for tax purposes	(64,365)	(51,778)
Net deferred tax liabilities	$ (41,432)	$ (38,898)

Note 13 - Earnings (Loss) Per_3

Note 13 - Earnings (Loss) Per Share (Details Textual)	4 Months Ended
	Dec. 31, 2020shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	10,225,472

Note 13 - Earnings (Loss) Per_4

Note 13 - Earnings (Loss) Per Share - Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended				4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended
		Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019
Net income (loss)		$ 5,743	$ 4,744	$ (4,147)	$ (80,831)	$ (16,429)	$ 10,487	$ (84,978)	$ (85,034)	$ (11,579)
Participating share-based earnings (a)	[1]					0
Basic and diluted net income (loss) attributable to common stockholders		$ 5,336				$ (16,429)	$ 9,744
Basic weighted average shares outstanding (in shares)		92,676				91,629	92,634
Dilution attributable to stock-based compensation awards (in shares)						0
Diluted weighted average shares outstanding (in shares)		92,676				91,629	92,830
[1]	Participating earnings represent the distributed and undistributed earnings of the Company attributable to the participating securities. Unexercised stock option awards do not participate in undistributed net losses as they are not contractually obligated to do so.

Note 14 - Stockholders' Equit_2

Note 14 - Stockholders' Equity (Successor) (Details Textual) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Common Stock, Shares, Outstanding, Ending Balance (in shares)	92,728,781	91,967,565
Class of Warrant or Right, Outstanding (in shares)	9,500,174	10,225,472
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 11.50	$ 11.50
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	21,694,763	21,694,763
Contingent Value Right [Member]
Class of Warrant or Right, Outstanding (in shares)	10,209,300	10,209,300
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	2.125	2.125

Note 15 - Partners' Capital (_2

Note 15 - Partners' Capital (Predecessors) (Details Textual) - HPK, LP [Member] - USD ($) $ in Millions	6 Months Ended	8 Months Ended
	Jun. 30, 2020	Aug. 21, 2020
Net Income (Loss) Allocated to Limited Partners	$ 85	$ 85
Limited Partners' Capital Account, Distribution Amount		$ 2.8

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended
	Dec. 31, 2020	Mar. 15, 2021	Mar. 15, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2020	Dec. 31, 2019	Mar. 12, 2021
Proceeds from Warrant Exercises	$ 3,600				$ 5,466	$ 0
Class of Warrant or Right, Exercised During Period (in shares)	312,711
Subscription Receivable from Exercise of Warrants				$ 3,596			$ 0	$ 3,600	$ 0
Common Stock, Shares, Outstanding, Ending Balance (in shares)	91,967,565			91,967,565	92,728,781			91,967,565
Class of Warrant or Right, Outstanding (in shares)	10,225,472			10,225,472	9,500,174			10,225,472
Subsequent Event [Member]
Proceeds from Warrant Exercises		$ 9,100
Class of Warrant or Right, Exercised During Period (in shares)		475,298	788,009
Class of Warrant or Right, Exercised During Period, Cashless (in shares)		250,000
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares)		78,767
Common Stock, Shares, Outstanding, Ending Balance (in shares)		92,675,898	92,675,898
Class of Warrant or Right, Outstanding (in shares)		9,500,174	9,500,174
Contingent Value Rights, Outstanding (in shares)		10,209,300	10,209,300
Subsequent Event [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity										$ 50,000

Note 17 - Supplemental Oil an_3

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) (Details Textual) Mcfe in Thousands		Oct. 01, 2019MMBoe	Dec. 31, 2020MMBoeMcfe	Aug. 21, 2020MMBoeMcfe	Dec. 31, 2020MMBoeMcfe$ / bbl$ / MMBTU$ / MMcf$ / Boe	Dec. 31, 2019MMBoeMcfe$ / bbl$ / MMBTU$ / MMcf$ / Boe	Dec. 31, 2018MMBoeMcfe
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent)			22,515	10,274	22,515	11,497	3,271
Proved Developed and Undeveloped Reserve, Net (Energy), Period Increase (Decrease), Total (Millions of Barrels of Oil Equivalent)			14,279
Oil and Gas, Exploratory Well Drilled, Production, Gross, Number			3	3		2
Oil and Gas, Exploratory Well Drilled, Production, Net, Number			3	3		1.8
Oil and Gas, Exploratory Well Drilled, Completion, Gross, Number			9			5
Oil and Gas, Exploratory Well Drilled, Completion, Net, Number			8.9			5
Oil and Gas, Proved Undeveloped Reserves, Well Drilled, Gross, Number			15			13
Oil and Gas, Proved Undeveloped Reserves, Well Drilled, Net Productive, Number			12.4			4.4
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent)			(1,603)	(2,120)		655
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Well Performance (Millions of Barrels of Oil Equivalent)			(1,112)	(1,975)		789
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Proved Undeveloped Removed (Millions of Barrels of Oil Equivalent)			(409)
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Price Differentials (Millions of Barrels of Oil Equivalent)			(98)	(173)		(80)
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy), Forecast Operating Expenses (Millions of Barrels of Oil Equivalent)			16	28		(54)
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent)			435	270		168
Oil and Gas, Well Acquired				3
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent)				50
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent)			14,279	1,117		6,593
Proved Developed and Undeveloped Reserve, Contribution from Subsidiary (Energy) (Millions of Barrels of Oil Equivalent)		1,146				1,146
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent)	[1]		10,282		10,282	4,964
Oil [Member]
Oil and Gas, Average Sale Price (in USD per Barrel of Oil) | $ / bbl					39.57	55.69
Oil and Gas, Estimated Realized Price (in USD per Barrel of Oil) | $ / bbl					38.08	50.57
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent)			19,032	8,633	19,032	9,372	2,914
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent)			(1,180)	(1,555)		217
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent)			398	236		145
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent)				44
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent)			11,977	1,008		5,413
Proved Developed and Undeveloped Reserve, Contribution from Subsidiary (Energy) (Millions of Barrels of Oil Equivalent)						973
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent)	[1]		8,730		8,730	4,091
Natural Gas [Member]
Oil and Gas, Average Sale Price (in USD per Barrel of Oil) | $ / MMBTU					1.985	2.578
Oil and Gas, Estimated Realized Price (in USD per Barrel of Oil) | $ / MMcf					1.304	0.10
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent) | Mcfe			7,939	3,711	7,939	4,654	809
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe			(875)	(1,144)		887
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe			112	87		139
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe				36
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe			5,215	252		2,528
Proved Developed and Undeveloped Reserve, Contribution from Subsidiary (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe						569
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe	[1]		3,572		3,572	1,952
Natural Gas Liquids [Member]
Oil and Gas, Estimated Realized Price (in USD per Barrel of Oil) | $ / Boe					12.27	21.17
Proved Developed and Undeveloped Reserve, Net (Energy), Ending Balance (Millions of Barrels of Oil Equivalent)			2,160	1,022	2,160	1,349	222
Proved Developed and Undeveloped Reserve, Revision of Previous Estimate (Energy) (Millions of Barrels of Oil Equivalent)			(277)	(374)		290
Proved Developed and Undeveloped Reserve, Production (Energy) (Millions of Barrels of Oil Equivalent)			18	20		0
Proved Developed and Undeveloped Reserve, Purchase of Mineral in Place (Energy) (Millions of Barrels of Oil Equivalent)				0
Proved Developed and Undeveloped Reserve, Extension and Discovery (Energy) (Millions of Barrels of Oil Equivalent)			1,433	67		759
Proved Developed and Undeveloped Reserve, Contribution from Subsidiary (Energy) (Millions of Barrels of Oil Equivalent)						78
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent)	[1]		957		957	548
Oil Reserves, Non-producing [Member]
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent)			4,517		4,517	3,101
Natural Gas Reserves, Non-producing [Member]
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent) | Mcfe			1,912		1,912	1,454
Natural Gas Liquids Reserves, Non-producing [Member]
Proved Developed Reserves (Energy) (Millions of Barrels of Oil Equivalent)			517		517	447
[1]	As of December 31, 2020 and 2019, proved developed reserves includes proved developed non-producing reserves of 4,517 and 3,101 MBbl of crude oil, 1,912 and 1,454 MMcf of natural gas and 517 and 447 MBbl of natural gas liquids, respectively.

Note 17 - Supplemental Oil an_4

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Net Capitalized Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Proved properties	$ 367,372	$ 178,835
Unproved properties	152,741	227,525
Total capitalized costs	520,113	406,360
Less: accumulated depletion	(17,477)	(1,566)
Net capitalized costs	$ 502,636	$ 404,794

Note 17 - Supplemental Oil an_5

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Cost Incurred in Oil and Natural Gas Property Acquisition, Exploration and Development (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Dec. 31, 2020	Aug. 21, 2020	Dec. 31, 2019
Proved properties	$ 0	$ 585	$ 4,635
Unproved properties	1,181	2,753	6,288
Total acquisition costs	1,181	3,338	10,923
Exploration costs	52,837	48,801	59,349
Development costs	11,757	863	54
Oil and gas expenditures	65,775	53,002	70,326
Asset retirement obligations, net	105	(98)	(316)
Total costs incurred	$ 65,670	$ 53,100	$ 70,642

Note 17 - Supplemental Oil an_6

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Results of Operating for Oil, Natural Gas and NGL Producing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended		8 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Aug. 21, 2020	Dec. 31, 2019
Oil, NGL and natural gas sales			$ 16,400			$ 8,223	$ 8,115
Lease operating expenses			2,653			4,870	3,372
Production and ad valorem taxes	$ 2,543	$ 94	886	$ 4,207	$ 402	566	449
Exploration and abandonment expense			5,032			4	2,850
Depletion, depreciation and amortization expense			9,877			6,385	4,269
Accretion of discount on asset retirement obligations			51			89	72
Results of operations from oil and gas production activities			$ (2,099)			$ (3,691)	$ (2,897)

Note 17 - Supplemental Oil an_7

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Changes in Proved Reserves (Details) Mcfe in Thousands	Oct. 01, 2019MMBoe	Dec. 31, 2020MMBoeMcfe	Aug. 21, 2020MMBoeMcfe	Dec. 31, 2019MMBoeMcfe
Proved Reserves (Millions of Barrels of Oil Equivalent)		10,274	11,497	3,271
Contribution from HighPeak II (Millions of Barrels of Oil Equivalent)	1,146			1,146
Extensions and discoveries (Millions of Barrels of Oil Equivalent)		14,279	1,117	6,593
Revisions of previous estimates (Millions of Barrels of Oil Equivalent)		(1,603)	(2,120)	655
Production (Millions of Barrels of Oil Equivalent)		(435)	(270)	(168)
Purchase of minerals in place (Millions of Barrels of Oil Equivalent)			50
Proved Reserves (Millions of Barrels of Oil Equivalent)		22,515	10,274	11,497
Oil [Member]
Proved Reserves (Millions of Barrels of Oil Equivalent)		8,633	9,372	2,914
Contribution from HighPeak II (Millions of Barrels of Oil Equivalent)				973
Extensions and discoveries (Millions of Barrels of Oil Equivalent)		11,977	1,008	5,413
Revisions of previous estimates (Millions of Barrels of Oil Equivalent)		(1,180)	(1,555)	217
Production (Millions of Barrels of Oil Equivalent)		(398)	(236)	(145)
Purchase of minerals in place (Millions of Barrels of Oil Equivalent)			44
Proved Reserves (Millions of Barrels of Oil Equivalent)		19,032	8,633	9,372
Natural Gas [Member]
Proved Reserves (Millions of Barrels of Oil Equivalent) | Mcfe		3,711	4,654	809
Contribution from HighPeak II (Millions of Barrels of Oil Equivalent) | Mcfe				569
Extensions and discoveries (Millions of Barrels of Oil Equivalent) | Mcfe		5,215	252	2,528
Revisions of previous estimates (Millions of Barrels of Oil Equivalent) | Mcfe		(875)	(1,144)	887
Production (Millions of Barrels of Oil Equivalent) | Mcfe		(112)	(87)	(139)
Purchase of minerals in place (Millions of Barrels of Oil Equivalent) | Mcfe			36
Proved Reserves (Millions of Barrels of Oil Equivalent) | Mcfe		7,939	3,711	4,654
Natural Gas Liquids [Member]
Proved Reserves (Millions of Barrels of Oil Equivalent)		1,022	1,349	222
Contribution from HighPeak II (Millions of Barrels of Oil Equivalent)				78
Extensions and discoveries (Millions of Barrels of Oil Equivalent)		1,433	67	759
Revisions of previous estimates (Millions of Barrels of Oil Equivalent)		(277)	(374)	290
Production (Millions of Barrels of Oil Equivalent)		(18)	(20)	0
Purchase of minerals in place (Millions of Barrels of Oil Equivalent)			0
Proved Reserves (Millions of Barrels of Oil Equivalent)		2,160	1,022	1,349

Note 17 - Supplemental Oil an_8

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Quantities of Proved Developed and Undeveloped Reserves (Details) Mcfe in Thousands		Dec. 31, 2020MMBoeMcfe	Aug. 21, 2020MMBoeMcfe	Dec. 31, 2019MMBoeMcfe	Dec. 31, 2018MMBoeMcfe
Proved Developed Reserves (Millions of Barrels of Oil Equivalent)	[1]	10,282		4,964
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent)		12,233		6,533
Total Proved Reserves (Millions of Barrels of Oil Equivalent)		22,515	10,274	11,497	3,271
Oil [Member]
Proved Developed Reserves (Millions of Barrels of Oil Equivalent)	[1]	8,730		4,091
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent)		10,302		5,281
Total Proved Reserves (Millions of Barrels of Oil Equivalent)		19,032	8,633	9,372	2,914
Natural Gas [Member]
Proved Developed Reserves (Millions of Barrels of Oil Equivalent) | Mcfe	[1]	3,572		1,952
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent) | Mcfe		4,367		2,702
Total Proved Reserves (Millions of Barrels of Oil Equivalent) | Mcfe		7,939	3,711	4,654	809
Natural Gas Liquids [Member]
Proved Developed Reserves (Millions of Barrels of Oil Equivalent)	[1]	957		548
Proved Undeveloped Reserves (Millions of Barrels of Oil Equivalent)		1,203		801
Total Proved Reserves (Millions of Barrels of Oil Equivalent)		2,160	1,022	1,349	222
[1]	As of December 31, 2020 and 2019, proved developed reserves includes proved developed non-producing reserves of 4,517 and 3,101 MBbl of crude oil, 1,912 and 1,454 MMcf of natural gas and 517 and 447 MBbl of natural gas liquids, respectively.

Note 17 - Supplemental Oil an_9

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Standardized Measure of Discounted Future of Net Cash Flows (Details) - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Future cash inflows		$ 740,859	$ 502,961
Future production costs		(217,025)	(127,897)
Future development costs		(117,887)	(78,360)
Future income tax expense		(25,824)	(2,640)
Future net cash flows		380,123	294,064
Discount to present value at 10% annual rate		(157,931)	(154,043)
Standardized measure of discounted future net cash flows	[1]	$ 222,192	$ 140,021	$ 31,118
[1]	The year ended December 31, 2020 in the table above reflects the change in standardized measure from that of HPK LP, our Predecessor, as of December 31, 2019 to that of the Company as of December 31, 2020 and amounts are combined for the period from January 1, 2020 to August 21, 2020 of HPK LP and from August 22, 2020 to December 31, 2020 of the Company. There was no third-party reserve report prepared as of August 21, 2020 from which to compute a standardized measure from as of that date. The year ended December 31, 2019 in the table above reflects the change in standardized measure from that of HighPeak I, HPK LP's Predecessor, as of December 31, 2018 to that of HPK LP as of December 31, 2019 and amounts are combined for the period from January 1, 2019 to September 30, 2019 of HighPeak I and from October 1, 2019 to December 31, 2019 of HPK LP. There was no third-party reserve report prepared for HighPeak I as of October 1, 2019 from which to compute a standardized measure from as of that date. We believe the table above accurately reflects the change in standardized measure for the Predecessors and Successor in a meaningful context.

Note 17 - Supplemental Oil a_10

Note 17 - Supplemental Oil and Gas Disclosures (Unaudited) - Changes in Standardized Measure of Discounted Future (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Standardized measure of discounted future net cash flows, beginning of year	[1]	$ 140,021	$ 31,118
Contribution of HighPeak II to Predecessors	[1]	0	10,488
Sales of oil and natural gas, net of production costs	[1]	(15,648)	(4,294)
Extensions and discoveries, net of future development costs	[1]	172,478	85,626
Net changes in prices and production costs	[1]	(50,728)	(6,755)
Changes in estimated future development costs	[1]	6,466	9,483
Purchases of minerals in place	[1]	600	14
Revisions of previous quantity estimates	[1]	(41,646)	8,232
Accretion of discount	[1]	14,134	3,165
Net changes in income taxes (1)	[1],[2]	(10,675)	(857)
Net changes in timing of production and other	[1]	7,190	3,801
Standardized measure of discounted future net cash flows, end of year	[1]	$ 222,192	$ 140,021
[1]	The year ended December 31, 2020 in the table above reflects the change in standardized measure from that of HPK LP, our Predecessor, as of December 31, 2019 to that of the Company as of December 31, 2020 and amounts are combined for the period from January 1, 2020 to August 21, 2020 of HPK LP and from August 22, 2020 to December 31, 2020 of the Company. There was no third-party reserve report prepared as of August 21, 2020 from which to compute a standardized measure from as of that date. The year ended December 31, 2019 in the table above reflects the change in standardized measure from that of HighPeak I, HPK LP's Predecessor, as of December 31, 2018 to that of HPK LP as of December 31, 2019 and amounts are combined for the period from January 1, 2019 to September 30, 2019 of HighPeak I and from October 1, 2019 to December 31, 2019 of HPK LP. There was no third-party reserve report prepared for HighPeak I as of October 1, 2019 from which to compute a standardized measure from as of that date. We believe the table above accurately reflects the change in standardized measure for the Predecessors and Successor in a meaningful context.
[2]	Effective with the HighPeak business combination that closed on August 21, 2020, the Company became a corporation for tax purposes. As such, the "Net change in income taxes" in the table above for the year ended December 31, 2020 reflects that change in tax status. Prior to the HighPeak business combination, the Predecessors had elected to be treated as a partnership for income tax purposes. Accordingly, federal taxable income and losses are reported on the income tax returns of the Predecessor's partners. The Predecessors were subject to margin / franchise taxes in Texas, which is reflected as "Net change in income taxes" in the table above for the year ended December 31, 2019.