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Note 3 - Acquisitions | 6 Months Ended
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Jun. 30, 2022
Notes to Financial Statements |
Acquisitions [Text Block] | NOTE 3. Acquisitions Acquisitions. During the six months ended June 30, 2022, the Company incurred a total of $515.4 million in acquisition costs primarily related to a series of agreements to acquire various crude oil and natural gas properties contiguous to its Signal Peak and Flat Top operating areas in Howard and Borden counties, consisting of approximately 34,500 net acres and associated producing properties, water system infrastructure and in-field fluid gathering pipelines. Included in the acquisition costs is the issuance of 10,853,634 shares of HighPeak Energy common stock valued at $265.0 million on the respective closing dates. All the aforementioned acquisitions were accounted for as asset acquisitions as substantially all the gross assets acquired are concentrated in a group of similar identifiable assets. The consideration paid was allocated to the individual assets acquired and liabilities assumed based on their relative fair values. All transaction costs associated with the acquisitions were capitalized.

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