Sec Form 4 Filing - Hollis Michael L. @ HighPeak Energy, Inc. - 2021-01-04

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Hollis Michael L. 2. Issuer Name and Ticker or Trading Symbol HighPeak Energy, Inc. [ HPK] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) 421 W. 3RD STREET, SUITE 1000 3. Date of Earliest Transaction (MM/DD/YY) 01/04/2021 (Street) FORT WORTH, TX76102 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, par value $0.0001 per share 01/04/2021 M 35,000 A $ 10 61,802 D Common Stock, par value $0.0001 per share 01/04/2021 S 35,000 D $ 16.2 ( 1 ) 26,802 D Common Stock, par value $0.0001 per share 01/04/2021 S( 2 ) 5,000 D $ 16.46 21,802 D Common Stock, par value $0.0001 100 I See Footnote ( 3 ) Common Stock, par value $0.0001 100 I See Footnote ( 3 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Nonqualified Stock Option (right to buy) $ 10 01/04/2021 M 35,000 ( 4 ) 08/23/2030 Common Stock, par value $0.0001 per share 35,000 $ 0 1,215,000 D Warrants $ 11.5 01/04/2021 S( 5 ) 5,000 09/20/2020 08/21/2025 Common Stock, par value $0.0001 per share 5,000 $ 4.77 33,768 D Warrants $ 11.5 09/20/2020 08/21/2025 Common Stock, par value $0.0001 per share 0 100 I See Footnote ( 6 ) Warrants $ 11.5 09/20/2020 08/21/2025 Common Stock, par value $0.0001 per share 0 100 I See Footnote ( 6 )

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Hollis Michael L. 421 W. 3RD STREET, SUITE 1000 FORT WORTH, TX76102 X President Signatures /s/ Steven W. Tholen as Attorney in Fact for Michael L. Hollis 01/06/2021 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $15.82 to $16.36, inclusive. The Reporting Person undertakes to provide to HighPeak Energy, Inc. (the "Issuer"), any security holder of the Issuer, or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares of common stock, par value $0.001 per share of the Issuer ("common stock") sold at each separate price within the ranges set forth in this footnote (1). ( 2 )The Reporting Person's sale of common stock of the Issuer reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934, as amended, to the extent of 3,386 shares of common stock, with the Reporting Person's purchase of 3,386 warrants of the Issuer (the "HPK warrants") at a price of $1.24 per share on August 31, 2020. The Reporting Person has agreed to pay the Issuer, upon settlement of the sale, $12,731.36, representing the full amount of the profit realized in connection with the short-swing transaction, less transaction costs. ( 3 )Represents shares of common stock of the Issuer issued to the Reporting Person's son in exchange for Class A common stock, par value $0.0001 per share ("Class A Common Stock") of Pure Acquisition Corp. ("Pure") in connection with the closing of business combination transaction (the "Transaction") between Pure and the Issuer on August 21, 2020. ( 4 )The Reporting Person was granted options pursuant to Rule 16b-3 to purchase a total of 1,250,000 shares on August 24, 2020 (the "date of grant"), vesting in three equal installments: one-third on the date of grant, one-third on the first anniversary of the date of grant, and one-third on the second anniversary of the date of grant. ( 5 )The Reporting Person's sale of HPK warrants reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934, as amended, to the extent of 5,000 shares of common stock, with the following transactions: (i) the Reporting Person's purchase of 188 HPK Warrants at a price of $1.06 per share on August 28, 2020, (ii) the Reporting Person's purchase of 962 HPK warrants at a price of $1.24 per share on August 31, 2020, (iii) the Reporting Person's purchase of 100 HPK Warrants at a price of $1.13 per share on August 31, 2020, and (iv) the Reporting Person's purchase of 3,750 HPK warrants at a weighted average price of $1.18 per share on September 1, 2020. The Reporting Person has agreed to pay the Issuer, upon settlement of the sale, $17,942.84, representing the full amount of the profit realized in connection with the short-swing transaction, less transaction costs. ( 6 )Represents HPK warrants to purchase common stock of the Issuer issued to the Reporting Person's son in exchange for Class A Common Stock in connection with the Transaction.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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