HighPeak Energy names Hollis interim CEO to succeed founder
HighPeak Energy Inc., Fort Worth, Tex., has appointed Michael L. Hollis to serve as interim chief executive officer of the company, effective immediately.
The Midland basin-focused company, in a release Sept. 16, said the board of directors and Jack Hightower, founder, chief executive officer, and chairman of the board, have agreed that Hightower will retire from his positions, including as chief executive officer, a director and chairman of the board.
Hollis has served as president of HighPeak and a member of the board since 2020 and has over 25 years of oil and gas experience. Prior to joining HighPeak, Hollis served as president and chief operating officer of Diamondback Energy Inc. from January 2017 through September 2019, prior to which he served as chief operating officer since 2015 and vice0president of drilling.
“Stepping away from my roles affords me the time I need to focus on my health and personal endeavors. With Michael at the helm, I believe HighPeak is poised to build on its past successes and continue as an industry leader,” Hightower said in the release.
Concurrent with the changes, Hightower also will retire from managing HighPeak Energy Partners LP, HighPeak Energy Partners II LP, and HighPeak Pure Acquisition LLC (collectively, Highpeak Funds), which collectively own about 64.4% of the shares of common stock of HighPeak Energy.
Following Hightower’s retirement, the Highpeak Funds will be managed by a committee comprised of Hollis, Daniel Silver, and Ryan Hightower, each of whom also serve as vice-president of finance and vice-president of business development of HighPeak Energy, respectively.
Highpeak Funds have designated Silver to serve as their board appointee under the shareholder’s agreement by and among the company and the Highpeak Funds to replace Hightower, and Silver has been appointed to serve as a director of the board effective immediately.
HighPeak was formed in 2020 through the combination of HighPeak Energy and Pure Acquisition Corp., a special purpose acquisition company formed by Jack Hightower (OGJ Online, Aug. 4, 2020). The company is focused on the development of unconventional oil and natural gas reserves, primarily in Howard and Borden Counties, Tex.