Hunton Andrews Kurth Counsels Special Committee of the Board of Directors of Pure Acquisition Corp. in Acquisition and Formation of HighPeak Energy, Inc.

Hunton Andrews Kurth acted as special counsel to the Special Committee (the Special Committee) of the Board of Directors of Pure Acquisition Corp. (Pure), an oil and gas exploration and production-focused special purpose acquisition company, in connection with its initial business combination pursuant to which Pure will effect a business combination resulting in a newly formed and publicly-traded company, HighPeak Energy, Inc. (HighPeak Energy). Pursuant to the business combination agreement, a wholly owned subsidiary of HighPeak Energy will merge with and into Pure, with Pure surviving as a wholly owned subsidiary of HighPeak Energy, and Pure’s existing stockholders receiving one share of common stock of HighPeak Energy for each share of Pure’s common stock owned (other than certain shares held by Pure’s sponsor that will be surrendered for cancellation immediately prior to the merger). HighPeak Energy will then acquire certain assets from certain affiliates of HighPeak Energy Partners, LP, in exchange for shares of its common stock.

Closing of the business combination is subject to the requisite approval of Pure’s stockholders and satisfaction of customary closing conditions (including certain minimum average funding availability and minimum new equity requirements), and the business combination is expected to close in August of 2020. Once closed, HighPeak Energy is expected to have an estimated enterprise value of approximately $900 million. HighPeak Energy will conduct its business as an independent oil and natural gas company engaged in the acquisition, development and production of oil, natural gas and NGL reserves with assets located in the northeastern part of the oil-rich Midland Basin.

The Hunton Andrews Kurth team included Mike O’Leary, Taylor Landry, Amanda Thienpont and Michael Wright for corporate matters; Hal Haltom and Ming Lei for oil and gas matters; and Tom Ford, Allison Mantor and Tim Strother for tax matters.