HighPeak Energy Management LLC

Item 5. Fees and Compensation

Below is a discussion of the fees typically charged and how the Adviser is typically compensated
in connection with providing advisory services to its Clients.

General and Administrative Expenses

The Funds bear all General and Administrative Expenses (“G&A Expenses”). G&A Expenses
means the general and administrative expenses incurred by the Funds or any of their subsidiaries,
including a portfolio company; provided, however, that G&A Expenses shall not include any
Adviser expenses (which Adviser expenses will be borne entirely by the Adviser). G&A
Expenses to be paid or reimbursed by the Funds during any fiscal year, unless otherwise
approved by the LP Advisory Committee, shall not exceed an amount that would have been
greater than a 1% management fee based upon the greater of (i) total commitments of the Limited
Partners and (ii) the Enterprise Value of the Fund not to exceed $3 million per Fund. Enterprise
Value means as of any time of determination, the amount equal (a) to the Fair Market Value of
the Partnership and its subsidiaries plus (b) the aggregate Fair Market Value of all indebtedness
for borrowed money of the Partnership and any of its subsidiaries and any available but undrawn
amounts under any existing credit facility or similar borrowing arrangement of the Partnership
or any of its subsidiaries.

All directors’, transaction, break-up, advisory or other fees, net of expenses, received by the
General Partner will inure to the benefit of the Funds.

Performance Allocation
The Adviser or its affiliates typically receive a Carried Interest from each of the Funds of up to
20% of distributable cash after the return of capital contributions and a preferred return has been
distributed to the Limited Partners, and a General Partner payout catch up has been distributed
to the General Partner. Carried Interests will likely be subject to hurdles and/or claw-backs,
depending on, among other things, the strategy of the relevant Funds and market returns. For
additional information, please refer to the specific Governing Documents for each Fund.

Organizational Costs and Expenses

The Funds will be responsible for all organizational expenses and costs associated with the
formation of a Fund not to exceed a certain monetary cap established by the General Partner and
described in further detail in the respective Fund’s Governing Documents. Any organizational
expenses exceeding the stated cap will be reimbursed as G&A Expenses in the event that there
is availability in the budget for the G&A Expenses.

Operating Costs

The Funds will pay from available funds, or through capital calls from all partners, all costs,
fees, expenses and liabilities of the Funds, the portfolio companies, the General Partner, the
Adviser or their affiliates relating to the management, conduct and operation of the Funds’
business, including, without limitation, fees and expenses associated with the preparation and
distribution of financial statements, reports, tax returns, and Forms K-1, costs, fees, and expenses
related to the purchase, holding and sale of investments, any unreimbursed expenses incurred in
connection with transactions not consummated, legal, audit and other expenses in connection
with the offer and sale of securities owned by the Funds (including, without limitation, any
“special purpose acquisition company”), fees, and unreimbursed expenses of custodians, outside
counsel and accountants, engineering and technical fees, any insurance or litigation expense
(including, any indemnification obligations under the partnership agreements), any taxes, fees
and other governmental charges levied against the Funds, costs and expenses of the LP Advisory
Committee, the costs and expenses of annual meetings of Limited Partners, the Funds’ share of
salary, benefits and any other expenses of in-house legal counsel personnel engaged or retained
by the Funds or their affiliates, the Funds’ share of any compensation or expenses related to
strategic partners or affiliates of the General Partner that the General Partner will likely from
time to time engage, expenses of liquidated the Funds and the portfolio companies, expenses
relating to any defaulting partner, and all extraordinary expenses.

Item 7. Types of Clients

The Adviser currently provides investment supervisory services to Funds. Investment advice is
provided directly to the Funds (subject to the direction and control of the general partner of each
such Fund, if applicable) and not individually to investors in such Funds.

The Adviser does not have a minimum size for a Fund, but minimum investment commitments are
typically $5.0 million for each investor in the Fund. The general partner of each Fund has in the
past and may in the future, in its sole discretion, permit investments below the minimum amounts
set forth in the Governing Documents of such Fund.