Alpine Summit Energy Partners, Inc. announced the successful repayment and reversion of the fourth development partnership (DP4) that it formed during the first quarter of 2022, along with the concurrent closing of its sixth development partnership (DP6). DP4 funded the drilling and completion of a total of five wells: three wells in the Giddings Field near Austin, TX and two wells in Webb County, TX; and comprised a total capital program of
approximately $35.2 million, with 60% funded by external partners. As part of the completion of the DP4 program, Alpine Summit has retired liabilities of approximately $34.5 million. DP6 has an expanded capital program of approximately $56.9 million, with approximately $34.2 million of external development capital, and is expected to continue to develop assets within the Company's existing operational footprint. Nine of the DP4 partners exercised the put right provided to such partners by DP4 regarding residual interests in their associated investment and, subject to the approval of the TSX Venture
Exchange, elected to sell their remaining interest in DP4 for 706,975 Class B non- voting units of HB2 Origination, LLC (which are exchangeable on a one-for-one basis for Subordinate Voting Shares of the Company), having a deemed value of $5.85 per unit (which was calculated with reference to the trailing 30 day share price and the allowable discounts permitted by the policies of the TSXV), or a total of approximately $4.1 million.