Keith Forbes
About Keith Forbes
Keith Forbes is Vice President and Chief Accounting Officer (CAO) of HighPeak Energy (HPK), age 62, serving as CAO since November 2020 after being Vice President & Controller from the company’s inception in October 2019 to November 2020; he is a CPA in Texas and holds a BBA in Accounting from Pittsburg State University (1985) . As a Section 16 officer, Forbes is subject to HPK’s stock ownership guidelines and insider trading controls; as of December 31, 2024, all directors and Section 16 officers met ownership guidelines . Company performance during his tenure includes proved reserves growth from 154.2 MMBoe (2023) to 199.0 MMBoe (2024), and PV-10 rising from $2,884.1MM (2023) to $3,387.1MM (2024) under SEC pricing, reflecting increased development and extensions .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HighPeak Energy, Inc. | Vice President & Controller | Oct 2019–Nov 2020 | Led corporate accounting establishment at inception; transitioned to CAO |
| HighPeak Energy, Inc. | Vice President & Chief Accounting Officer (CAO) | Nov 2020–present | Oversees corporate accounting and reporting; Section 16 officer |
| HighPeak Energy Partners (Funds) | Vice President & Controller | 2017–present | Fund-level accounting leadership supporting HPK-affiliated entities |
| Quicksilver Resources Inc. | Director — Business Optimization | Dec 2015–Apr 2016 | Drove business optimization initiatives in upstream operations |
| Quicksilver Resources Inc. | Assistant Controller — Operations & Revenue | Jun 2012–Nov 2015 | Led operations & revenue accounting for multi-asset portfolio |
External Roles
| Credential/Institution | Role | Years | Notes |
|---|---|---|---|
| Texas State Board of Public Accountancy | Certified Public Accountant (CPA) | — | Active CPA in Texas |
| Pittsburg State University | BBA, Accounting | 1985 | Undergraduate degree |
Fixed Compensation
- HPK is an “emerging growth company” and only discloses compensation for Named Executive Officers (CEO, President, COO). Forbes’ individual base salary and bonus are not disclosed .
- Annual bonuses are discretionary, based on individual and company performance; no formal plan is disclosed .
- HPK maintains broad-based 401(k) with 4% match; available to employees including executives .
Performance Compensation
- Forbes’ individual equity awards (RSUs/PSUs/options), performance metrics, and payouts are not disclosed; HPK only reports such details for Named Executive Officers .
- Company-wide LTIP reserves 13% of outstanding shares, enabling time- and performance-based awards administered by the Compensation Committee .
Equity Ownership & Alignment
- Stock ownership guidelines: CEO 6x salary, Named Executive Officers 3x salary, other Section 16 officers (includes CAO) 2x salary; compliance achieved by all directors and Section 16 officers as of Dec 31, 2024 .
- Insider Trading Policy: prohibits hedging, short sales, derivative transactions (other than company-issued warrants) and buying on margin; pledging was permitted starting in 2022 (policy change), subject to approvals .
- Forbes’ individual beneficial ownership is not broken out in proxy tables (limited to directors and Named Executive Officers) .
Employment Terms
- Employment start/tenure: VP & Controller (Oct 2019–Nov 2020); CAO since Nov 2020 .
- Change-in-control severance framework: HPK approved a discretionary plan in 2021 and adopted a formal Change in Control Plan effective Sept 9, 2025; eligible designated employees may receive up to 3x the sum of highest base salary and highest single cash bonus (look-back rules), subject to qualifying termination or a post-CIC payment event and execution of a release; payments are at the administrator’s discretion and may be zero .
- Plan mechanics include double- and pre-trigger pathways, release requirements, potential restrictive covenants (non-compete/non-solicit/confidentiality), and excise-tax cutback/best-net provisions .
- Blackout periods, pre-clearance, and Rule 10b5-1 plan controls apply to designated insider groups, reducing opportunistic trading risk .
Performance & Track Record (Company context during Forbes’ tenure)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Proved Reserves (Total, MBoe) | 122,958 | 154,162 | 198,998 |
| PV-10 (Total Proved, $MM) | $3,872.045 | $2,884.067 | $3,387.074 |
| Net Sales Volumes (MBoe) | 8,937 | 16,635 | 18,285 |
| Avg Daily Sales (Boepd) | 24,485 | 45,577 | 49,960 |
| Production Cost ($/Boe) | $7.79 | $8.74 | $7.23 |
- Development: HPK ran a two-rig program in 2024 and expects to average two rigs and ~one frac crew in 2025 .
- Proved undeveloped reserves increased from 74,569 MBoe (2023) to 90,879 MBoe (2024), driven by extensions/discoveries and conversions to PDP, reflecting continued development momentum .
- Delivery commitments: minimum gross oil volumes via pipeline (23,500 Bopd over first 10 years starting May 1, 2024) with banking mechanism; HPK delivered ~31,196 Bopd May–Dec 2024 .
Compensation Committee & Governance Notes
- Compensation Committee membership includes non-independent members due to “controlled company” status; Covington and Fulgham are independent, while Hightower and Hollis are not .
- As a controlled company, HPK is exempt from certain Nasdaq independence requirements; committees and charters exist with posted governance documents .
- Insider Trading Policy updated in 2025 to expand prohibitions to trading in counterparties’ securities upon receipt of material, non-public information; pledging prohibition was removed in 2022 .
Equity Plan Capacity (context)
| Date | Outstanding Options & Unvested RS Awards (shares) | Weighted-Average Exercise Price | Remaining Available for LTIP Issuance |
|---|---|---|---|
| Dec 31, 2023 | 15,608,328 (13,449,061 options + 2,159,267 RS) | $11.95 (excluding RS) | 654,224 |
| Dec 31, 2024 | 15,598,441 (13,444,062 options + 2,154,379 RS) | $11.95 (excluding RS) | 605,344 |
Risk Indicators & Red Flags
- Pledging permitted since 2022 (policy change), introducing potential alignment risk; Hightower disclosed pledged interests, though no individual pledging disclosure exists for Forbes .
- Hedging prohibited; pre-clearance and blackout regimes in place for key insiders, mitigating trading-risk optics .
- Committee independence constraints due to controlled company status may pose governance optics risk for compensation oversight .
Investment Implications
- Lack of disclosed individual compensation for Forbes limits pay-for-performance assessment; however, Section 16 ownership guidelines and insider trading controls point to alignment and reduced opportunistic trading pressure for the CAO role .
- Strong company operating trajectory during Forbes’ tenure (proved reserves and PV-10 growth; scaling production volumes) suggests stable accounting leadership amid development ramp, with delivery commitments and capital discipline supporting visibility; this favors retention but CIC frameworks add optionality in strategic scenarios .
- Controlled-company structure and committee composition merit monitoring for governance risk around compensation decisions and equity award policies; pledging allowance increases alignment scrutiny even if hedging is prohibited .