Document:

EX-10.6

 Exhibit 10.6 

FORWARD PURCHASE AGREEMENT 

This Forward Purchase Agreement (this “Agreement”) is entered into as of April 12, 2018 between Pure Acquisition Corp.,
a Delaware corporation (the “Company”), and HighPeak Energy Partners, LP, a Delaware limited partnership (the “Purchaser”). 

RECITALS 
 WHEREAS, the
Company was formed for the purpose of effecting a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (a “Business
Combination”); 
 WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) a
registration statement on Form S-1 ( the “Registration Statement”) for its initial public offering (“IPO”) of 36,000,000 units (or 41,400,000 units if the IPO over-allotment
option (the “IPO Option”) is exercised in full) (the “Public Units”), at a price of $10.00 per Public Unit, each Public Unit comprised of one share of the Company’s Class A Common Stock, par value $0.0001
per share (the “Class A Common Stock”, and the shares of Class A Common Stock included in the Public Units, the “Public Shares”), and one-half of one
warrant, where each whole warrant is exercisable to purchase one share of Class A Common Stock at an exercise price of $11.50 per share (the “Warrants”, and the Warrants included in the Public Units, the “Public
Warrants”); 
 WHEREAS, following the closing of the IPO (the “IPO Closing”), the Company will seek to identify
and consummate a Business Combination; 
 WHEREAS, in connection with the IPO, the Company will undertake a private placement that will
close simultaneously with the IPO Closing of an aggregate of 9,200,000 warrants (or 10,280,000 warrants if the IPO Option is exercised in full), each exercisable for one share of Class A Common Stock at $11.50 per share, at a price of $1.00 per
warrant (the “Private Placement Warrants”); 
 WHEREAS, proceeds from the IPO and the sale of the Private Placement
Warrants in an aggregate amount equal to the gross proceeds from the IPO will be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the Registration Statement;
and 
 WHEREAS, the parties wish to enter into this Agreement, pursuant to which the Purchaser shall subscribe for an aggregate of up to
15,000,000 units (the “Forward Purchase Units”), consisting of one share of Class A Common Stock (the “Forward Purchase Shares”) and one-half of one warrant to purchase
one share of Class A Common Stock (the “Forward Purchase Warrants”, and together with the Forward Purchase Shares, the “Forward Purchase Securities”), for $10.00 per unit (the “Forward Purchase
Price”), or an aggregate maximum amount of $150,000,000, immediately prior to the closing of the Company’s initial Business Combination (the “Business Combination Closing”). 

NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

 AGREEMENT 

1. Sale and Purchase. 

(a) Forward Purchase Securities. 

(i) The Company shall issue and sell to Purchaser, and the Purchaser shall purchase from the Company that number of Forward
Purchase Shares, up to a maximum of 15,000,000 Forward Purchase Shares (the “Maximum Shares”) plus that number of Forward Purchase Warrants up to a maximum of 7,500,000 Forward Purchase Warrants (the “Maximum
Warrants”) in each case as determined as set forth in clause 1(a)(ii), for $10.00 per Forward Purchase Unit, or an aggregate maximum amount of $150,000,000. 

(ii) The number of Forward Purchase Units to be issued and sold by the Company and purchased by the Purchaser hereunder shall
equal that number which, after payment of the aggregate Forward Purchase Price by the Purchaser, will result in gross proceeds to the Company in an aggregate amount equal to the amount of funds necessary for the Company to consummate the Business
Combination and pay related fees and expenses, less amounts available to the Company from the Trust Account (after giving effect to any redemptions of Public Shares), any other equity financing source obtained by the Company for such purpose at or
prior to the consummation of the Business Combination, and amounts the Purchaser or its affiliates have expended to repurchase Public Warrants in any tender offer, plus any additional amounts mutually agreed by the Company and the Purchaser that may
be retained by the post-Business Combination company for working capital or other purposes, but in no event shall the number of Forward Purchase Shares or Forward Purchase Warrants purchased hereunder exceed the Maximum Shares or the Maximum
Warrants, respectively. 
 (iii) Each Forward Purchase Warrant will have the same terms as each Private Placement Warrant,
and will be subject to the terms and conditions of the Warrant Agreement to be entered into between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, in connection with the IPO (the “Warrant
Agreement”). Each Forward Purchase Warrant will entitle the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per share, subject to adjustment as described in the Warrant Agreement, and only whole
Forward Purchase Warrants will be exercisable. The Forward Purchase Warrants will become exercisable on the later of 30 days after the Business Combination Closing and 12 months following the IPO Closing, and will expire five years after the
Business Combination Closing or earlier upon the liquidation of the Company, as described in the Warrant Agreement. The Forward Purchase Warrants will be non-redeemable and exercisable on a cashless basis so
long as they are held by the Purchaser or its Transferees (as defined below). If the Forward Purchase Warrants are held by Persons (as defined below) other than the Purchaser or its Transferees, the Forward Purchase Warrants will have the same terms
as the Public Warrants, as set forth in the Warrant Agreement. 

  
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 (iv) The Company shall require the Purchaser to purchase the Forward Purchase
Securities by delivering notice to the Purchaser, following the close of business two (2) Business Days before the Business Combination Closing, specifying the number of Forward Purchase Shares and Forward Purchase Warrants the Purchaser is
required to purchase, the date of the Business Combination Closing, the aggregate Forward Purchase Price and instructions for wiring the Forward Purchase Price. The closing of the sale of Forward Purchase Securities (the “Forward
Closing”) shall be on the same date and immediately prior to the Business Combination Closing (such date being referred to as the “Forward Closing Date”). 

(v) At least one (1) Business Day prior to the date of the Business Combination Closing, the Purchaser shall deliver to
the Company, to be held in escrow until the Forward Closing, the aggregate Forward Purchase Price for the Forward Purchase Securities by wire transfer of U.S. dollars in immediately available funds to the account specified by the Company in such
notice. Immediately prior to the Forward Closing, (A) the aggregate Forward Purchase Price shall be released from escrow automatically and without further action by the Company or the Purchaser, and (B) upon such release, the Company shall
issue the Forward Purchase Securities to the Purchaser in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws), registered in the name of the Purchaser (or
its nominee in accordance with its delivery instructions), or to a custodian designated by the Purchaser, as applicable. In the event the Business Combination Closing does not occur on the date scheduled for closing, the Forward Closing shall not
occur and the Company shall promptly (but not later than one (1) Business Day thereafter) return the aggregate Forward Purchase Price to the Purchaser. For purposes of this Agreement, “Business Day” means any day, other than a
Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in the City of New York, New York. 

(b) Legends. Each book entry for the Forward Purchase Securities shall contain a notation, and each certificate (if any) evidencing the
Forward Purchase Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form: 
 “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE,
HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE AGREEMENT BY AND AMONG THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO
THE CHIEF FINANCIAL OFFICER OF THE COMPANY.” 

  
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 2. Representations and Warranties of the Purchaser. The Purchaser represents
and warrants to the Company as follows, as of the date hereof: 
 (a) Organization and Power. The Purchaser is duly organized, validly
existing, and in good standing under the laws of the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted. 

(b) Authorization. The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered
by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable
remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws. 

(c) Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement. 

(d) Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation
by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or
(v) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser or its ability to consummate the transactions
contemplated by this Agreement. 
 (e) Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon
the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Securities to be acquired by the Purchaser will be acquired for investment for
the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with
any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Forward Purchase Securities. For purposes of this Agreement, “Person” means an individual, a limited liability company,
a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any department or agency thereof. 

  
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 (f) Disclosure of Information. The Purchaser has had an opportunity to discuss the
Company’s business, management, financial affairs and the terms and conditions of the offering of the Forward Purchase Securities, as well as the terms of the Company’s proposed IPO, with the Company’s management. 

(g) Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase Securities to the Purchaser has not
been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things,
the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Forward Purchase Securities are “restricted securities” under applicable U.S.
federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such
registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or qualify the Forward Purchase Securities, or any shares of Class A Common Stock for which they may be
exercised, for resale, except as provided herein (the “Registration Rights”). The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements
including, but not limited to, the time and manner of sale, the holding period for the Forward Purchase Securities, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no
obligation and may not be able to satisfy. The Purchaser acknowledges that the Company has filed the Registration Statement for its proposed IPO. The Purchaser understands that the offering of Forward Purchase Securities and transactions
contemplated hereunder are not and are not intended to be part of the IPO, and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act. 

(h) No Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Securities, and that the
Company has made no assurances that a public market will ever exist for the Forward Purchase Securities. 
 (i) High Degree of Risk.
The Purchaser understands that its agreement to purchase the Forward Purchase Securities involves a high degree of risk which could cause the Purchaser to lose all or part of its investment, and that it will be contractually obligated to vote or
cause the Sponsor to vote the Sponsor Founder Shares in favor of the Business Combination as provided herein. 
 (j) Accredited
Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
 (k)
No General Solicitation. Neither the Purchaser, nor any of its officers, directors, employees, agents, stockholders or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general
solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward Purchase Securities. 
 (l)
Residence. The Purchaser’s principal place of business is the office or offices located at the address of the Purchaser set forth on the signature page hereof. 

  
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 (m) Adequacy of Financing. The Purchaser has available to it sufficient funds to satisfy
its obligations under this Agreement. 
 (o) Affiliation of Certain FINRA Members. The Purchaser is neither a person associated nor
affiliated with Oppenheimer & Co. or EarlyBirdCapital, Inc. or, to its actual knowledge, any other member of the Financial Industry Regulatory Authority (“FINRA”) that is participating in the IPO. 

(p) No Other Representations and Warranties; Non-Reliance. Except for the specific
representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor any of the Purchaser’s
affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim any such
representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Purchaser
Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates (collectively, the “Company
Parties”). 
 3. Representations and Warranties of the Company. The Company represents and warrants to the Purchaser
as follows: 
 (a) Organization and Corporate Power. The Company is a corporation duly incorporated and validly existing and in good
standing as a corporation under the laws of Delaware and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company has no subsidiaries. 

(b) Capitalization. On the date hereof, the authorized share capital of the Company consists of: 

(i) 200,000,000 shares of Class A Common Stock, par value $0.0001 per share, none of which are issued and outstanding.

 (ii) 15,000,000 shares of Class B Common Stock, par value $0.0001 per share (the “Class B
Common Stock”), 10,350,000 of which are issued and outstanding as of the date hereof. All of the outstanding shares of Class B Common Stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with
all applicable federal and state securities laws. 
 (iii) 1,000,000 shares of preferred stock, par value $0.0001 per share,
none of which are issued and outstanding. 
 (c) Authorization. All corporate action required to be taken by the Company to authorize
the Company to enter into this Agreement, and to issue the Forward Purchase Securities at the Forward Closing, and the securities issuable upon exercise of the Forward Purchase Warrants, has been taken or will be taken prior to the Forward Closing.
All corporate action on the part of the Company necessary for the execution and delivery of this Agreement, 

  
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 the performance of all obligations of the Company under this Agreement to be performed as of the Forward Closing,
and the issuance and delivery of the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants has been taken or will be taken prior to the Forward Closing. This Agreement, when executed and delivered by
the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other
equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

(d) Valid Issuance of Securities. The Forward Purchase Securities, when issued, sold and delivered in accordance with the terms and for
the consideration set forth in this Agreement, and the securities issuable upon exercise of the Forward Purchase Warrants, when issued in accordance with the terms of the Forward Purchase Warrants and this Agreement, will be validly issued, fully
paid and nonassessable, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this
Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings
described in Section 3(e) below, the Forward Purchase Securities will be issued in compliance with all applicable federal and state securities laws. 

(e) Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the
transactions contemplated by this Agreement, except for filings pursuant to applicable state securities laws, if any, and pursuant to the Registration Rights. 

(f) Compliance with Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the
transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Company’s amended and restated certificate of incorporation, as it may be amended from time to time (the
“Charter”), or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to which the Company is a party or by which it is bound, (iii) under any note, indenture or mortgage to which
the Company is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which it is bound or (v) of any provision of federal or state statute, rule or regulation
applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement. 

(g) Operations. As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any
operations other than organizational activities and activities in connection with offerings of its securities. 

  
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 (h) No General Solicitation. Neither the Company, nor any of its officers, directors,
employees, agents or stockholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any advertisement in connection with the offer and sale of the Forward
Purchase Securities. 
 (i) No Other Representations and Warranties; Non-Reliance. Except for
the specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any other express
or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim any such representation or warranty. Except for the specific representations and
warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties specifically disclaim that they are relying upon any other
representations or warranties that may have been made by the Purchaser Parties. 
 4. Registration Rights; Transfer. 

(a) Registration. The Company agrees that it will use its commercially reasonable efforts to file with the SEC (at the Company’s
sole cost and expense), within thirty (30) calendar days after the Business Combination Closing, a registration statement (the “Forward Registration Statement”) registering the resale of the Forward Purchase
Securities and the Class A Common Stock underlying the Forward Purchase Warrants (collectively, the “Registrable Securities”), and the Company shall use its commercially reasonable efforts to have the Forward Registration
Statement declared effective as soon as practicable after the filing thereof; provided, however, that the Company’s obligations to include the Registrable Securities in the Forward Registration Statement are contingent upon the Purchaser
furnishing in writing to the Company such information regarding the Purchaser, the securities of the Company held by the Purchaser and the intended method of disposition of the Registrable Securities as shall be reasonably requested by the Company
to effect the registration of the Registrable Securities, and shall execute such documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in similar situations. 

(b) Indemnification. 

(i) The Company shall, notwithstanding any termination of this Agreement, indemnify, defend and hold harmless any Purchaser (to
the extent a seller under the Forward Registration Statement), the officers, directors, agents, partners, members, managers, stockholders, affiliates, employees and investment advisers of the Purchaser, each person who controls the Purchaser (within
the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), and the officers, directors, partners, members, managers, stockholders, agents,
affiliates, employees and investment advisers of each such controlling person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable
costs of preparation and investigation and reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, that arise out of or are based upon (A) any untrue or alleged untrue statement of 

  
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 a material fact contained in the Forward Registration Statement, any prospectus included in the
Forward Registration Statement or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein (in the case of any prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, or (B) any violation or alleged violation
by the Company of the Securities Act, the Exchange Act or any state securities law or any rule or regulation thereunder, in connection with the performance of its obligations under this Section 4, except to the extent, but
only to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are based solely upon information regarding the Purchaser furnished in writing to the Company by the Purchaser expressly for use therein. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an indemnified party and shall survive the transfer of the Registrable Securities by the Company. The Company shall notify the Purchaser promptly
of the institution, threat or assertion of any proceeding arising from or in connection with the transactions contemplated by this Section 4 of which the Company is aware. 

(ii) The Purchaser shall indemnify and hold harmless the Company, its directors, officers, agents and employees, each person
who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, agents or employees of such controlling persons, to the fullest extent permitted by
applicable law, from and against all Losses, as incurred, arising out of or that are based upon any untrue or alleged untrue statement of a material fact contained in the Forward Registration Statement, any prospectus included in the Forward
Registration Statement, or any form of prospectus, or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein (in the case of any prospectus, or any form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading to the extent, but only to the extent that such untrue
statements or omissions are based solely upon information regarding the Purchaser furnished in writing to the Company by the Purchaser expressly for use therein. In no event shall the liability of the Purchaser be greater in amount than the dollar
amount of the net proceeds received by the Purchaser upon the sale of the Registrable Securities giving rise to such indemnification obligation. 

(c) Transfer. This Agreement and all of the Purchaser’s rights and obligations hereunder (including Purchaser’s obligation to
purchase the Forward Purchase Securities, may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more third parties (each such transferee, a “Transferee”) with the written consent of the
Company. Upon any such assignment: 
 (i) the applicable Transferee shall execute a signature page to this Agreement,
substantially in the form of the Purchaser’s signature page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Shares and Forward Purchase Warrants to be purchased by such Transferee (the
“Transferee Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the 

  
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 Purchaser hereunder with respect to the Transferee Securities, and references herein to the
“Purchaser” shall be deemed to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the Purchaser and
any such Transferee shall be several and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and 

(ii) upon a Transferee’s execution and delivery of a Joinder Agreement, the number of Forward Purchase Shares and Forward
Purchase Warrants to be purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Shares and Forward Purchase Warrants to be purchased by the applicable Transferee pursuant to the applicable Joinder Agreement,
which reduction shall be evidenced by the Purchaser and the Company amending Schedule A to this Agreement to reflect each transfer and updating the “Number of Forward Purchase Shares”, “Number of Forward Purchase Warrants”, and
“Aggregate Purchase Price for Forward Purchase Securities” on the Purchaser’s signature page hereto to reflect such reduced number of Forward Purchase Securities. For the avoidance of doubt, this Agreement need not be amended and
restated in its entirety, but only Schedule A and the Purchaser’s signature page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence of any such transfer of Transferee Securities. 

5. Additional Agreements and Acknowledgements of the Purchaser. 

(a) Trust Account. 

(i) The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its
public stockholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as a
result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

(ii) The Purchaser hereby agrees that it shall have no right of set-off or any right,
title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against the
Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

(b) Voting. The Purchaser hereby agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in
connection with such proposed Business Combination, the Purchaser shall vote any shares of Class B Common Stock and Class A Common Stock owned by it in favor of any proposed Business Combination. 

  
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 (c) No Short Sales. The Purchaser hereby agrees that neither it, nor any person or entity
acting on its behalf or pursuant to any understanding with it, will engage in any Short Sales with respect to securities of the Company prior to the Business Combination Closing. For purposes of this Section, “Short Sales” shall
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary course of business as
part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker
dealers or foreign regulated brokers. 
 6. Listing. The Company will use commercially reasonable efforts to effect and
maintain the listing of the Public Shares and Public Warrants on the NASDAQ Capital Market (or another national securities exchange). 

7. Conditions for the Forward Closing. 

(a) The obligation of the Purchaser to purchase the Forward Purchase Securities at the Forward Closing under this Agreement shall be subject to
the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser: 

(i) The Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase
Securities; 
 (ii) The Business Combination shall be consummated with a company engaged in a business that is within the
investment objectives of the Purchaser; 
 (iii) The Company shall have delivered to the Purchaser a certificate evidencing
the Company’s good standing as a Delaware corporation; 
 (iv) The representations and warranties of the Company set
forth in Section 3 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations
and warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true
and correct would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement; 

(v) The Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward Closing; and 

  
 11 

 (vi) No order, writ, judgment, injunction, decree, determination, or award shall
have been entered by or with any governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of
the Forward Purchase Securities. 
 (b) The obligation of the Company to sell the Forward Purchase Securities at the Forward Closing under
this Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Company: 

(i) The Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase
Securities; 
 (ii) The representations and warranties of the Purchaser set forth in Section 2 of
this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and warranties had been made on and as of such
date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse
effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement; 
 (iii) The Purchaser
shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and 

(iv) No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental,
regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Securities. 

8. Termination. This Agreement may be terminated at any time prior to the Forward Closing: 

(a) by mutual written consent of the Company and the Purchaser; 

(b) automatically 

(i) if the IPO is not consummated on or prior to July 31, 2018; 

(ii) if the Business Combination is not consummated within 24 months from the IPO Closing, unless extended up to a maximum of
sixty (60) days in accordance with the Charter; or 

  
 12 

 (iii) if the Sponsor or the Company becomes subject to any voluntary or
involuntary petition under the United States federal bankruptcy laws or any state insolvency law, in each case which is not withdrawn within sixty (60) days after being filed, or a receiver, fiscal agent or similar officer is appointed by a
court for business or property of the Sponsor or the Company, in each case which is not removed, withdrawn or terminated within sixty (60) days after such appointment. 

In the event of any termination of this Agreement pursuant to this Section 8, the Forward Purchase Price (and
interest thereon, if any), if previously paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement shall forthwith become null and void and have no effect, without any
liability on the part of the Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or stockholders and all rights and obligations of each party shall cease; provided, however, that nothing
contained in this Section 8 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations, warranties, covenants or agreements contained in
this Agreement. 
 9. General Provisions. 

(a) Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent
during normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day
after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Pure Acquisition Corp., 421 W. 3rd Street, Suite 1000, Fort Worth, Texas 76102, Attention: Chief Financial Officer, with a copy to the Company’s counsel at Thompson & Knight, One Arts Plaza, 1722 Routh Street, Suite
1500, Dallas, Texas 75201, Attention: Amy Curtis. 
 All communications to the Purchaser shall be sent to the Purchaser’s address as
set forth on the signature page hereof, or to such email address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 9(a). 

(b) No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in
connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives are responsible. The Company agrees to indemnify and hold harmless the Purchaser from any
liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of
its officers, employees or representatives is responsible. 

  
 13 

 (c) Survival of Representations and Warranties. All of the representations and warranties
contained herein shall survive the Forward Closing. 
 (d) Entire Agreement. This Agreement, together with any documents, instruments
and writings that are delivered pursuant hereto or referenced herein, constitute the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by
or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

(e) Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon,
and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

(f) Assignments. Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its
rights, interests, or obligations hereunder without the prior written approval of the other party. 
 (g) Counterparts. This Agreement
may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. 

(h) Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Agreement. 
 (i) Governing Law. This Agreement, the entire relationship of the parties hereto, and
any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of
laws principles. 
 (j) Jurisdiction. The parties (i) submit to the jurisdiction of the state courts of New York and the United
States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or
based upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such
suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an
inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court. 

  
 14 

 (k) Waiver of Jury Trial. The parties hereto hereby waive any right to a jury trial in
connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. 
 (l) Amendments. This Agreement
may not be amended, modified or waived as to any particular provision, except with the prior written consent of the Company and the Purchaser. 

(m) Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will
not affect the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not
to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will have the power to modify the provision in a manner consistent with its objectives such
that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

(n) Expenses. Each of the Company and the Purchaser will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible
for the fees of its transfer agent; stamp taxes and all The Depository Trust Company fees associated with the issuance of the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants. 

(o) Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any
provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the context requires otherwise. The words
“include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the
singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of
similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If
any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels
of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

  
 15 

 (p) Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of
warranty or covenant hereunder, whether intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or
subsequent occurrence. 
 (q) Specific Performance. The Purchaser agrees that irreparable damage may occur in the event any provision
of this Agreement was not performed by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 

[Signature page follows] 

  
 16 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first set forth above. 
  

			
	 PURCHASER:

	
	 HIGHPEAK ENERGY PARTNERS, LP

		
	By:	 	 /s/ Jack Hightower

	Name:	 	Jack Hightower
	Title:	 	President, HighPeak Energy Partners, GP
		 	Its General Partner
	
	Address for Notices:
	
	HighPeak Energy Partners, LP
	 ATTN: Chief Financial Officer
 421
W. 3rd Street, Suite 100

	Fort Worth, Texas 76102
	
	COMPANY:
	
	PURE ACQUISITION CORP.
		
	By:	 	 /s/ Steven W. Tholen

	Name:	 	Steven W. Tholen
	Title:	 	Chief Financial Officer

 Signature Page 

To 
 Forward Purchase Agreement 

 TO BE COMPLETED BY THE COMPANY 

 

			
	 Number of Forward Purchase Shares:
	  	                              
		
	 Number of Forward Purchase Warrants
	  	                              
		
	 Aggregate Purchase Price for Forward Purchase Units:
	  	$                            

 TO BE EXECUTED UPON ANY ASSIGNMENT AND/OR REVISION IN ACCORDANCE WITH THIS AGREEMENT TO NUMBER OF “FORWARD PURCHASE
SHARES,” “NUMBER OF FORWARD PURCHASE WARRANTS,” AND “AGGREGATE PURCHASE PRICE FOR FORWARD PURCHASE SECURITIES” SET FORTH ABOVE: 

Number of Forward Purchase Shares, Number of Forward Purchase Warrants and Aggregate Purchase Price for Forward Purchase Securities as of , 201[ ], accepted
and agreed to as of this day of , 201[ ]. 
  

			
	HIGHPEAK ENERGY PARTNERS, LP

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	
	Address for Notices:
	
	HighPeak Energy Partners, LP
	 ATTN: Chief Financial Officer
 421
W. 3rd Street, Suite 100

	Fort Worth, Texas 76102
	
	PURE ACQUISITION CORP.

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 SCHEDULE A 

SCHEDULE OF TRANSFERS OF FORWARD PURCHASE SECURITIES 

The following transfers of a portion of the original number of Forward Purchase Shares and Forward Purchase Warrants have been made: 

 

											
	 Date of Transfer
	  	 Transferee
	  	 Number of

Forward
 Purchase
Shares
Transferred
	  	 Number of

Forward
 Purchase

Warrants
Transferred
	  	 Purchaser’s Revised
Forward Purchase
Share
Amount
	  	 Purchaser’s Revised
Forward Purchase
Warrant
Amount

 TO BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION OF FORWARD PURCHASE SECURITIES: 

Schedule A as of                 , 201[ ], accepted and agreed to as of this
day of             , 201[ ] by: 
  

			
	TRANSFEROR:
	
	[NAME]

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 
			
	
	TRANSFEREE:
	
	[NAME]

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 Schedule A 

To 
 Forward Purchase AgreementEX-10.7

 Exhibit 10.7 

ESCROW AGREEMENT 
 ESCROW
AGREEMENT, dated as of April 12, 2018 (“Agreement”), by and among HighPeak Pure Acquisition, LLC, a Delaware limited liability company (the “Sponsor”), and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New
York corporation (“Escrow Agent”) and Pure Acquisition Corp, a Delaware corporation (the “Company”). 

WHEREAS, the Sponsor has agreed to establish an escrow account to deposit certain escrow assets, or cause an affiliate to establish an escrow
account to deposit certain escrow assets which shall consist of either cash or a standby letter of credit from a financially capable bank in good standing (or any combination thereof), with the Escrow Agent for the benefit of the holders of warrants
(the “Beneficiaries”) issued by the Company in its initial public offering (the “IPO”), in an amount of Eighteen Million Dollars ($18,000,000.00), as such amount may be increased if the underwriters’
overallotment option in the IPO is exercised (collectively, the “Escrow Assets”), which Escrow Assets shall be distributed in accordance with the procedures set forth below; 

WHEREAS, this Agreement is being entered into in connection with the Company’s IPO, as described in the Company’s Registration
Statement on Form S-1, File No. 333-223845 (“Registration Statement”), and the distribution of the Escrow Assets shall be distributed only in
accordance with the terms of this Agreement; and 
 WHEREAS, the Sponsor desires for the Escrow Agent to accept the Escrow Assets, in
escrow, to be held and disbursed as hereinafter provided. 
 IT IS AGREED: 

1. Appointment of Escrow Agent. The Sponsor hereby appoints the Escrow Agent to act in accordance with and subject to the terms of this
Agreement and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms. 
 2.
Deposit of Escrow Assets. At least 24 hours prior to the effective time of the Registration Statement, the Sponsor shall deliver or cause an affiliate to deliver to the Escrow Agent the Escrow Assets. If the Escrow Assets include cash, such
cash will be held and deposited by Escrow Agent in an interest bearing account at J.P. Morgan Chase Bank N.A., maintained by the Escrow Agent. The Escrow Assets shall only be disbursed (or in the case of any standby letter of credit, drawn upon and
disbursed) in accordance with the terms and conditions of this Agreement. At any time, the Sponsor may or cause an affiliate to substitute cash for a standby letter of credit, or a standby letter of credit from a financially capable bank in good
standing for cash, or any combination thereof, provided the aggregate amount satisfies the Escrow Assets requirement hereunder. If at any time after the date hereof the underwriters exercise their overallotment option in the IPO in part or in full,
on the closing date for the sale of units to the underwriters upon such exercise, the Sponsor shall increase the Escrow Assets held by the Escrow Agent by an aggregate amount equal to an additional $0.50 for each unit exercised by the underwriters
pursuant to the overallotment option. 
 3. Disbursement and Reduction of the Escrow Assets. 

 3.1 The Escrow Agent shall hold the Escrow Assets during the period (the “Escrow
Period”) commencing on the date hereof and ending upon the earlier of (each a “Termination Event”) (i) the Company’s consummation of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination involving the Company and one or more businesses (a “Business Combination”) or (ii) the Company’s failure to consummate a Business Combination within the required time period. The Company
shall promptly provide notice of a Termination Event to the Escrow Agent. Upon completion of the Escrow Period, the Escrow Agent shall promptly commence the distribution of the Escrow Assets (excluding any interest earned thereon) to the
Beneficiaries upon receipt of, and only in accordance with, the terms of a joint letter (the “Direction Letter”) in accordance with Sections 3.2, 3.3 or 3.4, as applicable, hereof. Notwithstanding the foregoing, during the Escrow
Period the Escrow Agent may distribute a portion of the Escrow Assets pursuant to Section 3.5 hereof. 
 3.2 If the Termination Event is
the Company’s consummation of a Business Combination, Escrow Agent shall distribute the Escrow Assets to the depositary for the Business Combination Tender Offer (as defined below) upon Escrow Agent’s receipt of a Direction Letter in a
form substantially similar to that attached hereto as Exhibit A, stating (a) the Company has consummated the Business Combination and (b) a concurrent tender offer (the “Business Combination Tender Offer”) has also
been consummated for all the Company’s then-outstanding public warrants, such that each Beneficiary (excluding the Sponsor and its affiliates) will receive an amount equal to $1.00 per whole Warrant for each Warrant validly tendered and not
properly withdrawn pursuant to such tender offer. 
 3.3 If the Termination Event is the Company’s failure to consummate a Business
Combination, Escrow Agent shall distribute the Escrow Assets pro-rata to the Beneficiaries upon Escrow Agent’s receipt of a Direction Letter in a form substantially similar to that attached hereto as
Exhibit B, stating the Company did not consummate a Business Combination within the time period set forth in the Company’s Second Amended and Restated Certificate of Incorporation (as may be amended in accordance with its terms) (the
“Charter”), and the Sponsor must or cause an affiliate to distribute the Escrow Assets such that each Beneficiary (excluding the Sponsor and its affiliates) receives an amount equal to $1.00 per whole Warrant for each Warrant then
held by such Beneficiary. Any remaining Escrow Assets (or interest earned thereon) shall thereafter be distributed to the Sponsor or its affiliate as directed in Exhibit B. 

3.4 Upon joint written request from the Company and Sponsor, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit C, the Escrow Agent shall distribute to the Sponsor or its affiliate as directed in Exhibit C by wire transfer the income collected on the Escrow Assets. 

3.5 Subject to the terms and conditions of this Section 3.5, during the Escrow Period, upon written request from the Company, which may be
given from time to time pursuant to an instruction letter in a form substantially similar to that attached hereto as Exhibit D, stating (a) the Company’s stockholders have approved an amendment to the Charter to modify the
substance or timing of the Company’s obligation to redeem 100% of its public shares of common stock if the Company has not consummated an initial Business Combination within such time as is described in the Charter, which amendment has become
effective, and (b) a concurrent tender offer has also been consummated for all the Company’s then-outstanding public warrants, such 

  
 2 

 
that each Beneficiary (excluding the Sponsor and its affiliates) will receive an amount equal to $1.00 per whole Warrant for each Warrant validly tendered and not properly withdrawn pursuant to
such tender offer, the Escrow Agent shall, as soon as practicable, distribute from the Escrow Assets to the depositary for such tender offer an amount equal to $1.00 per whole Warrant for each Warrant validly tendered and not properly withdrawn
pursuant to such tender offer. 
 3.6 The Company and the Sponsor shall provide Oppenheimer & Co. Inc. and EarlyBirdCapital, Inc.
(collectively, the “Representatives”), the representatives of the several underwriters in the IPO, with a copy of any Direction Letter, instruction letter or other correspondence sent to the Escrow Agent with respect to any proposed
distribution or other withdrawal of all or any portion of the Escrow Assets, promptly after the issuance of same. 
 4. Concerning the
Escrow Agent. 
 4.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith
and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument,
report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to
the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 

4.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Sponsor from and against any expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the
services of the Escrow Agent hereunder, or the Escrow Assets held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an
action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Assets or it may deposit the Escrow Assets with the clerk of any appropriate court or it may retain the Escrow Assets pending receipt of
a final, non appealable order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Assets are to be disbursed and delivered. The provisions of this Section 4.2 shall survive in
the event the Escrow Agent resigns or is discharged pursuant to Sections 4.5 or 4.6 below. 
 4.3 Compensation. The Escrow Agent shall
be entitled to reasonable compensation from the Sponsor for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Sponsor for all reasonable expenses paid or incurred by it in the administration of
its duties hereunder including, but not limited to, all reasonable counsel, advisors’ and agents’ fees and disbursements and all taxes or other governmental charges. See Schedule A. 

  
 3 

 4.4 Further Assurances. From time to time on and after the date hereof, the Sponsor shall
deliver or cause to be delivered to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of
this Agreement, to evidence compliance herewith or to assure itself it is protected in acting hereunder. 
 4.5 Resignation. The
Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become
effective at such time as the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Assets held hereunder. If no new escrow agent is so appointed within the 60 day period following the giving of such notice of
resignation, the Escrow Agent may deposit the Escrow Assets with any court it reasonably deems appropriate. 
 4.6 Discharge of Escrow
Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the other parties hereto, jointly, provided, however, such resignation shall become effective only upon
acceptance of appointment by a successor escrow agent as provided in Section 4.5. 
 4.7 Liability. Notwithstanding anything
herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence, fraud, or its own willful misconduct. 

4.8 Waiver. The Escrow Agent hereby waives any right of set-off or any other right, title,
interest or claim of any kind (“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and the Escrow Agent
as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. 

5. Miscellaneous. 
 5.1
Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the
application of the substantive laws of another jurisdiction. 
 5.2 Entire Agreement. This Agreement contains the entire agreement of
the parties hereto with respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged. 

5.3 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation thereof. 

  
 4 

 5.4 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
respective parties hereto and their legal representatives, successors and assigns. 
 5.5 Notices. Any notice or other communication
required or which may be given hereunder shall be in writing and either be delivered personally, by email transmission, or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid,
and shall be deemed given when so delivered personally or, if mailed, two business days after the date of mailing, as follows: 
 If to the
Company, to: 
 Pure Acquisition Corp. 

421 W. 3rd Street, Suite 1000 

Fort Worth, Texas 76102 
 Attn:
Chief Financial Officer 
 Email: stholen@highpeakenergy.com 

with a copy to: 

Thompson & Knight, LLP 

One Arts Plaza 
 1722 Routh
Street, Suite 1500 
 Dallas, Texas 75201 

Attn: Amy Curtis, Esq. 
 If to
the Sponsor, to: 
 HighPeak Pure Acquisition LLC 

421 W. 3rd Street, Suite 1000 

Fort Worth, Texas 76102 
 Attn:
Chief Financial Officer 
 Email: stholen@highpeakenergy.com 

with a copy to: 

Thompson & Knight, LLP 

One Arts Plaza 
 1722 Routh
Street, Suite 1500 
 Dallas, Texas 75201 

Attn: Amy Curtis, Esq. 
 Email:
amy.curtis@tklaw.com 
 and if to the Escrow Agent, to: 

Continental Stock Transfer & Trust Company 

1 State Street Plaza 
 New York,
New York 10004 
 Attn: Steven Nelson and Sharmin Carter 

Email: scarter@continentalstock.com 

  
 5 

 A copy of any notice sent hereunder shall be sent to: 

Oppenheimer & Co. 
 85
Broad Street, 23rd Floor 
 New York, New York 10004 

Attn: Richard Mandery 
 Email:
richard.mandery@opco.com 
 EarlyBirdCapital, Inc. 

366 Madison Avenue, 8th Floor 

New York, New York 10017 
 Attn:
Steven Levine 
 Email: slevine@ebcap.com 

with a copy to: 
 Greenberg
Traurig, LLP 
 Met Life Building 

200 Park Avenue 
 New York, New
York 10166 
 Attn: Alan I. Annex, Esq. 

Email: annexa@gtlaw.com 
 The
parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 

5.6 Counterparts. This Agreement may be executed in several counterparts, each one of which shall constitute an original and may be
delivered by facsimile transmission and together shall constitute one instrument. 
 [Signature Page Follows] 

  
 6 

 WITNESS the execution of this Agreement as of the date first above written. 

 

			
	SPONSOR:
	
	HIGHPEAK PURE ACQUISITION, LLC
		
	By:	 	 /s/ Jack Hightower

		 	Name: Jack Hightower
		 	Title: Chief Executive Officer
	
	ESCROW AGENT:
	
	CONTINENTAL STOCK TRANSFER
	& TRUST COMPANY
		
	By:	 	 /s/ Francis E. Wolf, Jr.

		 	Name: Francis E. Wolf, Jr.
		 	Title: Vice President
	
	COMPANY:
	
	PURE ACQUISITION CORP.
		
	By:	 	 /s/ Steven W. Tholen

		 	Name: Steven W. Tholen
		 	Title: Chief Financial Officer

  
 7 

 SCHEDULE A 
  

					
	 Fee Item
	  	 Time and method of payment
	  	Amount
	Initial set-up/Acceptance fee	  	Initial closing of Escrow by wire transfer.	  	Waived
			
	Escrow administration fee	  	Payable annually. First year fee payable at initial closing of Offering by wire transfer; thereafter, payable by wire transfer or check. Includes quarterly distributions of interest and tax reporting.	  	$7,500.00
			
	Paying Agent services as required pursuant to Section 3	  	Distribution of funds and closing of the account. Billed to Company upon delivery of service pursuant to Section 3	  	Prevailing rates

 EXHIBIT A 

[Letterhead of Company] 

[Insert date] 
 Continental Stock Transfer

 & Trust Company 
 1 State Street Plaza 

New York, New York 10004 
 Attn: Steven Nelson and Sharmin Carter

  

	Re:	Escrow Account No. [    ] - Direction Letter 

 Gentlemen: 

Pursuant to Section 3.2 of the Escrow Agreement among HighPeak Pure Acquisition, LLC (“Sponsor”), Continental Stock
Transfer & Trust Company (the “Escrow Agent”) and Pure Acquisition Corp., dated as of April 12, 2018 (the “Escrow Agreement”), this is to advise you the Company has consummated a Business Combination
with [        ] on [        ] (the “Termination Date”) and a concurrent tender offer has also been consummated for all the Company’s public
warrants. Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Escrow Agreement. 

Pursuant to Section 3.2 of the Escrow Agreement, you are hereby directed to distribute an aggregate of
$[        ] of the Escrow Assets to the depositary for the Business Combination Tender Offer. Wire instructions for the depositary are: [WIRE INSTRUCTION INFORMATION] 

The balance remaining in the escrow account, if any, should be returned to the Sponsor or its affiliate at: [WIRE INSTRUCTION INFORMATION]

 Upon the distribution of all Escrow Assets pursuant to the terms hereof, the Escrow Agreement shall be terminated. 

 

			
	Very truly yours,
	
	HighPeak Pure Acquisition, LLC

 
			
		
	By:	 	  

	Name:	 	

 
			
	Title:	 	
	
	Pure Acquisition Corp.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT B 

[Letterhead of Company] 

[Insert date] 
 Continental Stock Transfer

 & Trust Company 
 1 State Street Plaza 

New York, New York 10004 
 Attn: Steven Nelson and Sharmin Carter

  

	Re:	Escrow Account No. [    ] - Direction Letter 

 Gentlemen: 

Reference is made to the Escrow Agreement among HighPeak Pure Acquisition, LLC (“Sponsor”), Continental Stock
Transfer & Trust Company (the “Escrow Agent”) and Pure Acquisition Corp., dated as of April 12, 2018 (the “Escrow Agreement”). Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to them in the Escrow Agreement. Pursuant to Section 3.3 of the Escrow Agreement, this is to advise you the Company did not consummate a proposed business combination within the time period set forth in the Charter, and the
Sponsor or its affiliate must distribute the Escrow Assets such that each Beneficiary (excluding the Sponsor and its affiliates) receives an amount equal to $1.00 per whole warrant for each whole Warrant then held by such Beneficiary. 

In accordance with the terms of the Escrow Agreement, you are hereby directed to distribute the Escrow Assets on [ ] to the warrantholders. [
] has been selected as the “record” date for the purpose of determining the warantholders entitled to receive $1.00 per whole Warrant held by such warrantholder as of such date. You agree to be the paying agent of record and in your
separate capacity as paying agent to distribute said funds directly to the Company’s warrantholders (other than with respect to the Warrants held by the Sponsor and its affiliates) in accordance with the terms of the Escrow Agreement. 

Any remaining amounts in the Escrow account following payments to the warrantholders shall be distributed to the Sponsor or its affiliate at:
[WIRE INSTRUCTION INFORMATION] 
 Upon the distribution of all of the funds comprising the Escrow Assets, your obligations under the Escrow
Agreement shall be terminated. 
  

			
	Very truly yours,
	
	HighPeak Pure Acquisition, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	Pure Acquisition Corp.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT C 

[Letterhead of Company] 

[Insert date] 
 Continental Stock Transfer

 & Trust Company 
 1 State Street Plaza 

New York, New York 10004 
 Attn: Steven Nelson and Sharmin Carter

  

	Re:	Escrow Account No. [    ] - Direction Letter 

 Gentlemen: 

Pursuant to Section 3.4 of the Escrow Agreement between HighPeak Pure Acquisition, LLC (“Sponsor”), Continental Stock
Transfer & Trust Company (the “Escrow Agent”) and Pure Acquisition Corp., dated as of April 12, 2018 (the “Escrow Agreement”), the Sponsor hereby requests you to deliver to it or its affiliate $_______
of the interest income earned on the Escrow Assets as of the date hereof. 
 In accordance with the terms of the Escrow Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the Sponsor’s or its affiliate’s account at: 

[WIRE INSTRUCTION INFORMATION] 
  

			
	HighPeak Pure Acquisition, LLC

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	Pure Acquisition Corp.

 
			
		
	By:	 	  

	Name:	 	

 
			
	Title:	 	

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental Stock Transfer

 & Trust Company 
 1 State Street Plaza 

New York, New York 10004 
 Attn: Steven Nelson and Sharmin Carter

  

	Re:	Escrow Account No. [    ] - Direction Letter 

 Gentlemen: 

Pursuant to Section 3.5 of the Escrow Agreement among HighPeak Pure Acquisition, LLC (“Sponsor”), Continental Stock
Transfer & Trust Company (the “Escrow Agent”) and Pure Acquisition Corp., dated as of April 12, 2018 (the “Escrow Agreement”), this is to advise you the Company’s stockholders have approved an
amendment to the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares of common stock if the Company has not consummated an initial Business Combination within such time as is described in
the Charter, which amendment has become effective on [        ] (the “Termination Date”) and a concurrent tender offer has also been consummated for all the Company’s public warrants.
Capitalized words used herein and not otherwise defined shall have the meanings ascribed to them in the Escrow Agreement. 
 Pursuant to
Section 3.5 of the Escrow Agreement, you are hereby directed to distribute an aggregate of $[        ] of the Escrow Assets to the depositary for such tender offer. Wire instructions for the depositary
are: [WIRE INSTRUCTION INFORMATION] 
 The balance remaining in the escrow account, if any, should continue to be held by you in escrow in
accordance with the terms of the Escrow Agreement. 
  

			
	 Very truly yours,

	
	 HighPeak Pure Acquisition,
LLC

 
			
		
	 By:
	 	
 

			
	 Name:
	 	
	 Title:
	 	

 
			
	
	 Pure Acquisition
Corp.

 
			
		
	 By:
	 	
 

			
	 Name:
	 	
	 Title:

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