Gray Rock Investment Partners and Executive Network Partnering Corporation Successfully Complete Business Combination to Form Granite Ridge Resources, a Publicly Listed Company

DALLAS & BOSTON–(BUSINESS WIRE)–Grey Rock Investment Partners (“Grey Rock”), a Dallas-based investment firm, and Executive Network Partnering Corporation (“ENPC”) (NYSE: ENPC), a special purpose acquisition entity, announced today having successfully completed the previously announced business combination resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”). Common stock and warrants of Granite Ridge are expected to begin trading on the NYSE under the symbols “GRNT” and “GRNT WS”, respectively, on October 25, 2022. Granite Ridge is led by the President and Chief Executive Officer Luke Brandenberg and Chief Financial Officer Tyler Farquharson.

“The creation of Granite Ridge is a springboard for growth and a compelling opportunity for investors, driven by growing demand for traditional energy,” said Paul Ryan, ENPC Chairman and former Speaker of the United States House of Representatives. United States. “Building on a high-quality asset base, an attractive growth profile and a strong balance sheet, I am confident that Granite Ridge will continue to demonstrate our philosophy of pairing accomplished leaders and excellent assets with a structure. appropriate capital to maximize results. and value creation.

“I am honored to lead Granite Ridge as we enter the public market and seize the opportunities created by today’s energy environment,” said Luke Brandenberg, President and CEO of Granite Ridge. “As capital continues to dry up for natural resources and the world becomes increasingly dependent on U.S. energy generation, we will maintain a strategic approach focused on untapped working interests and joint ventures, by partnering with experienced operators in the most prolific pools and leveraging real-time data to build a diverse asset base that creates healthy, risk-adjusted returns while generating substantial value for our shareholders.

transaction details

As a result of the business combination, Granite Ridge owns the direct non-operating interests previously held by Gray Rock’s Fund I, Fund II and Fund III portfolios, and these Gray Rock funds and/or their limited partners hold equity in Granite Ridge .

Going forward, the Gray Rock team will help manage Granite Ridge’s oil and gas assets through a long-term services agreement, providing technical, legal, commercial, acquisition and divestiture support. , and back office. Granite Ridge and Gray Rock have agreed that during the term of the Services Agreement, Granite Ridge and any additional oil and gas focused funds managed by Gray Rock or its affiliates will have the opportunity to jointly participate in opportunities investment fund for undeveloped upstream oil and gas assets, with 75% of such future transactions attributed to Granite Ridge and 25% of such future transactions attributed to oil and gas-focused funds managed by Gray Rock or its affiliates.

Pro forma equity value and expected dividend yield

The table below shows the pro forma equity value and expected dividend yield based on the closing price of ENPC’s Class A ordinary shares as of October 24, 2022:

Pro forma equity value and expected dividend yield (in thousands except share price)

Total outstanding shares1


(x) Share price (market close on 24/10/2022)2


Pro forma net worth


Initial anticipated annual dividend


Implied annual dividend yield


Debt drawn at closing


1. Excludes the impact of 10.35 million public warrants and 371,518 shares held by sponsor SPAC subject to certain vesting and forfeiture conditions.

2. The share price is based on ENPC Class A ordinary shares.


Evercore acted as exclusive financial and capital markets advisor to Gray Rock. Stephens Inc. acted as financial advisor and Capital One Securities acted as capital markets advisor to ENPC. Holland & Knight LLP acted as legal advisor to Gray Rock and Kirkland & Ellis LLP acted as legal advisor to ENPC.

About Gray Rock Investment Partners

Gray Rock Investment Partners is a Dallas-based private equity firm that manages private funds with interests in the major coin areas of Midland, Delaware, Bakken, Eagle Ford, DJ and Haynesville. With a focus on untapped direct lower and mid-market holdings, Gray Rock builds positions with low balancing costs to provide investors with attractive risk-adjusted returns. Gray Rock was founded and is led by three managing directors: Matt Miller, Griffin Perry and Kirk Lazarine. For more information visit

About Executive Network Partnering Corporation

Executive Network Partnering Corporation (NYSE:ENPC) was formed as a partnership between Paul Ryan, as Chairman, who served as the 54th Speaker of the United States House of Representatives and is currently a partner at Solamere Capital; Alex Dunn, as CEO, who has held various leadership positions at several companies where he has helped drive shareholder value, most recently as President of Vivint SmartHome (NYSE: VVNT); and Solamere Capital, a private equity firm anchored by its network of top business executives, including former CEOs of S&P 500 companies. ENPC was formed with the goal of identifying a company with which to s associate in order to effect a merger, stock exchange, asset acquisition, stock purchase, reorganization or similar partnership transaction with one or more companies. For more information visit

Forward-looking statements

This press release contains certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. Forward-looking statements may include, for example, statements about the benefits of the proposed business combination; the future financial performance of Granite Ridge; anticipated dividends to be paid by Granite Ridge, Granite Ridge’s strategy, future operations, financial condition, estimated revenues and losses, projected costs, management’s outlook, plans and objectives. These forward-looking statements are based on information available as of the date of this press release and on current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be taken to represent the views of Granite Ridge as of any subsequent date, and Granite Ridge undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date on which they were made, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. You should not place undue reliance on these forward-looking statements. Due to a number of known and unknown risks and uncertainties, the actual results or performance of Granite Ridge may differ materially from those expressed or implied by such forward-looking statements. Among the factors that could cause actual results to differ are: (i) the ability to recognize the expected benefits of the business combination; (ii) the financial performance of Granite Ridge following the business combination; (iii) changes in Granite Ridge’s strategy, future operations, financial condition, estimated revenues and losses, projected costs, prospects and plans; (iv) changes in commodity prices and current or future interest rates; (v) expansion plans and opportunities; (vi) operational risks; (vii) changes in the markets in which Granite Ridge competes; (viii) geopolitical risk and changes in applicable laws or regulations, including those relating to environmental matters; (ix) the fact that reserve estimates depend on numerous assumptions which may prove to be inaccurate; (x) the outcome of any known and unknown litigation and regulatory proceedings; (xi) the limited liquidity and trading of Granite Ridge securities; (xii) market conditions and global and economic factors beyond Granite Ridge’s control, including the potential adverse effects of the COVID-19 pandemic, or other major disease, on capital markets, general economic conditions, global supply chains and Granite Ridge’s business; (xiii) legal and contractual restrictions on Granite Ridge’s ability to declare and issue dividends; and (xiv) other factors and risks identified in Granite Ridge’s final prospectus relating to the business combination, including those under “Risk Factors” and other documents filed or to be filed by Granite Ridge with the Securities and Exchange Commission.

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