Executive Network Partnering Corporation | Stephens

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Financial Advisor and Fairness Opinion

Executive Network Partnering Corporation

$1.3 Billion 10/24/2022 Exploration & Production Complete
Public Companies
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Transaction Details

  • On October 24, 2022, Grey Rock Investment Partners (“Grey Rock ”) and Executive Network
  • Partnering Corporation ("ENPC ") announced the closing of their business combination, resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”)
  • Granite Ridge’s common stock and warrants are expected to begin trading on the NYSE under the ticker symbols “GRNT” and “GRNT WS”, respectively, on October 25, 2022
  • The initial ~$1.3 billion equity value of Granite Ridge is underpinned by its announced target of a $60 million anticipated annual dividend
  • As a result of the business combination, Granite Ridge owns the non operated working interests previously held by Grey Rock’s Fund I, Fund II and Fund III portfolios, and such Grey Rock funds and/or their limited partners own equity in Granite Ridge
  • Going forward, the Grey Rock team will help manage the Granite Ridge oil and gas assets through a long term services agreement, providing technical, legal, commercial, acquisition and divestment, and back office support

About the company

Executive Network Partnering Corporation

Executive Network Partnering Corporation (NYSE: ENPC) was formed as a partnership among Paul Ryan, as Chairman, who served as the 54th Speaker of the U.S. House of Representatives and currently serves as a Partner at Solamere Capital; Alex Dunn, as CEO, who has served in various senior operating roles at several businesses where he helped grow shareholder value, most recently as President of Vivint SmartHome (NYSE: VVNT); and Solamere Capital, a private equity firm anchored by its network of leading business executives, including former chief executive officers of S&P 500 companies. For more information, please visit www.enpc.co.

Grey Rock Investment Partners

Grey Rock Investment Partners is a Dallas-based private equity firm with more than $525 million of committed capital under management and interests in more than 2,500 wells in core areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville plays. For more information, please visit www.grey-rock.com.

Sources: Press Release.
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