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Financial Advisor and Fairness Opinion

Executive Network Partnering Corporation

$1.3 Billion 05/16/2022 Exploration & Production Complete
Public Companies
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Transaction Details

  • On May 16th, 2022, Grey Rock Investment Partners (“Grey Rock”) and Executive Network Partnering Corporation ("ENPC"), announced that they have entered into a definitive agreement to complete a $1.3 billion business combination resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”)
  • In connection with this transaction, Grey Rock will contribute oil and gas assets currently held in its Fund I, Fund II, and Fund III portfolios to Granite Ridge in exchange for equity. Grey Rock will not receive any cash proceeds as part of this transaction and will roll all of its equity into the pro forma company
  • Assuming no redemptions paid from ENPC cash in trust, approximately $414 million held in the trust account will be transferred to Granite Ridge in connection with the transaction for growth capital purposes, including future acquisitions.
  • Members of the Grey Rock team will continue to help manage the assets post-transaction 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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