#1GRANITE RIDGE GRANITE RIDGE RESOURCES INVESTOR PRESENTATION | NOVEMBER 2023 GRNT LISTED NYSE#2● Non-Op - A Better Way to Invest in Oil & Gas Decreased risk - participate with a smaller piece of a larger number of wells Asset diversity - own an interest in over 2,500 gross wells across Permian, Eagle Ford, Haynesville, DJ and Bakken ● GRANITE RIDGE ● Key Investment Highlights ● Conservative Balance Sheet 3 Conservative leverage - 0.26x net debt to TTM Adjusted EBITDAX at 9/30/2023 Control of capital - elect to participate in drilling on a well-by-well basis Limited liabilities - not burdened by long-term contracts and drilling obligations common to operators Prepared for volatility - not forced to hedge at low prices, allows for counter-cyclical investment opportunities Accelerated development - high-quality near- term drilling rather than long-dated inventory 12 Access to Private Operators Broaden exposure – significant high-quality inventory is in the hands of private operators, particularly in the Permian Blue chip partners - anticipate 2023 new wells turned to sales from private operators including Admiral, Endeavor, Greenlake, Silver Hill, Mewbourne, and Rosewood ● 4 Total Shareholder Returns Capital returns Fixed dividend - annualized $0.44/share 1 Stock buybacks - $50MM repurchase plan Responsible Growth Active operators – 18% production growth 2 Highly scalable - cost structure largely fixed; growth has minimal impact on overhead Not "flooding the market" - increase in GRNT production does not necessarily grow U.S. production, just our share of it ● ● ● ● ● Granite Ridge seeks to tighten the band of outcomes in oil & gas investing through high diversification, low leverage and disciplined investment underwriting 1. Future dividends are subject to approval by the Granite Ridge board of directors and credit agreement restrictions. 2. At midpoint of guidance. GRANITE RIDGE 2#3● • Paid dividend of $15MM Initiated $50MM stock buyback in 4Q2022 and repurchased 868,726 shares ($6.3MM) in 3Q '23 ● ● ● Overview ● 3Q '23 Highlights $83MM of 3Q '23 Adjusted EBITDAX ¹ 20% production growth 3Q '23 over 3Q '22 3Q '23 - 77 gross (8.58 net) wells turned to sales • TTM - 322 gross (26.23) net wells turned to sales Assets Closed $8MM of Proved Property Acquisition and $12MM of Inventory Acquisition 2 and deployed $95MM of total capital Strategy & Execution Production Avg Daily Production (Boe/d) % Oil Gross / Net Wells Turned to Sales Cash Flow & Income ($MM) Total Revenue (Excl. Hedges) Adjusted EBITDAX ¹ D&C Capex 3Q2023 1. Non-GAAP financial measure, which is defined and reconciled in the Appendix. 2. Includes costs to acquire additional development opportunities and undeveloped acreage acquisitions. 3. Proforma for fall bank redetermination. 26,433 46% 77 / 8.58 Inventory Acquisition 2 Unit Costs ($/Boe) Lease Operating Expense Production & Ad Val Taxes Balance Sheet and Liquidity ($MM) as of 9/30/23 Cash & Cash Equivalents Total Debt Net Debt ¹ Liquidity 3 $108.4 $83.2 $75.7 $11.9 $6.96 $3.20 Appendix TTM 23,304 48% 322 / 26.23 $403.6 $306.8 $314.7 $37.3 $7.00 $3.49 $6 $85 $79 $161 GRANITE RIDGE 3#4Overview Assets Strategy & Execution Strong Liquidity & Conservative Balance Sheet Key Company Statistics ($MM, except per share data) Ticker Share Price Fully Diluted Market Cap Enterprise Value (9/30/23 Debt & Cash) 1 TTM Adjusted EBITDAX (Q4'22-Q3'23) 2 Q3 '23 Adjusted EBITDAX 2 EV / TTM Adjusted EBITDAX 2 EV / Q3 '23 Adjusted EBITDAX 2 Annualized Annualized Current Dividend per Share 3 Implied Dividend Yield Net Acres (36,661) 4 Eagle Ford 17% Haynesville 6% Haynesville 10% Permian 29% Bakken 41% YE 2022 SEC PV-10 ($1,559 MM) 2 Eagle Ford 16% Bakken 10% DJ 6% Permian 57% As of 11/8/23 GRNT $6.08 $820 $899 $307 $83 2.9x 2.7x $0.44 7.2% Q3 '23 Production Eagle Ford 11% Haynesville 22% Bakken 10% DJ 9% Gas 50% Capitalization ($MM) Cash RBL Balance ($275MM Borrowing Base 6) Total Debt Total Net Debt 2 / (Cash) Net Debt 2 to/ TTM Adjusted EBITDAX ² Elected RBL Commitment 6 Less: Borrowings & LOC Plus: Cash Total Liquidity 6 (26,433 Boe/d) SEC Reserves Commodity Split Permian 48% ● Oil 50% 4. As of 9/30/2023. 5. Average Working Interest and Net Royalty Interest charts reflect a straight average of all wells included within our SEC Reserves Report as of 12/31/22. 6. Proforma for fall bank redetermination. Appendix DJ, 1.8% Bakken, 3.9% Average Working Interest 5 Permian, 9.0% As of 9/30/23 $6 $85 $85 $79 0.26x $240 ($85) $6 $161 Haynesville, 13.9% DJ 7% 1. Enterprise Value is calculated as the sum of total market capitalization as of 11/8/2023 and net debt as of 9/30/2023. Net debt is a non-GAAP financial measure. Please see the Appendix for a reconciliation to the nearest GAAP measure. 2. Non-GAAP financial measure. Please see the Appendix for a reconciliation to the nearest GAAP measure. Based on last three dividends paid to date. Eagle Ford, 15.2% Average 8/8ths Net Royalty Interest 5 Permian, 75.4% DJ, 78.8% Bakken, 80.3% Haynesville, 94.9% Eagle Ford, 75.4% 4#5Overview Strategy & Execution Scaled, Diversified Asset Base DJ: 7% of PV-10¹ LTM Spuds 2: 69 # of Wells in Process ³: 53 Net acreage 4,5: 2,086 • PV-10¹: $104MM Active Rigs 6: 14 NV ● UT MT Permian: 57% of PV-10¹ LTM Spuds 2: 128 # of Wells in Process 3: 101 Net acreage 4.5: 10,806 • PV-10¹: $894MM Active Rigs 6: 312 WY Assets со NM Eagle Ford: 16% of PV-10¹ LTM Spuds 2: 21 # of Wells in Process 3: 11 Net acreage 4.5: 6,365 • PV-10¹: $250MM Active Rigs 6: 49 ND SD NE TX ● ● ● ● Bakken: 10% of PV-10¹ LTM Spuds 2: 35 # of Wells in Process ³:23 Net acreage 4.5: 15,030 PV-10¹: $155MM Active Rigs 6: 33 KS ΤΑ MO AR LA ● IL MS IN TN AL MI KY OH 1. Based on 12/31/2022 SEC reserves. PV-10 is a Non-GAAP financial measure, which is defined and reconciled in the Appendix. 2. Gross spuds 7/1/2022 to 9/30/2023. 3. Defined as gross wells spud, but not producing as of 9/30/23. 4. As of 9/30/2023. 5. Excludes shallow zone acreage. 6. As of 9/29/2023. Source: Baker Hughes GA WV SC PA VA NC Haynesville: 10% of PV-10¹ LTM Spuds 2: 12 # of Wells in Process 3:8 Net acreage 4.5: 2,374 PV-10¹: $157MM Active Rigs 6: 39 NY VT/ NH MA ст Appendix ΜΕ Outlined counties contain assets or acreage screened and/or evaluated by Granite Ridge Esri, Garmin, FAO, NOAA, USGS, EPA D GRANITE RIDGE 5#6Overview Strategy & Execution Highly Diversified Upstream Portfolio Basin Permian DJ Bakken Eagle Ford Haynesville Total Company D DIAMONDBACK ENERGY Mor MEWBOURNE OIL COMPANY ROSEWOOD RESOURCES Assets N E R G RESOURCES 1. Based on current production. 2. Based on 12/31/2022 SEC net reserves. Operator Sample CALLON PETROLEUM PERMIAN RESOURCES Chord Energy Continental RESOURCES CIVITAS OXY Deog resources devon ADMIRAL Seog resources GRAYSON MILLS SLawson ExxonMobil COMPANIES Seog res Deog resources V VERDUN OIL COMPANY EXCO ConocoPhillips greenlake Chevron BAYSWATER devon Marathon Oil PERMIAN RESOURCES swn Southwestern Energy" Marathon Oil PETRO HUNT L.L.C MITSUI & CO. SILVERHILL ENERGY PARTNERS % Private ¹ 27% 1% 31% 80% 51% 36% Oil 2 60% 33% 76% 58% 0% 50% Appendix Gas 2 40% 67% 24% 42% 100% 50% GRANITE RIDGE#7Overview Benefits of Non-Op Assets A Granite Ridge increases asset diversity and scales overhead by investing in a smaller piece of a larger number of high-graded wells drilled by proven public and private operators Access Entire Upstream Universe The Granite Ridge "mousetrap" can quickly pivot to pursue high- quality near-term drilling inventory with the best risk adjusted returns across all basins and operators Leveraging Technology and Partners - Highly Scalable Rather than hire an ops team, we partner with the best operators in each basin and leverage our tech- enabled platform to manage significant asset growth with a minimal increase in overhead Strategy & Execution ($ Appendix Quick to Adapt Non-op strategies avoid long-term contracts and quickly adapt to technological advances, hydrocarbon pricing, cost trends, basin expansions, new plays, etc. Infinite Divisibility = Opportunistic Growth or Exit Non-operated interests can be sold, promoted or purchased quickly allowing us to grow, lock-in returns or shed obligations to better align with our strategic objectives and stockholder returns @ GRANITE RIDGE 7#8Overview Strategy & Execution Capital Allocation Framework Capital Allocation Strategy Uses Sources Cash Flow Assets < 0.5x Leverage Annual Dividend ¹ Defend Balance Sheet Maintain Production Discretionary Prioritize Highest Shareholder Returns Responsible Growth Consolidation Opportunities Buybacks Dividend Growth 1 Appendix 1. Future dividends are subject to approval by the Granite Ridge Board of Directors and credit agreement restrictions. Pursue "burgers & beer" opportunities and strategic partnerships where risk-adjusted returns exceed returns threshold Evaluate accretive acquisitions $50MM stock repurchase program announced in December 2022 Consider increase of cash returns to stockholders Dividend structure provides strong cash returns with upside growth potential GRANITE RIDGE 8#9Overview GRNT Strategy Opportunity Set Overview Ground Game or "Burgers & Beer" Strategic Partnerships Acquisitions ● ● Assets ● Format Core growth engine to consolidate the fragmented non-op market Smaller, relationship driven deals that come from years of "boots on the ground" in our primary focus areas Concentrated investments with leading operators Asset-level partnerships that provide for more control over drilling plans and development timing "Consolidating the consolidators" Strategy & Execution Purchasing portfolios from private or PE-backed sellers Average Investment $2-6MM entry with D&C capex of 2-3x entry $20-100MM for acquisition & development >$50MM Average Working Interest <5% 20-60% <2% Appendix Investment Type Leasing and short cycle, drill ready opportunities Short cycle, drill ready opportunities Large PDP + diversified operator inventory @ GRANITE RIDGE 9#10Overview Strategy & Execution Appendix Rigorous Deal Sourcing & Evaluation Process 01 Business Development Assets Deal Sourcing Employ a boots-on-the-ground and all- hands-on-deck approach to deal sourcing 02 Screen an average of nine new deals each week Very selective: closed ~4% of opportunities screened Permian accounts for ~65% of deal flow Engineering, finance and land department collaboration paired with powerful, integrated data analytics results in holistic, systematic deal evaluation 03 Initial Screen On Basin, Size, Operator 1,364 Screened 285 04 Deal Funnel 2021-2023 YTD | Mixed Measures "Double Clicked" Detailed Engineering Final Negotiations / Finance DD 1,079 Passed 05 77 No Offer 192 Offers Issued 16 Active Evaluations 14 Offers Outstanding 60 118 Lost Transactions Closed GRNT's focus on full cycle returns results in a highly selective investment process @ GRANITE RIDGE 10#11Overview Strategy & Execution Appendix Organic Growth Fueled by Burgers & Beer Year Deal Count 2 Avg. Entry Cost $25 2014 $3.3 $25 2015 Assets $2.0 $89 2016 12 $6.3 Capital Deployed ($MM) ¹ 1 $69 2017 17 $1.3 Inventory & Production Acquisition 1. Acquisition and development data represents historical Cash Flow from Investing. $116 2018 10 $4.3 $180 2019 14 $3.3 $120 2020 16 $1.1 $219 2021 20 $4.2 ■ Development $237 2022 23 $2.2 $287 2023 YTD 23 $2.1 Forming strategic partnerships and aggregating smaller non-op transactions with near-term development @ GRANITE RIDGE 11#12Overview Strategy & Execution Appendix Burgers & Beer: Opportunity + Proven Growth Lookback: 2022 GRNT Opportunity Evaluations ($BN) Est. 2022 Shale D&C Capex Spending of $100 Billion ¹,2 Publicly Traded Non-Op Capex $0.8BN Operator Ownership $75BN 25,000 20,000 15,000 10,000 5,000 Non-Op Ownership $25BN Assets Remaining Non-Op Market $24.2BN Production CAGR: -91% GRNT Proven Track Record of Execution 19,765 $6.4BN 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual Boe/d Evaluated ~25% of 2022 est. Total Non- Op D&C Capex Evaluated Only 3% of annual non-op capex is addressed by publicly traded non-op companies 2 3 Record Quarterly Deal Flow Despite Rig Count Drop 590 602 602 504 92 573 94 90 $1.1BN Deal Flow Bid 1. Utilizes data and articles published by Rystad Energy. 2. Per SEC filings or other materials publicly available for GRNT, NOG and VTS. 3. In our primary target basins: Permian, DJ, Haynesville, Marcellus, Utica, Eagle Ford, and Williston. Source: Baker Hughes 8/4/2023 Rig Count. Transacted on ~3% of screened opportunities $0.2BN 122 575 Won 178 183 513 Q1 22 Q2 '22 Q3 '22 Q4 '22 Q1 '23 Q2 '23 Q3 '23 Average Rig Count 177 GRANITE RIDGE 12#13● • Underwrote a leasing and acquisition strategy in the area after observing proximate activity by EOG ● Overview Burgers & Beer: Case Study ● Acquired, leased and farmed out 2,398 net acres representing 19.8 net wells for $800k/location Einhorn Unit ● Unit ● Cordell Unit Premier operator at a compelling entry point EOG drilled 4 locations in 2021 and 8 in 2022 ● Partnered with a non-op to build critical mass • Ran competitive sell down process to bring in a premier operator to accelerate development State Trivette State Cordell State CD State Einhorn State Finkel Total Map ID A Assets () C E Net Acres 393 367 503 612 523 2,398 Total Net Locations ² 1.6 3.4 4.7 5.2 4.8 19.8 Net Locations Developed 0.1 1.1 0.4 5.2 Strategy & Execution 6.9 1. A well is assumed to be developed if it has been spud by 8/9/2023. 2. Assumes similar development pattern to EOG in the Einhorn Unit with 12 total wells (8 Wolfcamp A, 4 Wolfcamp B). Delaware Basin - Reeves County A Net Remaining Inventory 1.5 2.3 Permitted 4.3 B 4.8 12.9 C $ / Location $0.7MM $1.0MM $0.5MM $1.0MM $0.9MM $0.8MM Appendix O TE E TUILLE -Developed ¹ Operator Mewbourne Mewbourne Mewbourne EOG EOG GRANITE RIDGE 13#14Overview Assets Strategy & Execution Strategic Partnerships: How & Why Creating Public Investor Access to the Private Upstream Market Opportunity Flexible Capital Access Partners $Bn $40 li $22 $22 Underinvestment & Lack of Private Equity Fundraising ¹ 1 2015 2016 Declining fundraising and concentrated investments by private equity firms have created opportunities to be a better capital option to proven operators $26 1. Source - Preqin. 2. Source: Enverus; as of 11/6/2023. Granite Ridge strives to be a creative and commercial partner for operators pursuing high rate of return development projects Granite Ridge's strong relationships with private operators have helped to expand our visibility into short cycle investment opportunities Talented, proven teams with identified opportunities are actively seeking alternative, more flexible sources of capital 87% Decline $15 $10 $14 $5 2017 2018 2019 2020 2021 2022 Appendix Private Companies Account for 48% of Rigs ² 2 52% 48% 317 Private Private equity-like exposure with better alignment and daily liquidity 350 Public @ GRANITE RIDGE 14#15Strategy & Execution Acquisitions: Non-Op Assets Controlled by Private Firms Public Non-Op Companies Represent Only 16% Of M&A Cumulative Non-Op M&A Since 2018¹ $20B 15- 10- Overview 5- o 2018 Assets Other 2019 Public Non-Op Companies 2020 2021 2022 1. Source - Enverus. 2. Sources - Enverus, TPH&Co. and Granite Ridge proprietary relationships. GRNT Has Identified >$16B Of Privately Held Non-Op Investor Group Family Offices Direct Private Equity Funds Private Equity Portfolio Companies Diversified Asset Managers Total Identified Groups² 15 17 26 Appendix 9 67 Estimated Assets $3.5B $3.7B $5.0B $4.0B $16.2B Granite Ridge Has Significant Consolidation Opportunities Within the Non-Op Universe @ GRANITE RIDGE 15#16GRANITE RIDGE APPENDIX#17Overview 2023 Guidance Update Net Production (Boe/d) Oil % of Production Production Acquisitions ($MM) Inventory Acquisitions ($MM) Development Costs ($MM) 2 Total Capital Expenditures ($MM) Net Wells Turned to Sales Assets LOE / Boe Production Taxes (% of Revenue) ³ Recurring Cash G&A ($MM) 1. Data was previously combined and represented $45MM. 2. Excludes drilling carry. 3. Includes ad valorem taxes. Strategy & Execution Previous 2023 21,500 $18 $32 $230 $280 19 $6.50 7% $20 49% 23,000 $18 $32 $260 $310 21 $7.50 8% $22 Updated 2023 22,500 $33 $57 $255 $345 21 Appendix $6.50 7% $20 47% 24,000 $33 $57 $265 $355 23 $7.50 8% $22 GRANITE RIDGE 17#18Overview Share Ownership ● Plans to Improve Vehicle for Investors Increase public float and trading volume Diversify shareholder base and enhance investor visibility Expand equity research coverage Completed warrant exchange in 2023 • Added to Russell 2000 Index ● Assets Broaden institutional shareholder participation Ownership Summary as of 11/6/2023 Grey Rock Voting Agreement 1,3 Public Float Non Grey Rock Insiders 2 Total 1. Strategy & Execution Grey Rock Voting Agreement 51.0% Shares 67,842,211 64,985,627 175,146 133,002,984 Ownership Summary Appendix Grey Rock Energy Partners GP III, L.P. ("Fund III"), Grey Rock Energy Partners GP II, L.P. ("Fund II"), and Mathew Miller, Griffin Perry, Thaddeus Darden and Kirk Lazarine entered into a Stockholder Voting Agreement on August 25th, 2023. 2. Non Grey Rock Insiders consists of Granite Ridge management and its three independent directors. 3. Harvest period expirations for Fund II (10.6MM shares) and Fund III (55.4MM shares) are November 2024 and April 2027 respectively. Non Grey Rock Insiders 0.1% Public Float 48.9% % 51.0% 48.9% 0.1% 100.0% GRANITE RIDGE 18#19Overview Yield % Strategy & Execution Compelling Value Opportunity Net Debt / EBITDA 0.8x GRNT Yield: Robust & Durable ¹ 2.2% S&P E&P Index GRNT Conservative Balance Sheet 1,2,3,4 S&P E&P Index S&P E&P Index 1.6x Assets Peer 1 0.4x Peer 2 7.2% 0.3x ■ Oil & Gas Exploration & Production GRNT EV / TTM EBITDA 74% Valuation: Cheap Relative to Peer Group 1,2,3 5.5x S&P E&P Index Focused Upstream Exposure 100% 100% S&P E&P Index 4.4x Oil & Gas Refining & Marketing Peer 1 Public Access to Private Operators 4.7x Peer 2 Public Private 1. S&P Oil & Gas Exploration & Production Select Industry Index (NYSE: XOP) data as of as of 11/8/2023. 2. XOP Net Debt and multiples are weighted average of holdings as of 11/8/2023 and financial data from most recent SEC filings per S&P Capital IQ pulled 11/8/2023. Appendix 19% Integrated Oil & Gas 36% 64% GRNT 5 2.9x GRNT 7% @ 3. Peers include NOG and VTS, data as of 11/8/2023. 4. Net Debt to Adjusted EBITDAX for the XOP uses S&P Capital IQ Net Debt and EBITDA. Adjusted to remove impact of renewable fuels companies (CLNE, GPRE GRANITE RIDGE and GEVO). Non-GAAP financial measure, which is defined and reconciled in the Appendix. 5. XOP per State Street Global Advisors. 19#20Strategy & Execution Commitment to Strong ESG Stewardship Granite Ridge partners with operators that are proven and responsible stewards. Overview Assets Dedicated ESG Section of Website Explicit Board-Level Oversight of ESG Source: Company filings / websites. Formal ESG Policy / Principles Standalone Annual ESG Report Discloses ESG-Related Targets and Tracks Metrics Over Time Alignment with Select ESG Reporting Framework COP CDP, GRI, IPIECA, SASB, SDGS, TCFD, UN CHRD SASB, TCFD DVN AXPC, CDP, IPIECA, SASB, SDGs, TCFD, UN Appendix EOG SASB, TCFD Granite Ridge demonstrates explicit board level oversight of ESG, is creating a formal ESG policy and plans to publicly track ESG targets over time. @ GRANITE RIDGE 20#21Overview Hedging Oil Swaps Volume (Bo/d) Price Collars Volume (Bo/d) Ceiling Floor 3- Ways Volume (Bo/d) Ceiling Floor Sub-Floor Gas Collars Volume (Mcf/d) Ceiling Floor Swaps Volume (Mcf/d) Ceiling 4Q '23 4,036 $88.14 $67.49 2,266 $101.92 $80.00 $60.43 4Q '23 40,724 $5.37 $3.72 Assets 1Q '24 681 $80.00 5,072 $84.99 $64.22 1Q '24 42,374 $4.42 $2.95 2Q '24 527 $80.00 4,416 $85.11 $64.27 2Q '24 35,560 $3.22 Strategy & Execution 3Q '24 424 $80.00 3,930 $85.24 $64.32 3Q '24 30,685 $3.22 4Q '24 348 $80.00 3,386 $84.97 $64.13 4Q '24 17,554 $5.39 $3.59 9,174 $3.22 1Q ¹25 2,300 $82.70 $63.00 1Q '25 23,956 $5.39 $3.59 Appendix 2Q ¹25 725 $82.70 $63.00 2Q '25 4,945 $3.68 @ GRANITE RIDGE 21#22Overview Assets Strategy & Execution YE2022 SEC Reserves Summary 1 Reserve Category PDP PDNP PUD Total Proved Reserves Net Reserves by Hydrocarbon 1. ■Oil Gas Bakken ■Permian ■DJ PV-10 by Region 50% ■ Eagle Ford ■Haynesville 16% ~51 MMBoe 7% 10% 10% -$1.6 BN 50% 57% Oil (MBbls) 15,376 338 9,780 25,494 Net Reserves by Category PDP PDNP PUD PDP PDNP PUD 39% Gas (MMcf) 89,418 1,616 59,205 150,239 1% 34% Netherland, Sewell & Associates, Inc. reserves as of 12/31/2022 at SEC pricing. -51 MMBoe PV-10 by Category 1% 60% -$1.6 BN 65% Equivalent (Mboe) 30,279 607 19,648 50,534 ■ PERMIAN ■BAKKEN Proved PV-10 by Operator EOG EAGLE FORD HAYNESVILLE ■ DJ BASIN ROSEWOOD MEWBOURNE HENRY RESOURCES EXCO CHORD ENERGY COMSTOCK PDC ENERGY ENDEAVOR PV10% ($M) $1,008,786 21,779 528,558 $1,559,123 NOVO Appendix $79 $79 $74 $72 $67 $64 $169 $133 $126 D $264 GRANITE RIDGE 22#23Overview $M Strategy & Execution Appendix Non-GAAP Reconciliation of Adjusted EBITDAX Net income Interest expense Income tax expense Abandonments expense Depletion and accretion expense Assets Non-cash stock-based compensation Warrant exchange transaction costs (Gain) loss on derivatives - commodity derivatives Net cash receipts (payments) on derivatives Loss on derivatives - common stock warrants Adjusted EBITDAX 3Q '23 $17,957 1,356 5,153 1,560 44,267 379 8,129 4,419 8 $83,228 3Q '22 $79,991 570 36,567 (3,071) (15,099) $98,958 TTM $120,185 3,191 32,918 1,560 134,744 1,813 2,456 (11,878) 16,399 5,380 $306,768 FY '22 $262,344 1,989 12,850 105,752 25,324 (42,437) (362) $365,460 GRANITE RIDGE 23#24Overview Strategy & Execution Non-GAAP Reconciliation of Net Debt $M Long-term debt Assets Plus: Current portion of long-term debt Less: Cash Net Debt 9/30/2023 $85,000 6,117 $78,883 12/31/2022 $50,833 ($50,833) Appendix 12/31/2021 $1,100 50,000 11,854 $39,246 @ GRANITE RIDGE 24#25Strategy & Execution Appendix Non-GAAP Reconciliation of Inventory Acquisition. $M Overview Property acquisition costs: Proved Property acquisition costs: Unproved Development Costs Total costs incurred for oil and natural gas properties Assets Less: Development costs (excluding drilling carry) Less: Production acquisition Inventory acquisitions 3Q '23 $8,161 11,262 75,726 $95,149 (75,049) (8,161) $11,939 3Q '22 $4,251 7,864 59,898 $72,013 (46,394) $25,619 YTD '23 $27,459 24,053 233,071 $284,583 (222,230) (26,150) $36,203 YTD '22 $12,206 20,653 @ 164,923 $197,782 (139,969) (560) $57,253 GRANITE RIDGE 25#26Overview $M Assets Strategy & Execution Non-GAAP Reconciliation of PV10% Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) Future income taxes, discounted at 10% Standardized measure of discounted future net cash flows FY '22 $1,559,123 (323,197) $1,235,926 FY '21 Appendix $778,230 (3,879) $774,351 @ FY '20 $197,146 (1,563) $195,583 GRANITE RIDGE 26#27Disclaimer FORWARD-LOOKING STATEMENTS This investor presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). All statements other than statements of historical facts included in this presentation regarding Granite Ridge's 2023 outlook, dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as "estimate," "project," "predict," "believe," "expect," "continue," "anticipate," "target," "could," "plan," "intend," "seek," "goal," "will," "should," "may" or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Granite Ridge's control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: the ability to recognize the anticipated benefits of the business combination, Granite Ridge's financial performance following the business combination, changes in Granite Ridge's strategy, future operations, financial position, hedging positions, estimated revenues and losses, projected costs and cash flows, prospects and plans, changes in current or future commodity prices and interest rates, supply chain disruptions, infrastructure constraints and related factors affecting our properties, ability to acquire additional development opportunities or make acquisitions, changes in reserves estimates or the value thereof, operational risks including, but not limited to, the pace of drilling and completions activity on our properties, changes in the markets in which Granite Ridge competes, geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters, cyber-related risks, the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of the Granite Ridge's reserves, the outcome of any known and unknown litigation and regulatory proceedings, legal and contractual limitations on the payment of dividends, limited liquidity and trading of Granite Ridge's securities, acts of war or terrorism and market conditions and global, regulatory, technical, and economic factors beyond Granite Ridge's control, including the potential adverse effects of the COVID 19 pandemic, or another major disease, affecting capital markets, general economic conditions, global supply chains and Granite Ridge's business and operations, and increasing regulatory and investor emphasis on environmental, social and governance matters. Granite Ridge has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Granite Ridge's control. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws. GRANITE RIDGE 27#28Disclaimer INDUSTRY AND MARKET DATA The information, data and statistics contained herein are derived from various internal and external third-party sources. While Granite Ridge believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Granite Ridge has not independently verified the accuracy or completeness of the information provided by third party sources. No representation is made by Granite Ridge's management as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any information, data or statistics on past performance or modeling contained herein is not an indication as to the future performance. Granite Ridge assumes no obligation to update the information in this presentation. RESERVE INFORMATION Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and price and cost assumptions made by reserve engineers. In addition, the results of drilling testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact Granite Ridge's strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered. Estimated Ultimate Recoveries, or "EURS," refer to estimates of the sum of total gross remaining proved reserves per well as of a given date and cumulative production prior to such given date for developed wells. These quantities do not necessarily constitute or represent reserves as defined by the Securities and Exchange Commission ("SEC") and are not intended to be representative of all anticipated future well results. This presentation contains volumes and PV-10 values of our proved reserves and unproved reserves. The SEC strictly prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of certainty associated with each reserve category. The SEC also prohibits companies from including resources that are not proved, probable or possible reserves in filings with the SEC. Investors should be cautioned that estimates of volumes and PV-10 values of resources other than proved reserves are inherently more uncertain than comparable measures for proved reserves. Further, because estimated proved reserves and unproved resources have not been adjusted for risk due to this uncertainty of recovery, their summation may be of limited use. USE OF PROJECTIONS This investor presentation contains projections for Granite Ridge, including with respect to its EBITDA, net debt to EBITDA ratio, capital expenditures, cash flow, and net revenues as well as its production volumes. Granite Ridge's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this investor presentation, and accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this investor presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this investor presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is subject to the qualifications presented herein). @ GRANITE RIDGE 28