#1GRANITE RIDGE GRANITE RIDGE RESOURCES INVESTOR PRESENTATION MAY 2022#2Disclaimer FORWARD-LOOKING STATEMENTS The information in this presentation and the oral statements made in connection therewith include "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this presentation, regarding certain funds managed by Grey Rock Energy Management, LLC ("Grey Rock"), Executive Network Partnering Corporation ("ENPC") (either as currently organized or as it may be reorganized into Granite Ridge Resources, Inc. ("Granite Ridge") in connection with the transactions contemplated in this presentation), ENPC's proposed business combination with Grey Rock, Grey Rock's or ENPC's ability to consummate the transaction, the benefits of the transaction and Granite Ridge's, Grey Rock's or ENPC's future financial performance following the business combination as well as strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this presentation, including any oral statements made in connection therewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Grey Rock disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Grey Rock cautions you that these forward-looking statements are subject to all the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Grey Rock, incident to the development, production, gathering and sale of oil and natural gas. These risks include but are not limited to, commodity price volatility, low prices for oil and/or natural gas, global economic and geopolitical conditions, inflation, increased operating costs, lack of availability of drilling and production equipment, supplies services and qualified personnel, processing volumes and pipeline throughput, and certificates related to new technologies, geographical concentration of operations, environmental risks, weather risks, security risks, drilling and other operating risks (including those of Grey Rock's third-party operators), regulatory changes, the uncertainty inherent in estimating oil and natural gas reserves and in projecting future rates of production, reductions in cash flow, lack of access to capital, Grey Rock's, ENPC's or Granite Ridge's ability to satisfy future cash obligations, restrictions in existing or future debt agreements, the timing of development expenditures, managing growth and integration of acquisitions, failure to realize expected value creation from property acquisitions, the defects and limited control over non-operated properties. Should one or more of the risks or uncertainties described in this presentation and the oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact ENPC's operations can be found in its periodic filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. ENPC's SEC filings are available publicly on the SEC's website at www.sec.gov. NO OFFER OR SOLICITATION This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. PARTICIPANTS IN THE SOLICITATION Grey Rock, ENPC, Granite Ridge and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of ENPC in connection with the proposed business combination. Information about the directors and executive officers of ENPC is set forth in Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on March 30, 2022. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the proxy statement/prospectus regarding the proposed business combination when it becomes available. Free copies of this document may be obtained as described in the following paragraph. GRANITE RIDGE#3Disclaimer IMPORTANT INFORMATION FOR INVESTORS AND SHAREHOLDERS In connection with the proposed business combination, Granite Ridge intends to file with the SEC a Registration Statement on Form S-4 that will include a proxy statement of ENPC, and a prospectus of Granite Ridge, which are jointly referred to as the proxy statement/prospectus, as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF ENPC ARE URGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND RELATED MATTERS. The final proxy statement/prospectus will be mailed to ENPC's shareholders. Investors and security holders will be able to obtain the documents, and any other documents ENPC or Granite Ridge has filed with the SEC, free of charge at the SEC's website, www.sec.gov. In addition, documents filed with the SEC by ENPC and Granite Ridge will be available free of charge by writing ENPC at 137 Newbury Street, 7th Floor, Boston, MA 02116, Attention: Investor Relations. 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 Grey Rock'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 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 presentation contains projections for Grey Rock, including with respect to its EBITDA, net debt to EBITDA ratio, capital expenditures, free cash flow and net revenues as well as its production volumes. Grey Rock's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projects for the purpose of their inclusion in this presentation, and accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projection are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this 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#4Disclaimer USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) EBITDA, (ii) net debt, (iii) free cash flow and (iv) PV-10. These non- GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. The computations of EBITDA and free cash flow may not be comparable to other similarly titled measures of other companies. EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDA. Grey Rock's presentation of EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring terms. In addition, free cash flow does not represent the residual cash flow available for discretionary expenditures. Grey Rock believes that free cash flow is useful to investors as a measure of the ability of the business to generate cash. This presentation contains PV-10, a supplemental financial measure not presented in accordance with GAAP. PV-10 reflects the present value of estimated future net revenues to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC, without giving effect to non-property related expenses, discounted at 10% per year before income taxes. GAAP does not prescribe any corresponding measure for PV-10 as of an interim date or on any basis other than SEC prices. INDUSTRY AND MARKET DATA Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, none of Grey Rock, Granite Ridge or ENPC has independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of Grey Rock or ENPC, which are derived from their review of internal sources as well as the independent sources described above. This presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision. TRADEMARKS AND TRADE NAMES Grey Rock, Granite Ridge and ENPC own or have rights to various logos, trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains logos, service marks, tradenames other trademarks of third parties, which are the property of their respective owners, and is not intended to, and does not imply a relationship with Grey Rock, Granite Ridge, or ENPC, or an endorsement or sponsorship by Grey Rock, Granite Ridge, or ENPC. Solely for convenience, we refer to our trademarks in this presentation without the Ⓡ or the TM or symbols, but such references are not intended to indicate that Grey Rock, Granite Ridge, or ENPC will not fully assert under applicable law our trademark rights. Other logos, service marks, trademarks and trade names referred to in this presentation, if any, are the property of their respective owners, although for presentational convenience we may not use the Ⓡ or the TM symbols to identify such trademarks. GRANITE RIDGE#5GRANITE RIDGE Key Investment Highlights Premiere non-operated oil & gas 01 company diversified across 5 leading basins with ~$425 million of 2022E EBITDA 04 Strong 2022E free cash flow² of 02-$240 million Conservative balance sheet with net 03 leverage expected to remain below 0.0x by the end of 2Q'22 1. Based on NYMEX strip pricing as of 5/11/22 2. Free cash flow (FCF) defined as operating cash flow less net capex 3. Depending on redemptions Attractive valuation underpinned by an expected 3.5% - 4.6% dividend yield³ and entry multiple (3.1x EV / 2022E EBITDA) Management team and sponsor highly 05 aligned with public shareholders 06 Scaled platform poised to consolidate the fragmented non-operated market GRANITE RIDGE 1#6Transaction Summary Transaction creates a scaled, publicly-traded, non-operated upstream platform with an unlevered balance sheet and immediate free cash flow generation GREY ROCK + □ ENPC = GRANITE RIDGE VALUATION TEV of $1.3 billion, which represents an attractive entry multiple of ~3.1x EV / 2022E EBITDA Dividend yield range of 3.5% - 4.6% depending on redemptions Capitalization Pro Forma Shares Outstanding Amount Share Price 172.3 $10.00 Pro Forma Equity Value $1,723 (+) Pro Forma Net Debt / (Cash)' Pro Forma Enterprise Value Pro Forma EV / 2022E EBITDA Assumed 2022E EBITDA 2 (403) $1,320 3.1x $432 Redemptions 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Dividend Yield 3.5% 3.7% 3.9% 4.1% 4.3% 4.6% ($ in millions, except per share values) Note: Capitalization table assumes no redemptions from SPAC investors. Excludes impact of 10.35mm public warrants 1. Net of transaction expenses and assumes pre transaction net cash of $26.0mm as of 5/1/22 2. Assumes NYMEX Strip Pricing as of 5/11/22 CONSIDERATION AND OWNERSHIP Grey Rock to contribute assets to ENPC and Granite Ridge in exchange for equity Grey Rock is focused on long term sustainable value creation and will not receive any secondary proceeds Primary proceeds will be used for growth capital purposes, including future acquisitions and asset development Grey Rock will provide M&A, technical and back-office support to Granite Ridge such that public investors will benefit from Grey Rock's oil and gas expertise going forward Granite Ridge will benefit from Grey Rock's extensive business development network through its option to acquire 75% of future Grey Rock transactions on a "heads- up" basis Given FCF generation, Granite Ridge will not be reliant on external sources of capital (cash in trust or PIPE) for this transaction 3. Does not reflect the requirement pursuant to the ENPC certificate of incorporation and Business Combination Agreement that ENPC have net tangible assets (as defined in accordance with Rule 3a51-1 (g)(1) of the Exchange Act (or any successor rule)) of at least $5,000,001 upon the redemption of Class A common stock by holders of ENPC Class A common stock GRANITE RIDGE 2#7Successfully Executing Strategy RETURN OF CAPITAL STRATEGIC PRIORITIES... FINANCIAL STRENGTH AGGREGATION BEST-IN-CLASS PROCESSES Sustainable free cash flow generation with commitment to return capital to shareholders Fortress balance sheet allows for a disciplined investment focus on full cycle returns Target core basins with lowest costs and partner with experienced operators Repeatable, low-cost business model leveraging real-time data and analytics ... DRIVEN BY TOP TIER ASSETS 20.5 MBoed ~$425 MM¹ 2022E Net Production 2022E EBITDA < 0.0x1 2Q'22 Net Debt / 2022E EBITDA 3.5% 4.6%² Expected Dividend Yield ~$240 MM¹ 2022E Free Cash Flow $11.12/Boe³ All-in LTM Cash Cost 1. Based on NYMEX strip pricing as of 5/11/22 2. Depending on redemptions 3. Includes operating expense, cash G&A, administrative fee, net interest expense and production taxes pro forma for the business combination 3#8Scaled, Diversified Asset Base with High Quality Operators . Permian 58% of PV-101 Laving Wirkle Dawson Midland Upton B Current net production: 7.0 MBoed² . LTM Spuds³: 51 # of Wells in Process: 105 Net acreage: 7,231 PV-10: $933MM¹ Eagle Ford 16% of PV-101 GRANITE RIDGE Richland W Bakken 10% of PV-10¹ Haynesville 9% of PV-101 DJ 7% of PV-101 North Dakota Caddo مالے Red River De Soto д Broomfield Adams . Current net production: 2.7 MBoed² LTM Spuds³: 19 • Current net production: 2.6 MBoed² • LTM Spuds³: 29 Current net production: 3.2 MBoed² LTM Spuds³: 5 . Current net production: 1.5 MBoed² • LTM Spuds³: 78 # of Wells in Process4: 5 # of Wells in Process4: 24 # of Wells in Process4: 0 Net acreage: 6,582 PV-10: $252MM¹ Net acreage: 15,150 PV-10: $163MM¹ HIGH QUALITY OPERATING PARTNERS Net acreage: 2,2986 PV-10: $138MM¹ # of Wells in Process4: 162 Net acreage: 1,475 PV-10: $115MM¹ COP DVN MRO Endeavor EOG Rosewood ROCC SilverHill OAS Slawson WLL XOM 1. Internal reserves with 4/1/22 effective date and NYMEX strip pricing as of 5/11/22 2. Internal reserves 4/22 estimated production 3. 4/1/21 to present 4. Defined as gross AFE and DUC 5. As of 5/6/22 6. Excludes shallow zone acreage CRK EXCO CIVI SWN PDCE CVX GRANITE RIDGE 4#9High Return and Durable Inventory Across Portfolio Granite Ridge's deep bench of attractive inventory is resilient across hydrocarbon prices 200% + 150% 100% 50% --% SINGLE WELL IRRS AT $80 WTI 100 200 300 ■Permian ■Bakken 400 Gross Inventory¹ Eagle Ford 500 600 700 800 ■Haynesville ■ DJ Basin SINGLE WELL IRRS AT $60 WTI 200% + 150% 100% 50% --% 100 200 300 ■Permian ■Bakken 400 Gross Inventory1 Eagle Ford 500 600 700 800 ■Haynesville ■ DJ Basin Source: Internal reserves utilizing $80.00/Bbl WTI and $4.00/MMBtu HHUB and $60.00/Bbl WTI and $3.50/MMBtu HHUB 1. Includes AFE and Undeveloped inventory GRANITE RIDGE 5#10Financial Projections Projections Overview Development Plan at Strip¹: Gross wells added to Production: 286 Gross DUCs: " Permian: 50 Eagle Ford: 3 Bakken: 8 DJ: 128 Gross AFEs: " Permian: 48 Eagle Ford: 2 Bakken: 9 DJ: 2 Gross Undeveloped: Permian: 9 Eagle Ford: 7 Bakken: 14 DJ: 6 2022E Guidance: EBITDA at Strip Pricing: $432MM EBITDA at $90/Bbl Flat Pricing: $364MM Daily Production: 20.5 MBoed Projected Capex: $161MM Business plan expected to generate significant free cash flow from day one and operate from a net cash position from the closing of the Business Combination 2022E Metrics Benchmark Price ($ / Bbl)5 Benchmark Price ($/ MMBtu) 5 Oil Production (MBO) Gas Production (MMcfe) Total Production (MBoe) Daily Production (Boed) % Oil Oil Revenue Gas Revenue EBITDA EV/EBITDA Interest Expense Cash Taxes Capex Free Cash Flows Pre-SPAC Current Total Debt Pre-SPAC Current Net Debt Strip² 3 Consensus³ $90/$4.504 $99.49 $99.92 $91.11 $6.83 $5.66 $4.53 3,854 3,854 3,854 21,842 21,842 21,838 7,494 7,494 7,493 20,533 20,533 20,529 51% 51% 51% $373 $375 $339 183 154 116 Total Revenue $556 $528 $455 Hedging Settlements (42) (36) (16) Net Revenue $514 $492 $439 Production Expenses & Production Taxes ($68) ($66) ($62) Management Fees and G&A (13) (13) (13) Total Operating Expenses (82) (80) (75) $432 $412 $364 3.1x 3.2x 3.6x ($1) ($1) ($1) (23) (22) (18) (161) (161) (161) $247 $228 $184 $47 $47 $47 (26) (26) (26) Pre-SPAC Current Net Debt / 2022E EBITDA (0.1x) (0.1x) (0.1x) Clear visibility to 2022 operating plan with 98% of production coming from existing and in-progress wells Note: EV/EBITDA based on $1,320mm enterprise value 1. Development plan based on 4/1/22 effective date 2. Based on NYMEX strip pricing as of 5/11/22 3. Based on 30-day average Bloomberg consensus pricing as of 5/11/22 4. Assumes WTI price of $90.00/Bbl and HHUB price of $4.50/MMBtu beyond Q1 2022 5. Includes Q1 2022 price of $94.45/Bbl and $4.62/MMBtu based on historical pricing 6. Total and net debt figures (inclusive of working capital) as of 5/1/22 GRANITE RIDGE 6#11Sustainable Return of Capital Framework Dividend Structure Provides Strong Cash Returns with Upside Growth Potential Disciplined Business Principles Pay Base Dividend Maintain Strong Balance Sheet Anticipated to pay $60mm annual fixed dividend¹ Sustain leverage < 1.0x (net debt to LTM EBITDA), currently 0.0x Prioritize Highest Return Opportunities for FCF Ground Game Growth ② Consolidation Opportunities ③ Dividend Growth Opportunistic bolt-on acquisitions and joint venture development opportunities Value-accretive M&A opportunities Increase return of capital to shareholders SENSITIVITY ANALYSIS: CUMULATIVE FCF THROUGH 2023 I ($ IN MILLIONS) Base Dividend Available for Additional High Return Opportunities Ground Game Growth Excess FCF $490 $470 $110 Base Dividend Flat $45/Bb12 $170 Ground Game Growth Base Dividend Flat $55/Bbl² Ground Game Growth Base Dividend Strip (5/11/22) Ground Game Growth Base Dividend Flat $100/Bbl2 Source: Management estimates utilizing internal reserves Note: Assumes dividend beginning 4Q22 1. Future dividends are subject to approval by the Granite Ridge board of directors 2. Flat $45/Bbl case assumes gas price of $2.75/MMBtu, flat $55/Bbl case assumes gas price of $3.00/MMBtu and flat $100/Bbl case assumes gas price of $6.00/MMBtu GRANITE RIDGE 7#12Resilient Cash Flows Provide Strong Yields UNLEVERED 2022E FREE CASH FLOW YIELD AT VARIOUS PRICES UFCF Yield 19% 20% 16% 12% 8% 4% 17% 14% --% Strip1 Consensus 2 $90 WTI 3 COMMITTED CURRENT BASE + VARIABLE DIVIDEND FRAMEWORK4 15.0% 24% 18% 10.0% 19% 18% 25% 21% 20% 18% 20% 17% 14% Dividend Yield 15% 11.6% 8.7% 10% 5.0% 5.6% 4.6% 2% 5% 3.5% 4% 2.9% 1.7% 1.6% --% --% GR 1,6 Peer 1 Peer 2 Peer 3 NOG S&P 500 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Source: Internal reserves, public filings, Bloomberg and FactSet as of 5/11/22 Note: Peer group includes CDEV, DEC-GB, ESTE, HPK, LPI, NOG, OAS / WLL, REPX, ROCC and SBOW Base Dividend Yield Variable Dividend Yield 1. Based on NYMEX strip pricing as of 5/11/22 2. Based on 30-day average Bloomberg consensus pricing as of 5/11/22 Dividend Yield Range Dependent on Redemptions 3. Assumes WTI price of $90/Bbl and HHUB price of $4.50/MMBtu beyond Q1 2022 4. Annualized latest quarterly dividend 5. UFCF/enterprise value; unlevered free cash flow defined as (cash flow from operations - capex) + interest expense (interest expense * effective tax rate capped at 21%); adjusted for announced transactions 6. Dividend yield depending on redemptions; future dividends are subject to approval by the Granite Ridge board of directors UFCF Yield 5 GRANITE RIDGE 8#13Attractive Entry Point Valuation Relative to Peers $25.00 $20.00 $15.00 $10.00 LTM COST STRUCTURE 1,2 ($ / BOE) $18.98 $16.71 $16.52 $16.03 $15.70 $14.20 $13.89 $12.57 $11.12 $9.20 3 GR $9.03 $5.00 2022E UFCF YIELD5 25% 24% 21% 20% 20% 19% 18% 18% 18% 17% 14% 15% 10% 5% --% GR NET DEBT / 2022E EBITDA 2.5x 2.1x 2.0x 1.5x 1.4x 1.2x 1.1x 1.1x 1.0x 0.8x 0.7x 0.4x 0.3x 0.5x 0.2x --X 5.0x 4.8x 4.0x 3.0x 4% 2% 2.0x Peer 8 Peer 9 Peer 10 Peer 1 Peer 2 Peer 3 NOG Peer 5 Peer 6 EV / 2022E EBITDA Peer 7 Peer 8 Peer 9 Peer 10 4.2x 3.8x 3.4x 3.1x 2.9x 2.8x 2.7x 2.7x 2.6x 2.3x Source: Public filings, FactSet as of 5/11/22 and management estimates utilizing NYMEX strip pricing as of 5/11/22 Note: Peer group includes CDEV, DEC-GB, ESTE, HPK, LPI, NOG, OAS/ WLL, REPX, ROCC and SBOW; adjusted for announced transactions 1. Includes lease operating expense including workovers, GP&T, cash G&A, administrative fee, net interest expense and ad valorem and production taxes 2. Represents the 1Q '21 to 1Q '22 period for CDEV, ESTE, LPI, NOG, OAS / WLL, REPX, ROCC and SBOW and FY 2021 for DEC-GB, Grey Rock and HPK 3. Does not include costs associated with running the public entity 4. Granite Ridge Net Debt excludes cash from SPAC 5. UFCF / enterprise value; unlevered free cash flow defined as (cash flow from operations - capex) + interest expense - (interest expense * effective tax rate capped at 21%) 6. Assumes $1.32Bn Granite Ridge Enterprise Value Peer 1 Peer 2 Peer 3 NOG GR Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 GRANITE RIDGE 9 NM GR#14Unmatched Value in Non-Operated Space Production Basin Split¹ GRANITE RIDGE Eagle Ford 12% Haynesville 7% Projected Production Growth² Net Leverage³ Current Dividend Yield4 EV/ '22E EBITDA UFCF Yield 5 Cost Structure6 DJ 12% Bakken 18% 62% < 0.0x NOG Marcellus 17% Permian 51% Permian 21% 19% 1.1x 3.5%-4.6% 2.9% 3.1x 19% $11.12 / Boe 3.4x 18% $16.52 / Boe GRANITE RIDGE COMPARES FAVORABLY TO PRIMARY PUBLIC NON-OP PEER Source: Public Filings, FactSet as of 5/11/22, Grey Rock management estimates utilizing 5/11/22 NYMEX strip pricing 1. Represents 2021 exit production; NOG's 1Q22 production basin split was 64% Bakken, 20% Permian and 16% Marcellus 2. Represents production growth from 4Q21 to 4Q22; NOG's 4Q22 estimated production from FactSet as of 5/11/22 3. Current net debt / 2022E EBITDA; Grey Rock as of 5/1/22 assuming pre-SPAC net cash balance of $26mm 4. Granite Ridge dividend yield dependent on redemptions; future dividends are subject to approval by the Granite Ridge board of directors 5. Based on 2022E; unlevered free cash flow defined as (cash flow from operations - capex) + interest expense (interest expense * effective tax rate capped at 21%); NOG estimates from FactSet as of 5/11 6. Based on LTM and includes operating expense, cash G&A, administrative fee, interest expense and production taxes; Represents 4Q21 for Grey Rock and 1Q22 for NOG Bakken 62% GRANITE RIDGE 10#15EV / 2022E EBITDA Strong Fundamentals at an Attractive Entry Point 8.0x 7.0x 6.0x 5.0x 4.0x NOG 3.0x 2.0x PXD DVN EOG FANG CTRA COP GRANITE RIDGE BRY OAS CIVI US INDEPENDENTS < 1.0X 2022E LEVERAGE $10.00 FCF ($ / BOE) > 3.0% DIVIDEND YIELD¹ 28 24 3.6X 3.5X 3.1x 3.1x 9 4.1X I 3.1x Number of companies 45 Median EV/ '22E EBITDA 3.6X Granite Ridge Implied EV / '22E EBITDA² 3.1x Source: Company filings, FactSet as of 5/11/22 Note: US independents include APA, AR, BRY, CDEV, CHK, CIVI, CLR, CNX, COP, CPE, CRC, CRGY, CRK, CTRA, DEC-GB, DEN, DVN, EOG, EQT, ESTE, FANG, GPOR, HES, HPK, KOS, LPI, MGY, MRO, MTDR, MUR, NOG, OAS/ WLL, OVV, OXY, PDCE, PXD, REPX, ROCC, RRC, SBOW, SM, SWN, TALO, WLL, and WTI. Median and count figures do not include Granite Ridge. 2022E leverage defined as current net debt / 2022E EBITDA. FCF defined as CFFO less capital expenditures 1. Includes current base and variable dividend 2. Based on NYMEX strip pricing as of 5/11/22 GRANITE RIDGE 11#16Public Investors Will Continue to Benefit from Grey Rock's Oil and Gas Expertise Going Forward ENTITY RESPONSIBILITY / CORPORATE FUNCTION Corporate Strategy Capital Allocation GRANITE RIDGE Financial Structure + GR GREY ROCK Management Team Chief Executive Officer Chief Financial Officer Corporate/Back-Office Support Business Development Services Legal Land Deal Sourcing Accounting/Finance ► Engineering Basin / Operator / Scale Screens Detailed Engineering / Finance Due Diligence Final Negotiations MANAGEMENT SERVICES AGREEMENT ("MSA") GOVERNED BY TERMS THROUGH APRIL 30, 2028, WITH A FIXED ANNUAL FEE GRANITE RIDGE 12#17EXPERIENCE Shareholder-Aligned Management Team and Board MANAGEMENT TEAM SENIOR MSA EMPLOYEES Luke Brandenberg CEO Tyler Farquharson CFO Emily Fuquay Head of Legal Adam Griffin Head of Land / Business Development Seasoned leadership and MSA team of 19 that has generated strong returns through cycles Eric Holley Head of Accounting/Finance Ryan Riggelson Head of Engineering Brings significant oil & gas experience across various basins in the lower 48, operations supported through Grey Rock MSA Executive compensation structured to align with shareholder interests BOARD OF DIRECTORS Board contributes extensive and diverse experience spanning several decades Dedicated ESG, Conflicts, Compensation and Audit committees, 3 independent directors Technical Financial Energy Industry Diversity Matt Miller Griffin Perry Grey Rock Grey Rock Thad Darden Grey Rock Kirk Lazarine Grey Rock Amanda Coussens Michele Everard John McCartney Co-Chairman Co-Chairman Director Director Independent Director Independent Director Independent Director Note: Represents management team and Board of Granite Ridge that will be in place at closing Ο GRANITE RIDGE 13#18Rigorous Deal Sourcing Process To Find Compelling. "Ground Game" Transactions Business Development 01 02 03 04 05 Deal Sourcing Initial Screen On Basin, Size, Operator Detailed Engineering Final Negotiations / Finance DD Employ a boots-on-the-ground and all-hands-on -deck approach to deal sourcing DEAL FUNNEL 2021 2022 YTD | Mixed Measures 600 513 Average of ~7 deals reviewed on a weekly basis 500 400 Very selective: closed ~5% of transactions reviewed Permian accounts for ~65% of deal flow Screened 300 200 122 Engineering, finance and land department 100 No Offer collaboration paired with powerful, integrated data analytics results in holistic, systematic deal evaluation Double Click Offer Issued Initial Screen Phase I Diligence 60 Not Closed Closed Phase II Diligence and Close GRANITE RIDGE WILL BENEFIT FROM SHARING DEALS WITH GREY ROCK'S PRIVATE EQUITY PLATFORM GRANITE RIDGE 14#19Organic Growth Augmented by Ground Game Executing on ground game acquisitions with near-term D&C opportunities CAPITAL DEPLOYED ($MM)1 $25 $26 $92 $67 $114 $182 $114 $223 $165 2 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022E ■ Acquisitions ■Drilling & Completion 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A Deal Count 6 9 12 17 Avg. Entry Cost $3.3 $2.0 $6.3 $1.3 10 $4.3 14 16 20 $3.3 $1.1 $4.2 OPERATOR RELATIONSHIPS Grey Rock and Granite Ridge have relationships with operators who account for greater than 60% of US horizontal activity Partnerships across basins and hydrocarbon mix BENEFITS OF NON-OPERATED MODEL Select from a wide range of basins, operators and hydrocarbon mixes to optimize portfolio Highly scalable due to low-cost structure and corporate G&A GREY ROCK'S AGGRESSIVE GROUND GAME CONSISTENTLY AGGREGATES SMALLER NON-OP TRANSACTIONS 1. By Grey Rock Fund I, II and III 2. 2022 figure represents acquisitions of $4mm and expected drilling and completion capital expenditures of $161mm ล GRANITE RIDGE 15#20Commitment to Strong ESG Stewardship. Grey Rock considers operators' ESG standards to ensure it partners with proven and responsible stewards. Majority of production attributable to blue-chip operators implementing industry-leading ESG reporting frameworks COP OAS PDCE Dedicated ESG Section of Website Explicit Board-Level Oversight of ESG Formal ESG Policy / Principles Standalone Annual ESG Report Discloses ESG-Related Targets and Tracks Metrics Over Time Alignment with Select ESG Reporting Framework DVN EOG GRI, SASB, TCFD, CDP, SASB, TCFD, SASB SASB SASB, TCFD UN, SDGs UN, SDGs ENVIRONMENTAL We expect our experienced operating partners to have robust health and safety programs in place and to minimize adverse impacts on the environment and nearby communities SOCIAL We believe it's important to invest in the communities where we live and work. We've donated to local charities supporting causes including domestic violence victim support, early childhood education, veteran support programs, disaster relief and cancer patient support and research GOVERNANCE We ensure that our business practices fully comply with all applicable regulations by implementing rigorous reporting, compliance and risk management policies and procedures Granite Ridge demonstrates explicit board-level oversight of ESG, will maintain a formal ESG policy and plans to publicly track ESG targets over time through Annual ESG Reports Source: Company filings / websites GRANITE RIDGE 16#21GRANITE RIDGE Key Investment Highlights Premiere non-operated oil & gas 01 company diversified across 5 leading basins with ~$425 million of 2022E EBITDA 04 Strong 2022E free cash flow² of 02-$240 million Conservative balance sheet with net 03 leverage expected to remain below 0.0x by the end of 2Q'22 1. Based on NYMEX strip pricing as of 5/11/22 2. Free cash flow (FCF) defined as operating cash flow less net capex 3. Depending on redemptions Attractive valuation underpinned by an expected 3.5% - 4.6% dividend yield³ and entry multiple (3.1x EV / 2022E EBITDA) Management team and sponsor highly 05 aligned with public shareholders 06 Scaled platform poised to consolidate the fragmented non-operated market GRANITE RIDGE 17#22GRANITE RIDGE APPENDIX#23Granite Ridge Reserves Interim 4/1/22 Reserves¹: Reserve Category PDP DUC AFE Undeveloped Total Reserves Net Reserves by Hydrocarbon Reserves Oil Gas Equiv. MBbls MMcf MBoe PV-10 $MM 15,934 85,876 30,246 $840 3,030 13,919 5,350 181 1,151 3,579 1,747 27 21,961 104,542 39,385 553 42,076 207,915 76,728 $1,601 Net Reserves by Category PV-10 by Category 45% -77 MMBoe 55% 39% ~77 51% MMBoe 35% -$1,601 Million 52% 2% 7% 2% 11% ■ Oil ■ Gas ■ PDP ■ DUC ■ AFE Undeveloped ■ PDP ■ DUC ■AFE Undeveloped EOG Rosewood Henry Resources DVN EXCO ■Permian Proved PV-10 by Operator PV-10 by Region $178 7% $162 9% $118 10% -$1,601 Million 58% $111 16% $101 Eagle Ford ■Bakken Haynesville ■ DJ Basin 1. Internal Reserves estimate utilizing NYMEX Strip Pricing as of 5/11/22. Oil: 2022E: $99.49/Bbl; 2023E: $88.48/Bbl; 2024E: $80.07/Bbl; 2025E: $74.21/Bbl; 2026E: $70.29/Bbl; Thereafter: $70.29/Bbl; Gas: 2022E: $6.83/Mcf; 2023E: $5.35/Mcf; 2024E: $4.23/Mcf; 2025E: $4.03/Mcf; 2026E: $4.09/Mcf; Thereafter: $4.09/Mcf GRANITE RIDGE 18#24Sources and Uses ($ in millions, except per share values) Sources Amount % SPAC Cash' $414 24% No Minimum Cash Condition to Close³ Equity Rollover 1,300 75% Sponsor Promote² 9 1% Grey Rock Pre-Money Equity Value of $1,300 866,875 SPAC Promote Shares Total Sources $1,723 100% Uses Amount % Cash to Balance Sheet $377 22% Equity Rollover 1,300 75% Sponsor Promote² 9 1% Fees & Expenses 37 2% Total Uses $1,723 100% Cash to be Used for Growth Capital Purposes, Including Future Acquisition Opportunities 180 Day Grey Rock Lock-Up4 No Sponsor Lock-Up Note: Assumes no redemptions from SPAC investors 1. Excludes interest earned in the trust. SPAC cash amount subject to change depending on the actual interest earned 2. Assumes sponsors retain 0.867mm promote shares at close, remaining promote shares and performance shares to be forfeited (subject to certain exceptions) 3. Except as required under ENPC's governing charter' 4. Subject to early release if the stock trades above $12.00 post merger consummation, 20 out of 30 trading days GRANITE RIDGE 19#25Traditional SPAC Comparison vs. ENPC SPAC Size Promote (# of Shares at Merger Close)' Sponsor Warrants / Units² Promote Economics Traditional SPAC ENPC $414.0 $414.0 10.35 0.87 6.85 Forfeited Multiple of Invested Capital (MOIC) Traditional SPAC ENPC SPAC Size $414.0 $414.0 Promote (@ $10.00 at Merger Close)' $103.5 $8.7 Sponsor Warrants (Black Scholes Valuation at Merger Close)³ $23.2 $ - Return at Merger Close $126.7 $8.7 Risk Capital Investment $10.3 $6.9 MOIC at Merger Close 12.33x 1.25x Note: Traditional SPAC represents a $414mm SPAC, similar sized SPAC as ENPC for comparison 2. Assumes sponsor warrants purchased at $1.50 per warrant for the risk capital invested by the SPAC sponsor 3. Sponsor warrants valued using Black-Scholes methodology assuming 5-year term, 40 vol, 0% dividend yield, 0.25% borrowing cost 1. Sponsor promote under traditional SPAC calculated assuming sponsor retains 20% of outstanding shares of the SPAC on an as-converted basis 4. Risk capital calculated assuming upfront underwriting spread of 2.0% of SPAC size plus $2 million invested for additional expenses and working capital GRANITE RIDGE 20 20#26Ownership Analysis Across Redemption Levels Redemption Levels 0.0% 25.0% 50.0% 75.0% 100.0% Grey Rock $1,300 $1,300 $1,300 $1,300 $1,300 SPAC Investors 414 311 207 104 SPAC Sponsor 8.7 8.7 8.7 8.7 8.7 Pro Forma Equity Value $1,723 $1,619 $1,516 $1,412 $1,309 Dividend Yield2 3.5% 3.7% 4.0% 4.2% 4.6% Redemption Levels Pro Forma Ownership 0.0% 25.0% 50.0% 75.0% 100.0% Grey Rock 75.5% 80.3% 85.8% 92.1% 99.3% SPAC Investors 24.0% 19.2% 13.7% 7.3% 0.0% SPAC Sponsor 0.5% 0.5% 0.6% 0.6% 0.7% Total 100.0% 100.0% 100.0% 100.0% 100.0% Note: Assumes $10.00 share price at merger close. Excludes impact of 10.35 million public warrants. Values may not add to totals due to rounding. Certain SPAC Sponsor loans will be repaid at closing 1. Does not reflect the requirement pursuant to the ENPC certificate of incorporation and Business Combination Agreement that ENPC have net tangible assets (as defined in accordance with Rule 3a51-1 (g)(1) of the Exchange Act (or any successor rule)) of at least $5,000,001 upon the redemption of Class A common stock by holders of ENPC Class A common stock 2. Assumes $60 million of dividends GRANITE RIDGE 21 21#27Illustrative Fully Diluted Share Count Illustrative Share Price Share count in millions $5.00 $7.00 $9.00 $10.00 $12.50 $15.00 $18.00 Public IPO Shares 41.4 41.4 41.4 41.4 41.4 41.4 41.4 1,2 0.8 2.4 3.7 Public Warrants Sponsor Shares 1.2 1.2 1.0 0.9 0.9 0.9 0.9 Grey Rock Equity (Existing Equityholders) 130.0 130.0 130.0 130.0 130.0 130.0 130.0 Total 172.6 172.6 172.4 172.3 173.1 174.7 176.0 Additional 371,518 shares to be released to sponsor if on the 90th calendar day post merger close, 20 trading-day trailing VWAP is less than $10.00, subject to a floor of $7.00 Illustrative Share Price Value of Ownership ($m) $5.00 $7.00 $9.00 $10.00 $12.50 $15.00 $18.00 Public IPO Shares $207 $290 $373 $414 $518 $621 $745 1,2 Public Warrants 10 36 67 Sponsor Shares 9 9 9 11 13 16 Grey Rock Equity (Existing Equityholders) 650 910 1,170 1,300 1,625 1,950 2,340 Total (Pro Forma Equity Value) $863 $1,208 $1,551 $1,723 $2,164 $2,620 $3,168 SPAC Sponsor MOIC 1.56x 1.88x 2.25x Aligned Interest 0.89x 1.25x 1.25x 1.25x ($ in millions, except per share values) Note: Assumes zero redemptions from SPAC shareholders. Values may not add to totals due to rounding 1. Assumes treasury share method for SPAC public warrants 2. 10.35 million SPAC investors warrants issued as part of the ENPC IPO with strike price of $11.50 and redemption price of $18.00 GRANITE RIDGE 22 22#28Summary of Hedges Overview of Oil and Gas Hedges pdog MMBtud Oil Hedges 8,000 6,319 5,468 6,000 4,693 $84.86 - $107.26 4,000 $84.98 $107.48 2,846 $85.00 $107.47 2,502 2,251 2,070 2,000 1 $58.10 - $81.62 $47.15 $58.12 - $81.60 $47.17 $58.17 $81.59 $47.22 $60.80 $84.76 $48.49 $74.20 $92.66 $58.38 $77.69 - $99.30 $59.94 $80.00 $100.86 - $60.00 Jun-22 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 Collar ■Three-Way Collar Gas Hedges 60,000 49,819 50,000 44,475 38,170 40,000 29,508 30,000 $6.02 - $7.86 $5.99 - $7.83 $5.33 - $7.37 $6.45 - $10.20 20,000 10,000 $2.97 - $3.72¹ $2.362 $2.97 - $3.85 $2.41 $4.86 - $10.79 $4.01 $5.37 - $12.02 $4.50 Jun-22 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 ■Three-Way Collar ■ Collar Note: Represents hedges for June 2022 onward 1. Weighted average floor / ceiling 2. Short put price GRANITE RIDGE 23#29Historical Financials and Non-GAAP Reconciliation Reconciliation of Historical Quarterly Financial to EBITDA ($ in thousands) 1Q 2021A 2Q 2021A 3Q 2021A 4Q 2021A 2021A Revenue $56,027 $71,790 $80,571 $77,886 $286,274 Expenses Lease Operating Expenses $5,207 $5,107 $6,081 $6,973 $23,368 Production Taxes 3,138 5,182 4,429 4,362 17,110 Depletion and Accretion on ARO 18,355 23,895 26,748 25,663 94,661 Professional / G&A 977 1,071 1,549 389 3,987 Management Fees 1,548 1,548 1,548 1,548 6,193 Total Expenses $29,226 $36,803 $40,355 $38,935 $145,319 Net Operating Income / (Loss) $26,801 $34,987 $40,216 $38,951 $140,955 Other Income(Loss) Gain (Loss) on Derivative Contracts ($7,288) ($14,834) ($11,538) $1,271 ($32,389) Gain (Loss) on Disposal of Assets 932 1,016 (4) 335 2,279 Interest Expense (346) (704) (605) (731) (2,386) Total Other Income ($6,701) ($14,522) ($12,147) $875 ($32,496) Net Income (Loss) $20,099 $20,464 $28,069 $39,826 $108,459 (+) Depletion and Accretion on ARO $18,355 $23,895 $26,748 $25,663 $94,661 (+) Interest Expense 346 704 605 731 2,386 (+) Unrealized Loss / (-) Unrealized Gain 6,015 9,940 3,954 EBITDA $44,815 $55,003 $59,376 (12,740) $53,480 7,170 $212,675 Note: Represents aggregate of Grey Rock Fund I, II and III prior to pro forma adjustments for ENPC GRANITE RIDGE 24#30CORPORATE CONTACTS GRANITE RIDGE Investor Relations Name: Emmie Watts Email: [email protected]