Investor Presentaiton

Historical 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

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