Investor Presentaiton

Unmatched 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

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