Investor Presentaiton

Organic 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

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