Investor Presentaiton

Attractive 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

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