Investor Presentaiton

Transaction 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

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