Investor Presentaiton

Disclaimer USE OF NON-GAAP FINANCIAL MEASURES This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These measures include (i) EBITDA, (ii) net debt, (iii) free cash flow and (iv) PV-10. These non- GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. The computations of EBITDA and free cash flow may not be comparable to other similarly titled measures of other companies. EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDA. Grey Rock's presentation of EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring terms. In addition, free cash flow does not represent the residual cash flow available for discretionary expenditures. Grey Rock believes that free cash flow is useful to investors as a measure of the ability of the business to generate cash. This presentation contains PV-10, a supplemental financial measure not presented in accordance with GAAP. PV-10 reflects the present value of estimated future net revenues to be generated from the production of proved reserves, determined in accordance with the rules and regulations of the SEC, without giving effect to non-property related expenses, discounted at 10% per year before income taxes. GAAP does not prescribe any corresponding measure for PV-10 as of an interim date or on any basis other than SEC prices. INDUSTRY AND MARKET DATA Although all information and opinions expressed in this presentation, including market data and other statistical information (including estimates and projections relating to addressable markets), were obtained from sources believed to be reliable and are included in good faith, none of Grey Rock, Granite Ridge or ENPC has independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of Grey Rock or ENPC, which are derived from their review of internal sources as well as the independent sources described above. This presentation contains preliminary information only, is subject to change at any time and, is not, and should not be assumed to be, complete or to constitute all the information necessary to adequately make an informed decision. TRADEMARKS AND TRADE NAMES Grey Rock, Granite Ridge and ENPC own or have rights to various logos, trademarks, service marks and trade names that they use in connection with the operation of their respective businesses. This presentation also contains logos, service marks, tradenames other trademarks of third parties, which are the property of their respective owners, and is not intended to, and does not imply a relationship with Grey Rock, Granite Ridge, or ENPC, or an endorsement or sponsorship by Grey Rock, Granite Ridge, or ENPC. Solely for convenience, we refer to our trademarks in this presentation without the Ⓡ or the TM or symbols, but such references are not intended to indicate that Grey Rock, Granite Ridge, or ENPC will not fully assert under applicable law our trademark rights. Other logos, service marks, trademarks and trade names referred to in this presentation, if any, are the property of their respective owners, although for presentational convenience we may not use the Ⓡ or the TM symbols to identify such trademarks. GRANITE RIDGE

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