Grey Rock Investment Partners, a Dallas-based firm, and Executive Network Partnering announced today that they have entered into a definitive agreement to complete a $1.3 billion business combination to be named Granite Ridge Resources. Subject to approval by ENPC stockholders, Granite Ridge intends to list on the NYSE under the ticker symbol “GRNT.”
Terms call for Grey Rock to contribute oil and gas assets currently held in its Fund I, Fund II, and Fund III portfolios to Granite Ridge in exchange for equity. Grey Rock will not receive any cash proceeds as part of this transaction and will roll all of its equity into the pro forma company.
Assuming no redemptions from the ENPC trust, gross proceeds of approximately $414 million held in the account will be transferred to Granite Ridge for growth capital purposes, including future acquisitions.
The SPAC’s chairman is former US House Speaker Paul Ryan.
Granite Ridge and Grey Rock have agreed that during the term of the services agreement, Granite Ridge and any additional oil and gas-focused funds managed by Grey Rock shall have the opportunity to jointly participate in investment opportunities for upstream oil and gas assets, with 75% of any future transactions allocated to Granite Ridge and 25% of any future transactions allocated to oil and gas funds managed by Grey Rock. Read more.
