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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Granite Ridge Resources  / Equity Bottom-Up

<ul><li>We are updating our 2Q24 estimates to reflect actual NYMEX reference prices of $80.66/bbl of oil and $2.32/MMBtu of natural gas.</li><li>Our 2Q24 adjusted EBITDA estimate is $67 million based on a production estimate of 23.1 MBOE/d, including ~10.9 b/d of oil.</li><li>Oil represents 47% of our 2Q24 production estimate and 85% of total revenue.</li></ul>

We are updating our 2Q24 estimates to reflect actual NYMEX reference prices of $80.66/bbl of oil and $2.32/MMBtu of natural gas.Our 2Q24 adjusted EBITDA estimate is $67 million based on a production estimate of 23.1 MBOE/d, including ~10.9 b/d of oil.Oil represents 47% of our 2Q24 production estimate and 85% of total revenue.

Granite Ridge Resources, Inc. - Estimate Update

<ul><li>During 2023, Granite Ridge executed its portfolio management strategy to grow the asset base and enhance its organic development growth opportunities.</li><li>FY23 production increased 23% Y/Y, far ahead of management’s initial expectations.</li><li>4Q23 production averaged 26,036 BOE/d, including 12,283 b/d of oil.</li></ul>

During 2023, Granite Ridge executed its portfolio management strategy to grow the asset base and enhance its organic development growth opportunities.FY23 production increased 23% Y/Y, far ahead of management’s initial expectations.4Q23 production averaged 26,036 BOE/d, including 12,283 b/d of oil.

Granite Ridge Resources, Inc. - Estimate Update; Upcoming Fireside Chat

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Granite Ridge was formed in 2022 to execute a private equity investment strategy in a public company vehicle.</p></li><li><p>The strategy is to allocate capital to non-operated oil and natural gas development opportunities in order to grow the company’s underlying asset base and support its common stock dividend.</p></li><li><p>Grey Rock Investment Partners contributed the assets of three investment funds to facilitate Granite Ridge’s business combination transaction with Executive Network Partnering Corporation (ENPC).</p></li></ul></div></div></div></div>

Granite Ridge was formed in 2022 to execute a private equity investment strategy in a public company vehicle.The strategy is to allocate capital to non-operated oil and natural gas development opportunities in order to grow the company’s underlying asset base and support its common stock dividend.Grey Rock Investment Partners contributed the assets of three investment funds to facilitate Granite Ridge’s business combination transaction with Executive Network Partnering Corporation (ENPC).

Granite Ridge Resources, Inc. - Private Equity Growth Strategy in a Public E&P Company

United States

Granite Ridge Resources, Inc. operates as an oil and gas company. The Company engages in exploration and production of petroleum products. Granite Ridge Resources serves customers in the United States.

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Granite Ridge Resources (GRNT US)

Granite Ridge Resources, Inc. - Estimate Update

We are updating our 2Q24 estimates to reflect actual NYMEX reference prices of $80.66/bbl of oil and $2.32/MMBtu of natural gas.

Water Tower Research

Granite Ridge Resources, Inc. - Estimate Update; Upcoming Fireside Chat

During 2023, Granite Ridge executed its portfolio management strategy to grow the asset base and enhance its organic development growth opportunities.

Water Tower Research

Granite Ridge Resources, Inc. - Private Equity Growth Strategy in a Public E&P Company

Grey Rock Investment Partners contributed the assets of three investment funds to facilitate Granite Ridge’s business combination transaction with...

Water Tower Research

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