Executive Network Partnering Corporation (ENPC)

Former Speaker of the House Paul Ryan hopes his SPAC deal with a U.S. oil producer is "great for jobs, great for foreign policy" and "great for bringing inflation down."

DALLAS & BOSTON--(BUSINESS WIRE)--Grey Rock Investment Partners (“Grey Rock”), a Dallas-based investment firm, and Executive Network Partnering Corporation ("ENPC") (NYSE: ENPC), a special purpose acquisition entity, announced today that they have successfully closed the previously announced business combination resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”). Granite Ridge’s common stock and warrants are expected to begin trading on the NYSE under the ticker symbols “GRNT” and “GRNT WS”, respectively, on October 25, 2022. Granite Ridge is led by President and Chief Executive Officer Luke Brandenberg and Chief Financial Officer Tyler Farquharson. “The creation of Granite Ridge is a springboard for growth and a compelling opportunity for investors, driven by the increasing demand for traditional energy,” said Paul Ryan, Chairman of ENPC and former Speaker of the U.S. House of Representatives. “Underpinned by a high-quality asset base, attractive growth profile, and strong balance sheet, I am confident that Granite Ridge will continue to be a testament to our philosophy of matching accomplished executives and great assets, with the proper capital structure to maximize results and value creation.” “I am honored to lead Granite Ridge as we enter the public market and seize the opportunities created by today’s energy environment,” said Luke Brandenberg, Granite Ridge President and Chief Executive Officer. “As capital continues to dry up for natural resources coupled with a world increasingly reliant on U.S. energy production, we will maintain a strategic approach focusing on non-operated working interests and joint ventures, partnering with experienced operators in the most prolific basins, and leveraging real-time data to build a diversified asset base that creates healthy, risk-adjusted returns while generating substantial value for our stockholders.” Transaction Details As a result of the business combination, Granite Ridge owns the non-operated working interests previously held by Grey Rock’s Fund I, Fund II and Fund III portfolios, and such Grey Rock funds and/or their limited partners own equity in Granite Ridge. Going forward, the Grey Rock team will help manage the Granite Ridge oil and gas assets through a long-term services agreement, providing technical, legal, commercial, acquisition and divestment, and back-office support. 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 or its affiliates will have the opportunity to jointly participate in investment opportunities for upstream non-operated oil and gas assets, with 75% of any such future transactions allocated to Granite Ridge and 25% of any such future transactions allocated to oil and gas-focused funds managed by Grey Rock or its affiliates. Pro Forma Equity Value and Anticipated Dividend Yield The table below sets forth the pro forma equity value and anticipated dividend yield based on the closing price of ENPC’s Class A common stock as of October 24, 2022: Pro Forma Equity Value and Anticipated Dividend Yield (Thousands Except Share Price) Total Shares Outstanding1 132,923 (x) Share Price (Market Close 10/24/2022)2 $9.25 Pro Forma Equity Value $1,229,541 Initial Anticipated Annual Dividend $60,000 Implied Annual Dividend Yield 4.9% Debt Drawn at Close $- 1. Excludes impact of 10.35 million public warrants and 371,518 shares held by SPAC sponsor subject to certain vesting and forfeiture conditions. 2. Share price is based on ENPC Class A common stock. Advisors Evercore acted as exclusive financial and capital markets advisor to Grey Rock. Stephens Inc. acted as financial advisor and Capital One Securities acted as capital markets advisor to ENPC. Holland & Knight LLP acted as legal counsel to Grey Rock and Kirkland & Ellis LLP acted as legal counsel to ENPC. About Grey Rock Investment Partners Grey Rock Investment Partners is a Dallas-based private equity firm that manages private funds with interests in core areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville plays. With a focus on lower and mid-market non-operated working interests, Grey Rock builds positions with low breakeven costs to provide investors with attractive risk-adjusted returns. Grey Rock was founded and is led by three managing directors: Matt Miller, Griffin Perry, and Kirk Lazarine. For more information, visit www.grey-rock.com About Executive Network Partnering Corporation Executive Network Partnering Corporation (NYSE: ENPC) was formed as a partnership among Paul Ryan, as Chairman, who served as the 54th Speaker of the U.S. House of Representatives and currently serves as a Partner at Solamere Capital; Alex Dunn, as CEO, who has served in various senior operating roles at several businesses where he helped grow shareholder value, most recently as President of Vivint SmartHome (NYSE: VVNT); and Solamere Capital, a private equity firm anchored by its network of leading business executives, including former chief executive officers of S&P 500 companies. ENPC was established for the purpose of identifying a company to partner with in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses. For more information, visit https://www.enpc.co/ Forward-Looking Statements This news release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the benefits of the proposed business combination; the future financial performance of Granite Ridge; anticipated dividends to be paid by Granite Ridge, Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Granite Ridge’s views as of any subsequent date, and Granite Ridge does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, Granite Ridge’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the ability to recognize the anticipated benefits of the business combination; (ii) Granite Ridge’s financial performance following the business combination; (iii) changes in Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; (iv) changes in current or future commodity prices and interest rates; (v) expansion plans and opportunities; (vi) operational risks; (vii) changes in the markets in which Granite Ridge competes; (viii) geopolitical risk and changes in applicable laws or regulations, including those relating to environmental matters; (ix) the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate; (x) the outcome of any known and unknown litigation and regulatory proceedings; (xi) limited liquidity and trading of Granite Ridge’s securities; (xii) market conditions and global and economic factors beyond Granite Ridge’s control, including the potential adverse effects of the COVID-19 pandemic, or another major disease, on capital markets, general economic conditions, global supply chains and Granite Ridge’s business; (xiii) legal and contractual restrictions on Granite Ridge’s ability to declare and issue dividends; and (xiv) other factors and risks identified in the final prospectus of Granite Ridge relating to the business combination, including those under “Risk Factors” therein and other filings made or to be made by Granite Ridge with the Securities and Exchange Commission.

One of the more intriguing stocks to gain traction in today's session is Executive Network Partnering Corporation (NYSE: ENPC ). This special purpose acquisition company (SPAC), backed by Paul Ryan, has seen some compelling price action today.

DALLAS & BOSTON--(BUSINESS WIRE)--Grey Rock Investment Partners (“Grey Rock”), a Dallas-based investment firm, and Executive Network Partnering Corporation (“ENPC”) (NYSE: ENPC), a special purpose acquisition entity, previously announced the entry into a definitive agreement to complete a $1.3 billion business combination (the “Business Combination”) resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”). Grey Rock and ENPC are together presenting a summary of selected unaudited pro forma condensed combined operating and financial results for the six months ended June 30, 2022 and 2021, respectively, for Grey Rock Energy Fund III-A, LP, Grey Rock Energy Fund III-B, LP, Grey Rock Energy Fund III-B Holdings, LP, Grey Rock Energy Fund II, L.P., Grey Rock Energy Fund II-B, LP, Grey Rock Energy Fund II-B Holdings, L.P., and Grey Rock Energy Fund, LP (collectively the “Grey Rock Funds”), the assets of which, together with cash remaining in ENPC’s trust account following any stockholder redemptions, will constitute the assets of Granite Ridge following the consummation of the Business Combination. Six Months Ended June 30 (in thousands, except per unit prices) 2022 2021 Production Oil (MBbl) 1,611 1,762 Natural gas (MMcf) 9,303 7,546 Total production (MBoe)(2) 3,161 3,021 Average daily production (Boe/d)(2) 17,563 16,778 Net sales Oil $ 172,038 $ 92,416 Natural gas 72,079 36,848 Operating expenses Lease operating expenses $ 18,175 $ 11,072 Production taxes 12,653 8,320 Depletion and accretion expense 47,529 48,686 Management fees 3,047 3,097 General and administrative 1,993 2,047 Costs and expenses (per Boe): Lease operating expenses $ 5.75 $ 3.67 Production taxes 4.00 2.76 Depletion and accretion expense 15.04 16.12 Management fees 0.96 1.03 General and administrative 0.63 0.68 (1) For detailed financial information regarding each of the Grey Rock Funds and unaudited pro forma condensed financial statements of ENPC giving effect to the proposed Business Combination and related transactions, see the Registration Statement (as defined herein). (2) Natural gas is converted to barrel of oil equivalent at the rate of one barrel equals six Mcf based upon the approximate relative energy content of oil and natural gas, which is not necessarily indicative of the relationship of oil and natural gas prices. Luke Brandenberg, future Chief Executive Officer of Granite Ridge, commented, “The Grey Rock Funds delivered outstanding operational and financial results for the first half of 2022, including achieving daily production and Adjusted EBITDA records of approximately 17,563 Boe/d and $183 million, respectively, while adding additional high-quality inventory through the acquisition of approximately $21 million of new oil and gas properties. Subsequent to June 30, 2022, the Grey Rock Funds reduced debt by an approximate additional $42 million and acquired approximately an additional $17 million of new oil and gas assets. These results speak to the high quality of the Grey Rock Funds’ team, diverse asset base, and capital efficiency of the non-op strategy.” “Development activity on the assets within the Grey Rock Funds remains robust, as exhibited by the 15.8 net wells brought online since the beginning of the year and the additional 17.1 net wells currently in the development process,” continued Mr. Brandenberg. “As the Grey Rock Funds look at the remainder of 2022, we anticipate a slight reduction in projected production from the operators drilling the assets of the Grey Rock Funds as some operators, given supply and labor constraints, are delaying bringing wells online. This delay may push approximately 4% to 5% of the planned 2022 production on the assets of the Grey Rock Funds from 2022 into 2023. These results should position Granite Ridge for strong financial performance in 2023 following the completion of the planned Business Combination in the fourth quarter of 2022.” Non-GAAP Financial Information This news release includes the non-GAAP financial measure Adjusted EBITDA. This measure should not be used as a substitute for its nearest GAAP measure, net income (loss). The Grey Rock Funds define EBITDA as net income (loss) before income tax expense, interest expense and depreciation, depletion and amortization and accretion of asset retirement obligations. The Grey Rock Funds define Adjusted EBITDA as EBITDA adjusted to exclude non-cash impairment of assets, gain (loss) on sale of assets, non-cash changes in the fair value of derivative financial instruments, and non-operating items and other operating items impacting comparability. Non-operating items and other items impacting comparability have been excluded as they do not reflect the Grey Rock Funds’ ongoing operating activities such as gains or losses from asset sales. Management for the Grey Rock Funds uses Adjusted EBITDA as an internal indicator of the Grey Rock Funds’ ability to internally fund capital expenditures and to service or incur additional debt. Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP. It should not be considered in isolation or as an indicator of the Grey Rock Funds’ performance. Furthermore, it should not be seen as a substitute for metrics prepared in accordance with GAAP. See ENPC’s and Granite Ridge’s filings with the Securities and Exchange Commission for more information. Forward-Looking Statements This news release includes certain statements that may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and other similar words and expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the future financial performance of Granite Ridge following the Business Combination; the timing and ability to complete the Business Combination; changes in the Grey Rock Funds’ or Granite Ridge’s strategy, future operations (including operations by the operators drilling the assets of the Grey Rock Funds or Granite Ridge), financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Grey Rock Funds’, ENPC’s or Granite Ridge’s views as of any subsequent date, and none of the Grey Rock Funds, ENPC or Granite Ridge undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, the Grey Rock Funds’ and Granite Ridge’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the proposed Business Combination; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the proposed Business Combination; (iii) the outcome of any legal proceedings that may be instituted against ENPC, the Grey Rock Funds, Granite Ridge or others following announcement or closing of the proposed Business Combination; (iv) the inability to complete the proposed Business Combination due to the failure to obtain the approval of ENPC stockholders; (v) Granite Ridge’s success in retaining or recruiting, or changes required with regards to its officers, key employees or directors following the proposed Business Combination; (vi) Granite Ridge’s ability to obtain the listing of its common stock and warrants on the New York Stock Exchange following the proposed Business Combination; (vii) the risk that the proposed Business Combination disrupts current plans and operations of the Grey Rock Funds as a result of the announcement and consummation of the proposed Business Combination; (viii) the ability to recognize the anticipated benefits of the proposed Business Combination; (ix) unexpected costs related to the proposed Business Combination; (x) the amount of any redemptions by ENPC’s public stockholders being greater than expected; (xi) the management and board composition of Granite Ridge following the proposed Business Combination; (xii) limited liquidity and trading of Granite Ridge’s securities; (xiii) the use of proceeds not held in ENPC’s trust account or available from interest income on the trust account balance; (xiv) geopolitical risk and changes in applicable laws or regulations; (xv) the possibility that the Grey Rock Funds, ENPC or Granite Ridge may be adversely affected by other economic, business, and/or competitive factors; (xvi) operational risk; (xvii) the possibility that the COVID-19 pandemic, or another major disease, disrupts the Grey Rock Funds’ business; (xviii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on the Grey Rock Funds’ resources; and (xix) the risks that the consummation of the proposed Business Combination is substantially delayed or does not occur. No Offer or Solicitation This communication relates to the proposed Business Combination between Grey Rock and ENPC. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Important Information for Investors and Stockholders and Where to Find It In connection with the proposed Business Combination between Grey Rock and ENPC, Granite Ridge and ENPC have filed a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement") that includes a preliminary proxy statement/prospectus of ENPC and a preliminary prospectus of Granite Ridge, and after the Registration Statement is declared effective, ENPC will mail a definitive proxy statement/prospectus relating to the proposed Business Combination to ENPC’s stockholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the Securities and Exchange Commission ("SEC"), will contain important information about the proposed Business Combination and the other matters to be voted upon at a meeting of ENPC’s stockholders to be held to approve the proposed Business Combination (and related matters). This communication does not contain all the information that should be considered concerning the proposed Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. ENPC and Granite Ridge may also file other documents with the SEC regarding the proposed Business Combination. ENPC stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed Business Combination, as these materials will contain important information about ENPC, Granite Ridge, Grey Rock, and the proposed Business Combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed Business Combination will be mailed to ENPC stockholders as of a record date to be established for voting on the proposed Business Combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by ENPC and Granite Ridge through the website maintained by the SEC at www.sec.gov, or by directing a request to ENPC, 137 Newbury Street, 17th Floor, Boston, Massachusetts 02116. Participants in the Solicitation ENPC, Granite Ridge, Grey Rock and their respective directors, officers and related persons may be deemed participants in the solicitation of proxies of ENPC stockholders in connection with the proposed Business Combination. ENPC stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of ENPC, and a description of their interests in the preliminary proxy statement/prospectus of Granite Ridge filed with the SEC on May 16, 2022 in ENPC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 30, 2022 and is available free of charge at the SEC’s website at www.sec.gov, and in ENPC’s subsequent filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to ENPC stockholders in connection with the proposed Business Combination and other matters to be voted upon at the special meeting of the stockholders of ENPC is set forth in the Registration Statement for the proposed Business Combination. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed Business Combination is included in the Registration Statement. You may obtain free copies of these documents as described in the preceding paragraph. Reconciliation of Net Income to Adjusted EBITDA (Unaudited) Six Months Ended June 30 (in thousands) 2022 2021 Net income $ 125,728 $ 34,840 Income tax expense — — Interest expense 1,134 1,051 Depletion and accretion expense 47,529 48,686 EBITDA(1) 174,389 84,577 Amortization of loan origination costs 21 28 Gain on disposal of oil and natural gas properties — (1,971 ) Unrealized (gain) loss on derivative financial instruments 8,950 15,954 Adjusted EBITDA(1) $ 183,360 $ 98,588 (1) Earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) represents net income (loss) before income tax expense, interest expense and depreciation, depletion and amortization and accretion of asset retirement obligations. “Adjusted EBITDA” represents EBITDA adjusted to exclude non-cash impairment of assets, gain (loss) on sale of assets, non-cash changes in the fair value of derivative financial instruments, and non-operating items and other operating items impacting comparability. Non-operating items and other items impacting comparability have been excluded as they do not reflect the Grey Rock Funds’ ongoing operating activities such as gains or losses from asset sales.

DALLAS & BOSTON--(BUSINESS WIRE)--Grey Rock Investment Partners (“Grey Rock”), a Dallas-based investment firm, and Executive Network Partnering Corporation ("ENPC") (NYSE: ENPC), a special purpose acquisition entity, announced today that they have entered into a definitive agreement to complete a $1.3 billion business combination resulting in the formation of publicly traded Granite Ridge Resources, Inc. (“Granite Ridge”). Subject to approval by the ENPC stockholders and customary regulatory requirements, Granite Ridge intends to be listed on the NYSE under the ticker symbol “GRNT” upon closing, which is expected to occur later this year. Granite Ridge will be led by chief executive officer Luke Brandenberg and chief financial officer Tyler Farquharson. Leadership Perspectives “We see a tremendous market opportunity driven by the ever-increasing global demand for traditional energy commodities,” said Griffin Perry, Co-Founder of Grey Rock. “In creating Granite Ridge, we have the unique opportunity to build a new company anchored by a premiere, scaled, non-operated oil and gas platform diversified across five of the most prolific basins in the United States.” Matt Miller, Co-Founder of Grey Rock added, “We are excited to partner with ENPC to enter the public markets and deliver on our commitment to create healthy, risk-adjusted returns in underserved areas of the oil and gas market, while creating long-term value for Granite Ridge’s stockholders.” “This transaction with Grey Rock reflects our philosophy and commitment to matching accomplished, proven executives and great assets, with the proper capital structure to maximize results and value creation,” said Paul Ryan, Chairman of ENPC and former Speaker of the U.S. House of Representatives. “As hydrocarbons continue to play an important role in the global energy mix, we are confident that Granite Ridge, led by a world-class team with deep operational, technical, and financial expertise, is a compelling opportunity for investors looking to participate in the energy space.” “I look forward to leading Granite Ridge as we enter the public market and seize the opportunities presented by today’s energy environment,” said Luke Brandenberg, future Granite Ridge chief executive officer. “As demonstrated by consistent success across multiple hydrocarbon price cycles and a fortress balance sheet, Grey Rock is unique among its peer group. Our team at Granite Ridge will maintain Grey Rock’s strategic, adaptable approach as we focus on non-operated working interest and joint ventures, partner with experienced operators in the most prolific basins, leverage real-time data and analytics, and build a diversified asset base that generates attractive returns and substantial value for our partners.” Transaction Details In connection with this transaction, Grey Rock will 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 paid from ENPC cash in trust, gross proceeds of approximately $414 million held in the trust account will be transferred to Granite Ridge in connection with the transaction for growth capital purposes, including future acquisitions. Members of the Grey Rock team will continue to help manage the assets post-transaction through a long-term services agreement, providing technical, legal, commercial, acquisition and divestment, and back-office support. The seasoned team brings significant oil and gas experience across multiple basins, having generated strong returns through various cycles. 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. The transaction was unanimously approved by the board of ENPC and remains subject to the approval of ENPC stockholders and the satisfaction or waiver of other customary conditions. Upon closing, Granite Ridge will maintain a seven-person board, which will include three independent directors as well as a committee dedicated to strong ESG (environment, social and governance) practices. Please see the investor presentation for more detail. Advisors Evercore is acting as exclusive financial and capital markets advisor to Grey Rock and Stephens Inc. is acting as financial advisor to ENPC. Holland & Knight LLP is acting as legal counsel to Grey Rock and Kirkland & Ellis LLP is acting as legal counsel to ENPC. Presentation Information https://www.enpc.co/news/presentations About Grey Rock Investment Partners Grey Rock Investment Partners is a Dallas-based private equity firm with more than $525 million of committed capital under management and interests in more than 2,500 wells in core areas of the Midland, Delaware, Bakken, Eagle Ford, DJ, and Haynesville plays. With a focus on lower and mid-market non-operated working interests, Grey Rock builds positions with low breakeven costs to provide investors with attractive risk-adjusted returns. Grey Rock was founded and is led by three managing directors: Matt Miller, Griffin Perry and Kirk Lazarine. For more information, visit www.grey-rock.com About Executive Network Partnering Corporation Executive Network Partnering Corporation (NYSE: ENPC) was formed as a partnership among Paul Ryan, as Chairman, who served as the 54th Speaker of the U.S. House of Representatives and currently serves as a Partner at Solamere Capital; Alex Dunn, as CEO, who has served in various senior operating roles at several businesses where he helped grow shareholder value, most recently as President of Vivint SmartHome (NYSE: VVNT); and Solamere Capital, a private equity firm anchored by its network of leading business executives, including former chief executive officers of S&P 500 companies. ENPC was established for the purpose of identifying a company to partner with in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses. For more information, visit https://www.enpc.co/ Forward-Looking Statements This news release includes certain statements that may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about Grey Rock’s, ENPC’s and Granite Ridge’s ability to effectuate the proposed business combination discussed in this news release; the benefits of the proposed business combination; the future financial performance of Granite Ridge following the transactions; changes in Grey Rock’s or Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this news release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Grey Rock’s, ENPC’s or Granite Ridge’s views as of any subsequent date, and none of Grey Rock, ENPC or Granite Ridge undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. You should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, Grey Rock’s and Granite Ridge’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the proposed business combination; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the proposed business combination; (iii) the outcome of any legal proceedings that may be instituted against ENPC, Grey Rock, Granite Ridge or others following announcement of the proposed business combination; (iv) the inability to complete the proposed business combination due to the failure to obtain the approval of ENPC stockholders; (v) Granite Ridge’s success in retaining or recruiting, or changes required in, its officers, key employees or directors following the proposed business combination; (vi) Granite Ridge’s ability to obtain the listing of its common stock and warrants on NYSE following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations of Grey Rock as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination; (ix) unexpected costs related to the proposed business combination; (x) the amount of any redemptions by public stockholders of ENPC being greater than expected; (xi) the management and board composition of Granite Ridge following the proposed business combination; (xii) limited liquidity and trading of Granite Ridge’s securities; (xiii) the use of proceeds not held in ENPC’s trust account or available from interest income on the trust account balance; (xiv) geopolitical risk and changes in applicable laws or regulations; (xv) the possibility that Grey Rock, ENPC or Granite Ridge may be adversely affected by other economic, business, and/or competitive factors; (xvi) operational risk; (xvii) the possibility that the COVID-19 pandemic, or another major disease, disrupts Grey Rock’s business; (xviii) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Grey Rock’s resources; and (xix) the risks that the consummation of the proposed business combination is substantially delayed or does not occur. No Offer or Solicitation This communication relates to a proposed business combination between Grey Rock and ENPC. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Important Information for Investors and Stockholders and Where to Find It In connection with the proposed business combination between Grey Rock and ENPC, Granite Ridge and ENPC intend to file a registration statement on Form S-4 (as may be amended from time to time, the "Registration Statement") that includes a preliminary proxy statement/prospectus of ENPC and a preliminary prospectus of Granite Ridge, and after the Registration Statement is declared effective, ENPC will mail a definitive proxy statement/prospectus relating to the proposed business combination to ENPC’s stockholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the Securities and Exchange Commission ("SEC"), will contain important information about the proposed business combination and the other matters to be voted upon at a meeting of ENPC’s stockholders to be held to approve the proposed business combination (and related matters). This communication does not contain all the information that should be considered concerning the proposed business combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. ENPC and Granite Ridge may also file other documents with the SEC regarding the proposed business combination. ENPC stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about ENPC, Granite Ridge, Grey Rock and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to ENPC stockholders as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by ENPC and Granite Ridge through the website maintained by the SEC at www.sec.gov, or by directing a request to ENPC, 137 Newbury Street, 17th Floor, Boston, Massachusetts 02116. Participants in the Solicitation ENPC, Granite Ridge, Grey Rock and their respective directors, officers and related persons may be deemed participants in the solicitation of proxies of ENPC stockholders in connection with the proposed business combination. ENPC stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of ENPC, and a description of their interests in ENPC is contained in ENPC’s final prospectus related to its initial public offering, dated September 15, 2020 and in ENPC’s subsequent filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to ENPC stockholders in connection with the proposed business combination and other matters to be voted upon at the ENPC shareholder meeting will be set forth in the Registration Statement for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the Registration Statement that Granite Ridge and ENPC intend to file with the SEC. You may obtain free copies of these documents as described in the preceding paragraph. 1. Based on NYMEX strip pricing as of 5/11/22 2. Free cash flow (FCF) defined as operating cash flow less net capex and based on NYMEX strip pricing as of 5/11/22

BOSTON--(BUSINESS WIRE)--Executive Network Partnering Corporation (the “Company” or “ENPC”) (NYSE: ENPC, ENPC.U, and ENPC WS) today announced that it has set expected dates for the Company's proposed 1 to 2.5 stock split and 1 to 2.5 warrant split, subject to shareholder approval of the stock split and warrant holders’ approval of the proposed warrant agreement amendments at special meetings of stockholders and warrant holders to be held on March 24, 2021. The record date will be March 22, 2021 and the payment date will be March 25, 2021. If the stock split and warrant agreement amendment are approved, each share of Class A common stock and warrant to purchase a share of Class A common stock will turn into 2.5 shares of Class A common stock and 2.5 warrants (with an exercise price of $11.50), respectively. In addition, each holder of a CAPS™ (the unit that currently is made up of a share of Class A common stock and 1/4 of a warrant to purchase a share of Class A common stock at $28.75) will retain a share of Class A common stock and 1/4 of one warrant in such unit and will separately receive 1.5 shares of Class A common stock and 3/8th of a warrant that will not be part of the unit. The warrants after the amendment will be warrants to purchase a share of Class A common stock at $11.50. The units, Class A Common Stock, and warrants will begin trading on an adjusted basis on the morning of March 26, 2021 under the existing trading symbols: “ENPC.U,” “ENPC” and “ENPC WS,” respectively. The proposed stock split may occur even if the proposed warrant amendments are not approved. In such case the warrants would become warrants to purchase 2.5 shares of Class A common stock at $28.75. If effectuated, the stock split would result in an increase in the number of shares of Class A common stock outstanding and thereby decrease the trading price of ENPC’s Class A common stock. Where the stock split or warrant amendment would result in a holder being entitled to a fractional share or fractional warrant, the number of shares or warrants issued to such holder will be rounded down to the nearest whole number of shares or warrants, and in the case of shares, holders will receive cash in lieu of such fractional shares. ENPC anticipates that the stock split and related matters, if effectuated, will allow easier comparison to the trading prices of the securities of other special purpose acquisition companies. The proposed stock split amendment would also result in a 1 to 2.5 stock split and a related adjustment to the terms of the Class B common stock and Class F common stock solely to adjust for the split of the Class A common stock and Class B common stock. ENPC filed and mailed its definitive proxy material on or about March 10, 2021. The Company encourages securityholders to read the proxy statement and other material relating to the special meeting, as it contains important information. Additional Information and Where to Find it: This communication is being made in respect of the proposed special meeting of the stockholders and warrant holders of ENPC which filed with the Securities and Exchange Commission (“SEC”) a definitive proxy statement on Schedule 14A. Securityholders are urged to read the definitive proxy statement and all other relevant documents filed with the SEC, because they contain important information about the stock split and warrant amendment. Before making any voting decision regarding the matters to be presented at the special meetings, securityholders are advised to read the definitive proxy in connection with the solicitation for proxies for the special meetings, because these statements will contain important information. Participants in the Solicitation ENPC and its directors and its executive officers, may under the rules of the SEC, be considered participants in the solicitation of proxies with respect to the special meetings. Information about the directors and executive officers of ENPC and a description of their interests in ENPC and the matters to be presented at the special meetings are contained in the definitive proxy statement as filed with the SEC. Caution Concerning Forward Looking Statements This press release may contain forward-looking statements made in reliance upon the safe harbor provisions the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed special meetings, and can be identified by the use of words such as “may,” “intend,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance and are dependent on many factors including market reaction to the proposed actions set forth above.

BOSTON--(BUSINESS WIRE)--Executive Network Partnering Corporation (the “Company” or “ENPC”) (NYSE: ENPC, ENPC.U, and ENPC WS) today filed a preliminary proxy statement on Schedule 14A (the preliminary proxy statement) with the U.S. Securities and Exchange Commission (SEC) to hold special meetings of stockholders and warrant holders to authorize a potential stock split (2.5 shares for every one share) of ENPC’s Class A common stock and to approve related changes to the warrant agreement (the special meetings). If effectuated, the stock split would result in an increase in the number of shares of Class A common stock outstanding and thereby decrease the trading price of ENPC’s Class A common stock. ENPC anticipates that the stock split and related matters, if effectuated, will allow easier comparison to the trading prices of the securities of other special purpose acquisition companies. If both the proposed stock split and warrant amendments are effectuated, then each share of Class A common stock and warrant to purchase a share of Class A common stock will turn into 2.5 shares of Class A common stock and 2.5 warrants (with an exercise price of $11.50) respectively and each holder of a CAPS™ (the unit that currently is made up of a share of Class A common stock and 1/4 of a warrant to purchase a share of Class A common stock at $28.75) will end up with a share of Class A common stock and 1/4 of one warrant in such unit and will separately receive 1.5 shares of Class A common stock and 3/8th of a warrant. These warrants after the amendment will be warrants to purchase a share of Class A common stock at $11.50. ENPC expects to hold the special meetings in late March 2021. The proposed stock split amendment would adjust the terms of the Class B common stock solely to adjust for the split of the Class A common stock. Additional Information and Where to Find it: This communication is being made in respect of the proposed special meeting of the stockholders and warrant holders of ENPC which filed with the SEC the preliminary proxy statement, and will file other documents regarding the special meetings with the SEC. Following the filing of the preliminary proxy statement and any SEC review thereof, if any, ENPC will mail the definitive proxy statement (the definitive proxy statement) to its stockholders. Before making any voting decision regarding the matters to be presented at the special meetings, stockholders are advised to read the preliminary proxy statement and, when available, the definitive proxy statement in connection with the solicitation for proxies for the special meetings, because these statements will contain important information. The definitive proxy statement will be mailed to stockholders and warrant holders as of a record date to be established for voting on the matters to be presented at the special meetings. Participants in the Solicitation ENPC and its directors and its executive officers, may under the rules of the SEC, be considered participants in the solicitation of proxies with respect to the special meetings. Information about the directors and executive officers of ENPC and a description of their interests in ENPC and the matters to be presented at the special meetings are contained in the preliminary proxy statement and definitive proxy statement, each as filed with the SEC. Caution Concerning Forward Looking Statements This press release may contain forward-looking statements made in reliance upon the safe harbor provisions the Securities Act of 1933 and the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed special meetings, and can be identified by the use of words such as “may,” “intend,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance and are dependent on many factors including market reaction to the proposed actions set forth above and any review by the SEC.

NEW YORK--(BUSINESS WIRE)--Executive Network Partnering Corporation (NYSE: ENPC.U) (the “Company”) announced that, commencing November 6, 2020, holders of the CAPS™ sold in the Company’s initial public offering of 16,560,000 CAPS™, completed on September 18, 2020, may elect to separately trade the shares of Class A common stock and warrants included in the CAPS™. Those CAPS™ not separated will continue to trade on the New York Stock Exchange (“NYSE”) under the symbol “ENPC.U,” and the shares of Class A common stock and warrants that are separated will trade on the NYSE under the symbols “ENPC” and “ENPC WS,” respectively. Holders of CAPS™ will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the CAPS™ into shares of Class A common stock and warrants. The CAPS™ were initially offered by the Company in an underwritten offering. Evercore Group L.L.C. acted as the book running manager for the offering. A registration statement relating to the CAPS™ and the underlying securities was declared effective by the Securities and Exchange Commission (the “SEC”) on September 15, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus, copies of which may be obtained from Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com. About Executive Network Partnering Corporation The Company is a newly organized blank check company incorporated in Delaware for the purpose of identifying a company to partner with in order to effectuate a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses. The Company has not yet selected a target to partner with. Forward-Looking Statements This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

NEW YORK--(BUSINESS WIRE)--Executive Network Partnering Corporation (the “Company”), a company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar partnering transaction with one or more businesses, today announced the pricing of its initial public offering of 14,400,000 CAPS™ at a price of $25.00 per CAPS™. The CAPS™ will be listed on the New York Stock Exchange and trade under the ticker symbol “ENPC.U” beginning September 16, 2020. Each CAPS™ consists of one share of Class A common stock of the Company and one-quarter of one warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $28.75 per share. Once the securities comprising the CAPS™ begin separate trading, the shares of Class A common stock and warrants are expected to be listed on the New York Stock Exchange under the symbols “ENPC” and “ENPC WS,” respectively. The offering is expected to close on September 18, 2020, subject to customary closing conditions. Evercore Group L.L.C. is acting as the sole book-running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 2,160,000 CAPS™ at the initial public offering price to cover over-allotments, if any. The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from Evercore Group L.L.C., Attn: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by phone at (888) 474-0200, or by email at ecm.prospectus@evercore.com. A registration statement relating to the securities became effective on September 15, 2020 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the Company's offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.