History
Granite Ridge was created in 2022 when a blank-cheque company merged with Grey Rock's oil and gas funds, and it remains controlled and managed by Grey Rock.
2022: Building Granite Ridge through a merger
Granite Ridge began as a deal. On 16 May 2022, Executive Network Partnering Corporation (ENPC), a blank-cheque company (a listed shell that raises cash to buy a business), filed to combine with GREP Holdings, the vehicle for Grey Rock Energy Partners' oil and gas funds. The newly renamed Granite Ridge Resources would issue about 183 million shares and 10.35 million warrants (rights to buy shares later).
Over the summer, amendments filled in the terms. GREP's owners would receive 130.0 million new shares at $10.00 each, leaving them with about 75.5% of the votes if no one redeemed, which would make the company a NYSE 'controlled company'. Stephens Inc. gave ENPC's board a fairness opinion, and day-to-day management would sit with Grey Rock under a management services agreement. The filings also flagged risks: Kirkland could not say the mergers would definitely qualify as tax-deferred, and turning the Grey Rock funds into a taxable corporation carried a $25.8 million deferred tax liability. The trust held about $414.1 million, around $10.00 a share, and public holders could redeem for cash.
The final proxy was filed on 29 September, setting a vote for 20 October. If no deal closed, ENPC had to liquidate by 18 December. The exchange cleared the shares for listing on 24 October, and the combination closed, with trading as GRNT and GRNT.WS beginning. Granite Ridge became a non-operated oil and gas company, meaning it owns stakes in wells run by others, controlled by Grey Rock's fund vehicles.
2023-2026: Tidying up and settling in
The next big task was cleaning up the leftover SPAC warrants. In June 2023 an exchange offer proposed 0.25 shares per warrant. Holders of about 51.3% of the warrants had already agreed to tender and consent, just over the 50% the warrant agreement required. Anyone who declined would have their warrants swept up anyway at 0.225 shares. BofA Securities was dealer manager. In July 2023 the company's exchange filed to remove a class of its securities from listing.
Shares on issue stayed close to 131-133 million through these years, ending 2025 at about 131.3 million. The record is otherwise quiet on raisings.
On 4 April 2024, Bank of America replaced Texas Capital Bank as administrative agent on the credit facility. Nine banks joined, one left, and both the borrowing base and elected commitments rose to $300 million.
On 16 December 2025, Granite Ridge extended its Management Services Agreement with Grey Rock Administration, an affiliate of its controlling shareholder, from 2028 to 2031. The annual fee rose from $10.0 million to $11.75 million, with room to reach $12.5 million. As of that date, the company was still run day to day by Grey Rock's affiliate.
Written from the 11 story beats below (2022 to 16 Dec 2025), which come from the company's own announcements and filings.