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Grey Rock Investment Partners and Executive Network Partnering Corporation (ENPC) have announced the successful completion of their business combination, leading to the formation of Granite Ridge Resources, Inc. Granite Ridge, which will trade under the ticker GRNT, is a non-operated oil and gas company with an enterprise value of $1.2 billion. The company features a strong management team and an anticipated annual dividend yield of 4.9%. Granite Ridge aims to capitalize on the growing demand for energy while focusing on non-operated interests and strategic partnerships.
Grey Rock Investment Partners and Executive Network Partnering Corporation (ENPC) have announced a definitive agreement for a $1.3 billion business combination to form Granite Ridge Resources. The unaudited pro forma financial results indicate strong operational metrics for the Grey Rock Funds for the first half of 2022, with an average daily production of 17,563 Boe/d and Adjusted EBITDA of approximately $183 million. Despite projected production delays of 4% to 5% moving into 2023, the outlook remains optimistic for Granite Ridge's financial performance post-combination.
Grey Rock Investment Partners and Executive Network Partnering Corporation (ENPC) announced a definitive agreement to create a non-operated oil and gas exploration entity named Granite Ridge Resources. The enterprise will have a pro forma value of approximately $1.3 billion, targeting an initial 3.5% - 4.6% dividend yield. Estimated production is 20.5 thousand barrels of oil equivalent per day, with a projected EBITDA of $425 million and free cash flow exceeding $240 million for 2022. The deal is subject to ENPC stockholder approval and regulatory clearance.
Executive Network Partnering Corporation (ENPC) announced proposed stock and warrant splits, pending shareholder approval. The stock split is set for 1 to 2.5, while warrants will also adjust similarly. Special meetings are scheduled for March 24, 2021, with a record date of March 22, 2021. If approved, Class A common stock will convert into 2.5 shares per unit, with a new exercise price of $11.50 for warrants. The expected adjustments aim to align ENPC's trading prices with similar companies. Trading on adjusted terms will begin on March 26, 2021.
Executive Network Partnering Corporation (ENPC) has filed a preliminary proxy statement with the SEC to hold special meetings to authorize a potential 2.5-for-1 stock split of its Class A common stock. This action aims to increase the number of shares and decrease the trading price, facilitating comparison with other special purpose acquisition companies. If approved, each Class A share and warrant will convert to 2.5 shares and warrants with an exercise price of $11.50. The special meetings are expected to occur in late March 2021.
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