Press Release
May 16, 2022

Holland & Knight Represents Grey Rock Investment Partners in Business Combination with Executive Network Partnering Corporation to Form Granite Ridge Resources

DALLAS (May 16, 2022) – Holland & Knight advised Grey Rock Investment Partners, a Dallas-based investment firm, in its business combination with Executive Network Partnering Corporation (NYSE: ENPC), a special purpose acquisition entity. The $1.3 billion business combination will result in the formation of publicly traded Granite Ridge Resources, Inc.

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.

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.

Holland & Knight Partners Jeremiah Mayfield and Amy Curtis led the firm's representation of Grey Rock, with Roger Aksamit leading the tax structuring. They were assisted by Partners Hunter White, Nathan Stone, Mark Melton, Brandon Bloom, Tony Campiti, Kerry Halpern, Ashley Phillips and John Dierking, Of Counsel James McKellar and Associates Heath DeJean, Ricky Alvarado, Cameron Haltom, Richard Jaramillo, Mark Jones, Aaron Powell, Anna Boyer, Ross Tuminello and Leslie Reynolds.

Holland & Knight's energy practice was recently named a 2021 "Energy Practice Group of the Year" by Law360.

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