Grey Rock Energy Fund III-A, LP, Grey Rock Energy Fund III-B, LP and Grey Rock Energy Fund III-B Holdings, LP executed a letter of intent to acquire Executive Network Partnering Corporation (NYSE:ENPC) from a group of shareholders in a reverse merger transaction on April 5, 2022. Grey Rock Energy Fund III-A, LP, Grey Rock Energy Fund III-B, LP and Grey Rock Energy Fund III-B Holdings, LP entered into a definitive agreement to acquire Executive Network Partnering Corporation from a group of shareholders for $1.3 billion in a reverse merger transaction on May 16, 2022. The aggregate consideration to be paid in the transaction to the direct and indirect owners of GREP will consist of 130.0 million shares of ENPC's common stock. After the completion of the business combination, existing GREP members will beneficially own approximately 75.5% of the combined company. The transaction shall result in the formation of publicly traded Granite Ridge Resources, Inc. to be listed on the NYSE under the ticker symbol “GRNT” and “GRNT WS,” respectively. 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 practices. Granite Ridge will be led by Chief Executive Officer Luke Brandenberg and Chief Financial Officer Tyler Farquharson.

The transaction is subject to approval by the ENPC stockholders, the Proxy Statement/Prospectus shall have become effective, ENPC shall have net tangible assets of at least $5 million, Granite Ridge common stock and warrants shall have been approved for listing on NYSE and customary regulatory requirements. The transaction was unanimously approved by the Board of ENPC. The Registration Statement was declared effective by the SEC on September 28, 2022. As of October 20, 2022, Executive Network Partnering Corporation's shareholders have approved the merger. The closing of the transaction is expected to occur later in the year 2022. As of September 19, 2022, the transaction is expected to complete in the fourth quarter of 2022. 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.

Evercore Group L.L.C. is acting as exclusive financial and capital markets advisor to Grey Rock and Stephens Inc. is acting as financial advisor and fairness opinion provider to ENPC. Amy Curtis, Roger Aksamit, Hunter White, Nathan Stone, Mark Melton, Brandon Bloom, Tony Campiti, Kerry Halpern, Ashley Phillips, John Dierking, James McKellar and Jeremiah Mayfield of Holland & Knight LLP are acting as legal counsel to Grey Rock and Willard S. Boothby, Thomas K. Laughlin, Randy Santa Ana, Julian J. Seiguer, Anne G. Peetz, Christian O. Nagler, Wayne E. Williams, Danny Nappier and Peter Martelli of Kirkland & Ellis LLP are acting as legal counsel and due diligence provider to ENPC. Doug Getten, Lakshmi Ramanathan, and Larry Hall of Baker Botts L.L.P acted as legal advisors to Stephens Inc. KPMG US LLP acted as accounting and tax advisor to ENPC. Mark Zimkind of Continental Stock Transfer & Trust Company acted as transfer agent to ENPC. ENPC engaged Morrow Sodali LLC to assist in the solicitation of proxies for the special meeting for a fee of $37,500 plus a per call fee for any incoming or outgoing stockholder calls for such services. Stephens is entitled to receive a fee in the amount $1.75 million, from ENPC for financial advisory services and for providing its opinion to ENPC's Board, the payment of which is contingent upon the consummation of the proposed transaction. GREP agreed to pay Evercore a fee as follows; a success fee of $6.5 million, a performance fee of $2.5 million, a potential discretionary fee of $2.5 million and monthly retainer fee of $50,000 (fully creditable for the first six months against any success fee).