First Quarter 2023 Highlights<\/b><\/p>\n 2023 Outlook Updates<\/b><\/p>\n \nSee \u201cSupplemental Non-GAAP Financial Measures\u201d below for descriptions of the above non-GAAP measures as well as a reconciliation of these measures to the associated GAAP (as defined herein) measures.<\/p>\n \nLuke Brandenberg, President and CEO of Granite Ridge, commented, \u201cOur first quarter results mark a solid start to 2023. Our targeted and diversified asset base located in key oil and gas prolific-producing regions across the U.S. places us in a strong position for continued success as we capitalize on the positive industry fundamentals we see in front of us. Supporting our efforts to prudently grow the business is our conservative use of leverage and well-honed acquisition strategy. This includes the development of deep local relationships that allow us to execute on a collective number of small to mid-size acquisition opportunities that result in outsized returns for our investors. We will continue to evaluate and execute transactions that are in the best interest of all of our shareholders, and we appreciate the continued and long-term support of our collective stakeholder base as we continue to execute on our well-defined growth strategy.<\/p>\n \n\u201cAs we look to the remainder of 2023, our focus remains on investing in our targeted capital investment program designed to capitalize on the highest risk-adjusted rate-of-return opportunities in our deep inventory of prospects while also working closely with our operators in their efforts to drive further efficiencies in their business. We are pleased to be partners with a collective group of operators that are squarely focused on promoting best-in-class safety in their operations and maximizing production and returns.\u201d<\/p>\n First Quarter 2023 Summary<\/b><\/p>\n \nFirst quarter 2023 oil production volumes totaled 10,722 barrels (\u201cBbls\u201d) per day, a 25% increase from the fist quarter of 2022. Natural gas production for the first quarter of 2023 totaled 74,667 thousand cubic feet of natural gas (\u201cMcf\u201d) per day, a 71% increase from the first quarter of 2022. As a result, the Company\u2019s total production for the first quarter of 2023 grew 46% from the first quarter of the prior year to 23,167 Boe per day.<\/p>\n \nNet income for the first quarter of 2023 was $36.9 million, or $0.28 per diluted share. Excluding non-cash and special items, the first quarter 2023 adjusted net income (non-GAAP) was $27.4 million, or $0.21 per diluted share. The Company\u2019s average realized price for oil and natural gas for the first quarter of 2023, excluding the effect of commodity derivatives, was $76.14 per Bbl and $2.65 per Mcf, respectively.<\/p>\n \nAdjusted EBITDAX (non-GAAP) for the first quarter of 2023 totaled $70.7 million, compared to $69.7 million for the first quarter of 2022. First quarter of 2023 cash flow from operating activities was $81.5 million, including $11.9 million in working capital changes. Operating cash flow before working capital changes (non-GAAP) was $69.6 million. Costs incurred for development activities totaled $98.6 million for the first quarter of 2023.<\/p>\n Operational Activity<\/b><\/p>\n \nThe table below provides a summary of gross and net wells completed and put on production for the first quarter 2023:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31, 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Gross<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Net<\/b><\/p>\n<\/td>\n<\/tr>\n \nPermian<\/p>\n<\/td>\n \n46<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.77<\/p>\n<\/td>\n<\/tr>\n \nEagle Ford<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.46<\/p>\n<\/td>\n<\/tr>\n \nBakken<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.56<\/p>\n<\/td>\n<\/tr>\n \nHaynesville<\/p>\n<\/td>\n \n0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.00<\/p>\n<\/td>\n<\/tr>\n \nDJ<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.12<\/p>\n<\/td>\n<\/tr>\n \nTotal<\/p>\n<\/td>\n \n78<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.91<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nOn March 31, 2023, the Company had 150 gross (16.3 net) wells in process.<\/p>\n Costs Incurred<\/b><\/p>\n \nThe tables below provides the costs incurred for oil and natural gas producing activities for the periods indicated:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nProperty acquisition costs:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProved<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n17,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5,060<\/p>\n<\/td>\n<\/tr>\n \nUnproved<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,630<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n457<\/p>\n<\/td>\n<\/tr>\n \nDevelopment costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60,901<\/p>\n<\/td>\n<\/tr>\n \nTotal costs incurred for oil and natural gas properties<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n126,225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n66,418<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \nOpportunity capture (1)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n16,738<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,100<\/p>\n<\/td>\n<\/tr>\n \nProved property acquisition costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n560<\/p>\n<\/td>\n<\/tr>\n \nDevelopment costs (excluding drilling carry)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n91,498<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55,758<\/p>\n<\/td>\n<\/tr>\n \nTotal costs incurred for oil and natural gas properties<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n126,225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n66,418<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1) Includes costs to acquire additional development opportunities and undeveloped acreage acquisition.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Commodity Derivatives Update<\/b><\/p>\n \nThe Company\u2019s commodity derivatives strategy is intended to manage its exposure to commodity price fluctuations. Please see the table under \u201cDerivatives Information\u201d below for detailed information about Granite Ridge\u2019s current derivatives positions.<\/p>\n Updated 2023 Guidance<\/b><\/p>\n \nThe following table summarizes the Company\u2019s updated operational and financial guidance for 2023.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Original 2023<\/b><\/p>\n Guidance<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Updated 2023<\/b><\/p>\n Guidance<\/b><\/p>\n<\/td>\n<\/tr>\n \nAnnual production (Boe per day)<\/p>\n<\/td>\n \n20,500 – 22,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,000 – 23,000<\/p>\n<\/td>\n<\/tr>\n \nOil as a % of sales volumes<\/p>\n<\/td>\n \n50 %<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n49 %<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOpportunity capture and proved property acquisitions ($ in millions)<\/p>\n<\/td>\n \n$45 – $45<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$45 – $45<\/p>\n<\/td>\n<\/tr>\n \nDevelopment capital expenditures ($ in millions)<\/p>\n<\/td>\n \n$215 – $225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$230 – $260<\/p>\n<\/td>\n<\/tr>\n \nTotal capital expenditures ($ in millions)<\/p>\n<\/td>\n \n$260 – $270<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$275 – $305<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet wells placed on production<\/p>\n<\/td>\n \n18 – 20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19 – 21<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease operating expenses (per Boe)<\/p>\n<\/td>\n \n$6.50 – $7.50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$6.50 – $7.50<\/p>\n<\/td>\n<\/tr>\n \nProduction and ad valorem taxes (as a % of total sales)<\/p>\n<\/td>\n \n7% – 8%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7% – 8%<\/p>\n<\/td>\n<\/tr>\n \nCash general and administrative expense ($ in millions)<\/p>\n<\/td>\n \n$20 – $22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$20 – $22<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Conference Call<\/b><\/p>\n \nGranite Ridge will host a conference call on May 12, 2023, at 10:00 AM CT (11:00 AM ET) to discuss its first quarter 2023 results. The telephone number and passcode to access the conference call are provided below:<\/p>\n \nDial-in: (888) 660-6093 \nTo access the live webcast and view the related earnings presentation, visit Granite Ridge\u2019s website at www.graniteridge.com<\/a><\/b>. Alternatively, an audio replay will be available through May 26, 2023. To access the audio replay dial (800) 770-2030 and enter confirmation code 4127559.<\/p>\n About Granite Ridge<\/b><\/p>\n \nGranite Ridge is a scaled, non-operated oil and gas exploration and production company. We own a portfolio of wells and top-tier acreage across the Permian and four other prolific unconventional basins across the United States. Rather than drill wells ourselves, we increase asset diversity and decrease overhead by investing in a smaller piece of a larger number of high-graded wells drilled by proven public and private operators. We create value by generating sustainable full-cycle risk adjusted returns for investors, offering a rewarding experience for our team, and delivering reliable energy solutions to all \u2013 safely and responsibly. For more information, visit Granite Ridge\u2019s website at www.graniteridge.com<\/a>.<\/p>\n Forward-Looking Statements and Cautionary Statements<\/b><\/p>\n \nThis press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the \u201cSecurities Act\u201d) and the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). All statements other than statements of historical facts included in this release regarding Granite Ridge\u2019s 2023 outlook, dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as \u201cestimate,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201ctarget,\u201d \u201ccould,\u201d \u201cplan,\u201d \u201cintend,\u201d \u201cseek,\u201d \u201cgoal,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cmay\u201d or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.<\/p>\n \nForward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Granite Ridge\u2019s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: the ability to recognize the anticipated benefits of the business combination, Granite Ridge\u2019s financial performance following the business combination, changes in Granite Ridge\u2019s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans, changes in current or future commodity prices and interest rates, supply chain disruptions, infrastructure constraints and related factors affecting our properties, ability to acquire additional development opportunities or make acquisitions, changes in reserves estimates or the value thereof, operational risks including, but not limited to, the pace of drilling and completions activity on our properties, changes in the markets in which Granite Ridge competes, geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters, cyber-related risks, the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of the Granite Ridge\u2019s reserves, the outcome of any known and unknown litigation and regulatory proceedings, legal and contractual limitations on the payment of dividends, limited liquidity and trading of Granite Ridge\u2019s securities, acts of war or terrorism and market conditions and global, regulatory, technical, and economic factors beyond Granite Ridge\u2019s control, including the potential adverse effects of the COVID-19 pandemic, or another major disease, affecting capital markets, general economic conditions, global supply chains and Granite Ridge\u2019s business and operations, and increasing regulatory and investor emphasis on environmental, social and governance matters.<\/p>\n \nGranite Ridge has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Granite Ridge\u2019s control. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.<\/p>\n Use of Non-GAAP Financial Measures<\/b><\/p>\n \nTo supplement the presentation of the Company\u2019s financial results prepared in accordance with U.S. Generally Accepted Accounting Principles (\u201cGAAP\u201d), this press release contains certain financial measures that are not prepared in accordance with GAAP, including adjusted net income, adjusted earnings per share, adjusted EBITDAX, operating cash flow before working capital changes and free cash flow.<\/p>\n \nSee \u201cSupplemental Non-GAAP Financial Measures\u201d below for a description and reconciliation of each non-GAAP measure presented in this press release to the most directly comparable financial measure calculated in accordance with GAAP.<\/p>\n Granite Ridge Resources Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except par value and share data)<\/i><\/b><\/p>\n<\/td>\n March 31, 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2022<\/b><\/p>\n<\/td>\n<\/tr>\n ASSETS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,930<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n50,833<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,702<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n72,287<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdvances to operators<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,855<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,908<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrepaid costs and other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,239<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative assets – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,608<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n115,334<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n146,320<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOil and gas properties, successful efforts method<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,154,886<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,028,662<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccumulated depletion<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(417,442<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(383,673<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal property and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n737,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n644,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther long-term assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,305<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,468<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal long-term assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,305<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,468<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n856,083<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n794,777<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n LIABILITIES AND STOCKHOLDERS’ EQUITY<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n69,601<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n62,180<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,350<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,523<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative liabilities – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n431<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n71,964<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n64,134<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative liabilities – common stock warrants<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,624<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11,902<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset retirement obligations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,745<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liability<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n101,522<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n91,592<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal long-term liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n139,062<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n108,239<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n211,026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n172,373<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStockholders’ Equity:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock, $0.0001 par value, 431,000,000 shares authorized, 133,477,494 and 133,294,897 issued at March 31, 2023 and December 31, 2022, respectively<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n592,578<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n590,232<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54,496<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,388<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock, at cost, 311,133 and 25,920 shares at March 31, 2023 and December 31, 2022, respectively<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,030<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(229<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders’ equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n645,057<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n622,404<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders’ equity<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n856,083<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n794,777<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Granite Ridge Resources Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Statements of Operations<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except per share data)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Revenues:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOil and natural gas sales<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n91,310<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n93,850<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating costs and expenses:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLease operating expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,772<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,412<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProduction and ad valorem taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,717<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,175<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepletion and accretion expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,852<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative (including non-cash stock-based compensation of 1,059 for the three months ended March 31, 2023)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,579<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,774<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal operating costs and expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,920<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,486<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet operating income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,390<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n61,364<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Other income (expense):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGain (loss) on derivatives – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,323<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28,395<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(339<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(525<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nGain on derivatives – common stock warrants<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,278<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal other income (expense)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,262<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28,920<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Income before income taxes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47,652<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,786<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36,866<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net income per share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Weighted-average number of shares outstanding:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,002<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n132,923<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,002<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n132,923<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Granite Ridge Resources Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Operating activities:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36,866<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net income to net cash provided by operating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepletion and accretion expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,852<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on derivatives – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13,323<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,395<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash receipts from (payments on) commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,386<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,775<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,059<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAmortization of deferred financing costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n163<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGain on derivatives – common stock warrants<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,278<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,964<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(137<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncrease (decrease) in cash attributable to changes in operating assets and liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,433<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,019<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,609<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n670<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPrepaid and other expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n815<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n81,474<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,064<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Investing activities:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital expenditures for oil and natural gas properties<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(105,556<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(39,836<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAcquisition of oil and natural gas properties<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,370<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,517<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nRefund of advances to operators<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n750<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProceeds from the disposal of oil and natural gas properties<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n748<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in investing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(129,926<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(43,855<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Financing activities:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProceeds from borrowing on credit facilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRepayments of borrowing on credit facilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,400<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash contributions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n84<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPayment of expenses related to formation of Granite Ridge Resources, Inc.<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(43<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPurchase of treasury shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,768<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPayment of dividends<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,640<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by (used in) financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,549<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,316<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Net change in cash and restricted cash<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(39,903<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,893<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and restricted cash at beginning of period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,133<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,154<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Cash and restricted cash at end of period<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,230<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,047<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Supplemental disclosure of non-cash investing activities:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOil and natural gas property development costs in accrued expenses<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,412<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,413<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdvances to operators applied to development of oil and natural gas properties<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n26,299<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n21,910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Cash and restricted cash:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10,930<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n19,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash included in other long-term assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n300<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n300<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Cash and restricted cash<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n11,230<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20,047<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Granite Ridge Resources Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Summary Production and Price Data<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n73,475<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n72,586<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n17,835<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,264<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n91,310<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n93,850<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n965<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n771<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n6,720<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,920<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2,085<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,424<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n10,722<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,567<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n74,667<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43,556<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n23,167<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,826<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n76.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n94.15<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8.38<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n78.16<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n85.77<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2.65<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n0.66<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.33<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3.31<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n43.79<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n3.06<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5.46<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n46.85<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60.43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n13,772<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,412<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n5,717<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,175<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n33,852<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n8,579<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,774<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n$<\/p>\n<\/td>\n \n6.61<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5.91<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2.74<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.63<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n16.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n11.32<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n4.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.95<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n152.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(1)<\/p>\n<\/td>\n \nNatural gas is converted to Boe using the ratio of one barrel of oil to six Mcf of natural gas.<\/p>\n<\/td>\n<\/tr>\n \n(2)<\/p>\n<\/td>\n \nThe presentation of realized prices including settled commodity derivatives is a result of including the net cash receipts from (payments on) commodity derivatives that are presented in our condensed consolidated statements of cash flows. This presentation of average prices with derivatives is a means by which to reflect the actual cash performance of our commodity derivatives for the respective periods and presents oil and natural gas prices with derivatives in a manner consistent with the presentation generally used by the investment community.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Granite Ridge Resources Inc.<\/b><\/p>\n<\/td>\n<\/tr>\n Derivatives Information<\/b><\/p>\n<\/td>\n<\/tr>\n \nThe table below provides data associated with the Company\u2019s derivatives at May 11, 2023, for the periods indicated:<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2024<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Second Quarter<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Third Quarter<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Fourth Quarter<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Total<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Total<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Total<\/b><\/p>\n<\/td>\n<\/tr>\n Producer 3-way (oil)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n340,263<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n228,659<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n208,488<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n777,410<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average sub-floor price ($\/Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n62.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n60.42<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n60.43<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average floor price ($\/Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n77.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n79.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n80.00<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n78.86<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average ceiling price ($\/Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n99.23<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n100.61<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n101.92<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n100.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Collar (oil)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,648<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48,618<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n96,570<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n486,846<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average floor price ($\/Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58.63<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average ceiling price ($\/Bbl)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n81.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n81.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n81.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n81.60<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n78.13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n Collar (natural gas)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (Mcf)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,051,421<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,530,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,086,650<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,668,071<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,768,896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n766,566<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average floor price ($\/Mcf)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.12<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.49<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.27<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.68<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average ceiling price ($\/Mcf)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5.63<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5.90<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.34<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5.91<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n4.89<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n5.45<\/p>\n<\/td>\n<\/tr>\n Swaps (natural gas)<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nVolume (Mcf)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,058,940<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n950,382<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n297,036<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,306,358<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nWeighted-average price ($\/Mcf)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3.25<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Granite Ridge Resources Inc. \nThe Company reports its financial results in accordance with the GAAP. However, the Company believes certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results, the results of its peers and the results of prior periods. In addition, the Company believes these measures are used by analysts and others in the valuation, rating and investment recommendations of companies within the oil and natural gas exploration and production industry. See the reconciliations throughout this release of GAAP financial measures to non-GAAP financial measures for the periods indicated.<\/p>\n Reconciliation of Net Income to Adjusted EBITDAX<\/b><\/p>\n \nAdjusted EBITDAX (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator.<\/p>\n \nThe Company defines adjusted EBITDAX as net income, before (1) exploration and abandonments, (2) depletion and accretion expense, (3) (gain) loss on derivatives \u2013 commodity derivatives, (4) net cash payments on derivatives, (5) gain on disposal of oil and natural gas properties, (6) interest expense (7) gain on derivatives \u2013 common stock warrants (8) non-cash stock-based compensation and (8) income tax expense. Adjusted EBITDAX is not a measure of net income or cash flows as determined by GAAP.<\/p>\n \nThe Company\u2019s adjusted EBITDAX measure provides additional information that may be used to better understand the Company\u2019s operations. Adjusted EBITDAX is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income as an indicator of operating performance. Certain items excluded from adjusted EBITDAX are significant components in understanding and assessing a company\u2019s financial performance, such as a company\u2019s cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Adjusted EBITDAX, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that adjusted EBITDAX is a widely followed measure of operating performance and is one of many metrics used by the Company\u2019s management team and by other users of the Company\u2019s consolidated financial statements. For example, adjusted EBITDAX can be used to assess the Company\u2019s operating performance and return on capital in comparison to other independent exploration and production companies without regard to financial or capital structure, and to assess the financial performance of the Company\u2019s assets and the Company without regard to capital structure or historical cost basis.<\/p>\n \nThe following table provides a reconciliation of the GAAP measure of net income to adjusted EBITDAX for the periods indicated:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36,866<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n339<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n525<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,786<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepletion and accretion expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,852<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-cash stock-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,059<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on derivatives – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13,323<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,395<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash receipts from (payments on) commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,386<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,775<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nGain on derivatives – common stock warrants<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,278<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted EBITDAX<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n70,687<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n69,714<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of Net Cash Provided by Operating Activities to Operating Cash Flow Before Working Capital Changes and to Free Cash Flow<\/b><\/p>\n \nThe Company provides Operating Cash Flow (\u201cOCF\u201d) before working capital changes, which is a non-GAAP financial measure. OCF before working capital changes represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes OCF before working capital changes is an accepted measure of an oil and natural gas company\u2019s ability to generate cash used to fund development and acquisition activities and service debt or pay dividends. Additionally, the Company provides free cash flow, which is a non-GAAP financial measure. Free cash flow is cash flow from operating activities before changes in working capital in excess of exploration and development costs incurred. The Company believes that free cash flow is useful to investors as it provides measures to compare cash from operating activities and exploration and development costs across periods on a consistent basis.<\/p>\n \nThese non-GAAP measures should not be considered as alternatives to, or more meaningful than, net cash provided by operating activities as indicators of operating performance.<\/p>\n \nThe following tables provide a reconciliation from the GAAP measure of net cash provided by operating activities to OCF before working capital changes and to free cash flow:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Net cash provided by operating activities<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n81,474<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n56,064<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nChanges in cash due to changes in operating assets and liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,433<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,019<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,609<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(670<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPrepaid and other expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(65<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(53<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(815<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(161<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n Total working capital changes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11,922<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,135<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating cash flow before working capital changes<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69,552<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69,199<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDevelopment costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98,606<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n60,901<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Free cash flow<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(29,054<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n8,298<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings per Share<\/b><\/p>\n \nThe Company\u2019s presentation of adjusted net income and adjusted earnings per share that exclude the effect of certain items are non-GAAP financial measures. Adjusted net income and adjusted earnings per share represent earnings and diluted earnings per share determined under GAAP without regard to certain non-cash and special items. The Company believes these measures provide useful information to analysts and investors for analysis of its operating results on a recurring, comparable basis from period to period. Adjusted net income and adjusted earnings per share should not be considered in isolation or as a substitute for earnings or diluted earnings per share as determined in accordance with GAAP and may not be comparable to other similarly titled measures of other companies.<\/p>\n \nThe following table provides a reconciliation from the GAAP measure of net income to adjusted net income, both in total and on a per diluted share basis, for the periods indicated:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n (in thousands, except share data)<\/i><\/b><\/p>\n<\/td>\n 2023<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2022<\/b><\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36,866<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n32,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on derivatives – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13,323<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28,395<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash receipts from (payments on) commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,386<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,775<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nGain on derivatives – common stock warrants<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(5,278<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTax impact on above adjustments (a)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,773<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted net income<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n27,424<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n53,064<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Earnings per diluted share – as reported<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Gain) loss on derivatives – commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.10<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash receipts from (payments on) commodity derivatives<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.06<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nGain on derivatives – common stock warrants<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.04<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTax impact on above adjustments (a)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted earnings per diluted share<\/b><\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted earnings per share:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic earnings<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.21<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.40<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(a) Estimated using statutory tax rate in effect for the period.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230511005641\/en\/<\/a><\/span><\/p>\n INVESTOR RELATIONS AND MEDIA CONTACT: <\/b>IR@GraniteRidge.com<\/a> \u2013 (214) 396-2850<\/p>\n KEYWORDS:<\/b> Texas United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Oil\/Gas Energy<\/p>\n\n
\n
\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
Intl. dial-in: (929) 203-0844
\n
Participant Passcode: 4127559<\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n The following table sets forth summary information concerning production and operating data for the periods indicated:<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n Net Sales (in thousands):<\/b><\/td>\n \n \n \n \n Oil sales<\/td>\n \n \n \n \n \n \n \n Natural gas sales<\/td>\n \n \n \n \n \n \n \n Total revenues<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Production:<\/b><\/td>\n \n \n \n \n Oil (MBbl)<\/td>\n \n \n \n \n \n \n \n Natural gas (MMcf)<\/td>\n \n \n \n \n \n \n \n Total (MBoe)(1)<\/sup><\/td>\n \n \n \n \n \n \n \n Average Daily Production:<\/b><\/td>\n \n \n \n \n Oil (Bbl)<\/td>\n \n \n \n \n \n \n \n Natural gas (Mcf)<\/td>\n \n \n \n \n \n \n \n Total (Boe)(1)<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Average Sales Prices:<\/b><\/td>\n \n \n \n \n Oil (per Bbl)<\/td>\n \n \n \n \n \n \n \n Effect of gain (loss) on settled oil derivatives on average price (per Bbl)<\/td>\n \n \n \n \n \n \n \n Oil net of settled oil derivatives (per Bbl) (2)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Natural gas sales (per Mcf)<\/td>\n \n \n \n \n \n \n \n Effect of gain (loss) on settled natural gas derivatives on average price (per Mcf)<\/td>\n \n \n \n \n \n \n \n Natural gas sales net of settled natural gas derivatives (per Mcf) (2)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Realized price on a Boe basis excluding settled commodity derivatives<\/td>\n \n \n \n \n \n \n \n Effect of gain (loss) on settled commodity derivatives on average price (per Boe)<\/td>\n \n \n \n \n \n \n \n Realized price on a Boe basis including settled commodity derivatives (2)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating Expenses (in thousands):<\/b><\/td>\n \n \n \n \n Lease operating expenses<\/td>\n \n \n \n \n \n \n \n Production and ad valorem taxes<\/td>\n \n \n \n \n \n \n \n Depletion and accretion expense<\/td>\n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n Costs and Expenses (per Boe):<\/b><\/td>\n \n \n \n \n Lease operating expenses<\/td>\n \n \n \n \n \n \n \n Production and ad valorem taxes<\/td>\n \n \n \n \n \n \n \n Depletion and accretion<\/td>\n \n \n \n \n \n \n \n General and administrative<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Producing Wells at Period-End:<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>Supplemental Non-GAAP Financial Measures<\/b><\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230511005641\/en\/1666508\/3\/GR-LOGO-FOR-GREY-BG.jpg\"){kind=logo}
<\/td>\n<\/tr>\n