Granite Ridge Resources, Inc.

In this Business section, unless otherwise specified or the context otherwise requires, Granite Ridge, the Company, we, us, and our refer to Granite Ridge Resources, Inc. and its consolidated subsidiaries. The following discussion of our business should be read in conjunction with the accompanying audited consolidated financial statements and related notes included elsewhere in this Annual Report. Overview Granite Ridge is a scaled energy company which aims to provide shareholders with exposure similar to energy private equity through operated partnerships and traditional non-operated assets. We own assets in six prolific unconventional basins across the United States. We aim to deliver a diversified portfolio with best-in-class full cycle returns by investing in a large number of high-graded opportunities developed by proven public and private operators. We focus on success as measured by total shareholder returns, which we seek to balance with a low leverage profile. To this end, we aim to: manage our current portfolio of assets to generate cash flow; participate in the development of new wells alongside operators with significant expertise in our core asset areas; source and evaluate new opportunities which provide healthy risk-adjusted returns; and return cash to shareholders as appropriate while maintaining a low leverage profile. Business Combination Granite Ridge is a Delaware corporation, formed on May 9, 2022 to consummate the Business Combination (as defined below).