Granite Ridge Resources Inc. announced the launch of an underwritten registered secondary public offering of common stock by a third party, according to a Sept. 11 press release.
The offering is managed by Grey Rock Energy Management LLC of 7.1 million shares of its common stock. Granite Ridge will not sell any common stock in the offering and will not receive any proceeds from the sale by selling shareholders.
Grey Rock, a private equity firm, combined its assets with Granite Ridge in 2022.
The underwriters will have a 30-day option to purchase up to an additional 1.06 million shares of common stock from selling shareholders.
BofA Securities, Evercore ISI, Capital One Securities and Stephens Inc. are joint book-running managers for the offering.
Granite Ridge is a non-operated oil and gas E&P with a portfolio of wells and acreage across the Permian Basin and other U.S. shale plays.
Recommended Reading
Diamondback’s Van’t Hof Plays Coy on Potential Delaware Divestiture
2024-05-16 - Diamondback Energy’s President and CFO Kaes Van't Hof also addressed new Permian exploration and the lack of “fun” dealing with the FTC on its deal to buy Endeavor Energy Resources.
Sold in 66 Days: Inside the Diamondback-Endeavor Deal
2024-03-26 - Diamondback Chairman and CEO Travis Stice first offered “at least $25 billion” for Endeavor Energy Resources on Dec. 8. The deal closed just weeks later for $26 billion.
Exxon Shale Exec Details Plans for Pioneer’s Acreage, 4-mile Laterals
2024-05-03 - Exxon Mobil plans to drill longer, more capital efficient wells in the Midland Basin after a major boost from the $60 billion Pioneer Natural Resources acquisition. Data shows that Exxon is a leading operator drilling 4-mile laterals in the Permian’s Delaware Basin.
Minerals Market Growing But Needs More Scale, Consolidation
2024-05-15 - The market value of public minerals and royalties companies has doubled since 2019—but the sector needs to grow even larger to attract generalist investors into the fray, experts say.
Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left?
2024-04-22 - Double Eagle IV is quietly adding leases and drilling new oil wells in core parts of the Midland Basin. After a historic run of corporate consolidation, is it the most attractive private equity-backed E&P still standing in the Permian Basin?