A total of 9,887,035 warrants were tendered for stock

Davis Polk advised the dealer manager and solicitation agent in connection with an offer to exchange outstanding warrants to purchase shares of common stock of Granite Ridge Resources, Inc., and the solicitation of consents from holders of the warrants to amend the warrant agreement to permit the company to require that each warrant outstanding upon the closing of the exchange offer be converted into common stock. A total of 9,887,035 warrants, or approximately 95.5% of the outstanding warrants, were tendered, each for 0.250 shares of common stock. The settlement of the exchange offer occurred on June 22, 2023.

Granite Ridge is a scaled, non-operated oil and gas exploration and production company. Granite Ridge owns a portfolio of wells and top-tier acreage across the Permian Basin and four other prolific unconventional basins across the United States. Rather than drill wells, Granite Ridge increases asset diversity and decreases overhead by investing in a smaller piece of a larger number of high-graded wells drilled by proven public and private operators.

The Davis Polk corporate team included partner Derek Dostal and associates Michael Schuster and Zack Mineo. The tax team included partner Kara L. Mungovan and associate Eitan Ulmer. All members of the Davis Polk team are based in the New York office.