Granite Ridge Resources Increases Borrowing Base in Fourth Amendment to Credit Agreement

Granite Ridge Resources, Inc. (NYSE:GRNT) announced on November 1, 2024, that the company, along with its subsidiary guarantors, has entered into the Fourth Amendment to Credit Agreement. This amendment, effective as of the “Amendment Date,” modified the existing Credit Agreement dated October 24, 2022.

The Fourth Amendment brings a significant increase in the borrowing base, moving from $300.0 million to $325.0 million. Additionally, the aggregate elected commitments have been raised to the same amount, marking an increase from $300.0 million.

It is crucial to note that apart from the adjustments mentioned above, there have been no other changes to the fundamental terms of the Existing Credit Agreement. The specifics of the Fourth Amendment are not fully detailed in this release and are available for review in Exhibit 10.1 attached to the Current Report on Form 8-K.

Moreover, the information provided under Item 1.01 of the Current Report is incorporated by reference into Item 2.03, detailing the creation of a direct financial obligation or off-balance sheet arrangement by the registrant.

The filing also includes Exhibit 10.1, the Fourth Amendment to Credit Agreement dated November 1, 2024, involving Granite Ridge Resources, Inc. as borrower, the associated guarantors, Bank of America, N.A. as the administrative agent, and the lenders involved. Additionally, a Cover Page Interactive Data File (embedded within the Inline XBRL document) is included as Exhibit 104.

At the close of this event, Luke C. Brandenberg, President, and Chief Executive Officer of Granite Ridge Resources, Inc., signed the report on November 4, 2024. The company, classified as an emerging growth entity as defined by Rule 405 of the Securities Act of 1933, disclosed its compliance with the extended transition period for new or revised financial accounting standards.

This amendment signifies a strategic move for Granite Ridge Resources, reflecting the company’s commitment to optimizing financial opportunities and enhancing its position in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Granite Ridge Resources’s 8K filing here.

About Granite Ridge Resources

Granite Ridge Resources, Inc operates as a non-operated oil and gas exploration and production company. It owns a portfolio of wells and acreage across the Permian and other unconventional basins in the United States. Granite Ridge Resources, Inc is based in Dallas, Texas.