Granite Ridge Expands Revolving Credit Facility, Adding Liquidity to Support Growth
Granite Ridge Resources (NYSE: GRNT) has successfully expanded its revolving credit facility, completing its semi-annual borrowing base redetermination and entry into the third amendment to the Company’s existing credit agreement this week.
Under the amended terms, Granite Ridge has increased its borrowing base from $275 million to $300 million, raised the aggregate elected commitments by 25% to $300 million, and expanded the lender syndicate by adding nine new banks.
Commenting on the agreement, Luke Brandenberg, President and CEO of Granite Ridge, said, “Today marks a significant milestone for Granite Ridge as we announce increases in our borrowing base and elected commitments of 9% and 25%, respectively, and the addition of nine banks to our syndicate.
“This expansion is a testament to our financial strength and provides additional liquidity and flexibility to support our growing business. We appreciate the confidence of our existing banking relationships, and we are excited to welcome our new banking partners.”
Last month, the company reported strong financial results for the fourth quarter of 2023, with highlights including growing production y 18% to 26,034 barrels of oil equivalent per day versus the prior year quarter, reporting net income of $17.5 million, or $0.13 per share and Adjusted Net Income (non-GAAP) of $26.4 million, or $0.20 per share, generating $81.8 million of Adjusted EBITDAX (non-GAAP) and deploying $78.4 million of capital.
About Granite Ridge
Granite 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 – safely and responsibly. For more information, visit Granite Ridge’s website at www.graniteridge.com.
