A special purpose acquisition company (SPAC) chaired by former House Speaker Paul Ryan is teaming up with Dallas-based private equity (PE) firm Grey Rock Investment Partners to form a publicly traded Lower 48 exploration and production (E&P) company.

granite ridge pie chart

Under the proposed transaction, Grey Rock would join forces with Ryan’s Executive Network Partnering Corp. (ENPC) to create Granite Ridge Resources Inc. 

Granite Ridge, with an estimated pro forma enterprise value of $1.3 billion, would pursue nonoperated working interests and joint ventures in the Permian Basin and other prolific Lower 48 plays, Grey Rock and ENPC said. 

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