Granite Ridge Resources Files 8-K on Material Agreement

TL;DR

GRNT filed an 8-K for a material agreement on 4/1, details pending.

AI Summary

Granite Ridge Resources, Inc. entered into a Material Definitive Agreement on April 1, 2024, related to its financial obligations. The company also disclosed information under Regulation FD and filed financial statements and exhibits. Specific details regarding the agreement and financial implications are not fully elaborated in this initial filing.

Why It Matters

This filing indicates a significant new agreement for Granite Ridge Resources, which could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and financial obligations, which inherently carry risk, but the specific nature and impact are not yet detailed.

Key Players & Entities

• Granite Ridge Resources, Inc. (company) — Registrant
• April 1, 2024 (date) — Date of earliest event reported
• 0001928446-24-000014 (other) — Accession Number
• 5217 McKinney Avenue, Suite 400 Dallas, Texas 75205 (location) — Principal executive office address

FAQ

Key Financial Figures

• $0.0001 — ich registered Common stock, par value $0.0001 per share GRNT New York Stock Exchange
• $275.0 million — , (c) increased the borrowing base from $275.0 million to $300.0 million, and (d) increased th
• $300.0 m — e borrowing base from $275.0 million to $300.0 million, and (d) increased the aggregate
• $240.0 million — the aggregate elected commitments from $240.0 million to $300.0 million. Other than the fore
• $300.0 million — cted commitments from $240.0 million to $300.0 million. Other than the foregoing, the materia

Filing Documents

• grnt-20240401.htm (8-K) — 31KB
• grnt-20240404xexx101.htm (EX-10.1) — 1979KB
• grnt-20240404xexx991.htm (EX-99.1) — 12KB
• 0001928446-24-000014.txt ( ) — 2443KB
• grnt-20240401.xsd (EX-101.SCH) — 2KB
• grnt-20240401_lab.xml (EX-101.LAB) — 23KB
• grnt-20240401_pre.xml (EX-101.PRE) — 13KB
• grnt-20240401_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On April 1, 2024 (the "Amendment Date"), Granite Ridge Resources, Inc., a Delaware corporation (the "Company"), entered into the Resignation, Appointment, Assignment and Third Amendment to Credit Agreement (the "Third Amendment") amending the Company's existing Credit Agreement, dated as of October 24, 2022, by and among the Company, as borrower, Texas Capital Bank, as resigning administrative agent, Bank of America, N.A. ("Bank of America"), as successor administrative agent, and the lenders from time to time party thereto (as amended or modified prior to the Amendment Date, the "Existing Credit Agreement"). The Third Amendment, among other things, (a) appointed Bank of America as administrative agent and L/C Issuer (as defined therein), replacing Texas Capital Bank, (b) increased the size of the lender group by adding nine new banks, with one bank exiting the facility, (c) increased the borrowing base from $275.0 million to $300.0 million, and (d) increased the aggregate elected commitments from $240.0 million to $300.0 million. Other than the foregoing, the material terms of the Existing Credit Agreement remain unchanged. The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Third Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this "Current Report") and is incorporated into this Item 1.01 by reference. Item 2.03 Creation of Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 of this Current Report is incorporated into this Item 2.03 by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On April 4, 2024, the Company issued a press release announcing the Company's entry into the Third Amendment as described in Item 1.01 of this Current Report. A copy of the press release is attached as Exhibit 99.1 to this Current Report and is incorporated herein by reference. The information in this Item 7.01, including Exhibit 99.1, is being furnished herewith and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to liabilities of that section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act except to the extent expressly stated in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1* Resignation, Appointment, Assignment and Third Amendment to Credit Agreement, dated as of April 1, 2024, by and among Granite Ridge Resources, Inc., as borrower, Texas Capital Bank, as resigning administrative agent, Bank of America, N.A., as successor administrative agent, and the lenders party thereto. 99.1* Press Release of Granite Ridge Resources, Inc., dated as of April 4 , 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Filed herewith SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. GRANITE RIDGE RESOURCES, INC. Date: April 4, 2024 By: /s/ Luke C. Brandenberg Name: Luke C. Brandenberg Title: President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR