Granite Ridge Resources, Inc.

Estimated Net Proved Reserves

The tables below summarize our estimated net proved reserves at December 31, 2025, based on reports prepared by Netherland, Sewell & Associates, Inc. (“NSAI”), our third-party independent reserve engineers. In preparing its reports, NSAI evaluated properties representing all of our proved reserves at December 31, 2025 in accordance with the rules and regulations of the SEC applicable to companies involved in oil and natural gas producing activities. Our estimated net proved reserves in the table below do not include probable or possible reserves and do not in any way include or reflect our commodity derivatives. All of our proved reserves are located in the United States. The following table sets forth summary information by reserve category with respect to estimated proved reserves at December 31, 2025:

SEC Pricing Proved Reserves(1)

Reserve Volumes · PV-10(3)

Reserve Category · Oil(MBbls) · Natural Gas(MMcf) · Total(MBoe)(2) · Amount(in thousands)

Proved developed producing · 21,141 · 155,327 · 47,029 · 75 · 763,594 · 85

Proved developed non-producing · 357 · 834 · 496 · 1 · 14,389 · 2

Proved undeveloped · 9,075 · 34,482 · 14,822 · 24 · 118,902 · 13

Total proved · 30,573 · 190,643 · 62,347 · 100 · 896,885 · 100

Total proved developed · 21,498 · 156,161 · 47,525 · 76 · 777,983 · 87

(1)The SEC Pricing Proved Reserves table above values oil and natural gas reserve quantities and related discounted future net cash flows as of December 31, 2025 based on average prices of $66.01 per barrel of oil and $3.39 per MMbtu of natural gas. Under SEC guidelines, these prices represent the average prices per barrel of oil and per MMbtu of natural gas at the beginning of each month in the 12-month period prior to the end of the reporting period. These prices are adjusted for location and quality differentials.

(2)Boe are computed based on a conversion ratio of one Boe for each barrel of oil and one Boe for every 6,000 cubic feet (i.e., 6 Mcf) of natural gas.

(3)Pre-tax PV10% or “PV-10”, is a non-GAAP financial measure and is derived from the standardized measure of discounted future net cash flows, which is the most directly comparable U.S. GAAP measure. The amounts disclosed in the table above include net abandonment costs of $26.5 million as of December 31, 2025. See “Reconciliation of PV-10 to Standardized Measure” below.

The table above assumes prices and costs discounted using an annual discount rate of 10% without future escalation, without giving effect to non-property related expenses such as general and administrative expenses, debt service and depreciation, depletion and amortization, or federal income taxes. The information in the table above does not give any effect to or reflect our commodity derivatives.

Reconciliation of PV-10 to Standardized Measure

PV-10 is derived from the Standardized Measure of discounted future net cash flows, which is the most directly comparable U.S. GAAP financial measure for proved reserves calculated using SEC pricing. PV-10 is a computation of the Standardized Measure of discounted future net cash flows on a pre-tax basis. PV-10 is equal to the Standardized Measure of discounted future net cash flows at the applicable date, before deducting future income taxes, discounted at 10 percent. We believe that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to our estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of our oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of our reserves to other companies. Moreover, U.S. GAAP does not provide a measure of estimated future net cash flows for reserves other than proved reserves or for reserves calculated using prices other than SEC prices. We use this measure when assessing the

potential return on investment related to our oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure of discounted future net cash flows. Our PV-10 measure and the Standardized Measure of discounted future net cash flows do not purport to represent the fair value of our oil and natural gas reserves.

The following table provides a reconciliation of the pre-tax PV10% value of our SEC Pricing Proved Reserves as of December 31, 2025, 2024 and 2023 to the Standardized Measure of Discounted Future Net Cash Flows.

Standardized Measure Reconciliation

Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) · 896,885 · 841,929 · 856,428

Future income taxes, discounted at 10% · (107,004) · (120,961) · (134,520)

Standardized measure of discounted future net cash flows · 789,881 · 720,968 · 721,908

• The present value of future net cash flows from our proved reserves is not necessarily the same as the current market value of our estimated proved reserves.
• Our future success depends on our ability to replace reserves that our operators produce.
• Extreme weather conditions could adversely affect operators’ ability to conduct drilling activities in some of the areas where the Properties are located.
• The development of our proved undeveloped reserves may take longer and may require higher levels of capital expenditures than we currently anticipate. Therefore, our undeveloped reserves may not be ultimately developed or produced.
• Our acquisition strategy will subject us to certain risks associated with the inherent uncertainty in evaluating properties for which we have limited information.
• We may not be able to successfully integrate future acquisitions or realize all of the anticipated benefits from our future acquisitions, and our future results will suffer if we do not effectively manage our expanded operations.
• Deficiencies of title to our leased interests could significantly affect our financial condition.
• Our derivatives activities could adversely affect our cash flow, results of operations and financial condition.
• Decommissioning costs are unknown and may be substantial. Unplanned costs could divert resources from other projects.
• We are not insured against all of the operating risks to which our business is exposed.
• We conduct business in a highly competitive industry.
• We and our operating partners depend on computer and telecommunications systems and other information and operational technology systems, and failures in those systems or cybersecurity threats, attacks and other disruptions could significantly disrupt our business operations.
• A variety of stringent federal, tribal, state, and local laws and regulations govern the environmental aspects of the oil and gas business, and noncompliance with these laws and regulations could subject us to material administrative, civil or criminal penalties, injunctive relief, or other liabilities.
• We anticipate that hydraulic fracturing will be engaged in by some or all opportunities in which we invest, which could be adversely affected by regulatory initiatives related to hydraulic fracturing.
• Seismicity concerns associated with injection of produced water and certain other field fluids into disposal wells has led to increased regulation of saltwater injection and disposal wells in certain areas of states in which the Properties are located, which could increase the cost of, or limit the number of facilities available for, disposal of produced water from oil and gas exploration and production operations at the Properties.
• Specific climate legislation and regulation regarding emissions of carbon dioxide, methane, and other greenhouse gases may develop or be enacted, which could adversely affect the oil and gas industry and demand for the oil and gas produced from the Properties.
• Fuel and energy conservation measures, technological advances and negative shift in market perception towards the oil and natural gas industry could reduce demand for oil and natural gas.
• Increased attention to ESG matters may impact our business.
• We rely on the Manager for various certain key services under the MSA, which could result in conflicts of interest and other unforeseen risks.
• We rely to a large degree on the Manager to maintain an effective system of internal control over financial reporting and we may not be able to accurately report our financial results or prevent fraud.
• The borrowing base under our Credit Agreement may be reduced in light of commodity price declines, which could limit us in the future.
• Risks Relating to Ownership of Our Common Stock
• Sales of our common stock by our securityholders (or the perception that such shares may be sold) or issuances by us may cause the market price of our securities to drop significantly, even if our business is doing well.
• Future issuances of debt securities and/or equity securities may adversely affect us, including the market price of our common stock, and may be dilutive to our existing stockholders.
• Anti-takeover provisions in our organizational documents could delay or prevent a change of control.
• Our amended and restated certificate of incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities.
• Our amended and restated certificate of incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or stockholders.
• We are a “controlled company” under the corporate governance rules of the NYSE and, as a result, qualify for exemptions from certain corporate governance requirements. We rely on certain of these exemptions, which means you will not have the same protections afforded to stockholders of companies that are subject to such requirements.
• Changes in applicable tax laws or interpretations thereof or the imposition of new or increased taxes or fees may increase our future tax liabilities and adversely affect our operating results and cash flows.
• The payment of dividends is at the discretion of our Board of Directors, and we cannot assure you that we will continue making dividend payments in the future.
• General Risks
• The market price of shares of our common stock may be volatile.
• The ongoing military conflicts between Ukraine and Russia, Israel and Hamas, the joint U.S.-Israel strikes on Iran, and continued instability in the Middle East has caused unstable market and economic conditions and is expected to have additional global consequences, such as heightened risks of cyberattacks. Our business, financial condition, and results of operations may be materially adversely affected by the negative global and economic impact resulting from these conflicts or any other geopolitical tensions.
• World health events may materially adversely affect our business.
• Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations and financial condition and results of operations.
• Our operations and financial performance may be negatively affected directly or indirectly by changes in trade policies
• and tariffs.