Grey Rock Agrees to $1.3 Billion Business Combination with Paul Ryan-backed SPAC

Grey Rock will contribute oil and gas assets in the Permian Basin, Bakken, Eagle Ford Shale, D-J Basin and Haynesville Shale plays to form Granite Ridge Resources.

Grey Rock Agrees to $1.3 Billion Business Combination with Paul Ryan-backed SPAC

ENPC was formed as a partnership among Paul Ryan, Alex Dunn and Solamere Capital, a private equity firm where Ryan also serves as a partner. (Source: Al Teich / Shutterstock.com)

Grey Rock Investment Partners agreed on May 16 to a $1.3 billion business combination with Executive Network Partnering Corp. (ENPC), a special purpose acquisition entity (SPAC) backed by former U.S. House Speaker Paul Ryan.

Based in Dallas, Grey Rock Investment Partners is a private equity firm with more than $525 million of committed capital under management and interests in more than 2,500 wells in core areas of the Permian’s Midland and Delaware basins as well as the Bakken, Eagle Ford, Denver-Julesburg and Haynesville plays.

“This transaction with Grey Rock reflects our philosophy and commitment to matching accomplished, proven executives and great assets, with the proper capital structure to maximize results and value creation,” commented Ryan, who serves as chairman of ENPC, in a joint release on May 16.

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Emily Patsy

Emily Patsy is the senior managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.