On December 21, 2023, Granite Ridge completed the sale of certain of its Permian Basin assets to Vital Energy, Inc. VTLE ("Vital Energy") for consideration of 561,752 shares of Vital Energy's common stock and 541,155 shares of Vital Energy's 2.0% cumulative mandatorily convertible preferred securities. The assets sold consisted of approximately 1,658 net acres and 45 gross (9.90 net) producing wells in the Permian Basin and contributed approximately 1,700 Boe per day of production to 2023 results. Full Year 2023 Summary Total production increased 23% to 24,311 Boe per day (47% oil), including a 14% increase in oil production to 11,404 Bbls per day and a 32% increase in natural gas production to 77,442 Mcf per day.