Granite Ridge Resources acquires onshore oil and gas drilling assets across prolific U.S. basins

(WO) – In a quarterly financial update, Granite Ridge Resources revealed it closed multiple transactions in Q2 2024, adding 16.4 net future drilling locations for $22.4 million (including $5.8 million of expected future drilling carries).

Traditional Non-Op, aka “Burgers & Beer.” Granite Ridge acquired 51 gross (4.7 net) future drilling locations for $12.6 million. The estimated future development costs for the acquired properties is $50 million. The acquisitions include assets in the Midland, Delaware, DJ, Williston and Appalachian basins.

Controlled capital

Midland basin. Granite Ridge acquired an inventory of 8 gross (4.1 net) future drilling locations for $3.4 million and estimated future development costs of $24 million.

Delaware basin. The company also acquired an inventory of 10 gross (7.7 net) locations for $6.4 million and estimated future development costs of $66 million.

As the largest interest owner in these locations, Granite Ridge controls development timing. The company also closed on additional transactions, acquiring 8.7 net future drilling locations for $25 million (inclusive of $3 million of future drilling carries).

Granite Ridge is a scaled, non-operated oil and gas exploration and production company with a portfolio of wells and top-tier acreage across the Permian and four other prolific unconventional basins across the United States.