(WO) – In a quarterly financial update, Granite Ridge Resources announced that it completed several transactions in the second quarter of 2024, adding 16.4 net drill locations for $22.4 million (including $5.8 million in expected future drill contracts).
Traditionally without surgery, also known as “Burger & Beer”. Granite Ridge acquired 51 future drilling locations (4.7 gross net) for $12.6 million. Estimated future development costs for the acquired properties are $50 million. The acquisitions include assets in the Midland, Delaware, DJ, Williston and Appalachian basins.
Controlled capital
Mittelland BasinGranite Ridge acquired an inventory of 8 future drill locations (4.1 gross net) for $3.4 million and estimated future development costs of $24 million.
Delaware BasinThe Company also acquired an inventory of 10 gross sites (7.7 net sites) for $6.4 million and estimated future development costs of $66 million.
As the largest shareholder in these sites, Granite Ridge controls the timing of development. The Company also completed additional transactions, acquiring 8.7 net drilling sites for $25 million (including $3 million for future drilling contracts).
Granite Ridge is a small-cap, non-operated oil and gas exploration and production company with a portfolio of wells and prime acreage in the Permian and four other prolific unconventional basins in the United States.
