UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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| Item 8.01 | Other Events. |
On December 15, 2022, Granite Ridge Resources, Inc. (the “Company”) announced that its Board of Directors has approved a stock repurchase program. Under the repurchase program, management is authorized to repurchase up to $50 million of the Company’s common stock through December 31, 2023. The program may be limited or terminated at any time without prior notice, but, with no further action by the Board of Directors of the Company, the stock repurchase program will terminate on December 31, 2023.
Under the stock repurchase program, shares of common stock may be repurchased by the Company from time to time in open market transactions or in privately negotiated transactions as permitted under applicable rules and regulations. Repurchases may be conducted, suspended, or terminated at any time without notice. The extent to which the Company repurchases its shares and the timing of such repurchases will depend upon market conditions and other considerations as may be considered in the Company’s sole discretion.
The Company also announced that its Conflicts Committee of the Board of Directors approved a waiver of certain lock-up transfer restrictions pursuant to that certain Registration Rights and Lock-Up Agreement dated as of October 24, 2022 by and among the Company and certain stockholders named therein, with respect to 9,507,742 shares of common stock currently owned by GREP Holdco II LLC and 14,050,471 shares of common stock currently owned by GREP Holdco II-B Holdings, LLC.
A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1* | Press Release of Granite Ridge Resources, Inc., dated as of December 15, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
*Filed herewith
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GRANITE RIDGE RESOURCES, INC. | |||
| Date: December 15, 2022 | By: | /s/ Luke C. Brandenberg | |
| Name: | Luke C. Brandenberg | ||
| Title: | President and Chief Executive Officer | ||