Greenfire Resources Announces Results of C$775 Million Rights Offering

Greenfire Resources Ltd, an oil sands producer based in Calgary, Alberta, has announced the preliminary results of its C$775 million rights offering, which concluded on September 15, 2026. The company expects to issue 114,985,163 common shares, representing the maximum number of shares available under the rights offering. The offering was oversubscribed, with 113,685,671 common shares subscribed for under the basic subscription privilege and an additional 26,734,254 common shares subscribed for under the additional subscription privilege. This leaves 1,299,492 common shares to be allocated on a pro rata basis among holders who exercised their additional subscription privilege.

Upon closing, Greenfire Resources plans to use the proceeds from the rights offering to repay its C$575 million bridge facility and a portion of its other indebtedness related to its recent acquisition of Connacher Oil and Gas Limited. The company anticipates that the rights offering will close today, September 16, 2026. The rights agent expects to provide DRS statements evidencing new common shares acquired through the rights offering to registered holders as soon as practicable.

The rights offering was made pursuant to a registration statement on Form F-10, filed with the US Securities and Exchange Commission on August 7, 2026. The securities offered have not been approved or disapproved by any securities regulatory authority. Greenfire Resources Ltd is listed on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol "GFR."

The preliminary results of the rights offering are subject to change following the final count of subscription forms and closing procedures by the rights agent. The company will provide a further update of the final results once confirmed.