Greenfire Resources Completes C$775 Million Rights Offering

Greenfire Resources Ltd, an oil sands producer based in Calgary, Alberta, has successfully completed a C$775 million rights offering, raising approximately C$774 million in gross proceeds. The rights offering, which expired on September 15, 2026, allowed eligible shareholders to purchase additional common shares of the company at a price of C$6.74 per share.

At the conclusion of the rights offering, Greenfire issued a total of 114,985,163 common shares, representing the maximum allotment available to shareholders at the record date of August 17, 2026. Each right entitled the holder to acquire 0.9167 of a common share, with no fractional shares issued. The company used the net proceeds from the offering to repay its C$575 million bridge facility and a portion of its other indebtedness related to the recent acquisition of Connacher Oil and Gas Limited.

Immediately prior to the rights offering, Waterous Energy Fund (WEF) owned 90,317,640 common shares, representing approximately 72.0% of the issued and outstanding common shares. Following the completion of the rights offering, WEF's stake increased to 173,111,818 common shares, still representing approximately 72.0% of the issued and outstanding common shares on an undiluted basis.

Greenfire Resources Ltd has 240,413,692 common shares issued and outstanding as of the date of this announcement. The company's leverage, measured by debt to 2027E Adjusted EBITDA, stands at approximately 1.2x, reflecting the use of the proceeds from the rights offering to reduce its debt burden.

The rights offering was fully subscribed, and the company did not utilize the previously announced standby commitment from WEF, which had agreed to acquire any common shares not subscribed for under the rights offering. The net proceeds from the offering will help Greenfire continue its strategic initiatives, including the development of its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada.