Greenfire Resources (GFR) investor relations material

Company overview and business model

• Focuses on long-life, low-decline thermal oil assets in Alberta's Athabasca region, operating SAGD facilities at Hangingstone and recently acquiring Connacher's Great Divide project.

• Strategic objective is to maximize long-term net asset value per share through SAGD optimization and disciplined cost control.

• The acquisition of Connacher brings adjacent assets, shared infrastructure, and experienced management with direct operating history at Connacher.

Financial performance and metrics

• Pro forma 2025 revenue for the combined entity was $1.34 billion, with net income of $44.3 million.

• Connacher reported 2025 revenue of $683.1 million and net earnings of $48.9 million; Q1 2026 saw a net loss of $34.9 million.

• Combined 2026 production is estimated at ~34,000 Bbl/d, with proved plus probable reserves of 850 MMBbl and a reserves life index of 68 years.

• As of March 31, 2026, pro forma total assets were $2.79 billion and total liabilities $1.13 billion.

Use of proceeds and capital allocation

• Gross proceeds of C$775 million from the rights offering will be used to repay a $575 million Bridge Facility and a portion of other acquisition-related debt.

• The capital budget for 2026 was increased from $210 million to $250 million following the acquisition.