Greenfire Resources (GFR) Investor presentation summary

Transaction overview

• Acquisition of Connacher Oil and Gas for approximately $1.277 billion in cash, financed by a $700 million reserve-based loan and a $575 million bridge loan to be repaid via a rights offering.

• Connacher operates the Great Divide oil sands project with 2026 estimated production of 19,500 bbl/d and significant reserves (1P: 319 MMbbl, 2P: 441 MMbbl).

• Combined entity will have 2026 production of about 34,000 bbl/d and a long-term plan to reach 65,000 bbl/d.

• Estimated combined tax pools of C$2.8 billion, deferring cash taxes until after 2030 at current pricing.

• Debt/2027E EBITDA expected at 1.7x post-transaction at $70 WTI.

Strategic rationale and synergies

• Great Divide is adjacent to Hangingstone Expansion, enabling operational efficiencies and shared infrastructure.

• Executive team has over 15 years of direct operating experience at Connacher.

• Identified $30 million per year in synergies by end of 2026, mainly from midstream, marketing, operating cost, and G&A savings.

• Synergies represent about 19% of Connacher's standalone sustaining free cash flow at $70 WTI.

Asset and operational profile

• Great Divide consists of two interconnected central processing facilities (Pod One and Algar) with current and brownfield expansion capacity.

• Combined 1P oil reserves of 551 MMbbl, making it the 6th largest in Canada among oil sands peers.

• Combined 2P reserves of 850 MMbbl and a reserves life index of 68 years.

• Great Divide is a low capital intensity asset with a 10-15% base decline rate and annual sustaining capital of ~C$75 million.