Greenfire Resources (GFR) Registration filing summary

Company overview and business model

• Focuses on oil sands production in Alberta, Canada, with principal assets being two SAGD oil production facilities (Hangingstone Facilities) and a recent acquisition of Connacher Oil and Gas Limited's Great Divide project.

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

• Combined business post-acquisition has estimated production of ~34,000 Bbl/d and significant tax pools, deferring cash taxes until after 2030.

Financial performance and metrics

• Pro forma 2025 revenue for the combined entity was over $1.3 billion, with net income of $44.3 million.

• Connacher reported 2025 net income of $48.9 million on $683.1 million in revenue; Q1 2026 saw a net loss of $34.9 million.

• As of March 31, 2026, Connacher had $46.7 million in cash and $282.1 million in total liabilities.

Use of proceeds and capital allocation

• Gross proceeds of at least C$575 million from the rights offering will be used to repay a $575 million Bridge Facility incurred for the Connacher acquisition.

• Proceeds will not be used for general corporate purposes but are earmarked for debt repayment.