Greenfire Resources (GFR) Registration filing summary

Company overview and business model

• Focuses on long-life, low-decline thermal oil assets in Alberta's Athabasca region, operating two SAGD oil production facilities with significant working interests.

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

• Recent acquisition of Connacher Oil and Gas Limited for $1.29 billion in cash, adding adjacent oil sands assets and expected operational synergies.

Financial performance and metrics

• Pro forma 2026 production expected at ~34,000 Bbl/d, with combined proved developed producing reserves of 68 MMBbl.

• Combined tax pools estimated at $2.8 billion, with $2.0 billion fully deductible; no cash taxes expected until after 2030 at current pricing.

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

• Pro forma adjustments reflect acquisition, financing, and rights offering impacts on consolidated financials.

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.

• Subscription funds are held in escrow until acquisition closing conditions are met; if not met, funds are returned to subscribers.