AcquisitionsJul 13, 2026, 09:26 AM
Greenfire to acquire Connacher Oil for C$1.277B; plans rights offering
AI Summary
Greenfire Resources Ltd. announced a definitive agreement to acquire Connacher Oil and Gas Limited for approximately C$1.277 billion in cash consideration. The acquisition of the Great Divide oil sands project is expected to create C$30 million in annual synergies and increase Greenfire's 2026 production to 34,000 Bbl/d. The deal will be financed through C$700 million in debt and a C$575 million bridge facility, which will be repaid by a concurrent rights offering of at least C$575 million, backed by Waterous Energy Fund.
Key Highlights
- Acquiring Connacher Oil and Gas Limited for approximately C$1.277 billion in cash.
- Expected to generate C$30 million in annual synergies by the end of 2026.
- Combined 2026 production projected at approximately 34,000 Bbl/d (100% oil).
- Combined proved plus probable (2P) reserves will be 850 MMBbl.
- Financing includes C$700 million debt and a C$575 million bridge facility.
- Rights offering of at least C$575 million to repay the bridge facility.
- Waterous Energy Fund committed to a standby purchase of at least C$575 million.
- Combined tax pools estimated at C$2.8 billion, delaying cash taxes until after 2030.
Price Impact
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