Greenfire Resources Ltd.

Greenfire Resources Ltd. is launching a rights offering to raise a minimum of C$575 million. The funds will be used to repay a $575 million bridge facility, which was incurred to finance the C$1.29 billion acquisition of Connacher Oil and Gas Limited. Existing shareholders will receive transferable rights to subscribe for subscription receipts, with major shareholders providing a standby commitment to ensure full subscription. The subscription receipts, convertible into common shares, are expected to be listed on both the Toronto Stock Exchange and the New York Stock Exchange.

Greenfire Resources Ltd. announced a definitive agreement to acquire all outstanding Class A common shares of Connacher Oil and Gas Limited for $1.29 billion in cash. The acquisition is supported by Connacher shareholders holding approximately 73.6% of the shares. To finance the acquisition, Greenfire plans a rights offering for at least $575 million and has secured debt financing, including a $575 million bridge facility. The rights offering is backstopped by Waterous Energy Fund Shareholders, who hold 72.0% of Greenfire's common shares.

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.

Greenfire Resources Ltd. announced an Amended and Restated Credit Agreement for CDN$275,000,000 credit facilities, effective December 19, 2025, with Bank of Montreal acting as Agent. This agreement involves several major financial institutions as co-lead arrangers and joint bookrunners. Additionally, the company reported the voting results from its Annual Meeting of Shareholders held on May 7, 2026, where all seven director nominees were elected and Deloitte LLP was appointed as auditors.

Greenfire Resources Ltd. reported a net loss of $73.0 million for the first quarter of 2026, a significant decline from the $16.2 million net income in the prior year, primarily driven by a $94.6 million loss on risk management contracts. Oil sales decreased by 19.8% to $147.3 million, and bitumen production fell to 14,719 bbls/d. Despite the financial downturn, the company provided positive updates on its drilling and development programs, including the acceleration of HE Pad 8 development and the extension of its Senior Credit Facility maturity date to May 2028.