Greenfire Resources Files Prospectus for Upsized Rights Offering

Greenfire Resources Ltd., a Calgary-based company listed on the NYSE and TSX under the ticker GFR, has filed a final short form prospectus for its previously announced rights offering. The proceeds from this offering will be used to repay its C$575 million bridge facility and a portion of other indebtedness incurred in connection with the acquisition of Connacher Oil and Gas Limited.

Under the terms of the rights offering, Greenfire expects to raise gross proceeds of approximately C$775 million, an increase from the initially announced minimum size of C$575 million. The company's leverage is expected to be around 1.2x Debt / 2027E Adjusted EBITDA at US$70 WTI after closing the rights offering.

The rights offering will allow eligible shareholders to subscribe for and purchase an aggregate of 114,985,163 common shares at a subscription price of C$6.74 or US$4.81, representing a 15% discount to Greenfire's five-day volume-weighted average price on the TSX as of July 10, 2026.

The company has also entered into a standby purchase agreement with Waterous Energy Fund and its affiliate, who currently own approximately 72.0% of Greenfire's outstanding common shares. The WEF Shareholders have agreed to exercise their basic subscription privilege in full and purchase all remaining unsubscribed shares under the rights offering.