Greenfire Resources Oversubscribes $775 Million Rights Offering

Greenfire Resources Ltd., an oil sands producer based in Calgary, Alberta, has announced preliminary results for its C$775 million rights offering. The offering, which expired on September 15, 2026, was oversubscribed with 113,685,671 common shares subscribed under the basic subscription privilege and 26,734,254 common shares subscribed under the additional subscription privilege.

The company expects to issue a maximum of 114,985,163 common shares, representing the maximum number available under the rights offering. The difference between this amount and those subscribed for will be allocated on a pro rata basis among holders who exercised their additional subscription privilege.

Greenfire intends to use the proceeds from the rights offering to fully repay its C$575 million bridge facility and a portion of other indebtedness incurred in connection with the recent acquisition of Connacher Oil and Gas Limited.