Calgary, Alberta – (Newsfile Corp. – December 17, 2025) – Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (“Greenfire” or the “Company”) today announced the preliminary results of a C$300 million rights offering. This Offer of Rights expires on December 16, 2025 at 4:00 p.m. Calgary time (the “Expiration Date”).
Upon completion of the Rights Offering, the Company intends to issue 55,147,058 shares of common stock, representing the maximum number of common shares available under the Rights Offering, without reliance on standby commitments provided by certain of the limited partnerships that constitute the Waterous Energy Fund. Preliminary results indicate that the rights offering was oversubscribed, with 53,567,940 shares of common stock subscribed under basic subscription privileges and 23,794,471 shares subscribed under supplementary subscription privileges. Accordingly, the difference between the maximum number of common shares available under the Rights Offering and the common shares subscribed under the Basic Underwriting, 1,579,118 Common Shares, will be allocated pro rata among holders who have exercised additional underwriting privileges in accordance with the procedures set forth in the Company’s Rights Offering Notice dated November 5, 2025. Such results are preliminary in nature and subject to change following the final number of underwriting forms and closing by the title agent. The Company will provide further updates once the final results of the rights offering are confirmed.
Greenfire expects the rights offering to close today, December 17, 2025. The Company’s rights agent intends to provide registered holders with a DRS statement evidencing the new common shares acquired through the rights offering as soon as practicable thereafter. If a holder does not validly exercise a stock acquisition right before the expiration date, such right has expired, is void and has no value.
The Company plans to use the proceeds after deducting public offering expenses and cash on hand to fund the redemption of the unpaid principal amount of 12.00% Senior Secured Notes due 2028, totaling US$237.5 million.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction. In the United States, the rights offering was made pursuant to a registration statement on Form F-10 filed with the Securities and Exchange Commission on November 5, 2025. The securities offered have not been approved or disapproved by any securities regulatory authority.
About Green Fire
Greenfire is an oil sands production company actively developing long-life, low-attrition thermal oil assets in the Athabasca region of Alberta, Canada, with its registered office in Calgary, Alberta. The Company plans to leverage its large resource base and critical infrastructure in place to drive meaningful and capital-efficient production growth. As part of the company’s commitment to operational excellence, safe and reliable operations remain a top priority for Greenfire. Greenfire’s common stock is traded on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol “GFR.” For more information, visit greenfireres.com or search Greenfire on LinkedIn and X.
Forward-looking information
This news release contains certain “forward-looking statements” regarding anticipated future events, results, conditions, performance or expectations regarding the Company and its business, including the Company’s strategy, financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend on future events or conditions, or contain forward-looking or conditional verbs such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “preliminary,” or the negative thereof or other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “will,” “could,” and the like. Forward-looking statements contained in this news release include, but are not limited to: and the expected completion date of the rights offering. Forward-looking statements are based on underlying assumptions and management’s beliefs, estimates and opinions and are generally subject to inherent risks and uncertainties surrounding future expectations that may cause actual results to differ from plans, targets and estimates. Important risks and uncertainties that may affect forward-looking statements include, but are not limited to, operating conditions, general economic conditions, market and business conditions, regulatory developments, and weather conditions. Forward-looking information is based on a number of assumptions and is subject to numerous risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors described under the heading “Risk Factors” in the Company’s Annual Information Form dated March 17, 2025. This form is available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. The Company cautions readers that actual results may differ materially from those anticipated if certain risks or uncertainties materialize or if underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information regarding management’s current expectations and plans regarding the future. Readers are cautioned that such information may not be suitable for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
contact address
Greenfire Resources Co., Ltd.
205 5th Avenue SW
Suite 1900
Calgary, AB T2P 2V7
[email protected]
greenfireres.com
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