Greenfire Resources completes C$775 million rights offering

Greenfire Resources has successfully completed a C$775 million rights offering to its shareholders. The offering, which expired on September 15, 2026, was significantly oversubscribed, resulting in the issuance of approximately 115 million new common shares at a price of C$6.74 (US$4.81) per share.

Due to the high demand, subscriptions through additional rights were subject to proration. Because the offering was fully subscribed, the company did not need to utilize the standby commitment from the Waterous Energy Fund. Following the transaction, Waterous Energy Fund maintains approximately 72% ownership of the company, holding 173.1 million shares.

The company intends to use the net proceeds to refinance the acquisition of Connacher Oil and Gas. This includes the full repayment of a C$575 million bridge financing facility and a reduction of other liabilities incurred during the acquisition. After these actions, Greenfire's remaining debt on its revolving credit line stands at approximately C$570 million.