Jason Wangler • Wangler Capital, LLC

Question 1

Jason Wangler's questions to Greenfire Resources Ltd (GFR) leadership • Q2 2025

Aug 7, 2025

Question

Jason Wangler of Imperial Capital LLC inquired about the drivers behind the strong production at the demo asset and its sustainability. He also asked for an outlook on the capital expenditure run rate for 2026, given the operational changes and spending in 2025.

Answer

President Colin Germaniuk attributed the strong demo asset production to two new wells that came online in Q1, adding approximately 800 barrels each, and noted the company is exploring similar opportunities. Executive Chairman Adam Waterous addressed the 2026 outlook, explaining that Greenfire is unwinding historical underinvestment from a period of being overleveraged and capital-constrained. He stated that while much has been unwound, the company is not yet in a position to provide 2026 guidance due to the dramatic operational changes underway, including drilling new well pairs and installing a sulfur recovery unit.

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Question 2

Jason Wangler's questions to Greenfire Resources Ltd (GFR) leadership • Q1 2025

May 7, 2025

Question

Jason Wangler inquired about the near-term production outlook, asking if output has stabilized, and also questioned plans for optimizing the capital structure, specifically regarding the company's bonds.

Answer

Colin Germaniuk, President, explained that production declines are expected to continue but shallow out through the year, withholding specific guidance. Executive Chairman Adam Waterous added that the current bond level is inappropriate for the business long-term and is considered transitory.