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    Jason Wangler

    Managing Director and Senior Equity Research Analyst at Wangler Capital, LLC

    Jason Wangler is a Managing Director and Senior Equity Research Analyst at Imperial Capital, LLC, specializing in coverage of the exploration and production (E&P) and oilfield services sectors within the energy industry. He has provided research and analysis on companies such as Chesapeake Energy (CHK) and other major E&P and oilfield service firms, earning recognition as a 'Best on the Street' analyst by The Wall Street Journal in 2010 and serving as a guest commentator on CNBC. Wangler began his finance career in 2004 and has held equity research and analyst roles at US Bank, Netherland, Sewell & Associates, Dahlman Rose & Co., Wunderlich Securities, and SunTrust Robinson Humphrey before joining Imperial Capital as Managing Director in 2017. He holds a BS in Finance from the University of Nevada and an MS in Finance from the University of Houston, and has received industry awards for his performance and insight.

    Jason Wangler's questions to Greenfire Resources (GFR) leadership

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

    Question

    Inquired about the strong production at the demo asset, the potential for continued optimization, and the capital expenditure outlook for 2026, particularly in the context of the company's operational turnaround and unwinding of past underinvestment.

    Answer

    Colin Germaniuk attributed the strong demo asset production to two new wells from Q1 and noted they are exploring similar opportunities. Adam Waterous declined to provide 2026 guidance, explaining that the company is in a major transition to unwind past operational decisions made under a highly leveraged, capital-constrained model. He detailed how they are correcting historical underinvestment in maintenance and well development but emphasized that the company remains over-levered, preventing them from giving a clear 2026 outlook at this time.

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

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