Jason Wangler

Ed [Jotun]

Nick Asterion

- Greenfire Resources announced a **transformational recapitalization plan** to fully repay outstanding senior secured notes, including a **$300 million equity rights offering** fully backstopped by Waterous Energy Fund, and an upsized **$275 million revolving credit facility**, expecting to be **debt-free** at closing.  **[0001966287_2231138_1]** 
- The company expects to achieve the **top end of its 2025 production guidance of 15,000-16,000 barrels a day** and reaffirmed its **2025 capital guidance target of $130 million**.  **[0001966287_2231138_1]** 
- For 2026, Greenfire's Board approved a **capital budget of $180 million** with anticipated annual bitumen production of **15,500-16,500 barrels per day**, noting production levels are expected to be relatively flat due to project timelines and a planned major turnaround.  **[0001966287_2231138_2]** 
- Operational updates include the successful restoration of a failed boiler and the expected operation of sulfur removal facilities in **November 2025**.  **[0001966287_2231138_1]** **[0001966287_2231138_2]**

Greenfire Resources Announces Q3 2025 Results and Recapitalization Plan

- Greenfire Resources Ltd. reported a **net loss of $8.8 million** for Q3 2025, a **$67.7 million decrease** compared to net income of $58.9 million in Q3 2024, primarily due to unrealized losses on risk management contracts, lower Adjusted EBITDA, and foreign exchange losses.  **[1966287_0001213900-25-105629_ea026383401ex99-2_greenfire.htm:10]** 
- Bitumen production for Q3 2025 was **15,757 bbls/d**, an **18% decrease** from Q3 2024, attributed to reduced capacity from an unplanned steam generation unit loss and natural field declines.  **[1966287_0001213900-25-105629_ea026383401ex99-3_greenfire.htm:0]** **[1966287_0001213900-25-105629_ea026383401ex99-2_greenfire.htm:3]**  Full steam capacity is expected to be restored by year-end 2025.  **[1966287_0001213900-25-105629_ea026383401ex99-2_greenfire.htm:2]** 
- The company announced its intent to conduct a **C$300 million rights offering** to fund the redemption of **US$237.5 million of outstanding senior secured notes due 2028**.  **[1966287_0001213900-25-105629_ea026383401ex99-4_greenfire.htm:0]**  This is part of refinancing initiatives that include securing an upsized **$275.0 million revolving credit facility**, with the expectation of being **debt-free** at closing.  **[1966287_0001213900-25-105629_ea026383401ex99-2_greenfire.htm:1]** **[1966287_0001213900-25-105629_ea026383401ex99-3_greenfire.htm:2]** 
- For 2026, Greenfire provided guidance for an annual production average of **15,500 – 16,500 bbls/d** and capital expenditures of **$180.0 million**, which includes **$65 million for sustaining capital** and **$115 million for growth capital**.  **[1966287_0001213900-25-105629_ea026383401ex99-2_greenfire.htm:2]** **[1966287_0001213900-25-105629_ea026383401ex99-3_greenfire.htm:2]**

Greenfire Resources (GFR)