Greenfire Resources Ltd Stock Price, News & Analysis

Waterous Energy Fund (TSX/NYSE: GFR) purchased 8,703,479 common shares of Greenfire Resources on November 12, 2025 for C$6.55 per share, an aggregate cash consideration of C$57,007,787.45.

Purchased shares represent ~12.4% of Greenfire. WEF's holdings increased from 39,300,278 shares (~55.9%) to 48,003,757 shares plus 2,654,179 warrants, representing ~68.3% of issued and outstanding common shares on an undiluted basis.

WEF said it will review its investment and may change ownership or consider actions described in Item 5 of Form 62-103F1; an early warning report will be filed.

Greenfire Resources (NYSE: GFR) launched a CAD$300 million rights offering and issued a conditional notice to redeem its outstanding US$237.5 million of 12% senior secured notes due 2028.

Key terms: Record Date Nov 17, 2025; Subscription Price CAD$5.44 or US$3.85 (15% discount); one Right per common share; each Right subscribes for 0.7849 common shares; Expiry Dec 16, 2025. Redemption price for the 2028 Notes: 106.00% plus accrued interest, expected redemption date Dec 19, 2025, conditional on closing the Rights Offering.

Standby Purchase Agreement: Waterous Energy Fund affiliates (≈55.9% ownership) committed to fully exercise and purchase unsubscribed shares; expected pro forma shares outstanding: 125,403,570 from 70,256,512 today.

Greenfire Resources (NYSE: GFR) reported Q3 2025 results: bitumen production 15,757 bbls/d, adjusted funds flow of $38.1M, capital expenditures of $17.9M, and adjusted free cash flow of $20.2M. Cash on hand was $114.7M with $50M undrawn on existing facilities.

Operationally, one Expansion Asset steam generator was restored early, a second is being refurbished, and sulphur removal equipment is being installed with commissioning expected in November 2025. Board approved 2026 capex $180M and an upsized $275M revolving credit facility tied to a planned $300M rights offering.

Greenfire Resources (NYSE: GFR) announced an intended C$300 million rights offering to existing common shareholders with details to be set before launch. A standby purchase agreement is expected with Waterous Energy Fund shareholders, who hold ~55.9% of shares, to fully exercise basic subscriptions and cover unsubscribed shares up to C$300 million with no fee. Net proceeds plus cash on hand are intended to fund redemption of US$237.5 million of senior secured notes due 2028 at a redemption price of 106% plus accrued interest. The subscription price is expected to reflect a discount no greater than the TSX minimum 15%. The offering will be made in Canada (rights circular) and the U.S. (Form F-10) and remains subject to definitive documentation, approvals, market conditions and the company's election to proceed.

Greenfire Resources (NYSE: GFR) announced significant management changes with the appointment of Travis Belak as Vice President, Finance, replacing departing CFO Tony Kraljic. Belak brings 15 years of upstream oil and gas experience and will report directly to President Colin Germaniuk.

The company also appointed three new vice presidents: Mark Andreas as VP Development, Gord Trainor as VP Geosciences, and Jeremie Batias as VP Reservoir Engineering. All appointees bring extensive SAGD (Steam-Assisted Gravity Drainage) experience and are registered professionals with the Association of Professional Engineers and Geoscientists of Alberta.

Greenfire Resources (NYSE: GFR) reported Q2 2025 results with bitumen production of 15,748 bbls/d, a 10% decrease from Q1 2025. The company generated $17.7 million in operating cash flow and $33.8 million in adjusted funds flow.

Key financial metrics include $144.5 million in oil sales and net income of $48.7 million. Production was impacted by a steam generator failure at the Expansion Asset, reducing output by 1,500-2,250 bbls/d. The company approved a $130 million capital budget for 2025, targeting annual production of 15,000-16,000 bbls/d.

Greenfire has secured WTI hedges for 9,450 bbls/d at $100.90 per barrel through 2025 and plans to install sulphur removal facilities in Q4 2025 at a cost of $11.3 million to address regulatory compliance.

Greenfire Resources (NYSE: GFR) (TSX: GFR) held its annual meeting of shareholders on May 6, 2025, in Calgary, Alberta, with approximately 80.93% of outstanding shares represented. All seven director nominees were successfully elected with strong approval ratings ranging from 91.67% to 93.67%. The meeting saw the appointment of Brian Heald as Chair of the Audit Committee and David Knight Legg joining the committee. Shareholders also approved the appointment of Deloitte LLP as the company's auditors for the upcoming year.

Greenfire Resources (NYSE/TSX: GFR) reported its Q1 2025 financial results with bitumen production of 17,495 bbls/d, down 10% from Q4 2024. The company generated $34.7 million in operating cash flow and $31.4 million in adjusted funds flow. Key financial metrics include capital expenditures of $26.3 million and adjusted free cash flow of $5.1 million. The Expansion Asset saw a 21% production decrease to 12,613 bbls/d, while the Demo Asset increased 46% to 4,882 bbls/d. Current Q2 2025 production is approximately 15,650 bbls/d due to steam generation issues. The company is investing $15 million in sulphur removal facilities to address regulatory compliance and plans new well pad development pending board approval. Greenfire maintains strong hedging positions with 9,450 bbls/d of WTI hedged at approximately $100.90 per barrel through 2025.

Waterous Energy Fund (WEF) has successfully closed its third private equity fund at C$1.4 billion (~US$1 billion). Fund III will focus on value-based investments in the Canadian oil and gas sector, pursuing a concentrated portfolio strategy of scaled businesses with high-quality, geographically adjacent assets.

The Fund has already deployed approximately one-third of its capital in Greenfire Resources , an Athabasca thermal oil production company. The majority of the Fund's capital comes from existing partners, with some new investors joining. Bennett Jones LLP and Mayer Brown LLP served as legal counsel for Fund III's formation.