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Greenfire Resources Ltd. - GFR STOCK NEWS

Welcome to our dedicated page for Greenfire Resources Ltd. news (Ticker: GFR), a resource for investors and traders seeking the latest updates and insights on Greenfire Resources Ltd. stock.

Greenfire Resources Ltd. (NYSE: GFR, TSX: GFR) is a Calgary-based energy company specializing in the sustainable exploration, acquisition, development, and production of oil and gas within the Canadian energy sector and globally. The company predominantly operates in the Athabasca oil sands region of Alberta, Canada, focusing on two major assets: the Hangingstone Expansion and the Hangingstone Demo. Utilizing steam-assisted gravity drainage methods, Greenfire is committed to responsible and sustainable energy development.

Greenfire has recently undergone significant milestones. On March 19, 2024, the company announced its operating and financial results for Q4 2023 and the year-ended December 31, 2023. A noteworthy achievement was the initiation of a seven-well extended reach refill drilling program at the Demo Asset. The company reported consolidated bitumen production of 17,335 barrels per day in Q4 2023 and 17,639 barrels per day for the entire year.

Despite facing a compliance issue with the New York Stock Exchange (NYSE) regarding a minimum of 400 public stockholders, Greenfire has taken appropriate measures to address the deficiency by leveraging its recent listing on the Toronto Stock Exchange (TSX) and the upcoming expiration of lock-up agreements covering approximately 65% of its outstanding shares.

Greenfire has a robust financial standing with adjusted EBITDA of $23.4 million in Q4 2023 and $117.3 million for the year. The company holds a 75% working interest in the Hangingstone Expansion Facility and 100% in the Hangingstone Demonstration Facility. The latest development projects and facility optimization initiatives indicate the immense productivity potential of Greenfire's Tier-1 SAGD assets.

Looking forward, Greenfire plans to drive continued production growth and accelerate debt repayment. The company is also gearing up for the potential re-rating of the Canadian heavy oil barrel with the Trans Mountain Expansion Project expected to commence operations in 2024.

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Greenfire Resources (NYSE: GFR, TSX: GFR) has announced the redemption of US$61 million out of its US$300 million senior secured notes due 2028. The payment, scheduled for July 12, 2024, is part of the company’s commitment to reduce its debt in accordance with the indenture governing the notes. As of June 30, 2024, Greenfire had CAD$160 million in cash and cash equivalents, including CAD$50 million from accelerated oil sales collections. The indenture mandates that 75% of Excess Cash Flow (ECF) be directed towards note redemption until total indebtedness is under US$150 million, at which point the required redemption reduces to 25% of ECF. Greenfire plans to release its Q2 2024 operating and financial results on August 14, 2024.

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Greenfire Resources (NYSE: GFR, TSX: GFR), a Calgary-based energy company, will participate in the Lytham Partners Spring 2024 Investor Conference on May 30, 2024. The company will give a webcast presentation at 1:15pm ET and conduct one-on-one meetings with investors. The webcast can be accessed on the conference homepage or Greenfire's website and will be available for replay post-event. For one-on-one meetings, interested parties can contact Lytham Partners or register on the event website.

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Greenfire Resources (NYSE: GFR, TSX: GFR), a Calgary-based energy company, released the voting results from its annual shareholders meeting held on May 15, 2024. The meeting saw participation from shareholders representing approximately 75% of the company's outstanding shares. All six nominated directors were elected with overwhelming support, with votes ranging from 99.68% to 100% in favor. Additionally, Deloitte LLP was appointed as the company’s auditors for the next fiscal year. Detailed voting results and other information are available on SEDAR+ and the company’s website.

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Greenfire Resources announced its Q1 2024 financial results, highlighting key operational milestones and reiterating its positive outlook for 2024. The company reported a consolidated bitumen production of 19,667 barrels per day, an increase from Q4 2023. Adjusted EBITDA rose to $39.3 million, significantly up from $13.3 million in Q1 2023.

Greenfire continued its Refill drilling program and managed regulatory delays by reallocating resources, anticipating a strong impact on bitumen production. The company maintained liquidity at $140.2 million and emphasized debt repayment following the operational start of the Trans Mountain Expansion Project.

Despite temporary production impacts from wildfire evacuations and equipment failures, Greenfire aims to maintain its 2024 outlook, focusing on production growth and free cash flow generation. The company also plans to return capital to shareholders and evaluate growth opportunities.

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Greenfire Resources (NYSE: GFR, TSX: GFR) has announced the release of its Q1 2024 operating and financial results, scheduled for after the market closes on May 15, 2024.

A conference call to discuss these results will be held on May 16, 2024, at 7:00 a.m. MT (9:00 a.m. ET), featuring the company's executive team and a Q&A session with investors.

The company has resolved its compliance issue with the NYSE's listing standard, which requires a minimum of 400 public stockholders, following its additional listing on the Toronto Stock Exchange and the expiration of a six-month lockup on a significant portion of its shares.

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Greenfire Resources will present at the 2024 BMO Capital Markets & CAPP Energy Symposium in Toronto. CFO and VP will meet investors and give a presentation.
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Greenfire Resources files its annual report on Form 20-F for fiscal year 2023 with the SEC, including an independent evaluation of its bitumen reserves. The report can be accessed on the company's website, EDGAR, and SEDAR+.
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Greenfire Resources celebrates its listing on the Toronto Stock Exchange (TSX) with a market opening ceremony. The company is an oil sands producer in Western Canada, focusing on sustainable development. Operating two facilities, Greenfire produced approximately 20,800 bbls/d net in December 2023.
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Greenfire Resources (NYSE: GFR) reports positive production results and financial performance for Q4 2023, with significant growth in bitumen production and adjusted EBITDA. The company also highlights successful drilling programs, reserves evaluations, and operational updates, positioning itself for continued growth and debt repayment. Greenfire's Tier-1 SAGD assets and strategic initiatives reinforce its value potential and commitment to shareholder returns.
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Greenfire Resources (NYSE: GFR) plans to release its operating and financial results for Q4 2023 and year-end 2023 reserves on March 20, 2024, with a conference call scheduled for March 21, 2024. The company faces a NYSE listing standard notice due to insufficient public stockholders but intends to present a business plan to cure the deficiency within 18 months.
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FAQ

What are Greenfire Resources' core assets?

Greenfire Resources' core assets include the Hangingstone Expansion and the Hangingstone Demo, both located in the Athabasca oil sands region of Alberta, Canada.

How does Greenfire produce oil?

Greenfire utilizes steam-assisted gravity drainage (SAGD) extraction methods for oil production.

What recent achievements has Greenfire made?

Recent achievements include initiating a seven-well extended reach refill drilling program at the Demo Asset and reporting consolidated bitumen production of 17,335 barrels per day in Q4 2023.

How is Greenfire addressing its NYSE compliance issue?

Greenfire plans to address its NYSE compliance issue by leveraging its recent listing on the Toronto Stock Exchange and the upcoming expiration of lock-up agreements.

What is Greenfire's financial condition?

Greenfire reported adjusted EBITDA of $23.4 million in Q4 2023 and $117.3 million for the year-ended December 31, 2023.

What future projects does Greenfire have?

Greenfire plans to drive continued production growth, accelerate debt repayment, and is preparing for the potential re-rating of the Canadian heavy oil barrel with the Trans Mountain Expansion Project.

Where can I find Greenfire's financial reports?

Greenfire's financial reports are available on their website, SEDAR+, and EDGAR.

How does Greenfire aim to sustain its operations?

Greenfire focuses on responsible and sustainable energy development, emphasizing an entrepreneurial environment and employee ownership.

Where is Greenfire's registered office located?

Greenfire's registered office is located at 205 5th Avenue SW, Suite 1900, Calgary, Alberta, T2P 2V7, Canada.

What is Greenfire's production capacity?

Greenfire's consolidated bitumen production was approximately 17,639 barrels per day for the year-ended December 31, 2023.

Greenfire Resources Ltd.

NYSE:GFR

GFR Rankings

GFR Stock Data

528.42M
69.07M
53.6%
32.33%
0.06%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
Calgary