UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 40-F
[Check one]
☐ REGISTRATION
STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒ ANNUAL REPORT
PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| For the fiscal year ended December 31, 2025 | | Commission
File Number 001-41810 |
Greenfire Resources Ltd.
(Exact name of Registrant as specified in its charter)
Not applicable
(Translation of Registrant’s name into English (if applicable))
Alberta
(Province or other jurisdiction of incorporation or organization)
1311
(Primary Standard Industrial Classification Code Number
(if applicable))
Not applicable
(I.R.S. Employer Identification Number
(if applicable))
Suite 800 – 350 7th Ave SW
Calgary, AB T2P 3N9
(403) 264-9046
(Address and telephone number of Registrant’s principal
executive offices)
Puglisi & Associates
850 Library Avenue, Suite 204
Newark, Delaware 19711
(302) 738-6680
(Name, address (including zip code) and telephone
number (including area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section
12(b) of the Act.
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Shares | | GFR | | New York Stock
Exchange |
Securities registered or to be registered pursuant to Section
12(g) of the Act.
None
(Title of Class)
None
(Title of Class)
Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act.
None
(Title of Class)
For annual reports, indicate by check mark the information
filed with this Form:
| ☒ Annual information form | | ☒ Audited annual financial statements |
Indicate the number of outstanding shares of each of the issuer’s
classes of capital or common stock as of the close of the period covered by the annual report: 125,407,252
Indicate by check mark whether the Registrant (1) has
filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No
☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No
☐
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company ☒
If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange
Act. ☐
† The term “new or revised financial accounting
standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after
April 5, 2012
Indicate by check mark
whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report. ☐
If securities are registered
pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark
whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by
any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
INCORPORATION BY REFERENCE
This Annual Report on Form
40-F shall be incorporated by reference into or as an exhibit to, as applicable, each of the Registrant’s Registration Statements
under the Securities Act of 1933, as amended: Form F-3 (File No. 333-282275) and Form S-8 (File No. 333-277054).
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
Certain statements in this
Annual Report on Form 40-F are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934,
as amended (the “Exchange Act”) and Section 27A of the Securities Act of 1933, as amended. Please see section titled “Forward
Looking Information” in the Annual Information Form, which is Exhibit 99.1 of this Annual Report on Form 40-F.
Principal Documents
The following documents are
filed as part of this Annual Report on Form 40-F:
| A. | Annual Information Form |
For the Registrant’s
Annual Information Form for the year ended December 31, 2025, see Exhibit 99.1 of this Annual Report on Form 40-F.
| B. | Audited Annual Financial Statements |
For the Registrant’s
audited annual consolidated financial statements for the years ended December 31, 2025 and 2024, including the report of its Independent
Registered Public Accounting Firm with respect thereto, see Exhibit 99.2 of this Annual Report on Form 40-F.
| C. | Management’s Discussion and Analysis |
For the Registrant’s
management’s discussion and analysis of the operating and financial results for the year ended December 31, 2025, see Exhibit 99.3
of this Annual Report on Form 40-F.
Controls and Procedures
The required disclosure is
included in Exhibits 99.4, 99.5, 99.6, and 99.7 of this Annual Report on Form 40-F.
| B. | Disclosure Controls and Procedures |
Registrant
conducted an evaluation of the effectiveness of its “disclosure controls and procedures” (“Disclosure Controls”),
as defined by Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of December 31, 2025. The Disclosure Controls evaluation was done
under the supervision and with the participation of management, including the President (principal executive officer) and Vice President,
Finance (principal financial officer). Based on that evaluation, the President (principal executive officer) and Vice President, Finance
(principal financial officer) concluded that such disclosure controls and procedures were effective as of December 31, 2025 to provide
reasonable assurance that the information required to be disclosed by the Registrant in reports it files is recorded, processed, summarized
and reported, within the appropriate time periods and is accumulated and communicated to management, as appropriate to allow timely decisions
regarding required disclosure.
| C. | Management’s Annual Report on Internal Control Over Financial Reporting |
Management’s Annual
Report on Internal Control Over Financial Reporting is included in the Management’s Report that accompanies the Registrant’s
audited annual consolidated financial statements for the years ended December 31, 2025 and 2024, filed as Exhibit 99.2 to this Annual
Report on Form 40-F, and is incorporated herein by reference.
| D. | Attestation Report of Independent Registered Public Accounting Firm |
This Annual Report does not
include an attestation report on internal control over financial reporting by the Registrant’s independent registered public accounting
firm due to an exemption established by the JOBS Act for “emerging growth companies.”
| E. | Changes in Internal Control Over Financial Reporting |
During the year ended December
31, 2025, there were no changes in the Registrant’s internal control over financial reporting that have materially affected, or
are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Notices Pursuant to Regulation BTR.
None.
Audit Committee Financial Expert
The Registrant’s Board
of Directors has determined that Brian Heald is an “audit committee financial expert” (as that term is defined in paragraph
8(b) of General Instruction B to Form 40-F) and that each of the following members of the Registrant’s audit committee are “independent”
(as defined by the New York Stock Exchange corporate governance rules): Brian Heald, Tom Ebbern and David Knight Legg.
The Securities and Exchange
Commission has indicated that the designation or identification of a person as an “audit committee financial expert” does
not (i) mean that such person is an “expert” for any purpose, including without limitation for purposes of Section 11 of the
Securities Act of 1933, (ii) impose on such person any duties, obligations or liability that are greater than the duties, obligations
and liability imposed on such person as a member of the audit committee and the board of directors in the absence of such designation
or identification, or (iii) affect the duties, obligations or liability of any other member of the audit committee or the board of directors.
Code of Ethics
The Registrant has adopted
a “code of ethics” (as that term is defined in paragraph 9(b) of General Instruction B to Form 40-F) (“Code of Ethics”),
which is applicable to the directors, officers, employees and consultants of the Registrant and its affiliates (including, its principal
executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions).
The Code of Ethics is available on the Registrant’s website at https://www.greenfireres.com/who-we-are/#governance.
In the past fiscal year, the
Registrant has not amended any provision of its Code of Ethics that relates to any element of the code of ethics definition enumerated
in paragraph (9)(b) of General Instruction B to Form 40-F, or granted any waiver, including an implicit waiver, from any provision of
its Code of Ethics.
If any amendment to the Code
of Ethics is made, or if any waiver from the provisions thereof is granted, the Registrant may elect to disclose the information about
such amendment or waiver required by Form 40-F to be disclosed, by posting such disclosure on the Registrant’s website, which may
be accessed at https://www.greenfireres.com.
Principal Accountant Fees and Services
The required disclosure is
included under the headings “Pre-Approval Policies and Procedures” and “External Audit Service Fees” in the Registrant’s
Annual Information Form for the year ended December 31, 2025, filed as Exhibit 99.1 to this Annual Report on Form 40-F, and is incorporated
herein by reference. The Registrant’s independent registered public accounting firm is Deloitte LLP, Calgary, Canada, PCAOB
ID No. 1208.
Off-Balance Sheet Arrangements
The Registrant does not have
any commitments or obligations, including contingent obligations, arising from arrangements with unconsolidated entities or persons (which
are not otherwise discussed in the Registrant’s management’s discussion and analysis for the fiscal year ended December 31,
2025, filed as Exhibit 99.2 to this Annual Report on Form 40-F), that have or are reasonably likely to have a material current or future
effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements
or capital resources.
Contractual Obligations
The required disclosure is
included under the heading “Commitments and Contractual Obligations” in the Registrant’s Management’s Discussion
and Analysis for the fiscal year ended December 31, 2025, filed as Exhibit 99.3 to this Annual Report on Form 40-F.
Identification of the Audit Committee
The Registrant has a separately
designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s
Audit Committee members consist of Mr. Brian Heald, Mr. Tom Ebbern and Mr. David Knight Legg.
Exemptions From the Listing Standards for Audit Committees
Not applicable.
Mine Safety Disclosure
Not applicable.
Disclosure Regarding Foreign Jurisdictions
that Prevent Inspections
Not applicable.
Recovery of Erroneously Awarded Compensation
Not applicable.
Compliance with NYSE Corporate Governance Rules
As
a foreign private issuer, Registrant has the option to follow certain home country corporate governance practices rather than those of
NYSE, provided that it discloses the requirements it is not following and describe the home country practices it is following. A summary
of the significant differences can be found on Registrant’s website at https://www.greenfireres.com.
Disclosure
Pursuant to Section 13(r) of the Exchange Act
In
accordance with Section 13(r) of the Exchange Act, the Registrant is required to include certain disclosures in its periodic reports if
it or any of its affiliates knowingly engaged in certain specified activities during the period covered by the report. Neither the Registrant
nor its affiliates have knowingly engaged in any transaction or dealing reportable under Section 13(r) of the Exchange Act during the
year ended December 31, 2025.
UNDERTAKING
The Registrant undertakes
to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly,
when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities
in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.
CONSENT TO SERVICE OF PROCESS
| 1. | The Registrant has previously filed a Form F-X in connection with the class of securities in relation
to which the obligation to file this report arises. |
| 2. | Any change to the name or address of the Registrant’s agent for service shall be communicated promptly
to the Commission by amendment to Form F-X referencing the file number of the Registrant. |
SIGNATURES
Pursuant to the requirements of the Exchange Act,
the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed
on its behalf by the undersigned, thereto duly authorized.
| |
GREENFIRE RESOURCES LTD. |
| |
|
| Date: March 12, 2026 |
/s/ Travis Belak |
| |
Name: |
Travis Belak |
| |
Title: |
Vice President, Finance (Principal Financial Officer) |
EXHIBIT INDEX
| Exhibit No. |
|
Document |
| 97 |
|
Greenfire Resources Ltd. Incentive - Based Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 of the Registrant’s Annual Report on Form 20 – F for the year ended on December 31, 2023) (File No. 001-41810). |
| 99.1 |
|
Annual Information Form of the Registrant for the fiscal year ended December 31, 2025. |
| 99.2 |
|
Audited Consolidated Financial Statements of the Registrant for the year ended December 31, 2025 together with the Auditors’ Report thereon. |
| 99.3 |
|
Management’s Discussion and Analysis of the operating and financial results of the Registrant for the year ended December 31, 2025. |
| 99.4 |
|
Certification of principal executive officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934. |
| 99.5 |
|
Certification of principal financial officer pursuant to Rule 13a-14 or 15d-14 of the Securities Exchange Act of 1934. |
| 99.6 |
|
Certificate of principal executive officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 Sarbanes- Oxley Act of 2002. |
| 99.7 |
|
Certification of principal financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 99.8 |
|
Consent of Deloitte LLP, Independent Registered Public Accounting Firm. |
| 99.9 |
|
Consent of McDaniel & Associates Consultants Ltd., independent engineers. |
| 101 |
|
Interactive Data Files. |
| 104 |
|
Cover page Interactive Data File (embedded within the Inline XBRL document). |
