Waterous Energy Fund boosts Greenfire Resources stake to 52.58M shares

Rhea-AI Filing Summary

Greenfire Resources Ltd. saw its principal shareholder group led by Waterous Energy Fund report beneficial ownership of 52,583,991 common shares and warrants, representing 72.12% of the company’s outstanding common shares. The percentage is based on 70,256,512 common shares outstanding as of November 6, 2025.

On November 14, 2025, Waterous Energy Fund Management Corp., on behalf of affiliated limited partnerships, agreed to acquire 1,926,055 common shares of Greenfire Resources from Luxor Capital Group in a private transaction at CAD$6.65 (USD$4.74) per share, for total cash consideration of CAD$12,808,265.75 (USD$9,132,293.48) under a Securities Purchase Agreement. The reporting persons disclose shared voting and dispositive power over their entire position and report no other transactions in the issuer’s common shares during the past 60 days.

Insights

Equity ownership and governance analyst

Waterous-led group discloses a 72.12% control stake and a new secondary share purchase.

The amendment shows a group of entities associated with Waterous Energy Fund, including Adam Waterous, beneficially owning 52,583,991 Greenfire Resources common shares and warrants, equal to 72.12% of the class. The percentage is calculated against 70,256,512 common shares outstanding as of November 6, 2025, indicating a clear majority position and effective control over shareholder votes.

On November 14, 2025, Waterous Energy Fund Management Corp., acting for several affiliated limited partnerships, agreed to buy 1,926,055 common shares from Luxor Capital Group at CAD$6.65 (USD$4.74) per share, for aggregate cash consideration of CAD$12,808,265.75 (USD$9,132,293.48). This is a secondary transaction between shareholders, so cash proceeds go to the selling holder rather than the issuer. The reporting group states it has shared voting and dispositive power over the entire 52,583,991 securities and that there were no other transactions in the last 60 days.

For investors, the key takeaway is the concentrated ownership and ongoing accumulation by the same sponsor group. Such a majority stake can strongly influence corporate decisions, board composition and strategic direction; future company disclosures may provide additional detail on how this ownership structure interacts with Greenfire’s longer-term plans.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Greenfire Resources Ltd.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

39525U107

(CUSIP Number)

Adam Waterous
301 8th Avenue SW, Suite 600,
Calgary, A0, T2P 1C5
(403) 930-6048

Christopher M. Barlow, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West
New York, NY, 10001
(212) 735-3972

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

11/14/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Waterous Energy Fund Management Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Waterous Energy Fund III (Canadian) LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Waterous Energy Fund III (US) LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Waterous Energy Fund III (International) LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Waterous Energy Fund III (Canadian FI) LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Waterous Energy Fund III (International FI) LP

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

WEF III GP (Canadian) Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

WEF III GP (US) Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

WEF III GP (International) Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

WEF III GP (Canadian FI) Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

WEF III GP (International FI) Corp.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

ALBERTA, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025

SCHEDULE 13D

CUSIP No. 39525U107

1

Name of reporting person

Adam Waterous

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 52,583,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 52,583,991.00

11

Aggregate amount beneficially owned by each reporting person

52,583,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

72.12 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

In reference to rows 8, 10 and 11, the number represents an aggregate of 49,929,812 Common Shares and 2,654,179 common share purchase warrants. In reference to row 13, the percentage calculation is based on an aggregate of 70,256,512 Common Shares outstanding as of November 6, 2025, according to the Form 6-K filed by the Issuer on November 6, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares
(b)	Name of Issuer: Greenfire Resources Ltd.
(c)	Address of Issuer's Principal Executive Offices: 1900 - 205 5TH AVENUE SW, CALGARY, ALBERTA, CANADA , T2P 2V7.
Item 1 Comment: The following constitutes Amendment No. 4 ("Amendment No. 4") to the initial statement on Schedule 13D, filed on November 14, 2024, as amended by Amendment No. 1 to the Schedule 13D filed on November 21, 2024, by Amendment No. 2 to the Schedule 13D filed on December 27, 2024, and by Amendment No. 3 to the Schedule 13D filed on November 12, 2025 (as so amended, the "Schedule 13D"). This Amendment No. 4 amends and supplements the Schedule 13D as specifically set forth herein. Except as specifically amended by this Amendment No. 4, the Schedule 13D is unchanged. Capitalized terms used in this Amendment No. 4 and not otherwise defined herein have the meanings given to them in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	Item 3 of the Schedule 13D is hereby amended to add the following: On November 14, 2025, Waterous Energy Fund Management Corp., in its capacity as manager of certain limited partnerships comprised of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP, agreed to acquire an aggregate of 1,926,055 common shares (the "Purchased Shares") of Greenfire Resources Ltd. from Luxor Capital Group, LP pursuant to a private share purchase agreement (the "Securities Purchase Agreement"). The Purchased Shares were acquired for cash consideration of CAD$6.65 (USD$4.74 based on the exchange rate of November 14, 2025) per Purchased Share, representing an aggregate purchase price of CAD$12,808,265.75 (USD$9,132,293.48 based on the exchange rate of November 14, 2025). The foregoing description of the Securities Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Securities Purchase Agreement, which has been filed as an exhibit to this Schedule 13D and is incorporated herein by reference.
Item 4.	Purpose of Transaction
	Item 4 of the Schedule 13D is hereby amended to add the following: The information in Item 3 of this Schedule 13D is incorporated herein by reference.
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows: The information in Item 3 of this Schedule 13D is incorporated herein by reference. The aggregate number and percentage of the Common Shares beneficially owned by each of the Reporting Persons are set forth on rows 11 and 13 of the cover pages of this Schedule 13D and is incorporated herein by reference.
(b)	The number of shares as to which each Reporting Person has sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition is set forth on rows 7 through 10 of the cover pages of this Schedule 13D and is incorporated herein by reference.
(c)	Except as set forth in this Schedule 13D, the Reporting Persons have not effected any transactions in the Common Shares during the past 60 days.
(d)	No person other than the Reporting Persons is known to have the right to receive, or the power to direct the receipt of dividends from, or proceeds from the sale of, the Issuer's securities beneficially owned by the Reporting Persons.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 of the Schedule 13D is hereby amended to add the following: The information in Item 3 of this Schedule 13D is incorporated herein by reference.
Item 7.	Material to be Filed as Exhibits.
	Exhibit 99.1 - Securities Purchase Agreement, dated November 14, 2025.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Waterous Energy Fund Management Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, President
Date:	11/18/2025

Waterous Energy Fund III (Canadian) LP

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner of its general partner, WEF III GP (Canadian) Corp.
Date:	11/18/2025

Waterous Energy Fund III (US) LP

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner of its general partner, WEF III GP (US) Corp.
Date:	11/18/2025

Waterous Energy Fund III (International) LP

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner of its general partner, WEF III GP (International) Corp.
Date:	11/18/2025

Waterous Energy Fund III (Canadian FI) LP

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner of its general partner, WEF III GP (Canadian FI) Corp.
Date:	11/18/2025

Waterous Energy Fund III (International FI) LP

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner of its general partner, WEF III GP (International FI) Corp.
Date:	11/18/2025

WEF III GP (Canadian) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/18/2025

WEF III GP (US) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/18/2025

WEF III GP (International) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/18/2025

WEF III GP (Canadian FI) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/18/2025

WEF III GP (International FI) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/18/2025

Adam Waterous

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous
Date:	11/18/2025

FAQ

How much of Greenfire Resources (GFR) does the Waterous group currently own?

The reporting persons led by Waterous Energy Fund beneficially own an aggregate of 52,583,991 Greenfire Resources common shares and warrants, representing 72.12% of the outstanding common shares based on 70,256,512 shares outstanding as of November 6, 2025.

What new transaction is disclosed in this Greenfire Resources (GFR) Schedule 13D/A amendment?

On November 14, 2025, Waterous Energy Fund Management Corp., on behalf of affiliated funds, agreed to acquire 1,926,055 Greenfire Resources common shares from Luxor Capital Group under a private Securities Purchase Agreement.

What price did Waterous pay per Greenfire Resources share in the November 14, 2025 deal?

The Purchased Shares were acquired for cash consideration of CAD$6.65 (USD$4.74 based on the November 14, 2025 exchange rate) per share.

What is the total cash consideration for the Waterous purchase of Greenfire Resources shares?

The aggregate purchase price for the 1,926,055 Purchased Shares was CAD$12,808,265.75 (USD$9,132,293.48 based on the November 14, 2025 exchange rate).

How is the 72.12% ownership stake in Greenfire Resources calculated?

The 72.12% ownership figure is based on 70,256,512 Greenfire Resources common shares outstanding as of November 6, 2025, as reported in a Form 6-K filed by the company.

Do the Waterous reporting persons have sole or shared voting power over their Greenfire Resources stake?

Each reporting person reports 0 shares with sole voting or dispositive power and 52,583,991 shares with shared voting and shared dispositive power.

Have the Waterous reporting persons made other recent trades in Greenfire Resources shares?

They state that, except for the November 14, 2025 purchase, no other transactions in Greenfire Resources common shares were effected by the reporting persons during the past 60 days.