[SCHEDULE 13D/A] Greenfire Resources Ltd. SEC Filing

Rhea-AI Filing Summary

Greenfire Resources (GFR): Schedule 13D/A (Amendment No. 3) filed by Waterous-affiliated entities reports beneficial ownership of 50,657,936 securities, representing 69.48% of the class, based on 70,256,512 Common Shares outstanding as of November 6, 2025. The holding comprises 48,003,757 Common Shares and 2,654,179 common share purchase warrants.

On November 10, 2025, Waterous Energy Fund Management Corp., as manager for certain WEF III partnerships, agreed to private purchases at CAD$6.55 per share: 3,296,730 shares from Mantiqueira Overseas Fund Ltd. for CAD$21,593,581.50; 1,157,749 shares from Sona Credit Master Fund Limited, Sona Blue Peak, Ltd. and Sunrise Partners Limited Partnership for CAD$7,583,255.95; and 4,249,000 shares from Encompass Capital Advisors LLC for CAD$27,830,950.00.

The filing restates voting and dispositive power as shared for the reported amount and notes no other transactions in the past 60 days aside from these agreements.

Insights

Equity ownership & disclosure analyst

Waterous reports a controlling-level stake with new block purchases.

Waterous discloses beneficial ownership of 50,657,936 securities, or 69.48% of Greenfire Resources, anchored to November 6, 2025 outstanding shares. The position includes 48,003,757 common shares and 2,654,179 warrants, indicating both current equity and potential future issuances via warrant exercise.

On November 10, 2025, Waterous agreed to three private block purchases at CAD$6.55 per share, from Mantiqueira (3,296,730), Sona-affiliated holders (1,157,749), and Encompass (4,249,000), with stated aggregate considerations in both CAD and USD.

This is primarily a disclosure event. Actual market impact depends on subsequent ownership changes or warrant exercises; the document lists shared voting and dispositive power for the reported amount.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

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)

11/10/2025

(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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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 50,657,936.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 50,657,936.00

11

Aggregate amount beneficially owned by each reporting person

50,657,936.00

12

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

13

Percent of class represented by amount in Row (11)

69.48 %

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 48,003,757 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. 3 ("Amendment No. 3") 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, and by Amendment No. 2 to the Schedule 13D filed on December 27, 2024 (as so amended, the "Schedule 13D"). This Amendment No. 3 amends and supplements the Schedule 13D as specifically set forth herein. Except as specifically amended by this Amendment No. 3, the Schedule 13D is unchanged. Capitalized terms used in this Amendment No. 3 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 10, 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 3,296,730 common shares (the "Mantiqueira Purchased Shares") of Greenfire Resources Ltd. from Mantiqueira Overseas Fund Ltd. pursuant to a private share purchase agreement (the "Mantiqueira Securities Purchase Agreement"). The Mantiqueira Purchased Shares were acquired for cash consideration of CAD$6.55 (USD$4.67 based on the exchange rate of November 10, 2025) per Mantiqueira Purchased Share, representing an aggregate purchase price of CAD$21,593,581.50 (USD$15,402,701.68 based on the exchange rate of November 10, 2025). On November 10, 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 1,157,749 common shares (the "Sona Purchased Shares") of Greenfire Resources Ltd. from Sona Credit Master Fund Limited, Sona Blue Peak, Ltd. and Sunrise Partners Limited Partnership pursuant to a private share purchase agreement (the "Sona Securities Purchase Agreement"). The Sona Purchased Shares were acquired for cash consideration of CAD$6.55 (USD$4.67 based on the exchange rate of November 10, 2025) per Sona Purchased Share, representing an aggregate purchase price of CAD$7,583,255.95 (USD$5,409,136.47 based on the exchange rate of November 10, 2025). On November 10, 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 4,249,000 common shares (the "Encompass Purchased Shares") of Greenfire Resources Ltd. from Encompass Capital Advisors LLC pursuant to a private share purchase agreement (the "Sona Securities Purchase Agreement," together with the Mantiqueira Securities Purchase Agreement and the Sona Securities Purchase Agreement, the "Securities Purchase Agreements"). The Encompass Purchased Shares were acquired for cash consideration of CAD$6.55 (USD$4.67 based on the exchange rate of November 10, 2025) per Encompass Purchased Share, representing an aggregate purchase price of CAD$27,830,950.00 (USD$19,851,816.64 based on the exchange rate of November 10, 2025). The foregoing description of the Securities Purchase Agreements do not purport to be complete and are qualified in their entirety by reference to the text of the Securities Purchase Agreements, which have been filed as exhibits to this Schedule 13D and are 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.
	99.1 Mantiqueira Securities Purchase Agreement, dated November 10, 2025. 99.2 Sona Securities Purchase Agreement, dated November 10, 2025. 99.3 Encompass Securities Purchase Agreement, dated November 10, 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:	11/12/2025

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:	11/12/2025

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:	11/12/2025

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:	11/12/2025

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:	11/12/2025

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:	11/12/2025

WEF III GP (Canadian) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/12/2025

WEF III GP (US) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/12/2025

WEF III GP (International) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/12/2025

WEF III GP (Canadian FI) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/12/2025

WEF III GP (International FI) Corp.

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous, CEO and Managing Partner
Date:	11/12/2025

Adam Waterous

Signature:	/s/ Adam Waterous
Name/Title:	Adam Waterous
Date:	11/12/2025

FAQ

What stake in Greenfire Resources (GFR) did Waterous report?

Waterous reported beneficial ownership of 50,657,936 securities, representing 69.48% of the class.

How many shares were outstanding for GFR used in the calculation?

The percentage is based on 70,256,512 Common Shares outstanding as of November 6, 2025.

What did Waterous buy on November 10, 2025 and at what price?

Agreements to buy at CAD$6.55 per share: 3,296,730 shares (Mantiqueira), 1,157,749 (Sona-affiliated), and 4,249,000 (Encompass).

What is the composition of Waterous’s reported holdings in GFR?

Holdings include 48,003,757 Common Shares and 2,654,179 common share purchase warrants.

Does the filing indicate who holds voting and dispositive power?

Yes. It lists shared voting and dispositive power over the 50,657,936 reported securities.

Were there other GFR share transactions by Waterous in the last 60 days?

The filing states no transactions in the past 60 days other than the November 10, 2025 agreements.