Calgary, Alberta--(Newsfile Corp. - December 17, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") today announced preliminary results of its C$300 million rights offering, which expired at 4:00 p.m. (Calgary time) on December 16, 2025 (the "expiration date"). Upon closing of the rights offering, the Company expects to issue 55,147,058 common shares, representing the maximum number of common shares available under the rights offering, without reliance on the standby com ...

Core Viewpoint - Greenfire Resources Ltd. (NYSE:GFR) experienced a significant share price increase of 12.66% from November 7 to November 14, 2025, making it one of the top-performing energy stocks during that week [1]. Company Overview - Greenfire Resources Ltd. is an oil sands producer focused on developing long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada [2]. Investment Activity - The share price surge was influenced by Waterous Energy Fund Management Corp. (WEF) investing over C$57 million in Greenfire by acquiring 8,703,479 common shares, raising WEF's total stake to approximately 68.3% of the issued and outstanding common shares on an undiluted basis [3]. Financial Developments - On November 4, Greenfire announced a C$300 million equity rights offering aimed at fully repaying all outstanding senior secured notes. Despite the recent gains, the share price has declined by nearly 18% since the start of 2025 [4].

Core Viewpoint - Waterous Energy Fund Management Corp. has acquired a significant stake in Greenfir by purchasing 1,926,055 common shares, indicating a strategic investment in the energy sector [1]. Group 1 - The acquisition was made by Waterous Energy Fund Management Corp. in its capacity as the manager of several limited partnerships [1]. - The purchased shares represent a notable investment in Greenfir, reflecting confidence in the company's potential [1].

Group 1 - Greenfire Resources (GFR:CA) is a Canadian heavy oil producer that has not focused much on investor relations since its majority shareholders took control last winter [1] - The company operates in the small-cap space, which is highlighted by investment groups focusing on high-quality ideas with an emphasis on capital gains and dividend income [1] - The investment group European Small Cap Ideas offers exclusive access to actionable research on appealing Europe-focused investment opportunities, including two model portfolios [1]

Financial Data and Key Metrics Changes - The company is poised to materially outspend cash flow over the next two to three years due to a significant amount of growth capital needed to optimize assets [3][4] - A transformational recapitalization plan is announced, which includes a $300 million equity rights offering and a $275 million revolving credit facility [4][5] Business Line Data and Key Metrics Changes - The company expects to hit the top end of its 2025 production guidance range of 15,000-16,000 barrels per day due to strong base well performance at the Hanging Stone facilities [6] - The 2026 capital budget has been approved at $180 million, with anticipated annual bitumen production of 15,500-16,500 barrels per day [8] Market Data and Key Metrics Changes - The company continues to engage with the Alberta Energy Regulator regarding sulfur emission exceedances and is installing sulfur removal facilities expected to be operational in November 2025 [8] Company Strategy and Development Direction - The recapitalization plan aims to reduce debt and support organic growth business plans to fill plant capacity at the Hanging Stone facilities [4] - The company plans to commence drilling operations at its inaugural SAGD well pad, Pad 7, in November 2025, with first oil anticipated in Q4 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the current oil price outlook and the need for significant growth capital investment, indicating a challenging operating environment [3] - Despite expectations for the expansion asset to resume full capacity by year-end 2025, production levels are anticipated to remain relatively flat in 2026 due to growth capital projects not reaching first oil until late Q4 2026 and a planned major turnaround in May 2026 [8][9] Other Important Information - The company has successfully restored a failed boiler ahead of schedule and is proactively refurbishing a second boiler [6][7] - The recapitalization plan is expected to leave the company debt-free upon closing [5] Q&A Session Summary Question: No questions were asked during the Q&A session - There were no questions from analysts during the Q&A session [11]

Greenfire Resources Ltd. Exhibit 99.2 MANAGEMENT'S DISCUSSION & ANALYSIS For the three and nine month periods ended September 30, 2025 MANAGEMENT'S DISCUSSION AND ANALYSIS This Management's Discussion and Analysis ("MD&A") of the financial condition and results of operations of Greenfire Resources Ltd. ("Greenfire" or the "Company") is dated November 3, 2025, which is the date this MD&A was approved by the Board of Directors of the Company (the "Board of Directors"), and should be read in conjunction with t ...

Core Viewpoint - Greenfire Resources Ltd. plans to conduct a rights offering of its common shares to raise approximately C$300 million, aimed at funding the redemption of outstanding senior secured notes due 2028 [1][4]. Group 1: Rights Offering Details - The rights offering will be available to all holders of Greenfire's common shares as of a record date to be determined [1]. - A standby purchase agreement is expected with Waterous Energy Fund, which holds approximately 55.9% of the company's shares, committing to fully exercise their subscription privilege and purchase any unsubscribed shares, up to C$300 million [2]. - The subscription price for the rights offering is anticipated to reflect a discount of no more than 15% as required by TSX rules [3]. Group 2: Use of Proceeds - Net proceeds from the rights offering, along with cash on hand, will be used to redeem US$237.5 million of outstanding senior secured notes due 2028 at a redemption price of 106% plus accrued interest [4]. Group 3: Regulatory and Procedural Aspects - The rights offering will be conducted in Canada and the U.S., with necessary filings to be made with Canadian securities regulators and the U.S. Securities and Exchange Commission [5]. - The offering is subject to the execution of definitive documentation, necessary approvals, and market conditions, with the company retaining the option to modify or not proceed with the offering [5]. Group 4: Company Overview - Greenfire is an oil sands producer focused on developing long-life and low-decline thermal oil assets in Alberta, Canada, with a commitment to operational excellence and safe operations [8].

Core Viewpoint - Greenfire Resources Ltd. reported its Q3 2025 financial and operational results, highlighting a decrease in bitumen production and a significant net loss, while also announcing refinancing initiatives and production guidance for 2026 [3][4][18]. Financial Highlights - Bitumen production for Q3 2025 was 15,757 bbls/d, a decrease from 19,125 bbls/d in Q3 2024 [9][10]. - Oil sales amounted to $141.1 million, down from $193.6 million in the same quarter last year [4][41]. - The company reported a net loss of $8.8 million compared to a net income of $58.9 million in Q3 2024 [7][30]. - Adjusted funds flow was $38.1 million, down from $44.1 million in Q3 2024 [6][34]. - Capital expenditures totaled $17.9 million, a decrease from $21.2 million in the prior year [10][44]. Operational Update - The company successfully restored a failed steam generator at the Expansion Asset ahead of schedule, with full steam capacity expected by year-end 2025 [11]. - Production in October 2025 was approximately 15,500 bbls/d, with ongoing impacts from one offline steam generator [11]. - The Expansion Asset produced 10,404 bbls/d in Q3 2025, reflecting a 3% increase from the previous quarter, while the Demo Asset saw a 5% decrease to 5,353 bbls/d [13]. 2026 Guidance - Greenfire anticipates 2025 production to be at the high end of its guidance range of 15,000-16,000 bbls/d [16]. - The board approved a 2026 capital budget of $180 million, with expected production of 15,500 to 16,500 bbls/d [17]. Refinancing Initiatives - The company secured a $275 million revolving credit facility, contingent on redeeming $237.5 million of senior secured notes due 2028 [18]. - A $300 million rights offering is planned to fund the redemption of the 2028 Notes [18].

Group 1 - Greenfire Resources Ltd. has been downgraded from Outperform to Market Perform by BMO Capital analyst Tariq Saad, with a price target maintained at C$8 [1] - The company is expected to materially outspend its cash flow in 2026, leading to increased leverage [2] - In the fiscal second quarter, the company produced 15,748 barrels of bitumen per day, despite a steam generator failure that reduced production by approximately 1,500 to 2,250 barrels per day [2] Group 2 - Greenfire generated $17.7 million in operating cash flow and $33.8 million in adjusted funds flow, with capital expenditures of $10.8 million, down from $23 million the previous year [3] - The management is collaborating with Alberta regulators to reduce sulphur dioxide emissions, which previously exceeded limits, and plans to install sulphur removal facilities costing $11.3 million by Q4 2025 [3] - The company focuses on oil production from the Athabasca oil sands in Alberta, Canada [4]

Core Viewpoint - Greenfire Resources Ltd. (NYSE:GFR) experienced a significant decline in share price due to a rating downgrade by BMO Capital, raising concerns about the company's financial sustainability in a low-price environment [1][3]. Company Overview - Greenfire Resources Ltd. is an oil sands producer focused on developing long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada [2]. Financial Analysis - The stock was downgraded from 'Outperform' to 'Market Perform' with a price target of C$8, as the analyst anticipates that the company will materially outspend its cash flow next year, leading to increased leverage [3]. - The share price fell by 6.02% from September 18 to September 25, 2025, indicating a poor performance relative to other energy stocks [1].