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Greenfire Resources Announces Q3 2024 Results and Operational Update
Newsfile· 2024-11-14 22:31
Core Viewpoint - Greenfire Resources Ltd. reported strong operational and financial results for Q3 2024, with a 30% year-over-year increase in consolidated production, reflecting successful drilling campaigns and maintenance activities [3][10][20]. Financial Performance - Consolidated production averaged 19,125 bbls/d in Q3 2024, up from 14,670 bbls/d in Q3 2023 [10]. - Oil sales reached CAD 193.6 million, with an operating netback of CAD 57.8 million, translating to CAD 34.00 per barrel [11][40]. - Adjusted EBITDA for Q3 2024 was CAD 53.4 million, or CAD 31.39 per barrel [11][41]. - The company reported a net income of CAD 58.9 million for the quarter [11][37]. Operational Highlights - The company anticipates an average annual production of approximately 19,500 bbls/d for 2024, slightly below previous guidance due to regulatory delays and maintenance issues [3][27]. - November 2024 production is estimated to average 21,275 bbls/d, driven by new operational Refill wells [20][26]. - The company holds a 75% working interest in the Hangingstone Expansion Facility and a 100% working interest in the Hangingstone Demonstration Facility [9]. Strategic Initiatives - In July 2024, the Board initiated a strategic review process to explore options for maximizing shareholder value, engaging TD Securities and TPH&Co as financial advisors [5][6]. - The company plans to accelerate drilling of an additional Refill well in December 2024, increasing capital expenditure guidance to CAD 90-100 million [28]. - Future growth plans include expanding production capacity by 74% to approximately 59,000 bbls/d, pending board approval and funding commitments [30]. Market Context - The company is positioned to benefit from improving market dynamics for Canadian heavy oil, particularly following the completion of the Trans Mountain Expansion Project [31]. - Greenfire's production is entirely weighted to crude oil benchmarks linked to WCS differentials, with expectations of heightened free cash flow generation in a higher commodity price environment [31].
Greenfire Announces Deferred Consideration of the New Shareholder Rights Plan by the Toronto Stock Exchange; Plan Remains in Effect
Newsfile· 2024-11-11 21:35
Core Viewpoint - Greenfire Resources Ltd. has announced a new shareholder protection rights plan, which is currently under consideration by the Toronto Stock Exchange (TSX) due to regulatory requirements, but remains in effect despite the deferral [2][3]. Group 1: New Rights Plan - The new rights plan was filed with the TSX and is a response to a previous order from the Alberta Securities Commission that ceased trading of all securities under the previous rights plan adopted on September 18, 2024 [2][3]. - The TSX has deferred its acceptance of the new rights plan until it is assured that the appropriate securities commission will not intervene, as per National Policy 62-202 regarding take-over bids [2]. Group 2: Company Overview - Greenfire is an intermediate, lower-cost, and growth-oriented producer in the Athabasca oil sands, utilizing steam-assisted gravity drainage extraction methods [5]. - The company emphasizes an entrepreneurial environment and has a high level of employee ownership, with its common shares listed on both the New York Stock Exchange and the Toronto Stock Exchange under the symbol "GFR" [5].
Waterous Energy Fund Closes Acquisition of 43.3% of the Shares of Greenfire Resources Ltd.
Prnewswire· 2024-11-11 14:00
CALGARY, AB, Nov. 11, 2024 /PRNewswire/ - Waterous Energy Fund Management Corp. (the "WEF Manager"), 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 (collectively, "WEF"), announces that it has closed its previously announced acquisition of an aggregate of 29,988,854 common s ...
Greenfire Resources Ltd. Files Injunction Following Cease Trade of Rights Plan; Proceeds with Strategic Review and Adopts New Shareholder Rights Plan
Newsfile· 2024-11-07 00:20
Greenfire Resources Ltd. Files Injunction Following Cease Trade of Rights Plan; Proceeds with Strategic Review and Adopts New Shareholder Rights PlanNovember 06, 2024 7:20 PM EST | Source: Greenfire Resources Ltd.Calgary, Alberta--(Newsfile Corp. - November 6, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources from the Athabasca region of Alberta, Canada has ...
Greenfire Resources Provides Update on Strategic Review Process, Reserves Report Timeline and Announces Date for Q3 2024 Results and Conference Call
Newsfile· 2024-11-04 13:00
Greenfire Resources Provides Update on Strategic Review Process, Reserves Report Timeline and Announces Date for Q3 2024 Results and Conference CallNovember 04, 2024 8:00 AM EST | Source: Greenfire Resources Ltd.Calgary, Alberta--(Newsfile Corp. - November 4, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources from the Athabasca region of Alberta, Canada, tod ...
Greenfire Resources Announces Future Growth Plans, Including Projects Under Development to Increase Net Facility Production Capacity by 74%, Representing Significant Potential Value for Shareholders
Newsfile· 2024-10-07 12:00
. . | --- | --- | |------------------------------------------------------------------------------------------------|-------| | | | | Greenfire Resources Announces Future Growth | | | Plans, Including Projects Under Development to | | | Increase Net Facility Production Capacity by 74%, Representing Significant Potential Value for | | October 07, 2024 8:00 AM EDT | Source: Greenfire Resources Ltd. Calgary, Alberta--(Newsfile Corp. - October 7, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfir ...
Greenfire to Oppose Challenge to Shareholder Rights Plan in Order to Protect All Shareholders
Newsfile· 2024-09-27 12:29
. Greenfire to Oppose Challenge to Shareholder Rights Plan in Order to Protect All Shareholders September 27, 2024 8:29 AM EDT | Source: Greenfire Resources Ltd. Calgary, Alberta--(Newsfile Corp. - September 27, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources from the Athabasca region of Alberta, Canada advises that an application has been made by certain limited partn ...
Greenfire Announces Deferred Consideration of the Shareholder Rights Plan by the Toronto Stock Exchange
Newsfile· 2024-09-20 22:02
. | --- | --- | |---------------------------------------------------|-------| | | | | Greenfire Announces Deferred Consideration of the | | | Shareholder Rights Plan by the Toronto Stock | | | Exchange | | September 20, 2024 6:02 PM EDT | Source: Greenfire Resources Ltd. Calgary, Alberta--(Newsfile Corp. - September 20, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources f ...
Greenfire Resources Announces Appointment of Interim Chairman and Adoption of Shareholder Rights Plan in Response to Waterous Energy Fund's Agreement to Acquire Greenfire Shares
Newsfile· 2024-09-19 05:59
. | --- | --- | |-------------------------------------------------------------------------------------------|-------| | | | | Greenfire Resources Announces Appointment of Interim Chairman and Adoption of Shareholder | | | Rights Plan in Response to Waterous Energy Fund's | | | Agreement to Acquire Greenfire Shares | | | | | September 19, 2024 1:59 AM EDT | Source: Greenfire Resources Ltd. Calgary, Alberta--(Newsfile Corp. - September 19, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" o ...
Greenfire Resources .(GFR) - 2024 Q2 - Quarterly Report
2024-08-15 01:58
Exhibit 99.2 MANAGEMENT'S DISCUSSION & ANALYSIS For the three and six month periods ended June 30, 2024 Greenfire Resources Ltd. 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 August 14, 2024, which is the date this MD&A was approved by the Board of Directors of the Company, and should be read in conjunction with the Company's unaudited condensed i ...