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Greenfire Resources Announces Future Growth Plans, Including Projects Under Development to Increase Net Facility Production Capacity by 74%, Representing Significant Potential Value for Shareholders
Newsfileยท 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
Newsfileยท 2024-09-27 12:29
Core Viewpoint - Greenfire Resources Ltd. is opposing a challenge to its shareholder rights plan, which aims to protect all shareholders amid a proposed acquisition of 43.3% of its common shares by certain limited partnerships and corporations controlled by its directors [3][4]. Group 1: Company Actions and Responses - Greenfire has adopted a shareholder protection rights plan to ensure fair treatment of all shareholders during unsolicited takeover bids and to allow the board sufficient time to explore value-enhancing alternatives [4]. - The company intends to defend the necessity of its rights plan at the Alberta Securities Commission hearing [4]. Group 2: Proposed Acquisition Details - The proposed acquisition involves Waterous Energy Fund Management Corp. and other selling shareholders seeking to acquire 43.3% of Greenfire's issued and outstanding common shares [3][4]. - Greenfire's board believes that the acquisition price proposed by Waterous Energy Fund does not reflect the intrinsic value of the common shares and undermines the company's ongoing strategic review process [4]. Group 3: Company Profile - 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 Toronto Stock Exchange under the symbol "GFR" [5].
Greenfire Announces Deferred Consideration of the Shareholder Rights Plan by the Toronto Stock Exchange
Newsfileยท 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
Newsfileยท 2024-09-19 05:59
Core Viewpoint - Greenfire Resources Ltd. is responding to Waterous Energy Fund's agreement to acquire 43.3% of its common shares by appointing an interim chairman and adopting a shareholder rights plan to protect the interests of all shareholders [3][9][11]. Group 1: Proposed Acquisition - Waterous Energy Fund Management Corp. has entered into agreements to acquire 43.3% of Greenfire's common shares from certain shareholders, including directors of Greenfire [3][4]. - The acquisition is intended to be an exempt take-over bid under the private agreement exemption as per National Instrument 62-104 [3]. - The Board of Directors is reviewing the acquisition details and evaluating options with the help of financial and legal advisors [4]. Group 2: Strategic Alternatives - Greenfire has engaged TD Securities to evaluate strategic alternatives due to its discounted valuation compared to oil sands peers [5]. - The company is updating its reserve report to reflect current development plans, including advanced SAGD technologies and brownfield growth opportunities [5]. - Greenfire believes that the proposed acquisition could harm shareholder interests by affecting the ongoing strategic alternatives process [5]. Group 3: Waterous Energy Fund Profile - Waterous Energy Fund is a Calgary-based value investor and the largest oil and gas private equity manager in Canada, known for acquiring established businesses with quality assets [6]. - The proposed acquisition price represents a 15% premium, the maximum allowable under the exemption, indicating the perceived value of Greenfire's assets [6][7]. Group 4: Board Changes and Rights Plan - Julian McIntyre has been replaced as Chair of the Board by Matthew Perkal due to his involvement in the proposed acquisition [9]. - A special committee of independent directors has been established to oversee the strategic alternatives process and protect shareholder interests [9]. - The Board has adopted a limited-purpose shareholder rights plan to ensure fair treatment of all shareholders and to provide the Board with time to explore value-enhancing alternatives [11][12]. Group 5: Rights Plan Details - The rights plan will issue one right for each common share, becoming exercisable if an acquiring person attempts to acquire 20% or more of the shares without complying with the plan [13][15]. - The rights plan aims to prevent WEF from acquiring more than 20% of the shares without a permitted bid, which is defined as a bid made to all shareholders and open for 105 days [16][15]. - The rights plan is subject to shareholder ratification within six months and requires acceptance from the Toronto Stock Exchange [17].
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 ...
Greenfire Resources Announces Q2 2024 Results, Updated 2024 Outlook and Appointment of Chief Operating Officer
Newsfileยท 2024-08-14 21:33
Core Viewpoint - Greenfire Resources Ltd. reported its Q2 2024 financial and operational results, highlighting production challenges due to external factors and providing an updated outlook for 2024, including the appointment of a new Chief Operating Officer [2][4][5]. Financial Highlights - Consolidated bitumen production reached 18,993 barrels per day (bbls/d) in Q2 2024, an increase from 18,036 bbls/d in Q2 2023 [8]. - Adjusted EBITDA for Q2 2024 was $58.4 million, up 48% from $34.4 million in Q2 2023, while adjusted funds flow increased by 71% to $47.2 million from $23.5 million in Q2 2023 [8][9]. - The company maintained available liquidity of approximately $210 million as of June 30, 2024, consisting of $160 million in cash and cash equivalents and $50 million in available credit [9][14]. Operational Update - Production at the Expansion Asset averaged 15,824 bbls/d in Q2 2024, down from 17,361 bbls/d in Q1 2024, primarily due to operational disruptions and delays caused by wildfires and equipment failures [15][18]. - The Demo Asset achieved an average production of 3,169 bbls/d in Q2 2024, an increase from 2,306 bbls/d in Q1 2024, following the completion of drilling activities [20]. Updated 2024 Outlook - The updated production guidance for 2024 is set at an annual average of 20,000 - 21,000 bbls/d, reflecting a growth of 13% - 19% over 2023 production levels, down from the previous forecast of 25% - 40% growth [24][22]. - Planned capital expenditures for 2024 are estimated to be between $80 million and $90 million, with a focus on drilling activities and facility optimizations [23][24]. Leadership Changes - Jonathan Kanderka has been appointed as Chief Operating Officer, bringing over 20 years of experience in steam-assisted gravity drainage (SAGD) and thermal oil operations [27][28]. - Dean Custance has been appointed Vice President, Finance, with extensive experience in finance and accounting within the oil and gas sector [29]. Strategic Positioning - Greenfire holds a 75% working interest in the Hangingstone Expansion Facility and a 100% working interest in the Hangingstone Demonstration Facility, positioning the company for continued production growth and potential free cash flow generation [7][30]. - The company is well-positioned with $1.8 billion in corporate tax pools and lower pre-payout royalty rates, which are expected to enhance free cash flow generation, especially at higher commodity prices [26].
Top 2 Energy Stocks That May Fall Off A Cliff This Quarter
Benzingaยท 2024-07-12 11:36
Loading... The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro. Greenfire Resources Ltd GFR Golar LNG Limited GLNG Read Next: S&P 500 Falls Following June Inflation Data: Fear & Greed Index Moves To 'Neutral' ...
Greenfire Resources Announces Redemption of US$61 Million of the Company's US$300 Million Senior Secured Notes Due 2028
Newsfileยท 2024-07-10 21:00
Greenfire is an intermediate, lower-cost and growth-oriented Athabasca oil sands producer with concentrated Tier-1 assets that use steam assisted gravity drainage extraction methods. The Company is operationally focused with an emphasis on an entrepreneurial environment and a high level of employee ownership. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. . ...
Greenfire Resources Reports Voting Results from 2024 Annual Meeting of Shareholders
newsfilecorp.comยท 2024-05-15 22:34
Core Points - Greenfire Resources Ltd. held its annual meeting of shareholders on May 15, 2024, in Calgary, Alberta, where voting results were announced [1][2] Voting Results - A total of 51,699,992 Common Shares, representing approximately 75% of the Company's issued and outstanding Common Shares, were voted at the meeting [3] - The following directors were elected: - Robert Logan: 100% votes for - Julian McIntyre: 99.89% votes for, 0.11% votes withheld - Matthew Perkal: 100% votes for - Jonathan Klesch: 99.68% votes for, 0.32% votes withheld - Venkat Siva: 99.97% votes for, 0.03% votes withheld - W. Derek Aylesworth: 100% votes for [4] - Deloitte LLP was appointed as the auditors of the Company until the next annual meeting, with remuneration to be fixed by the directors [5] Company Overview - Greenfire is an intermediate, lower-cost, and growth-oriented producer in the Athabasca oil sands, utilizing steam-assisted gravity drainage extraction methods [6] - The Company emphasizes responsible and sustainable energy development in Canada and is operationally focused with an entrepreneurial environment and employee ownership [6]
Greenfire Resources Announces Release Timing for Q1 2024 Results and Conference Call
Newsfile Corpยท 2024-05-13 21:00
Greenfire Resources Announces Release Timing for Q1 2024 Results and Conference Call May 13, 2024 5:00 PM EDT | Source: Greenfire Resources Ltd. Calgary, Alberta--(Newsfile Corp. - May 13, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the sustainable production and development of thermal energy resources from the Athabasca region of Alberta, Canada, is pleased to confirm that the release of its operating and financial result ...