Greenfire to Oppose Challenge to Shareholder Rights Plan in Order to Protect All Shareholders

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].