Greenfire Resources Reports Year End 2025 Reserves, Fourth Quarter and Full Year 2025 Financial and Operational Results, and Provides an Operational Update

Core Viewpoint Greenfire Resources Ltd. reported its year-end 2025 reserves and financial results, highlighting a slight increase in reserves and production, alongside a significant capital raise through a rights offering, which has positioned the company to be debt-free and enhance its operational capabilities moving forward. Financial & Operational Highlights - The company reported a bitumen production average of 16,169 bbls/d for 2025, slightly exceeding its outlook of 15,000-16,000 bbls/d [10] - Capital expenditures for 2025 totaled $111.8 million, below the forecast of $130 million due to deferrals [10] - The average WTI price for 2025 was $64.81 per barrel, down from $75.72 in 2024 [6] Reserves Information - Proved ("1P") reserves were reported at 231.8 million barrels, and proved plus probable ("2P") reserves at 408.9 million barrels, reflecting a 1% year-over-year increase [9] - The after-tax PV-10 for 1P and 2P reserves was $1.60 billion and $1.99 billion, respectively, translating to net asset values of $13.12 and $16.29 per share [9] Liquidity and Financial Position - Cash and cash equivalents stood at $41.974 million as of December 31, 2025, down from $67.419 million in 2024 [8] - The company achieved a net surplus of $49.746 million, a significant improvement from a net debt position of $261.418 million in 2024 [8] Production and Operational Updates - Production from the Expansion Asset in Q4 2025 was 9,870 bbls/d, a 5% decrease from the previous quarter, while the Demo Asset saw a 9% increase to 5,829 bbls/d [20] - The company plans to drill 25 new well-pairs across three new SAGD pads over the next 12 months, with first oil from Pad 7 expected in Q4 2026 [15][21] Corporate Updates - Greenfire completed a rights offering, raising approximately $298.7 million, which was oversubscribed, allowing the company to redeem all outstanding senior secured notes due 2028 [17] - Management changes included the appointment of Derek Meisner as Vice President, Operations, bringing extensive SAGD experience to the company [21]