Core Insights - Cardinal Energy Ltd. reported its third quarter 2025 operating and financial results, highlighting a decrease in revenue and cash flow compared to the same period in 2024 [1][2]. Financial Highlights - Petroleum and natural gas revenue for Q3 2025 was $127.0 million, down 14% from $148.0 million in Q3 2024 [3]. - Cash flow from operating activities decreased by 34% to $55.5 million compared to $83.6 million in the previous year [3]. - Adjusted funds flow was $47.3 million, a 28% decline from $65.7 million in Q3 2024, with a per share value of $0.29 [3][7]. - Earnings fell by 45% to $13.8 million from $25.1 million in Q3 2024 [3]. Production and Operating Metrics - Average daily production was 20,772 boe/d, a slight decrease of 2% from 21,128 boe/d in Q3 2024 [6][8]. - Net operating expenses per boe decreased by 1% to $24.05/boe compared to $24.40/boe in Q3 2024 [9]. - The company drilled four conventional oil wells during the quarter, focusing capital expenditures on the completion of the Reford SAGD project [8][14]. Capital Expenditures and Debt - Total capital expenditures for Q3 2025 were $26.7 million, down 21% from $33.9 million in Q3 2024 [6]. - The company drew $111 million, or 46%, from its $240 million credit facility, resulting in a net debt to adjusted funds flow ratio of 1.2x [10][36]. Project Updates - Cardinal invested approximately $14.4 million in the Reford thermal project, which has moved into the warm-up phase of initial operations [12][19]. - The project construction and initial commissioning were completed on budget and ahead of schedule, with expectations for higher production rates in Q4 2025 [17][21]. Environmental, Social, and Governance (ESG) Initiatives - The company sequestered approximately 52,000 tonnes of CO2 during Q3 2025, contributing to enhanced oil recovery operations [15]. - Cardinal's safety record and regulatory compliance remain among the top tier in the industry [16]. Outlook - The company anticipates that the Reford thermal asset will significantly improve production and adjusted funds flow in 2026, estimating an additional $100 million at a WTI price of US$65 [21]. - Cardinal plans to reinvest in its conventional business units in 2026 to address modest production declines experienced in 2025 [18].

As filed with the Securities and Exchange Commission on November 30, 2023. Registration Statement No. 333-275129 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GREENFIRE RESOURCES LTD. (Exact name of Registrant as Specified in its Charter) NIA (Translation of registrant's name into English) Canada 1311 Not Applicable (IRS Employer Identification Number) incorporation or organization) 1900 – 205 5th A ...