Calgary, Alberta--(Newsfile Corp. - December 19, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") is pleased to announce the successful completion of its previously announced refinancing initiatives (the "Refinancing Initiatives"). The Refinancing Initiatives included a C$300.0 million offering of rights (the "Rights") to all eligible Greenfire shareholders to purchase additional common shares of the Company (the "Common Shares") which expired at 4:00 p.m. (Calgary tim ...

Calgary, Alberta--(Newsfile Corp. - December 17, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") today announced preliminary results of its C$300 million rights offering, which expired at 4:00 p.m. (Calgary time) on December 16, 2025 (the "expiration date"). Upon closing of the rights offering, the Company expects to issue 55,147,058 common shares, representing the maximum number of common shares available under the rights offering, without reliance on the standby com ...

Core Insights - Athabasca Oil Corporation has announced its 2026 budget focusing on capital projects that drive profitable growth and a commitment to return 100% of Free Cash Flow to shareholders [1] Corporate Strategy – Differentiated Value Creation - The Thermal Oil division aims to scale production to over 60,000 barrels per day (bbl/d) by 2030, with a resource base of 1.2 billion barrels of proved plus probable reserves [2] - The operating break-even for Thermal Oil assets is approximately US$40 per barrel (bbl) WTI, with growth initiatives funded within cash flow at around US$48 per bbl WTI [2] Duvernay Value Proposition - Duvernay Energy Corporation (DEC) is expected to achieve production of over 15,000 barrels of oil equivalent per day (boe/d) by 2030, supported by a 20-year drilling inventory [3] - Shareholder value is anticipated to increase as the asset reaches a material scale [3] Financial Resilience - Athabasca maintains a strong balance sheet with a consolidated net cash position of $93 million, including approximately $335 million in cash [4] - The company has $2.1 billion in tax pools, which will shelter cash taxes beyond 2030 [4] Exceptional Shareholder Returns - In 2026, Athabasca plans to allocate 100% of Free Cash Flow from its Thermal Oil division to share buybacks, having returned approximately $1.1 billion to shareholders since 2021 [5] - The company forecasts an additional $1.1 billion in Free Cash Flow over the next five years while funding growth initiatives [5] Focus on Per Share Metrics - The company anticipates a compounded annual cash flow per share growth of over 20% through 2030 and beyond [6] 2026 Corporate Consolidated Budget and Outlook - Athabasca plans capital expenditures of approximately $310 million, with average production expected to be between 37,000 and 39,000 boe/d [7] - Growth is projected to accelerate in the second half of 2026, with an exit rate of around 43,000 boe/d [7] Cash Flow Outlook - The company forecasts consolidated Adjusted Funds Flow between $425 million and $450 million in 2026, with significant year-over-year growth expected [8] - Each $1 per barrel increase in WTI impacts annual Adjusted Funds Flow by approximately $10 million [8] Balance Sheet Management - Athabasca is committed to maintaining a best-in-class balance sheet with a targeted Net Debt to Adjusted Funds Flow ratio of less than 0.5x over the long term [9] Athabasca (Thermal Oil) – 2026 Budget Highlights - The Thermal Oil budget is set at $273 million, with production guidance of 32,000 to 34,000 bbl/d [11] - The Leismer capital program is budgeted at $240 million, aiming for production growth to 40,000 bbl/d by the end of 2027 [12] Duvernay Energy Corporation – 2026 Budget Highlights - The DEC budget is approximately $38 million, with production guidance of 4,500 to 5,000 boe/d, representing around 35% annual growth [15] - Recent well results show strong initial production rates, exceeding management expectations [16] Enhanced Market Access - Athabasca has secured 57,000 bbl/d of long-term capacity to markets outside of Edmonton, including significant exposure to the US Gulf Coast [18] - The company anticipates sufficient egress capacity to support its growth initiatives [19] Executive Addition - The appointment of Mr. Paul Vander Valk as Vice President, Projects & Well Delivery is aimed at bolstering the executive team to support ongoing growth initiatives [20]

Core Viewpoint - Greenfire Resources Ltd. (NYSE:GFR) experienced a significant share price increase of 12.66% from November 7 to November 14, 2025, making it one of the top-performing energy stocks during that week [1]. Company Overview - Greenfire Resources Ltd. is an oil sands producer focused on developing long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada [2]. Investment Activity - The share price surge was influenced by Waterous Energy Fund Management Corp. (WEF) investing over C$57 million in Greenfire by acquiring 8,703,479 common shares, raising WEF's total stake to approximately 68.3% of the issued and outstanding common shares on an undiluted basis [3]. Financial Developments - On November 4, Greenfire announced a C$300 million equity rights offering aimed at fully repaying all outstanding senior secured notes. Despite the recent gains, the share price has declined by nearly 18% since the start of 2025 [4].

Core Viewpoint - Greenfire Resources Ltd. plans to conduct a rights offering of its common shares to raise approximately C$300 million, aimed at funding the redemption of outstanding senior secured notes due 2028 [1][4]. Group 1: Rights Offering Details - The rights offering will be available to all holders of Greenfire's common shares as of a record date to be determined [1]. - A standby purchase agreement is expected with Waterous Energy Fund, which holds approximately 55.9% of the company's shares, committing to fully exercise their subscription privilege and purchase any unsubscribed shares, up to C$300 million [2]. - The subscription price for the rights offering is anticipated to reflect a discount of no more than 15% as required by TSX rules [3]. Group 2: Use of Proceeds - Net proceeds from the rights offering, along with cash on hand, will be used to redeem US$237.5 million of outstanding senior secured notes due 2028 at a redemption price of 106% plus accrued interest [4]. Group 3: Regulatory and Procedural Aspects - The rights offering will be conducted in Canada and the U.S., with necessary filings to be made with Canadian securities regulators and the U.S. Securities and Exchange Commission [5]. - The offering is subject to the execution of definitive documentation, necessary approvals, and market conditions, with the company retaining the option to modify or not proceed with the offering [5]. Group 4: Company Overview - Greenfire is an oil sands producer focused on developing long-life and low-decline thermal oil assets in Alberta, Canada, with a commitment to operational excellence and safe operations [8].

Core Insights - Athabasca Oil Corporation reported strong third-quarter results, showcasing consistent operational performance, robust financial metrics, and commitment to returning capital to shareholders [1][6][9] Operational Highlights - Average production reached 39,599 boe/d, a 2% increase year-over-year, with 98% of production being liquids [6][9] - The company achieved an Adjusted Funds Flow of $129 million ($0.26 per share) and Free Cash Flow of $56 million from its Thermal Oil segment [6][9] - The capital program totaled $96 million, with $61 million allocated to the Leismer project aimed at increasing production to 40,000 bbl/d [6][9] Financial Performance - Total petroleum and natural gas sales for Q3 2025 were $333.4 million, compared to $376.8 million in Q3 2024 [9] - Operating Income for the quarter was $151.8 million, with an Operating Netback of $42.50/boe [9][21] - The company has a Net Cash position of $93 million and liquidity of $466 million, including $335 million in cash [6][9] Shareholder Returns - Athabasca has repurchased 34 million shares for a total of $192 million year-to-date, with a commitment to return 100% of Free Cash Flow to shareholders in 2025 [6][9] - The company has completed approximately $675 million in share buybacks since March 31, 2023 [6][9] Strategic Initiatives - The Leismer project is on track to reach 40,000 bbl/d capacity by the end of 2027, with approximately 50% of the $300 million project capital expected to be complete by year-end 2025 [6][15][16] - The Corner asset has regulatory approval for 40,000 bbl/d and is expected to be self-funded while maintaining a strong balance sheet [10][19] - Duvernay Energy Corporation is positioned for strong operational momentum, targeting an exit production rate of 5,500 - 6,000 boe/d [6][22] Market Outlook - The company anticipates production at the upper end of its guidance of 37,500 – 39,500 boe/d for the year [6][9] - Athabasca expects to generate approximately $1.8 billion in Free Cash Flow from its Thermal Oil division over the next five years [10][19] - The Canadian heavy oil market remains strong, supported by the Trans Mountain Expansion pipeline and sustained global refining demand [10][19]

Core Viewpoint - Greenfire Resources Ltd. (NYSE:GFR) experienced a significant decline in share price due to a rating downgrade by BMO Capital, raising concerns about the company's financial sustainability in a low-price environment [1][3]. Company Overview - Greenfire Resources Ltd. is an oil sands producer focused on developing long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada [2]. Financial Analysis - The stock was downgraded from 'Outperform' to 'Market Perform' with a price target of C$8, as the analyst anticipates that the company will materially outspend its cash flow next year, leading to increased leverage [3]. - The share price fell by 6.02% from September 18 to September 25, 2025, indicating a poor performance relative to other energy stocks [1].

Core Insights - Athabasca Oil Corporation reported strong operational performance and consistent financial results in Q2 2025, with a focus on returning capital to shareholders [1][2][10] Financial Performance - Average production reached 39,088 boe/d, a 4% increase year-over-year, with 98% of production being liquids [7] - Adjusted Funds Flow was $128 million ($0.25 per share), while Cash Flow from Operating Activities totaled $101 million [7][20] - Free Cash Flow amounted to $66 million, supporting the company's commitment to return 100% of Free Cash Flow to shareholders in 2025 [7][20] Capital Expenditures and Growth Projects - Total capital expenditures for the quarter were $73 million, with $54 million allocated to the Leismer project to support a phased growth initiative targeting 40,000 bbl/d [7][20] - The Leismer expansion project is on schedule and budget, with an estimated cost of $300 million and expected interim growth targets of 32,000 bbl/d by H2 2026 [14][8] Shareholder Returns - The company has repurchased 24 million shares year-to-date, with approximately $600 million in share buybacks since March 31, 2023, reducing the fully diluted share count by 21% [7][20] - Athabasca aims to return all Free Cash Flow from its Thermal Oil assets to shareholders through share buybacks [7][20] Operational Highlights - Leismer's production is currently around 28,000 bbl/d, with additional well pairs expected to maintain production rates [7][13] - The Hangingstone asset produced approximately 8,900 bbl/d, exceeding management's expectations [15] - Duvernay Energy Corporation completed a four-well pad and is positioned for strong operational momentum with an exit target of ~6,000 boe/d [16][17] Financial Position - The company maintains a Net Cash position of $119 million and total liquidity of $437 million, including $304 million in cash [7][20] - Athabasca has $2.2 billion in tax pools, allowing for a low Crown royalty framework and no forecasted cash taxes for the decade [11][20] Market Outlook - Canadian heavy oil markets remain strong, supported by the Trans Mountain Expansion pipeline and sustained global refining demand, leading to tighter WCS heavy differentials [11] - The company forecasts consolidated Adjusted Funds Flow between $525 - $550 million for 2025, with significant Free Cash Flow expected to support return of capital initiatives [7][20]