Announcement • Jul 15
Greenfire Resources Ltd. has filed a Follow-on Equity Offering in the amount of CAD 575 million. Greenfire Resources Ltd. has filed a Follow-on Equity Offering in the amount of CAD 575 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: Rights Offering Recent Insider Transactions • Jul 15
Independent Lead Director recently bought US$121k worth of stock On the 14th of July, Thomas Ebbern bought around 20k shares on-market at roughly US$6.05 per share. This transaction increased Thomas' direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$1.4m more in shares than they have sold in the last 12 months. Announcement • Jul 14
Greenfire Resources Ltd. (NYSE:GFR) entered into a definitive agreement to acquire Connacher Oil and Gas Limited for CAD 1.29 billion. Greenfire Resources Ltd. (NYSE:GFR) entered into a definitive agreement to acquire Connacher Oil and Gas Limited for CAD 1.29 billion on July 13, 2026. The purchase price payable by Greenfire under the acquisition agreement in respect of the Acquisition, which will be filed on SEDAR+, is CAD 1.29 billion, subject to customary closing adjustments. Based on information provided by Connacher, Greenfire expects closing adjustments of approximately CAD 13 million, equating to an approximate CAD 1.277 billion cash purchase price. The acquisition is expected to be financed with a mix of debt and equity, comprised of: (i) an approximately CAD 700 million draw on an underwritten CAD 1.0 billion reserves-based loan (upsized from CAD 275 million currently), and (ii) a CAD 575 million underwritten bridge facility (“Bridge Facility”), which, post-closing of the Acquisition, will be repaid with proceeds from an anticipated rights offering of Greenfire common shares. Waterous Energy Fund has committed to provide a standby commitment of at least CAD 575 million for the rights offering.
Subject to customary closing conditions and receipt of customary required approvals, the transaction is expected to close in August 2026.
National Bank of Canada Financial Markets and BMO Capital Markets acted as financial advisor for Greenfire Resources Ltd. Blake, Cassels & Graydon LLP and Scale LLP acted as legal advisor for Greenfire Resources Ltd. Tudor, Pickering, Holt & Co. Securities Canada, ULC acted as financial advisor and Norton Rose Fulbright Canada LLP acted as legal advisor for Connacher Oil and Gas Limited. 
