An anonymous director reports

GREENFIRE RESOURCES ANNOUNCES CLOSING OF RIGHTS OFFERING AND REFINANCING INITIATIVES

Greenfire Resources Ltd. has completed its previously announced refinancing initiatives. The refinancing initiatives included a $300.0-million offering of rights to all eligible Greenfire shareholders to purchase additional common shares of the company, which expired at 4 p.m. Calgary time on Dec. 16, 2025.

At the completion of the rights offering and pursuant to the exercise of rights, the company issued an aggregate of 55,147,055 common shares, representing the maximum allotment available to holders of common shares at the record date of Nov. 17, 2025 (adjusted for rounding for fractional shares). Each right entitled the holder thereof to acquire 0.7849 of a common share, with no fractional common shares issued. Common shares acquired pursuant to the exercise of rights were issued at a price of $5.44 (Canadian) or $3.85 (U.S.) per common share for aggregate gross proceeds of approximately $298.5-million (Canadian) (after conversion of U.S.-dollar subscriptions). It issued 53,573,107 common shares under the basic subscription privilege and 1,573,948 common shares under the additional subscription privilege. As a result of the oversubscription, common shares subscribed for pursuant to the additional subscription privilege were subject to proration in accordance with the terms of the rights offering, as set forth in the company's rights offering circular dated Nov. 5, 2025. As the rights offering was fully subscribed, the company did not utilize the previously announced standby commitment whereby certain limited partnerships comprising Waterous Energy Fund agreed to acquire any common shares not subscribed for under the rights offering. As of the date hereof, the company has 125,404,146 common shares issued and outstanding.

Upon completion of the rights offering, the company used the net proceeds thereof, together with cash on hand, to redeem its outstanding $237.5-million (U.S.) aggregate principal amount of 12 per cent senior secured notes due 2028.

Finally, the company closed on its upsized $275.0-million revolving credit facility with a syndicate of Canadian banks. As of the date hereof, the senior credit facility is undrawn, and Greenfire is debt-free.

About Greenfire Resources Ltd.

Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alta. The company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. As part of the company's commitment to operational excellence, safe and reliable operations remain a priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol GFR.