An anonymous director reports

GREENFIRE RESOURCES ANNOUNCES CLOSING OF RIGHTS OFFERING

Greenfire Resources Ltd. has successfully completed its previously announced $775-million (Canadian) 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 Sept. 15, 2026.

At the completion of the rights offering and pursuant to the exercise of rights, the company issued an aggregate of 114,985,163 common shares, representing the maximum allotment available to holders of common shares at the record date of Aug. 17, 2026. Each right entitled the holder thereof to acquire 0.9167 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 $6.74 (Canadian) or $4.81 (U.S.) per common share for aggregate gross proceeds of approximately $774-million (Canadian) (after conversion of U.S.-dollar subscriptions). One hundred fourteen million forty-one thousand three hundred seventeen common shares were issued under the basic subscription privilege and 943,846 common shares were issued 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 short form prospectus dated Aug. 7, 2026. 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 (WEF) agreed to acquire any common shares not subscribed for under the rights offering.

As of the date hereof, the company has 240,413,692 common shares issued and outstanding.

Upon completion of the rights offering, the company used the net proceeds thereof to fully repay the company's $575-million (Canadian) bridge facility and a portion of the other indebtedness incurred in connection with the company's recent acquisition of Connacher Oil and Gas Ltd. Greenfire has approximately $570-million (Canadian) drawn on its $1.0-billion (Canadian) reserves-based revolving credit facility, which reflects a leverage level of approximately 1.2 times debt/2027E adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) at $70 (U.S.) WTI (West Texas Intermediate).

Immediately prior to the completion of the rights offering, wef owned 90,317,640 common shares, representing approximately 72.0 per cent of the issued and outstanding common shares, and 2,654,179 common share purchase warrants (1) of Greenfire. Immediately after completion of the rights offering, WEF owns 173,111,818 common shares and 2,654,179 warrants, representing approximately 72.0 per cent of the issued and outstanding common shares on an undiluted basis.

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 office in Calgary, Alta. The company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. Greenfire common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol GFR.

(1) As a result of the completion of Greenfire's 2025 rights offering, the terms of the warrants were adjusted effective Dec. 17, 2025, pursuant to automatic adjustment provisions contained in the warrant agreements. Following such adjustments, the number of common shares issuable upon exercise of each warrant increased from 1.0000 to 1.1707 and the warrant price was adjusted from $11.50 (U.S.) to $9.82 (U.S.) per common share.