GFR

Calgary, Alberta--(Newsfile Corp. - September 16, 2026) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") is pleased to announce preliminary results of its C$775 million rights offering, which expired at 4:00 p.m. (Calgary time) on September 15, 2026 (the "expiration date"). Upon closing of the rights offering, the Company expects to issue 114,985,163 common shares, representing the maximum number of common shares available under the rights offering, without reliance on the standby commitment provided by certain limited partnerships comprising Waterous Energy Fund. Preliminary results indicate that the rights offering was oversubscribed, with 113,685,671 common shares subscribed for under the basic subscription privilege and 26,734,254 common shares subscribed for under the additional subscription privilege. Accordingly, 1,299,492 common shares, being the difference between the maximum number of common shares available under the rights offering and those subscribed for under the basic subscription, are expected to be allocated on a pro rata basis among holders who exercised their additional subscription privilege pursuant to the procedures set forth in the Company's short form prospectus dated August 7, 2026. Such results are preliminary in nature and are subject to change following the final count of subscription forms and closing procedures by the rights agent. The Company will provide a further update of the final results of the rights offering once confirmed. Greenfire expects that the rights offering will close today, September 16, 2026. The Company's rights agent expects to provide DRS statements evidencing new common shares acquired through the rights offering to registered holders as soon as practicable thereafter. If a holder did not validly exercise his or her subscription rights prior to the expiration date, such rights have expired and are void and have no value. The Company intends to use the proceeds from the rights offering to fully repay the Company's C$575 million bridge facility and a portion of the other indebtedness incurred in connection with the Company's recent acquisition of Connacher Oil and Gas Limited. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction. In the United States, the rights offering was made pursuant to a registration statement on Form F-10, filed with the US Securities and Exchange Commission on August 7, 2026. The securities offered have not been approved or disapproved by any securities regulatory authority. About Greenfire 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, Alberta. 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". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. Forward-Looking Information This news release contains certain "forward-looking statements" concerning anticipated future events, results, circumstances, performance or expectations with respect to the Company and its operations, including its strategy and financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "intends", "preliminary" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". The forward-looking statements contained in this news release include, but are not limited to: the preliminary results of the rights offering; the anticipated timing of closing of the rights offering; and the intended use of proceeds. Forward-looking statements are based on underlying assumptions and management's beliefs, estimates and opinions, and are subject to inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Some of the important risks and uncertainties that could affect forward-looking statements include, but are not limited to: operational, general economic, market and business conditions, regulatory developments and weather. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under the heading "Risk Factors" in the Company's Annual Information Form dated March 12, 2026 which is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The Company cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contact Information Greenfire Resources Ltd. 350 7th Avenue SWSuite 800Calgary, AB T2P 3N9 [email protected] greenfireres.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314559

Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the "Expansion Asset"), a 100% working interest in the Hangingstone Demonstration Facility (the "Demo Asset" and, together with the Expansion Asset, the "Hangingstone Facilities"), and a 100% working interest in the Great Divide oil sands project (the "Great Divide Asset") (following the closing of its acquisition of Connacher Oil and Gas Limited). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a "gross" basis as determined in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties and without including any royalty interests of the Company. Calgary, Alberta--(Newsfile Corp. - August 5, 2026) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its operating and financial results for the quarter ended June 30, 2026 ("Q2 2026"). The unaudited condensed interim consolidated financial statements and notes for the three and six months ended June 30, 2026 and 2025, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Greenfire's website at www.greenfireres.com. Q2 2026 Highlights Bitumen production of 13,607 bbls/d Adjusted funds flow(1) of $21.9 million Adjusted free cash flow deficit(1) of $34.7 million Financial & Operating Highlights Operational Update Q2 2026 Review Expansion Asset: Production in Q2 2026 averaged 7,818 bbls/d, an 11% decrease from the prior quarter, primarily due to the previously disclosed planned turnaround that was successfully and safely completed in May 2026. Demo Asset: Production in Q2 2026 was 5,789 bbls/d, representing a 3% decrease from the previous quarter, primarily due to base production declines. Hangingstone Facilities: Bitumen Production Results Capital expenditures in Q2 2026 totaled $56.7 million, with the majority allocated to the development of Pad 7. Closing of Acquisition of Connacher Oil and Gas Limited Greenfire has completed the previously announced acquisition of Connacher Oil and Gas Limited ("Connacher") (the "Acquisition"). The Acquisition was financed with: (i) a draw on a $1.0 billion reserves-based loan (the "Senior Credit Facility"); and (ii) a $575 million bridge facility (the "Bridge Facility"), which is expected to be repaid with proceeds from an anticipated rights offering of Greenfire common shares. Waterous Energy Fund, which currently holds approximately 72% of the Company's common shares, has committed to providing a standby commitment of at least $575 million for the rights offering. The final prospectus for the rights offering will include all materials terms related to the offering. Updated 2026 Plan Updated 2026 Outlook: In connection with closing of the Acquisition, Greenfire's Board of Directors has approved an increase in the 2026 capital budget from $210 million to $250 million. The Company's current production, inclusive of the Acquisition, is approximately 34,000 bbls/d. Greenfire expects full-year production in 2026 to average between 21,500 – 23,500 bbls/d. Expansion Asset: Pad 7 (14 Well Pairs): Pad 7 continues to progress on schedule, with drilling of all 14 well pairs successfully completed in Q2 2026. First steam injection is anticipated in Q3 2026, with first oil expected in Q4 2026. Pad 5SE (3 Well Pairs): Drilling commenced in Q3 2026 on Pad 5SE, which will consist of three new well pairs drilled from the existing Pad 5 surface location to optimize capital efficiency. First oil is anticipated in Q2 2027. Pad 8 (9 Well Pairs): Drilling is expected to commence in Q3 2026, with first oil targeted for Q3 2027. Demo Asset: Base production has been maintained through ongoing production optimization. Greenfire is currently evaluating 4D seismic data to identify additional potential future drilling locations. Great Divide Asset: In the near-term, Greenfire's priorities will be safe operations, sustainable production, integration of the workforces, and the implementation of Greenfire's action plan to achieve $30 million of annual cash flow synergies by year-end 2026. Capital spending for the remainder of 2026 will be focused on the development of infill wells at Pod One and Algar, as well as some minor facility debottlenecking projects. About Greenfire 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, Alberta. 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 top priority for Greenfire. Greenfire common shares are listed on the Toronto and New York Stock Exchange under the trading symbol "GFR". For more information, visit or find Greenfire on LinkedIn and X. Rights Offering Detail The Company filed a preliminary short form prospectus related to a rights offering of subscription receipts on July 27, 2026, and has also filed a corresponding registration statement on Form F-10 with the U.S. Securities and Exchange Commission (the "SEC"). As a result of Greenfire closing the Acquisition today, the Company intends to file an amended and restated preliminary short form prospectus, and a corresponding amendment to the registration statement on Form F-10, relating to a rights offering of common shares rather than subscription receipts. The Company will use the proceeds from the rights offering to repay the Bridge Facility. The subscription ratio, subscription price, record date, and other terms of the rights offering have not been determined and will be announced at a later time. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Greenfire has filed a registration statement on Form F-10 (including a preliminary short form prospectus) with the SEC relating to the rights offering. The registration statement has not yet become effective. The securities to which the registration statement relates may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Any offering of securities will be made only pursuant to applicable offering documents and in accordance with applicable securities laws. Copies of the preliminary short form prospectus, and, when filed, the amended and restated preliminary short form prospectus, may be obtained free of charge on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, or upon request from Greenfire Resources Ltd., 350 7th Avenue SW, Suite 800, Calgary, AB T2P 3N9, Attention: Investor Relations ([email protected]). Liquidity and Financial Position Non-GAAP and Other Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net surplus (debt), available funding, and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit (loss), capital expenditures, and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is comprised of gross profit (loss), plus loss on risk management contracts, less gain on risk management contracts and plus depletion expense on the Company's operating assets, and is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis, it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures, or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: Net Surplus (Debt) The table below reconciles long-term debt to net surplus (debt). Net surplus (debt) is a non-GAAP measure. Debt is a GAAP measure that is the most directly comparable financial statement measure to net surplus (debt). Net surplus (debt) is computed as the face value of Greenfire's debt adjusted for accounts payable and accrued liabilities, cash, accounts receivable, inventories, and prepaids expenses and deposits. Management uses net surplus (debt) to monitor and evaluate the Company's financial strength, and financing requirements. Available Funding Net working capital surplus (deficit) is the GAAP measure that is the most directly comparable measure to available funding. Available funding is calculated as working capital surplus (deficit), adjusted to exclude the current portion of risk management contracts, current portion of lease liabilities and other, current portion of decommissioning obligations, warrant liabilities, assets held for sale, liabilities associated with assets held for sale, and the current portion of debt, and including the undrawn capacity available under the Company's Senior Credit Facility. Management uses available funding to assess liquidity, financial flexibility and the Company's ability to fund capital expenditures, and other obligations as they come due. Supplementary Financial Measures Depletion The term "depletion" or "depletion expense" is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions, and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could", "plan" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: our updated 2026 guidance, including our 2026 production guidance of 21,500 – 23,500 bbls/d and current production of approximately 34,000 bbls/d and our increased 2026 capital budget and the allocation thereof; the anticipated benefits of the Acquisition and the integration of Connacher's business and operations with those of the Company; expectations regarding results of our drilling program and other operational activities in 2026, 2027 and beyond; first oil from, Pad 7 and Pad 5SE, and timing for drilling of, and first oil from other SAGD pads at the Expansion Asset; plans for additional drilling from existing pads at the Expansion Asset, including timing for drilling of, and first oil from, Pad 8; the expected impact of our 2026 growth capital program, including production increases and the timing thereof the anticipated completion, timing, size and terms of the rights offering of common shares, including the filing of an amended and restated prospectus in respect thereof; the intended use of proceeds of the rights offering to repay the Bridge Facility; Waterous Energy Fund's standby commitment in connection with the rights offering; and the contents of the Company's updated 2026 Outlook. Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding the Company's expected and targeted financial position and performance, and this information may not be appropriate for other purposes. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth and future well production rates; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; Greenfire's ability to obtain all applicable regulatory approvals in connection with the operation of its business; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflicts in the Middle East, and other heightened geopolitical risks, including the imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Acquisition and the Company's other acquisitions; incorrect assessment of the value of acquisitions, including the Acquisition; risks relating to the integration of Connacher's business and operations and the realization of anticipated synergies therefrom; the failure to complete the rights offering on the anticipated timing, size or terms, or at all, including as a result of market conditions or the failure to obtain any required regulatory or other approvals; the risk that Waterous Energy Fund does not fulfill its standby commitment in respect of the rights offering; dilution to existing shareholders resulting from the rights offering; the failure to repay the Bridge Facility within the anticipated timeframe or on the anticipated terms; increased leverage and debt service obligations resulting from amounts drawn under the Revolving Credit Facility and the Bridge Facility; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the "Risk Factors" section in Greenfire's Management's Discussion & Analysis for the period ended March 31, 2026 and Annual Information Form dated March 12, 2026, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at www.sec.gov. The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd.350 7th Avenue SWSuite 800Calgary, AB T2P 3N9 [email protected] To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308063

Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the "Expansion Asset") and a 100% working interest in the Hangingstone Demonstration Facility (the "Demo Asset" and, together with the Expansion Asset, the "Hangingstone Facilities"). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a "gross" basis as determined in accordance with National Instrument 51-101 – Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties and without including any royalty interests of the Company. Calgary, Alberta--(Newsfile Corp. - May 5, 2026) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its operating and financial results for the quarter ended March 31, 2026 ("Q1 2026"). The unaudited condensed interim consolidated financial statements and notes for the three months ended March 31, 2026 and 2025, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Greenfire's website at www.greenfireres.com. Q1 2026 Highlights Bitumen production of 14,719 bbls/d Adjusted funds flow(1) of $24.5 million Adjusted free cash flow deficit(1) of $25.1 million Financial & Operating Highlights (1) Non-GAAP measures without a standardized meaning under IFRS Accounting Standards. Refer to the "Non-GAAP and Other Financial Measures" section in this press release. Liquidity and Financial Position (1) Non-GAAP measures without a standardized meaning under IFRS Accounting Standards. Refer to the "Non-GAAP and Other Financial Measures" section in this press release. (2) As at March 31, 2026 the Company had a $275.0 million of borrowing base (December 31, 2025 - $275.0 million) under the Senior Credit Facility, of which $4.1 million was drawn at March 31, 2026 (December 31, 2025 - $nil). Operational Update Q1 2026 Review Expansion Asset: Production in Q1 2026 averaged 8,766 bbls/d, reflecting an 11% decrease from the previous quarter. The quarterly reduction is primarily attributable to late-life base production declines, particularly from the short-cycle redevelopment infill ("Refill") wells drilled in 2023 and 2024 as well as previously disclosed unplanned downtime associated with a highly productive well. The affected well has since been redrilled, placed on production in March 2026, and is performing as expected. Demo Asset: Production in Q1 2026 was 5,953 bbls/d, representing a 2% increase from the previous quarter, reflecting continued optimization of base well performance. Hangingstone Facilities: Bitumen Production Results Capital expenditures in Q1 2026 totaled $49.6 million, with the majority allocated to the development of Pad 7, in addition to a comparatively large oil sands exploration ("OSE") well program. This OSE program yielded encouraging results that support Greenfire's future development plans (discussed below). 2026 Drilling Operations and Development Plan: Expansion Asset: Pad 7 (14 Well Pairs): Pad 7 is progressing on-time and on-budget. Drilling is expected to be completed by late Q2 2026, first steam injection anticipated in Q3 2026, and first oil expected in Q4 2026. Pad 8 (9 Well Pairs): After Pad 7, Pad 8 represents Greenfire's next major phase of growth at the Expansion Asset. Following encouraging subsurface results from Greenfire's Q1 2026 OSE well program, Greenfire has updated its Pad 8 development plan to: add one well pair (increasing the total from eight well pairs to nine), and accelerate development by approximately 5 months, with drilling now expected to commence in the second half of 2026 and first oil from Pad 8 anticipated in Q3 2027. Pad 5SE (3 Well Pairs): Pad 5SE is expected to encompass three new well pairs drilled from an existing pad (Pad 5), which optimizes surface facility capital costs. Drilling is forecasted to commence in Q3 2026, with first oil expected in Q2 2027. Redrill Program (3 Redrills): The 2026 capital program for the Expansion Asset also includes three redrill producer wells with first oil expected in Q2 2026, Q3 2026, and Q1 2027 respectively. Planned May 2026 Turnaround: The Expansion Asset is scheduled for a major turnaround in May 2026, which will result in a full plant outage for a portion of the month. Demo Asset: In March 2026, Greenfire commenced production from two producer wells that were redrilled in Q4 2025. Combined with continued base production optimizations, these wells are expected to support current production rates at the Demo Asset. 2026 Outlook: As a result of accelerating the drilling of Pad 8 into 2026, Greenfire is increasing its 2026 capital budget to $210 million from the previously announced $180 million. Greenfire is maintaining its previously disclosed 2026 production guidance of 13,500 – 15,500 bbls/d. Corporate Update Borrowing Base Review: On May 4, 2026, Greenfire completed its semi-annual borrowing base review of the Senior Credit Facility. With unanimous lender consent, the borrowing base remained unchanged at $275.0 million and the maturity date was extended from November 30, 2027 to May 31, 2028. About Greenfire Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alberta. The Company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. As part of the Company's commitment to operational excellence, safe and reliable operations remain a top priority for Greenfire. Greenfire common shares are listed on the Toronto and New York Stock Exchange under the trading symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. Non-GAAP and Other Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net surplus (debt), available funding, and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit (loss), capital expenditures, and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is comprised of gross profit (loss), plus loss on risk management contracts, less gain on risk management contracts and plus depletion expense on the Company's operating assets, and is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis, it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures, or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: (1) Supplementary financial measure or ratio. Refer to the "Supplementary Financial Measures" section of this press release. Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: (1) Non-recurring transactions relate to costs associated with a terminated shareholder rights plan. Net Surplus (Debt) The table below reconciles long-term debt to net surplus (debt). (1) Represents the undiscounted principal repayments of the outstanding long-term debt. Net surplus (debt) is a non-GAAP measure. Debt is a GAAP measure that is the most directly comparable financial statement measure to net surplus (debt). Net surplus (debt) is computed as the face value of Greenfire's debt adjusted for accounts payable and accrued liabilities, cash, accounts receivable, inventories, and prepaids expenses and deposits. Management uses net surplus (debt) to monitor and evaluate the Company's financial strength, and financing requirements. Available Funding (1) As at March 31, 2026 the Company had $275.0 million (December 31, 2025 - $275.0 million) of available credit under the Senior Credit Facility, of which $4.1 million was drawn at March 31, 2026 (December 31, 2025 - $nil). Net working capital surplus (deficit) is the GAAP measure that is the most directly comparable measure to available funding. Available funding is calculated as working capital surplus (deficit), adjusted to exclude the current portion of risk management contracts, current portion of lease liabilities and other, current portion of decommissioning obligations, warrant liabilities, and the current portion of debt, and including the undrawn capacity available under the Company's Senior Credit Facility. Management uses available funding to assess liquidity, financial flexibility and the Company's ability to fund capital expenditures, and other obligations as they come due. Supplementary Financial Measures Depletion The term "depletion" or "depletion expense" is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions, and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: our updated 2026 guidance, including our 2026 production guidance and capital budget and the allocation thereof; expectations regarding results of our drilling program and other operational activities in 2026, 2027 and beyond; timing for drilling of, and first oil from, Pad 7 and Pad 5SE, and other SAGD pads at the Expansion Asset; plans for additional drilling from existing pads at the Expansion Asset, including timing for drilling of, and first oil from, Pad 8; plans for redevelopment opportunities for three well pairs at the Expansion Asset and expected timing for incremental production in respect of the same; timing and anticipated impact of a turnaround at the Expansion Asset; anticipated results from redrilled wells at the Demo Asset, including anticipated production rates; the expected impact of our 2026 growth capital program, including production increases and the timing thereof. Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding the Company's expected and targeted financial position and performance, and this information may not be appropriate for other purposes. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth and future well production rates; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; Greenfire's ability to obtain all applicable regulatory approvals in connection with the operation of its business; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflicts in the Middle East, and other heightened geopolitical risks, including the imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the "Risk Factors" section in Greenfire's Management's Discussion & Analysis for the period ended March 31, 2026 and Annual Information Form dated March 12, 2026, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at www.sec.gov. The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd. 350 7th Avenue SW Suite 800 Calgary, AB T2P 3N9 [email protected] greenfireres.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/296119

Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRSﾮ Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the "Expansion Asset") and a 100% working interest in the Hangingstone Demonstration Facility (the "Demo Asset" and, together with the Expansion Asset, the "Hangingstone Facilities"). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a "gross" basis as determined in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties and without including any royalty interests of the Company. Calgary, Alberta--(Newsfile Corp. - March 12, 2026) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its year end 2025 reserves and fourth quarter and full year 2025 financial and operational results. The audited condensed consolidated financial statements, including notes thereto, for the full year ended December 31, 2025 and 2024, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Greenfire's website at www.greenfireres.com. YE 2025 Reserves Highlights Proved ("1P") and Proved Plus Probable ("2P") reserves of 231.8 MMbbl, and 408.9 MMbbl, respectively, representing a 1% year-over year increase net of production in each category from 2024 39-year 1P reserves life index(1) and 69-year 2P reserves life index(1) 1P and 2P after-tax PV-10 of $1.60 billion and $1.99 billion, corresponding to net asset values of $13.12 per share(2) and $16.29 per share(2), respectively, after adjusting for the Company's net surplus FY 2025 Highlights Bitumen production of 16,169 bbls/d Adjusted funds flow(3) of $143.5 million Adjusted free cash flow(3) of $31.7 million Q4 2025 Highlights Bitumen production of 15,699 bbls/d Adjusted funds flow(3) of $40.2 million Adjusted free cash flow deficit(3) of $16.6 million (1) Reserves life index is calculated by dividing the reserves volume in the respective category by 2025 average production. (2) Net asset value per share represents the after-tax PV10 of the respective reserve category plus the Company's net surplus at year-end 2025, divided by shares outstanding at year-end 2025. (3) Non-GAAP measures without a standardized meaning under IFRSﾮ Accounting Standards as issued by the International Accounting Standards Board ("IFRS"). Refer to the "Non-GAAP and Other Financial Measures" section of this press release. Financial & Operating Highlights Liquidity and Financial Position Full-year 2025 and Q4 2025 Review Greenfire's 2025 annual production averaged 16,169 bbls/d, slightly exceeding the Company's outlook of 15,000-16,000 bbls/d. Capital expenditures for 2025 totaled $111.8 million, below the outlook of $130 million, partly due to the deferral of approximately $9 million in spending for the Pad 7 program at the Expansion Asset into early 2026, which remains on schedule. Greenfire's average production for Q4 2025 was 15,699 bbls/d, similar to the 15,757 bbls/d reported in Q3 2025. Expansion Asset: Production in Q4 2025 was 9,870 bbls/d, reflecting a 5% decrease from the previous quarter. The production decrease was driven by base production declines. Demo Asset: Production in Q4 2025 was 5,829 bbls/d, representing a 9% increase from the previous quarter. This increase was the result of the continued optimization of base well performance. Hangingstone Facilities: Bitumen Production Results Operational Update and 2026 Outlook Production and Steam Generation Updates: Greenfire's average production for January and February 2026 was approximately 15,440 bbls/d and 14,330 bbls/d, respectively. While production from the Demo Asset has exceeded expectations year-to-date due to continued optimization of base well performance, production from the Expansion Asset is currently below the Company's projections, principally due to unplanned downtime associated with a highly productive well. This well has since been redrilled and is scheduled to be back online in March 2026. Regarding the previously disclosed refurbishment of the second steam generator at the Expansion Asset, this project was successfully completed at year-end 2025. Regulatory Engagement and Installation of Sulphur Removal Facilities: In Q4 2025, Greenfire completed the installation and commissioning of sulphur removal facilities at the Expansion Asset. These facilities are now fully operational, and the Company has restored compliance with regulatory limits for sulphur dioxide emissions. 2026 Outlook: In light of the unplanned well downtime at the Expansion Asset during the first quarter of 2026, in conjunction with slightly steeper-than-anticipated base production decline rates, Greenfire is lowering its 2026 production guidance to a range of 13,500-15,500 bbls/d (previously 15,500-16,500 bbls/d). As previously publicized, the Expansion Asset has been historically undercapitalized with no new well-pairs drilled at the asset since 2017, resulting in the existing base production well-pairs approaching higher recovery factors. Encouragingly, Greenfire has budgeted for 25 new well-pairs across three new SAGD pads (discussed below) to be spud over the following 12 months, and the recent late-life base production challenges at the Expansion Asset bear no impact on the estimated production performance of our growth capital program. Drilling Operations: Expansion Asset: Greenfire commenced drilling operations at its inaugural SAGD well pad, Pad 7, in Q4 2025. Pad 7 comprises 14 well pairs and is located northeast of the Expansion Asset's Central Processing Facility, adjacent to existing production. First oil from Pad 7 is anticipated in Q4 2026. In addition to Pad 7, in 2026 the Company plans to drill new wells from existing SAGD pads at the Expansion Asset. This includes one redrill on Pad 6, with first oil expected in late 2026, and three new well pairs from Pad 5, with first oil anticipated in 2027. Furthermore, following encouraging results from Greenfire's oil sands exploration well program to date (i.e., stratigraphic wells), Greenfire's next major SAGD pad, Pad 8, is expected to comprise 8 well pairs with drilling commencing in Q1 2027. Demo Asset: In Q4 2025, Greenfire redrilled two wells that were shut-in prior to 2018, with incremental production expected later in the first half of 2026. Beyond this redevelopment program, Greenfire's primary focus at the Demo Asset remains on base production optimization to sustain current production rates. Corporate Updates Management Changes: Jonathan Kanderka, the Company's former Chief Operating Officer, has departed Greenfire following the elimination of the Chief Operating Officer role. The Company thanks Mr. Kanderka for his contributions to Greenfire and wishes him well in his future endeavors. Greenfire is pleased to announce the appointment of Derek Meisner as Vice President, Operations. Mr. Meisner brings 20 years of SAGD experience to Greenfire, including 18 years at ConocoPhillips Canada, where he held various technical and leadership roles with their Surmont SAGD and Montney Assets. He holds a First Class Power Engineering Technology diploma from the Southern Alberta Institute of Technology and is certified by the Alberta Boilers Safety Association. Rights Offering and 2028 Notes Redemption Completed: Greenfire completed its previously disclosed refinancing initiatives on December 19, 2025, which included the issuance of approximately 55.1 million common shares under a rights offering (the "Rights Offering") for gross proceeds of $298.7 million. Certain limited partnerships comprising Waterous Energy Fund ("WEF") provided a standby commitment to backstop the Rights Offering by agreeing to acquire any common shares not subscribed for under the Rights Offering. The standby commitment was not utilized as the Rights Offering was oversubscribed. WEF did not receive any compensation in connection with the standby commitment. Followng completion of the Rights Offering and using net proceeds of the Rights Offering and cash on hand, the Company redeemed all of its outstanding 12.00% senior secured notes due 2028 on December 19, 2025. Greenfire is currently debt-free and maintains an undrawn $275 million senior revolving credit facility. 2025 Reserves Information The tables below summarize Greenfire's 2025 year-end reserves, which were prepared by McDaniel & Associates Consultants Ltd. ("McDaniel"). The estimated net present value of future net revenue is based on the average forecast price and costs of Sproule Associates Limited ("Sproule"), McDaniel and GLJ Ltd. ("GLJ"), as of January 1, 2026. A complete filing of the Company's oil and gas reserves and other oil and gas information presented in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") is included in Greenfire's Annual Information Form for the year ended December 31, 2025, which will be filed on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar/ and on Greenfire's website at www.greenfireres.com. Summary of Oil and Gas Reserves (Forecast Prices and Costs) As of December 31, 2025 Summary of Net Present Value of Future Net Revenue (Forecast Prices and Costs) As of December 31, 2025 Forecast Prices and Costs As of December 31, 2025 Crude Oil About Greenfire 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, Alberta. 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 top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. OIL AND GAS METRICS This press release contains certain oil and gas metrics, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate Greenfire's performance; however, such measures are not reliable indicators of the future performance and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Greenfire's reserve life index is calculated using Greenfire's total gross reserves (either on a 1P or 2P basis) and dividing them by management's current anticipated 2025 production. The reserve life index is used by management to assess the longevity of the reserves. Net asset value (or NAV) after adjusting for net surplus is calculated using the estimated after-tax net present value of the respective reserves category, discounted at 10%, plus the Company's net surplus at year-end 2025, divided by shares outstanding at year-end 2025. Non-GAAP and Supplementary Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net surplus (debt), available funding, and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit, capital expenditures, and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is comprised of gross profit (loss), plus loss on risk management contracts, less gain on risk management contracts and plus depletion expense on the Company's operating assets, and is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis, it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures, or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: Net Surplus (Debt) The table below reconciles long-term debt to net surplus (debt). Net surplus (debt) is a non-GAAP measure. Long-term debt is a GAAP measure that is the most directly comparable financial statement measure to net surplus (debt). Net surplus (debt) is computed as the face value of Greenfire's long-term debt adjusted for accounts payable and accrued liabilities, cash and cash equivalents, accounts receivable, inventories, and prepaids expenses and deposits. Management uses net surplus (debt) to monitor and evaluate the Company's financial strength, and financing requirements. Available Funding Net working capital surplus (deficit) is the GAAP measure that is the most directly comparable measure to available funding. Available funding is calculated as working capital surplus (deficit), adjusted to exclude the current portion of risk management contracts, lease liabilities and other, current portion of decommissioning obligations, warrant liabilities, and the current portion of long-term debt, and including the undrawn capacity available under the Company's Senior Credit Facility. Management uses available funding to assess liquidity, financial flexibility and the Company's ability to fund capital expenditures, and other obligations as they come due. Supplementary Financial Measures Depletion The term "depletion" or "depletion expense" is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions, and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: our 2026 Guidance, including our 2026 production guidance and capital budget and the allocation thereof; expectations regarding results of our drilling program and other operational activities in 2026 and beyond; the expected restoration of production at the Expansion Asset; anticipated production for 2026; the expected impact of our sulphur removal facilities at the Expansion Asset ; timing for drilling of, and first oil from, Pad 7, in 2026, and other SAGD pads at the Expansion Asset; plans for additional drilling from existing pads at the Expansion Asset in 2026, including timing for drilling of, and first oil from, a redrill on Pad 6 and three new well pairs from Pad 5; anticipated results from the Company's oil sands exploration well program and other operational activities in 2026 and beyond; timing for drilling at Pad 8; plans for redevelopment opportunities for two existing shut-in well pairs at the Demo Asset and expected timing for incremental production in respect of the same in the first half of 2026; the expected impact of our 2026 growth capital program, including production increases and the timing thereof. Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding the Company's expected and targeted financial position and performance, and this information may not be appropriate for other purposes. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserves volumes; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; Greenfire's ability to obtain all applicable regulatory approvals in connection with the operation of its business; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflicts in the Middle East, and other heightened geopolitical risks, including imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the "Risk Factors" section in Greenfire's Management's Discussion & Analysis for the period ended December 31, 2025 and Annual Information Form dated March 12, 2026, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at www.sec.gov. The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd. 350 7th Avenue SW Suite 800 Calgary, AB T2P 3N9 [email protected] greenfireres.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/288373

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 commitment provided by certain limited partnerships comprising Waterous Energy Fund. Preliminary results indicate that the rights offering was oversubscribed, with 53,567,940 common shares subscribed for under the basic subscription privilege and 23,794,471 shares subscribed for under the additional subscription privilege. Accordingly, 1,579,118 common shares, being the difference between the maximum number of common shares available under the rights offering and those subscribed for under the basic subscription, are expected to be allocated on a pro rata basis among holders who exercised their additional subscription privilege pursuant to the procedures set forth in the Company's rights offering circular dated November 5, 2025. Such results are preliminary in nature and are subject to change following the final count of subscription forms and closing procedures by the rights agent. The Company will provide a further update of the final results of the rights offering once confirmed. Greenfire expects that the rights offering will close today, December 17, 2025. The Company's rights agent expects to provide DRS statements evidencing new common shares acquired through the rights offering to registered holders as soon as practicable thereafter. If a holder did not validly exercise his or her subscription rights prior to the expiration date, such rights have expired and are void and have no value. The Company intends to use the proceeds less offering expenses, together with cash on hand, to fund the redemption of the Company's outstanding US$237.5 million aggregate principal amount of 12.00% senior secured notes due 2028. This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of such jurisdiction. In the United States, the rights offering was made pursuant to a registration statement on Form F-10, filed with the US Securities and Exchange Commission on November 5, 2025. The securities offered have not been approved or disapproved by any securities regulatory authority. About Greenfire 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, Alberta. 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 top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. Forward-Looking Information This news release contains certain "forward-looking statements" concerning anticipated future events, results, circumstances, performance or expectations with respect to the Company and its operations, including its strategy and financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "intends", "preliminary" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could". The forward-looking statements contained in this news release include, but are not limited to: the preliminary results of the rights offering; and the anticipated timing of closing of the rights offering. Forward-looking statements are based on underlying assumptions and management's beliefs, estimates and opinions, and are subject to inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Some of the important risks and uncertainties that could affect forward-looking statements include, but are not limited to: operational, general economic, market and business conditions, regulatory developments and weather. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control. Such risks and uncertainties include, but are not limited to, the factors discussed under the heading "Risk Factors" in the Company's Annual Information Form dated March 17, 2025 which is available under the Company's issuer profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. The Company cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Contact Information Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary, AB T2P 2V7 [email protected] greenfireres.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/278317

Greenfire Resources (NYSE:GFR) posted a dramatic turnaround in profitability, with net profit margins rising to 19.1% from just 5.1% a year ago and EPS surging 252.7% over the past year, a striking reversal from the company’s previous five-year average decline of 20.2% annually. The shares currently trade at $4.47, putting the stock well below both the US Oil and Gas industry’s price-to-earnings average of 12.8x and its estimated fair value of $186.11, with a P/E of 3.3x. While the company is now generating high-quality earnings and value indicators look attractive, investors remain cautious given the lack of clear evidence that earnings growth can be sustained going forward. See our full analysis for Greenfire Resources. The next step is to see how these headline results stack up against the community narratives and market expectations. Some beliefs may be confirmed, but others could be up for debate. Curious how numbers become stories that shape markets? Explore Community Narratives Greenfire Resources’ net profit margin surged to 19.1%, marking a significant improvement compared to the company’s five-year average earnings decrease of 20.2% per year. This underscores a sharp swing in operational efficiency at a rate far exceeding its historical trajectory. Recent performance strongly supports the case that Greenfire could be benefiting from streamlined operations and high-quality earnings, in contrast with the company’s previous pattern of annual declines. This dramatic margin rebound is notable given earlier years’ struggles, supporting the narrative of operational turnaround in the short term. While some see this profitability jump as evidence of new execution capability, there is no explicit support in the filing suggesting the momentum is driven by sustained revenue growth or long-term factors. Greenfire’s price-to-earnings ratio of 3.3x is well below both the US Oil and Gas industry average of 12.8x and its direct peers at 19.2x. Its share price at $4.47 is well under the DCF fair value of $186.11, indicating a steep valuation gap not typically seen among high-margin peers. What is surprising is how the prevailing market view contrasts with the strong current margin. Despite recent profitability and a positive earnings trajectory, the persistently low valuation suggests investors need more convincing evidence of forward growth before re-rating the stock. Viewed in the context of the improved net profit margin, this valuation discount challenges the assumption that market re-rating always follows margin expansion. If there is no change in forward expectations, even with positive fundamentals, skepticism around sustainability may continue to overshadow performance. While earnings grew 252.7% in the past year, the company’s longer-term record remains negative. Average annual earnings declined by 20.2% over the last five years, suggesting the recent surge is only a short-term departure from historical underperformance. Critics stress that the prevailing market sentiment is informed by this disconnect: short-term growth has yet to convince investors or analysts to set aside caution, as consistency and durability are still unproven. Sustained improvement over multiple years would be needed to show that the current profit spike is more than a one-time event. Without evidence of explicit multi-year growth drivers, the most recent results continue to prompt debate about the staying power of this turnaround. Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Greenfire Resources's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. Despite a dramatic near-term profit rebound, Greenfire Resources lacks a consistent record of earnings growth, which creates doubt about its long-term trajectory. If you want confidence in steady results, use our stable growth stocks screener (2077 results) to discover companies that consistently deliver reliable revenue and earnings, cycle after cycle. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include GFR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Release Date: November 04, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Greenfire Resources Ltd (NYSE:GFR) announced a transformational recapitalization plan, aiming to fully repay all outstanding senior secured notes. The company has secured commitments for an upsized $275 million revolving credit facility with Canadian banks, expected to be underdrawn, leaving Greenfire debt-free. Greenfire expects to hit the top end of its 2025 production guidance range, achieving 15,000 to 16,000 barrels per day. The company successfully restored a failed boiler ahead of schedule and plans to refurbish another for precautionary purposes. Greenfire is on track to install sulfur removal facilities by November 2025, aiming to restore full compliance with emission standards. Greenfire Resources Ltd (NYSE:GFR) acknowledges having too much leverage due to the current oil price outlook and significant growth capital needs. The company anticipates materially outspending cash flow over the next 2 to 3 years, increasing its debt balance further. Production levels are expected to remain relatively flat in 2026 despite resuming full steam capacity, due to delayed growth capital projects and a planned major turnaround. First oil from new wells is not expected until late Q4 2026, delaying potential production increases. Greenfire faces operational challenges, including a boiler outage and sulfur emissions exceedances, which require ongoing management and regulatory engagement. Warning! GuruFocus has detected 6 Warning Sign with GFR. Is GFR fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an overview of Greenfire's recapitalization plan? A: Colineric, President, explained that Greenfire intends to fully repay all outstanding senior secured notes through a combination of cash on hand and a $300 million equity rights offering, fully backstopped by Wattress Energy Fund. Additionally, they have secured commitments for a $275 million revolving credit facility with Canadian banks, which will be underdrawn, leaving Greenfire debt-free by the plan's closure. Q: What are the current operational challenges Greenfire is facing in 2025? A: Colineric noted two primary challenges: a boiler outage and sulfur emissions exceedances. The failed boiler has been restored ahead of schedule, and a second boiler is being refurbished. Sulfur removal facilities are being installed to address emissions, expected to be operational by November 2025. Q: What is the production outlook for 2025 and 2026? A: Colineric stated that Greenfire expects to reach the top end of their 2025 production guidance of 15,000 to 16,000 barrels per day. For 2026, production is anticipated to be relatively flat due to growth capital projects not reaching first oil until late Q4 2026 and a planned major turnaround in May 2026. Q: What are the key components of Greenfire's 2026 business plan? A: The 2026 capital budget is set at $180 million, with expected bitumen production between 15,500 to 16,500 barrels per day. Key projects include drilling operations at SAGDULAAD 7 and redevelopment opportunities at the demo asset, with first oil from new wells expected in late 2026 and 2027. Q: How is Greenfire addressing its sulfur emissions exceedances? A: Colineric mentioned that Greenfire is engaging with the Alberta Energy Regulator and has started installing sulfur removal facilities at the expansion asset, expected to be operational by November 2025, to restore compliance with emission standards. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the "Expansion Asset") and a 100% working interest in the Hangingstone Demonstration Facility (the "Demo Asset" and, together with the Expansion Asset, the "Hangingstone Facilities"). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a "gross" basis as determined in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties. Calgary, Alberta--(Newsfile Corp. - November 3, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its operating and financial results for the quarter ended September 30, 2025 ("Q3 2025"). The unaudited condensed interim consolidated financial statements and notes for the three and nine months ended September 30, 2025 and 2024, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Greenfire's website at www.greenfireres.com. Q3 2025 Highlights Bitumen production of 15,757 bbls/d Adjusted funds flow(1) of $38.1 million Capital expenditures(2) of $17.9 million Adjusted free cash flow(1) of $20.2 million Financial & Operating Highlights (1) Non-GAAP measures without a standardized meaning under IFRS. Refer to the "Non-GAAP and Other Financial Measures" section in this press release. (2) Supplementary financial measure. Refer to the "Non-GAAP and Other Financial Measures" section of this press release. (3) The Company had $50.0 million available under the Senior Credit Facility, with no amounts drawn as at September 30, 2025, September 30, 2024, or June 30, 2025. Q3 2025 Review Greenfire's average production for Q3 2025 was 15,757 bbls/d, similar to the 15,748 bbls/d reported in Q2 2025, and below the 19,125 bbls/d reported in Q3 2024. Expansion Asset: Production in Q3 2025 was 10,404 bbls/d, reflecting a 3% increase from the previous quarter. The production increase was driven by the optimization of base well performance despite downtime associated with the previously disclosed failure of one of the four steam generators at the Expansion Asset. Demo Asset: Production in Q3 2025 was 5,353 bbls/d, representing a 5% decrease from the previous quarter. This reduction was the result of the planned turnaround at the Demo Asset in September 2025. Hangingstone Facilities: Bitumen Production Results Capital expenditures for Q3 2025 totaled $17.9 million, compared to $21.2 million in the same period of the prior year. Adjusted free cash flow was $20.2 million for Q3 2025, as compared to $22.9 million in Q3 2024. Operational Update Production and Steam Generation Updates: Greenfire's October 2025 consolidated production was approximately 15,500 bbls/d. The Company has successfully restored the previously disclosed failed steam generator at the Expansion Asset ahead of schedule and has elected to proactively refurbish a second unit, with full steam capacity expected by year-end 2025. With one of four steam generators currently offline, production will remain impacted by approximately 1,500 bbls/d at the Expansion Asset until year-end 2025. Regulatory Engagement and Installation of Sulphur Removal Facilities: The Company continues to engage with the Alberta Energy Regulator (the "AER") regarding previously disclosed sulphur dioxide emissions that exceed regulatory limits at the Expansion Asset. Greenfire has commenced the installation of sulphur removal facilities at the Expansion Asset, with commissioning anticipated in November 2025, which the Company expects will restore compliance with emissions standards. Drilling Operations: Expansion Asset: Greenfire anticipates commencing drilling operations at its inaugural SAGD well pad, Pad 7, in November 2025. Pad 7 comprises 13 well pairs and is located northeast of the Expansion Asset's Central Processing Facility, adjacent to existing production. First oil from Pad 7 is anticipated in the fourth quarter of 2026. In addition to Pad 7, the Company plans to drill new wells from existing SAGD pads at the Expansion Asset in 2026, including three infill wells from Pad 6 and three well pairs from Pad 5. First oil from these wells is not expected until 2027. Lastly, in 2026 Greenfire also expects to incur some long-lead capital spending related to surface facilities for Greenfire's next major SAGD pad, Pad 8, which is currently not expected to commence drilling until the first half of 2027. Demo Asset: In the fourth quarter of 2025, Greenfire intends to pursue redevelopment opportunities at two existing shut-in well pairs, originally drilled at the Demo Asset in 2010, with incremental production expected in the first half of 2026. Beyond this redevelopment program, Greenfire's primary focus at the Demo Asset remains base production optimizations to sustain current production rates. Outlook 2025 Production and Capital Guidance: Following strong base well performance at the Hangingstone Facilities, Greenfire anticipates that production will be on the high end of its 2025 production guidance range of 15,000-16,000 bbls/d. In addition, Greenfire anticipates meeting its 2025 capital guidance of $130 million. 2026 Production and Capital Guidance: Greenfire's board of directors has approved a 2026 capital budget of $180 million, with anticipated annual production of 15,500 to 16,500 bbls/d. The capital budget is comprised of $65 million of sustaining capital and $115 million of growth capital, which can be further categorized on a project level basis as follows: Sustaining Capital (~$65mm) Base capital and capitalized G&A Expansion Asset: Pad 5 well-pairs Demo Asset: redevelopment wells Growth Capital (~$115mm) Expansion Asset: Pad 7 well-pairs, Pad 6 infills, Pad 8 well-pairs and Oil Sands Exploration ("OSE") wells (i.e., stratigraphic wells) Greenfire expects its 2026 growth capital program to add production at a capital efficiency of approximately $15,000 bbls/d, with planned production increases anticipated to commence in the fourth quarter of 2026. Refinancing Initiatives The Company is pleased to announce the following refinancing initiatives (the "Refinancing Initiatives"). Greenfire has secured an upsized $275 million revolving credit facility with a syndicate of Canadian banks (the "Senior Credit Facility"), which will be subject to periodic borrowing base reviews. Closing of the Senior Credit Facility is contingent on, among other things, the Company redeeming the outstanding US$237.5 million aggregate principal amount of senior secured notes due 2028 (the "2028 Notes"). To fund the redemption of the 2028 Notes, the Company intends to undertake a $300 million rights offering as separately announced today. At closing of the Refinancing Initiatives, the Senior Credit Facility is anticipated to be undrawn, and Greenfire is expected to be debt-free. Advisors ATB Capital Markets and National Bank Capital Markets are acting as financial advisors to Greenfire on the Refinancing Initiatives. Blake, Cassels & Graydon LLP and Scale LLP are acting as legal advisors to Greenfire on the Refinancing Initiatives. Conference Call Details Greenfire plans to host a conference call on Tuesday, November 4, 2025 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time), during which members of the Company's executive team will discuss its Q3 2025 results as well as host a question-and-answer session with research analysts. Date: Tuesday, November 4, 2025 Time: 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) Webcast Link: https://www.gowebcasting.com/14366 Dial In: 1-888-672-2415 or 1-647-360-0172 Participant instructions: Please ask the operator to join either Conference ID #1989145 or the Greenfire Resources Ltd. call. About Greenfire 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, Alberta. 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 top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. Non-GAAP and Other Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net debt and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit, capital expenditures, and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis, it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures, or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: (1) Supplementary financial measure. Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: (1) Non-recurring transactions relate to a terminated shareholder rights plan and the evaluation of strategic alternatives. Net Debt The table below reconciles long-term debt to net debt. Net debt is a non-GAAP measure. Long-term debt is a GAAP measure that is the most directly comparable financial statement measure to net debt. Net debt is comprised of long-term debt, adjusted for current assets and current liabilities on the Company's balance sheet, and excludes the current portions of risk management contracts and warranty liability. Management uses net debt to monitor the Company's current financial position and to evaluate existing sources of liquidity. Net debt is used to estimate future liquidity and whether additional sources of capital are required to fund planned operations. Supplementary Financial Measures Depletion The term "depletion" or "depletion expense" is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions, and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: our 2026 Guidance, including our 2026 capital budget and the allocation thereof; the expected timing for the restoration of full steam capacity at the Expansion Asset; anticipated production for 2025; the timing of commissioning for our sulphur removal facilities at the Expansion Asset and the expected impact thereof; timing for drilling of, and first oil from, Pad 7; plans for drilling two new well at the Expansion Asset in 2026, and timing for first oil in respect of the same; our expectation that we will incur long-lead capital spending related to surface facilities at Pad 8; timing for drilling at Pad 8; plans for redevelopment opportunities for two existing shut-in well pairs at the Demo Asset and expected timing for incremental production in respect of the same; the expected impact of our 2026 growth capital program, including production increases and the timing thereof; our proposed Refinancing Initiatives; our plan to redeem our 2028 Notes; the expected implementation of the Senior Credit Facility and the terms thereof; our expectation that the Senior Credit Facility will be undrawn and Greenfire will be debt-free at the closing of the Refinancing Initiatives. Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding the Company's expected and targeted financial position and performance, and this information may not be appropriate for other purposes. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of our Refinancing Initiatives, including the implementation of the Senior Credit Facility; our ability to redeem the 2028 Notes; the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserves volumes; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; Greenfire's ability to obtain all applicable regulatory approvals in connection with the operation of its business; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the "Risk Factors" section in Greenfire's Management's Discussion & Analysis for the interim period ended September 30, 2025 and Annual Information Form dated March 17, 2025, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at www.sec.gov. The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary, AB T2P 2V7 [email protected] greenfireres.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273078

Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release. All amounts in this press release are stated in Canadian dollars unless otherwise specified. The Company holds a 75% working interest in the Hangingstone Expansion Facility (the "Expansion Asset") and a 100% working interest in the Hangingstone Demonstration Facility (the "Demo Asset" and, together with the Expansion Asset, the "Hangingstone Facilities"). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a "gross" basis as determined in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties. Calgary, Alberta--(Newsfile Corp. - August 6, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its operating and financial results thereto for the quarter ended June 30, 2025 ("Q2 2025"). The unaudited condensed interim consolidated financial statements and notes for the three and six months ended June 30, 2025 and 2024, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar and on Greenfire's website at www.greenfireres.com. Q2 2025 Highlights Bitumen production of 15,748 bbls/d Cash provided by operating activities of $17.7 million and Adjusted funds flow(1) of $33.8 million Capital expenditures(2) of $10.8 million Adjusted free cash flow(1) of $23.0 million Financial & Operating Highlights (1) Non-GAAP measures without a standardized meaning under IFRS. Refer to the "Non-GAAP and Other Financial Measures" section in this press release. (2) Supplementary financial measure. Refer to the "Non-GAAP and Other Financial Measures" section of this press release. (3) The Company had $50.0 million available under the Senior Credit Facility, with no amounts drawn as at June 30, 2025, June 30, 2024, or March 31, 2025. Q2 2025 Review Greenfire's average production for Q2 2025 was 15,748 bbls/d, representing a 10% decrease from Q1 2025 and below 18,993 bbls/d reported in Q2 2024. Expansion Asset: Production in Q2 2025 was 10,105 bbls/d, reflecting a 20% decrease from the previous quarter. This reduction was primarily attributed to downtime associated with the previously disclosed failure of one of the four steam generators at the Expansion Asset. Demo Asset: Production in Q2 2025 was 5,643 bbls/d, representing a 16% increase from the previous quarter. This growth was driven by the optimization of base well performance. Hangingstone Facilities: Bitumen Production Results Capital expenditures for Q2 2025 totaled $10.8 million, compared to $23.0 million in the same period of the prior year. Adjusted free cash flow was $23.0 million for Q2 2025, compared to $24.2 million in Q2 2024. Operational Update Production and Steam Generation Updates Greenfire's July 2025 corporate production was approximately 16,000 bbls/d. The Company's production continues to be affected by the previously disclosed failure of one of the four steam generators at the Expansion Asset, resulting in an estimated production impact of 1,500 to 2,250 bbls/d. Full steam capacity is expected to be restored by year-end 2025. Regulatory Engagement and Installation of Sulphur Removal Facilities Greenfire continues to engage with the Alberta Energy Regulator (the "AER") regarding previously disclosed sulphur dioxide emissions that exceed regulatory limits at the Expansion Asset. To support a timely return to compliance, Greenfire has ordered sulphur removal facilities, which are scheduled for installation and commissioning in Q4 2025. Management expects these facilities will restore emissions compliance at a total estimated cost of $11.3 million (previously $15.0 million). Progress Update on Future Development Plans During the second quarter of 2025, Greenfire refined its proposed development plan and operational strategies at the Hangingstone Facilities. The proposed development plan includes a new SAGD well pad ("Pad 7"), consisting of 13 well-pairs, located northeast of the Expansion Asset's Central Processing Facility (the "Expansion CPF") and directly adjacent to existing production (see Exhibit 1). Greenfire has secured a drilling rig, with drilling operations expected to begin in Q4 2025 and first oil production anticipated in Q4 2026. Exhibit 1: Expansion Asset - Pad 7 Development Plan - Pad 7 surface facility (orange), drainage boxes and horizonal well locations (purple) Exhibit 1 To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/8345/261602_99f7644b443f9978_001full.jpg Greenfire continues to evaluate further development opportunities at the Hangingstone Facilities, including drilling additional well pairs southeast of the Expansion CPF and optimization opportunities at the Demo Asset to sustain current production rates. 2025 Outlook Greenfire's board of directors has approved a 2025 capital budget of $130 million, with an anticipated 2025 annual production range of 15,000 to 16,000 bbls/d. The budget is evenly allocated between sustaining and growth initiatives. Sustaining initiatives include the restoration of the steam generator and the installation of sulphur removal facilities at the Expansion Asset. Growth initiatives are focused on the development of Pad 7, with drilling operations scheduled to commence in the fourth quarter of 2025. Hedges Greenfire has WTI hedges in place for 9,450 bbls/d at approximately $100.90 per barrel through 2025. For the WCS Hardisty differential, the Company has secured hedges for 12,600 bbl/d for Q3 2025 at US$10.90/bbl and 12,600 bbl/d for Q4 2025 at US$13.50/bbl. The Company will continue to assess market conditions to identify potential additional hedging opportunities. Conference Call Details Greenfire plans to host a conference call on Thursday, August 7, 2025 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time), during which members of the Company's executive team will discuss its Q2 2025 results as well as host a question-and-answer session with research analysts. Date: Thursday, August 7, 2025 Time: 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) Webcast Link: https://www.gowebcasting.com/14109 Dial In: 1-833-752-3499 or 1-647-846-7280 Participant instructions: Please ask the operator to join the Greenfire Resources Ltd. call. About Greenfire 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, Alberta. 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 top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol "GFR". For more information, visit greenfireres.com or find Greenfire on LinkedIn and X. Non-GAAP and Other Financial Measures Certain financial measures in this press release are non-GAAP financial measures or ratios. These measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other companies. These non-GAAP measures should not be considered in isolation or as an alternative for measures of performance prepared in accordance with IFRS Accounting Standards. This press release also contains supplementary financial measures. Non-GAAP financial measures and ratios include operating netback, adjusted funds flow, adjusted free cash flow, net debt and per barrel figures associated with such non-GAAP financial measures. Supplementary financial measures and ratios include gross profit, capital expenditures, and depletion. Non-GAAP Financial Measures Operating Netback (including per barrel ($/bbl)) Gross profit (loss) is the most directly comparable GAAP measure to operating netback which is a non-GAAP measure. Operating netback is further adjusted for realized gain (loss) on risk management contracts, as appropriate. Operating netback per barrel ($/bbl) is calculated by dividing operating netback by the Company's total bitumen sales volume in a specified period. When Operating netback is expressed on a per barrel basis, it is a non-GAAP ratio. Operating netback is a financial measure widely used in the oil and gas industry as a supplementary measure of a company's efficiency and ability to generate cash flow for debt repayments, capital expenditures, or other uses. The following table is a reconciliation of gross profit (loss) to operating netback: (1) Supplementary financial measure. Adjusted Funds Flow and Adjusted Free Cash Flow Cash provided by operating activities is the most directly comparable GAAP measure for adjusted funds flow, which is a non-GAAP measure. This measure is not intended to represent cash provided by operating activities calculated in accordance with IFRS Accounting Standards. The adjusted funds flow measure allows management and others to evaluate the Company's ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. We compute adjusted funds flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs and transactions considered non-recurring in nature or outside of normal business operations. Cash provided by operating activities is the most directly comparable GAAP measure for adjusted free cash flow, which is a non-GAAP measure. Management uses adjusted free cash flow as an indicator of the efficiency and liquidity of its business, measuring its funds after capital investment that are available to manage debt levels and return capital to shareholders. By removing the impact of current period property, plant and equipment expenditures from adjusted free cash flow, management monitors its adjusted free cash flow to inform its capital allocation decisions. We compute adjusted free cash flow as cash provided by operating activities, excluding the impact of changes in non-cash working capital, less transaction costs, transactions considered non-recurring in nature or outside of normal business operations, property, plant and equipment expenditures and acquisition costs. The following table is a reconciliation of cash provided by operating activities to adjusted funds flow and adjusted free cashflow: (1) Non-recurring transactions relate to a terminated shareholder rights plan and the evaluation of strategic alternatives. Net Debt The table below reconciles long-term debt to net debt. Net debt is a non-GAAP measure. Long-term debt is a GAAP measure that is the most directly comparable financial statement measure to net debt. Net debt is comprised of long-term debt, adjusted for current assets and current liabilities on the Company's balance sheet, and excludes the current portions of risk management contracts and warranty liability. Management uses net debt to monitor the Company's current financial position and to evaluate existing sources of liquidity. Net debt is used to estimate future liquidity and whether additional sources of capital are required to fund planned operations. Supplementary Financial Measures Depletion The term "depletion" or "depletion expense" is the portion of depletion and depreciation expense reflecting the cost of development and extraction of the Company's bitumen reserves. Gross Profit (Loss) Gross profit (loss) is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses gross profit (loss) to assess its core operating performance before considering other expenses such as general and administrative costs, financing costs, and income taxes. Gross profit (loss) is calculated as oil sales, net of royalties, plus gains on risk management contracts, less losses on risk management contracts, diluent expense, operating expense, depletion expense on the Company's operating assets, transportation expenses and marketing expenses. Management believes that gross profit (loss) provides investors, analysts, and other stakeholders with useful insight into the Company's ability to generate profitability from its core operations before non-operating expenses. Capital Expenditures Capital expenditures is a supplementary financial measure prepared on a consistent basis with IFRS Accounting Standards. Greenfire uses capital expenditures to monitor the cash flows it invests into property, plant and equipment. Capital expenditures is derived from the statement of cash flows and includes property, plant and equipment expenditures and acquisitions. Management believes that capital expenditures provides investors, analysts and other stakeholders with a useful insight into the Company's investments into property, plant and equipment. Forward-Looking Information This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws. The forward-looking information in this press release is based on Greenfire's current internal expectations, estimates, projections, assumptions, and beliefs. Such forward-looking information is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable as of the time of such information, but no assurance can be given that these factors, expectations and assumptions will prove to be correct, and such forward-looking information included in this press release should not be unduly relied upon. The use of any of the words "expect", "target", "anticipate", "intend", "estimate", "objective", "ongoing", "may", "will", "project", "believe", "depends", "could" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the generality of the foregoing, this press release contains forward-looking information pertaining to the following: the expected timing for the restoration of full steam capacity at the Expansion Asset; Greenfire's discussions with the AER regarding previously disclosed sulphur dioxide emissions exceedance, including the expected timing of installation and commissioning of a sulphur recovery unit and that this initiative will effectively restore compliance with sulphur dioxide emissions requirements at the Expansion Asset; Greenfire's plans including development and construction around the Expansion CPF and the anticipated timing and costs thereof; the 2025 Outlook, including the Company's capital budget and the anticipated allocation thereof, and the Company's production guidance; development plans for a new SAGD pad; development plans, capital expenditures and operational strategies for the Expansion Asset and the Demo Asset; that the Company will continue to assess market conditions to identify potential additional hedging opportunities; and statements relating to the business and future activities of the Company after the date of this press release. Management approved the capital budget and production guidance contained herein as of the date of this press release. The purpose of the capital budget and production guidance is to assist readers in understanding the Company's expected and targeted financial position and performance, and this information may not be appropriate for other purposes. Forward-looking information in this press release relating to oil and gas exploration, development and production, and management's general expectations relating to the oil and gas industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of the industry which management believes to be reasonable. Although generally indicative of relative market positions, market shares and performance characteristics, this data is inherently imprecise. Management is not aware of any misstatements regarding any industry data presented in press release. All forward-looking information reflects Greenfire's beliefs and assumptions based on information available at the time the applicable forward-looking information is disclosed and in light of the Company's current expectations with respect to such matters as: the success of Greenfire's operations and growth and expansion projects; expectations regarding production growth, future well production rates and reserves volumes; expectations regarding Greenfire's capital program; the outlook for general economic trends, industry trends, prevailing and future commodity prices, foreign exchange rates and interest rates; prevailing and future royalty regimes and tax laws; expectations regarding differentials and realized prices; future well production rates and reserves volumes; fluctuations in energy prices based on worldwide demand and geopolitical events; the impact of inflation; the integrity and reliability of Greenfire's assets; decommissioning obligations; Greenfire's ability to comply with its financial covenants; Greenfire's ability to comply with applicable regulations, including those related to various emissions; Greenfire's ability to obtain all applicable regulatory approvals in connection with the operation of its business; and the governmental, regulatory and legal environment. Management believes that its assumptions and expectations reflected in the forward-looking information contained herein are reasonable based on the information available on the date such information is provided and the process used to prepare the information. However, Greenfire cannot assure readers that these expectations will prove to be correct. The forward-looking information included in this press release is not a guarantee of future performance and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward- looking information, including, without limitation: changes in oil and gas prices and differentials; changes in the demand for or supply of Greenfire's products; the continued impact, or further deterioration, in global economic and market conditions, including from inflation and/or certain geopolitical conflicts, such as the ongoing war in Eastern Europe and the conflict in the Middle East, and other heightened geopolitical risks, including imposition of tariffs or other trade barriers, and the ability of the Company to carry on operations as contemplated in light of the foregoing; determinations by OPEC and other countries as to production levels; unanticipated operating results or production declines; changes in tax or environmental laws, climate change regulations, royalty rates or other regulatory matters; changes in Greenfire's operating and development plans; reliability of Company owned and third party facilities, infrastructure and pipelines required for Greenfire's operations and production; competition for, among other things, capital, acquisitions of reserves and resources, undeveloped lands, access to services, third party processing capacity and skilled personnel; inability to retain drilling rigs and other services; severe weather conditions, including wildfires, impacting Greenfire's operations and third party infrastructure; availability of diluent, natural gas and power to operate Greenfire's facilities; failure to realize the anticipated benefits of the Company's acquisitions; incorrect assessment of the value of acquisitions; delays resulting from or inability to obtain required regulatory approvals; increased debt levels or debt service requirements; inflation; changes in foreign exchange rates; inaccurate estimation of Greenfire's bitumen reserves volumes; limited, unfavourable or a lack of access to capital markets or other sources of capital; increased costs; failure to comply with applicable regulations, including relating to the Company's air emissions, and potentially significant penalties and orders associated therewith and associated significant effect on the Company's business, operations, production, reserves estimates and financial condition; a lack of adequate insurance coverage; and other factors discussed under the "Risk Factors" section in Greenfire's Management's Discussion & Analysis for the interim period ended June 30, 2025 and Annual Information Form dated March 17, 2025, and from time to time in Greenfire's public disclosure documents, which are available on the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's annual report on Form 40-F filed with the SEC, which is available on the Company's EDGAR profile at www.sec.gov. The foregoing risks should not be construed as exhaustive. The forward-looking information contained in this press release speaks only as of the date of this press release and Greenfire does not assume any obligation to publicly update or revise such forward-looking information to reflect new events or circumstances, except as may be required pursuant to applicable laws. Any forward-looking information contained herein is expressly qualified by this cautionary statement. Contact Information Greenfire Resources Ltd. 205 5th Avenue SW Suite 1900 Calgary, AB T2P 2V7 [email protected] greenfireres.com To view the source version of this press release, please visit https://www.newsfilecorp.com/release/261602