Greenfire Resources (GFR) Noble Capital Markets Virtual Equity Conference summary

Strategic focus and asset overview

• Growth-oriented oil sands producer operating two SAGD facilities in Western Canada, with 75% interest in Expansion and 100% in Demo.

• Current production is about 20,000 bpd, targeting 70% growth to 34,000 bpd over two years using industry-standard optimization techniques.

• Facilities are underpinned by Tier-1 SAGD reservoirs, providing structural cost and operational advantages.

• Expansion Asset has a capacity of 35,000 bpd (75% owned), Demo Asset 7,500 bpd (100% owned).

• Both assets benefit from expandable pipeline infrastructure, supporting growth plans without major new investments.

Financial position and capital allocation

• Only debt is Senior Secured Notes due 2028, with $61M CAD repaid via excess cash flow sweep; Q2 cash at $69M CAD and $50M CAD undrawn credit.

• Material tax pools of $1.8B CAD, lower royalties, and no gross overriding royalties support higher free cash flow per barrel.

• 2024 capital investment of $80–90M CAD focused on redevelopment infill wells and surface facility optimizations.

• Break-even WTI price for 2024 is $57/bbl unhedged, $36/bbl with hedges; 11,500 bpd hedged at $71/bbl.

• Strategy prioritizes production growth, debt reduction, and eventual shift to shareholder returns as debt falls below $150M.

Operational strategy and production optimization

• Implements proven SAGD optimization: infill/redevelopment wells, surface facility upgrades, and NCG co-injection.

• Tier-1 reservoirs allow for natural flow production, avoiding costly downhole pumps and saving $23M CAD net annually.

• 183 million bbl of proven reserves, 28-year reserve life at current rates, NPV of $2B at auditor price deck.

• Demo Asset improvements include new disposal wells to address water handling constraints and support higher output.

• Extended reach refill wells and industry-standard techniques drive cost efficiency and higher recoveries.