Greenfire Resources (GFR) Registration Filing summary

Company overview and business model

• Intermediate oil sands producer focused on responsible energy development in Alberta, Canada, utilizing steam-assisted gravity drainage (SAGD) for bitumen extraction from two principal properties considered tier-one SAGD reservoirs.

• Principal assets are the Demo Asset and Expansion Asset, both free of top gas, bottom water, or lean zones, reducing operational costs and complexity.

• Completed a business combination with MBSC and other parties on September 20, 2023, resulting in a new corporate structure.

Financial performance and metrics

• As of September 19, 2024, 69,468,064 common shares were outstanding, with additional shares potentially issuable upon warrant exercises.

• Last reported sales prices on September 19, 2024: $7.64 (NYSE) and CAD $10.35 (TSX).

Use of proceeds and capital allocation

• No proceeds will be received from the resale of shares by selling securityholders; proceeds, if any, from warrant exercises (up to $64.6 million) would support the capital program.

• Warrant exercise is unlikely unless the share price exceeds $11.50; current trading price is below this threshold.