Greenfire to buy Connacher for C$1.29 billion

• Greenfire Resources agreed to acquire Connacher Oil and Gas for an estimated C$1.277 billion cash consideration.
• The deal would increase Greenfire’s expected 2026 production to about 34,000 barrels per day.
• Greenfire said the acquisition adds oil sands reserves and creates identified annual synergies of about C$30 million.

Greenfire Resources (NYSE:GFR) agreed to acquire private thermal oil sands producer Connacher Oil and Gas for an estimated C$1.277 billion in cash, net of expected closing adjustments, expanding its production base and reserves position.

The transaction combines Greenfire’s existing Hangingstone area operations with Connacher’s Great Divide project, with the combined business expected to produce about 34,000 barrels per day in 2026 compared with Greenfire’s standalone production levels.

Connacher’s Great Divide project is expected to produce approximately 19,500 barrels per day in 2026 with a steam-oil ratio of about 3.0x, while holding approximately 441 million barrels of 2P reserves with a 62-year reserves life index.

Greenfire expects the transaction to create about C$30 million in annual midstream, marketing, operating cost and general administrative synergies by the end of 2026.

The combined company is expected to hold approximately 850 million barrels of 2P reserves with a 68-year reserves life index and Greenfire said it plans to grow production capacity toward approximately 65,000 barrels per day.

Greenfire plans to finance the acquisition through an approximately C$700 million draw from an expanded C$1 billion reserves-based loan and a C$575 million bridge facility, with closing targeted for August 2026.