Greenfire Announces Deferral of Toronto Stock Exchange Review of Shareholder Rights Plan

Calgary, Alberta–(Newsfile Corp. – September 20, 2024) – Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (“Greenfire” or the “Company”), a Calgary-based energy company focused on the production and development of thermal energy resources in the Athabasca region of Alberta, Canada, announces that it has filed the Greenfire Shareholder Protection Rights Plan Agreement (the “Rights Plan”) with the Toronto Stock Exchange (the “TSX”) and has been advised by the TSX that the TSX will defer consideration of acceptance of the Rights Plan until such time as the TSX is satisfied that the applicable securities commission will not take action pursuant to National Policy 62-202 – Takeover bids – defensive tactics.

The Rights Plan was adopted in light of the announcement on September 16, 2024 that Waterous Energy Fund Management Corp., in its capacity as manager of certain limited partnerships (collectively, “WEF”), had entered into agreements with certain shareholders of Greenfire to acquire 43.3% of the issued and outstanding common shares of the Company. In accordance with the policies of the TSX, the TSX normally defers acceptance of shareholder rights plans adopted in response to a specific take-over bid.

The description of the Rights Plan in this press release is qualified in its entirety by the full text of the Rights Plan, which will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca or at www.sec.gov.

About Greenfire

Greenfire is a lower-cost, growth-oriented intermediate Athabasca oil sands producer with concentrated Tier 1 assets utilizing steam-assisted gravity drainage extraction methods. The Company is operationally focused with an emphasis on an entrepreneurial environment and high levels of employee ownership. Greenfire’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “GFR”. For more information, visit greenfireres.com or find Greenfire on LinkedIn and X.

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