OT Consolidation in the oilsands Calgary, Alberta--(Newsfile Corp. - September 19, 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 from the Athabasca region of Alberta, Canada acknowledges the announcement on September 16, 2024 by Waterous Energy Fund Management Corp. ("WEF Manager") in its capacity as manager of certain limited partnerships (collectively, "WEF"), that it has entered into agreements with certain Greenfire shareholders (the "Selling Shareholders") to acquire 43.3% of the issued and outstanding common shares (the "Common Shares") of the Company (the "Proposed Acquisition"). The Selling Shareholders include, among others, Allard Services Limited, a corporation controlled by Julian McIntyre, a director of Greenfire, and Annapurna Limited, a corporation controlled by Venkat Siva, a director of Greenfire. As referenced in the announcement by WEF, the Proposed Acquisition is intended to be an exempt take-over bid pursuant to the private agreement exemption (the "Exemption") as set out in section 4.2 of National Instrument 62-104 - Takeover Bids and Issuer Bids ("NI 62-104").
The Board of Directors of Greenfire (the "Board") is currently reviewing the details of the Proposed Acquisition and