Mergers & Acquisitions ·
Greenfire Resources Ltd. completed the acquisition of all issued and outstanding Class A common shares of Connacher…
GFR-RIGreenfire Resources Ltd.
Greenfire Resources Ltd. completed the acquisition of all issued and outstanding Class A common shares of Connacher Oil and Gas Limited on August 5, 2026, for $1.297 billion in cash consideration inclusive of closing adjustments. The transaction was funded through a new $575 million non-extendible equity bridge credit facility and amendments to existing revolving credit facilities totaling $1 billion. Greenfire also commenced a rights offering expected to generate approximately $775 million in gross proceeds, with the first $575 million designated for repaying the bridge facility. Connacher is an in situ oil sands developer producing from the Great Divide project, which includes Pod One and Algar assets adjacent to Greenfire’s Hangingstone Facilities. Post-acquisition, combined production stands at approximately 34,000 barrels per day, with full-year 2026 guidance between 21,500 and 23,500 Bbl/d. The company increased its 2026 capital budget from $210 million to $250 million. Greenfire Resources Ltd. operates in the energy sector, specifically as an oil sands developer and producer of bitumen.