Greenfire Resources Announces Terms of Upsized Rights Offering

Calgary, Alberta--(Newsfile Corp. - August 7, 2026) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") today filed a final short form prospectus (the "Final Prospectus") and a corresponding U.S. registration statement on Form F-10 (the "Registration Statement") in connection with its previously announced rights offering (the "Rights Offering"). The Company will use the proceeds from the Rights Offering to repay the C$575 million bridge facility and a portion of the other indebtedness incurred in connection with the Company's acquisition of Connacher Oil and Gas Limited (the "Acquisition"). Full details of the Rights Offering are set out in the Final Prospectus and the Registration Statement, which are available under the Company's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov, respectively.

Under the terms of the Rights Offering, the Company expects to raise gross proceeds of approximately C$775 million (upsized from the previously announced minimum rights offering size of C$575 million). At closing of the Rights Offering, the Company expects to be leveraged at approximately 1.2x Debt / 2027E Adjusted EBITDA at US$70 WTI and expects to have approximately C$425 million of liquidity under its new C$1.0 billion capacity reserves-based loan.