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Readers are advised to review the "Non-GAAP and Other Financial Measures" section of this press release for information regarding the presentation of financial measures that do not have standardized meaning under IFRS ® Accounting Standards. Readers are also advised to review the "Forward-Looking Information" section in this press release for information regarding certain forward-looking information and forward-looking statements contained in this press release.

Calgary, Alberta--(Newsfile Corp. - December 19, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") is pleased to announce the successful completion of its previously announced refinancing initiatives (the "Refinancing Initiatives").

Calgary, Alberta--(Newsfile Corp. - December 17, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company") today announced preliminary results of its C$300 million rights offering, which expired at 4:00 p.m.

CALGARY, Alberta--(BUSINESS WIRE)--Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships comprised of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, "WEF"), announced today that it has purchased 1,926,055 common shares (the "Purchased Shares") of Greenfir.

CALGARY, Alberta--(BUSINESS WIRE)--Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships comprised of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, "WEF"), announced today that it has purchased an aggregate of 8,703,479 common shares (the "Purchased Shar.

Greenfire Resources (GFR:CA) trades at a discount due to limited investor relations initiatives but its assets are attractive. Q3 results were robust, with strong cash flow and production, though hedging and FX losses led to a small net loss for the quarter. GFR plans a C$300M rights offering to refinance expensive debt, but the expected 70-80% dilution raises concerns despite potential interest savings.

Greenfire Resources Ltd. ( GFR ) Q3 2025 Earnings Call November 4, 2025 9:00 AM EST Company Participants Robert Loebach Colin Germaniuk - President Presentation Operator Good morning, ladies and gentlemen.