Calgary, Alberta–(Newsfile Corp. – November 3, 2025) – Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (“Greenfire” or the “Company”), today announced its intention to undertake a rights offering of its common shares for gross proceeds of approximately C$300 million (the “Rights Offering”).

The Rights Offering is expected to be made to all holders of Greenfire’s common shares of record as of a record date to be determined.

In connection with the Rights Offering, the Company expects to enter into a standby purchase agreement with certain limited partnerships comprising Waterous Energy Fund, a current holder of approximately 55.9% of the Company’s outstanding common shares (collectively, “WEF Shareholders”), pursuant to which the WEF Shareholders would commit to fully exercise their basic

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