An anonymous director reports

GREENFIRE RESOURCES ANNOUNCES PRELIMINARY RESULTS FOR RIGHTS OFFERING

Greenfire Resources Ltd. has released preliminary results of its $775-million rights offering, which expired at 4 p.m. Calgary time on Sept. 15, 2026.

Upon closing of the rights offering, the company expects to issue 114,985,163 common shares, representing the maximum number of common shares available under the rights offering, without reliance on the standby commitment provided by certain limited partnerships comprising Waterous Energy Fund. Preliminary results indicate that the rights offering was oversubscribed, with 113,685,671 common shares subscribed for under the basic subscription privilege and 26,734,254 common shares subscribed for under the additional subscription privilege. Accordingly, 1,299,492 common shares, being the difference between the maximum number of common shares available under the rights offering and those subscribed for under the basic subscription, are expected to be allocated on a pro rata basis among holders who exercised their additional subscription privilege pursuant to the procedures set forth in the company's short form prospectus dated Aug. 7, 2026.

Such results are preliminary in nature and are subject to change following the final count of subscription forms and closing procedures by the rights agent. The company will provide a further update of the final results of the rights offering once confirmed.

Greenfire expects that the rights offering will close today, Sept. 16, 2026. The company's rights agent expects to provide DRS statements evidencing new common shares acquired through the rights offering to registered holders as soon as practicable thereafter. If a holder did not validly exercise his or her subscription rights prior to the expiration date, such rights have expired, are void and have no value.

The company intends to use the proceeds from the rights offering to fully repay the company's $575-million bridge facility and a portion of the other indebtedness incurred in connection with the company's recent acquisition of Connacher Oil and Gas Ltd.

In the United States, the rights offering was made pursuant to a registration statement on Form F-10, filed with the U.S. Securities and Exchange Commission on Aug. 7, 2026. The securities offered have not been approved or disapproved by any securities regulatory authority.

About Greenfire Resources Ltd.

Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered office in Calgary, Alta. The company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. Greenfire common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the trading symbol GFR.

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