Greenfire Resources Ltd. is an oil sands producer focused on the development of its long life and low decline thermal oil assets in the Athabasca region of Alberta Canada. The company's shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the ticker symbol GFR. As of December 31 2025 approximately seventy two percent of the company's outstanding common shares were owned by Waterous Energy Fund following a change of control transaction completed in December 2024 and further acquisitions in 2025. Greenfire's principal assets consist of the Hangingstone Facilities which include two Steam Assisted Gravity Drainage (SAGD) oil production facilities known as the Expansion Asset and the Demo Asset. These facilities are situated about fifty kilometres south of Fort McMurray Alberta. Greenfire holds a seventy five percent working interest in the Expansion Asset and a one hundred percent working interest in the Demo Asset. The company's strategic objective is to manage and enhance its asset portfolio to maximize long term net asset value per share by investing in proven industry standard SAGD optimization techniques that increase production while maintaining disciplined control over operating costs.

The company generates revenue primarily from the sale of bitumen produced at its Hangingstone Facilities. Revenue is derived from oil sales which are reported net of royalties and includes proceeds from the sale of blended bitumen volumes to customers. In the year ended December 31 2025 oil sales amounted to six hundred three thousand three hundred thousand Canadian dollars representing an average price of seventy three dollars and forty seven cents per barrel. The company also enters into risk management contracts that can affect the overall financial results but the core revenue stream remains the sale of petroleum products. Additional financial information shows that gross profit for the same period was one hundred thirty one thousand eight hundred ninety two thousand Canadian dollars and operating netback was two hundred three thousand nine hundred eighty three thousand Canadian dollars.

Greenfire Resources Ltd. operates within the competitive oil sands sector of western Canada where it faces competition from larger integrated producers such as Suncor Energy and Canadian Natural Resources as well as specialized thermal oil operators like Cenovus Energy and MEG Energy. The company's competitive advantages stem from its substantial resource base the existing infrastructure at the Hangingstone site and its focus on low decline assets that provide stable long term production. Greenfire also benefits from its ability to apply industry standard SAGD optimization techniques which are designed to increase recovery rates and improve capital efficiency. Furthermore the company's commitment to operational excellence and safe reliable operations supports its ability to maintain consistent performance in a challenging market environment.

The company sells its bitumen to refiners marketers and other downstream customers primarily in North America. While specific customer names are not disclosed in the filing the typical purchasers include oil refining companies and trading entities that require heavy crude for processing. These customers often seek blended bitumen volumes that meet pipeline specifications and are used as feedstock for refining operations. Greenfire's sales strategy focuses on securing reliable off take arrangements that support its production growth and cash flow objectives.