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Here are 1-3 brief analogies to describe Greenfire Resources (GFR):

• Like a specialized Suncor Energy focused on SAGD bitumen extraction.
• Think of them as a focused Canadian Natural Resources (CNQ) for underground oil sands recovery.

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• Bitumen: A heavy, viscous form of petroleum extracted from the Athabasca oil sands using steam-assisted gravity drainage (SAGD) technology.

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Greenfire Resources (GFR) operates in the upstream oil and gas sector, extracting bitumen from the Athabasca oil sands. As such, its product is a raw commodity that requires further processing. Therefore, the company primarily sells to other businesses rather than directly to individuals.

Major customers for companies like Greenfire Resources are typically large energy companies, refineries, and commodity trading firms. While specific customer names are generally not disclosed for commodity producers, the categories of companies that would purchase bitumen from Greenfire Resources include:

• Refining companies that operate facilities capable of processing heavy oil and bitumen into various petroleum products.
• Integrated oil and gas companies with refining capabilities that purchase crude oil and bitumen from producers to supply their own downstream operations.
• Energy trading firms that buy and sell crude oil and bitumen on the global market, often acting as intermediaries to refiners.

Given the commodity nature of bitumen, Greenfire Resources sells into a market where buyers are typically other large industrial players in the energy sector.

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Colin Germaniuk

President

Colin Germaniuk was appointed President of Greenfire Resources in February 2025. He brings extensive experience in thermal oil operations, having previously spent eight years at Serafina Energy Ltd., a private thermal oil company. At Serafina, he was an early employee and a member of the executive management team, playing a critical role in growing thermal oil production from zero to approximately 40,000 barrels per day. His roles at Serafina included Vice President of Engineering and Health, Safety, and Environment (HSE), and before that, Vice President, Subsurface. Mr. Germaniuk's background also includes management positions at Connacher Oil and Gas Limited and Canadian Natural Resources Limited, both focused on thermal oil operations.

Travis Belak

Vice President, Finance

Travis Belak was appointed Vice President, Finance for Greenfire Resources in August 2025, succeeding Tony Kraljic as Chief Financial Officer. He has approximately 15 years of experience in upstream oil and gas financial reporting, corporate planning, tax, and treasury. Prior to joining Greenfire, Mr. Belak served as the Corporate Controller at HWN Energy.

Adam Waterous

Executive Chairman

Adam Waterous was appointed Executive Chairman of Greenfire Resources in February 2025. In this role, he provides strategic oversight and guidance at the highest level, leading the board of directors and advising on key decisions. Mr. Waterous possesses extensive industry experience and a deep understanding of the energy sector.

Jonathan Kanderka

Chief Operating Officer

Jonathan Kanderka continues in his role as Chief Operating Officer at Greenfire Resources. With a background in engineering, Mr. Kanderka is responsible for the day-to-day management of the company's operational activities, ensuring efficiency, safety, and productivity. He is instrumental in implementing operational strategies, managing resources, and driving continuous improvement across all operational functions.

Charles Kraus

Corporate Secretary

Charles Kraus serves as the Corporate Secretary of Greenfire Resources. He is a Canadian and United States corporate lawyer with 25 years of experience in governance, capital markets, and commercial matters. Mr. Kraus has previously served as a senior executive, general counsel, and corporate secretary for three different dual-listed public companies operating in the energy and construction industries.

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Here are the key risks to Greenfire Resources:

1. Operational Challenges and Production Issues: Greenfire Resources faces direct operational risks, as evidenced by its recent decision to lower 2026 production guidance. This revision was primarily due to unplanned well downtime at its Expansion Asset during the first quarter of 2026 and steeper-than-anticipated base production decline rates. The company has also experienced past technical issues, including an unexpected boiler outage and sulphur dioxide emissions in excess of regulatory allowances. Operating with Steam-Assisted Gravity Drainage (SAGD) technology in remote, cold weather conditions, such as those in Alberta, presents inherent challenges, including the risk of equipment failure due to high temperatures and pressures, and the significant impact of downtime.
2. Volatility in Commodity Prices: As an oil and gas producer, Greenfire Resources is highly susceptible to fluctuations in global oil prices. This is a significant sector-specific risk that directly impacts the company's revenue and profitability. SAGD projects, in particular, involve high initial investment, making their economic viability sensitive to product prices. While Greenfire employs risk management strategies to mitigate the impact of commodity price volatility on its cash flows, this remains a fundamental business risk.
3. Regulatory and Environmental Risks: Greenfire operates in Alberta's oil sands, an industry subject to extensive and evolving environmental regulations and public scrutiny. Key regulatory areas include greenhouse gas (GHG) emissions, water usage, and the management and reclamation of tailings ponds. There is an ongoing risk of increased regulatory burdens, potential liabilities related to environmental clean-up, and the long-term uncertainty surrounding the "carbon constrained world" and the environmental impact of oil sands production. Past issues with sulphur dioxide emissions highlight the company's exposure to regulatory compliance risks.

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The accelerating global energy transition, specifically the rapid adoption of renewable energy sources and electric vehicles, threatening long-term demand for crude oil and increasing the regulatory and investment pressures on high-carbon intensity oil sands production.

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Greenfire Resources Ltd. (NYSE: GFR) operates in the Athabasca oil sands region of Alberta, Canada, focusing on the development, exploration, and operation of oil and gas properties, specifically the recovery of bitumen using steam-assisted gravity drainage (SAGD) extraction technology.

The addressable market for Greenfire Resources' primary product, bitumen/heavy oil from oil sands, is primarily within Alberta, Canada, which dominates global oil sands production.

• The Alberta oil sands production averaged 3.55 million barrels per day (MMb/d) between July and October 2025, and this output is projected to continue growing in 2026.
• In 2024, bitumen comprised 50% of Alberta's total hydrocarbon production.
• The global oil sands market size was projected at USD 120,907.21 million in 2024 and is expected to reach USD 138,244.09 million by 2033, with a compound annual growth rate (CAGR) of 1.5%. Alberta accounts for over 70% of the global oil sands production capacity.

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Greenfire Resources Ltd. (NYSE and TSX: GFR) is strategically positioned to drive future revenue growth over the next two to three years through a combination of production capacity expansions, advanced drilling techniques, operational efficiencies, and improved market access for its heavy oil products.

Here are the key drivers of Greenfire Resources' future revenue growth:

1. Expansion of Production Capacity: Greenfire Resources plans to significantly increase its bitumen production capacity. This includes a potential brownfield expansion of the existing central processing facility at the Expansion Asset to add 11,300 barrels per day (bbls/d) (net to Greenfire). Additionally, the company intends to relocate and commission the recently acquired McKay central processing facility (CPF) at the Expansion Asset, which is anticipated to add another 11,300 bbls/d (net to Greenfire) of production capacity. At the Demo Asset, Greenfire aims to increase capacity by 2,500 bbls/d to 10,000 bbls/d by restarting the processing train at Plant 1. Overall, these initiatives are expected to increase net production capacity by 74% to approximately 58,800 bbls/d.
2. Advanced Drilling Techniques and Infill Drilling Programs: The company is implementing a modernized SAGD drilling strategy that includes drilling extended-reach and curved SAGD wells. This approach is designed to support higher production, enhance reservoir access, and improve bitumen recovery rates. Greenfire also plans to consolidate multiple well pads into a single "Super Pad" design with centralized infrastructure to increase production while reducing costs. The continuation of redevelopment infill ("Refill") drilling programs at both the Demo and Expansion Assets, including new extended-reach wells, is also expected to contribute to increased production.
3. Operational Optimizations and Reservoir Management: Greenfire is focused on enhancing the productivity of its existing assets through various operational optimizations. This includes sustained non-condensable gas (NCG) co-injection activities and debottlenecking initiatives at the Expansion Asset, which have been successful in increasing reservoir pressure and well productivity. The utilization of existing steam and blend processing equipment for incremental production capacity at the Demo Asset, without requiring significant additional infrastructure capital, also contributes to efficient growth.
4. Improved Market Access and Favorable Heavy Oil Pricing: The operationalization of the Trans Mountain Expansion Project (TMX) in May 2024 is a significant driver. This project provides approximately 16,600 thousand barrels per day of additional pipeline egress from Western Canada, offering new access to international markets. As Greenfire's production is 100% linked to Western Canadian Select (WCS) or Canadian heavy oil benchmarks, this improved market access is anticipated to reduce WCS differential volatility and support higher realized prices for its bitumen, leading to increased revenue.

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Share Issuance

• In December 2025, Greenfire Resources completed an oversubscribed rights offering, issuing approximately 55.1 million common shares for gross proceeds of about C$298.5 million (US$298.7 million).
• The shares were issued at a price of C$5.44 or US$3.85 per common share.

Inbound Investments

• In November 2025, Waterous Energy Fund (WEF) acquired 8,703,479 common shares for over C$57 million and an additional 1,926,055 common shares for approximately C$12.8 million through a private transaction.
• Following these November 2025 purchases, Waterous Energy Fund owned a 71.1% stake in Greenfire Resources.
• In December 2024, Waterous Energy Fund increased its interest in Greenfire to 56.5% of the issued and outstanding common shares.

Capital Expenditures

• Capital expenditures for 2025 totaled $111.8 million, which was below the initial outlook of $130 million.
• Approximately $9 million of planned 2025 capital spending for the Pad 7 program at the Expansion Asset was deferred into early 2026.
• For 2026, Greenfire initially guided for $180 million in capital expenditures.