Thu Sep 19 06:12:04 UTC 2024: ## Greenfire Resources Fights Back Against Unsolicited Takeover Bid

**Calgary, Alberta – September 19, 2024** – Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) is pushing back against an unsolicited takeover bid from Waterous Energy Fund Management Corp. (WEF), which aims to acquire 43.3% of Greenfire’s outstanding common shares. Greenfire’s board of directors believes the offer undervalues the company’s assets and has initiated a strategic review process to maximize shareholder value.

Greenfire, a Calgary-based energy company specializing in thermal energy resources from Alberta’s Athabasca region, has engaged TD Securities to explore strategic alternatives. The company is also updating its reserve report to reflect its latest development plans and capture brownfield growth opportunities.

WEF, a prominent Calgary-based oil and gas private equity manager, is known for pursuing value-based investments in established businesses. The company previously acquired significant stakes in Northern Blizzard Resources Inc. and Osum Oil Sands Corp., eventually taking them private. Greenfire sees WEF’s offer as a discount to its peers and believes the proposed acquisition price does not reflect the intrinsic value of its common shares.

To protect its shareholders, Greenfire has adopted a limited-purpose shareholder rights plan, preventing WEF from acquiring more than 20% of its shares without complying with certain conditions. The rights plan also provides the company with time to explore alternative transactions that could be more beneficial to shareholders.

Greenfire emphasizes that the proposed acquisition would harm other shareholders by hindering the ongoing strategic review process and potentially preventing the completion of any shareholder value maximizing transaction.

Greenfire is confident in its assets and believes that its current trading price does not reflect their true value. The company is committed to pursuing its strategic alternatives to maximize shareholder value and will continue to update investors on its progress.

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