Greenfire Resources Upsizes Rights Offering to Fund Connacher Acquisition Debt

Greenfire Resources ( (GFR) ) just unveiled an update.

Greenfire Resources has finalized the terms of an upsized rights offering, seeking to raise approximately C$775 million to repay a C$575 million bridge facility and other debt tied to its acquisition of Connacher Oil and Gas. The offering, available to shareholders of record on August 17, 2026, is priced at a 15% discount to the pre-acquisition volume-weighted average share price and is expected to leave the company at about 1.2 times debt to forecast 2027 adjusted EBITDA, with roughly C$425 million of liquidity under a new C$1.0 billion reserves-based loan.

The rights offering will issue up to 114,985,163 new common shares, with existing shareholders receiving one right per share and the option to buy stock in Canadian or U.S. dollars, plus an additional subscription privilege for any unsubscribed shares. Majority owner Waterous Energy Fund and its affiliate, which hold about 72% of the outstanding shares, have entered into a standby purchase agreement to fully backstop the offering without a fee, ensuring the full amount is raised and reinforcing balance sheet strength and funding certainty for Greenfire’s post-acquisition capital structure.