en.Wedoany.com Reported - July 13, 2026, Greenfire Resources announced on Monday that it has agreed to acquire privately held Connacher Oil and Gas Limited for approximately C$1.27 billion (about US$900 million) in cash. Post-merger, Greenfire's projected daily production for 2026 is expected to rise to approximately 34,000 barrels, with combined reserves of 850 million barrels, and a long-term plan to increase production to about 65,000 barrels per day.

Connacher is a thermal oil sands company holding a 100% operating interest in the Great Divide oil sands project, with an estimated daily oil production of approximately 19,500 barrels in 2026 and proven plus probable reserves of about 441 million barrels. The financing for the transaction combines debt and equity, including drawing approximately C$700 million from an expanded C$1 billion reserve-based loan facility and a C$575 million bridge loan. The bridge loan is expected to be repaid with proceeds from a planned rights offering, with Waterous Energy Fund having committed to provide at least C$575 million in standby support.

Greenfire stated that it expects to generate approximately C$30 million in annual synergies by the end of 2026 through savings in midstream, marketing, operating costs, and general administrative expenses. The transaction is expected to close in August 2026.