Waterous Energy Fund Agrees to Acquire Shares of Greenfire Resources Ltd.

CALGARY, AB, Sept. 16, 2024 /PRNewswire/ - Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships, including, but not limited to, Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, "WEF"), announced today that it has agreed to purchase an aggregate of 29,988,854 common shares (the "Purchased Shares") of Greenfire Resources Ltd. ("Greenfire") (TSX andNYSE: GFR) from Allard Services Limited ("Allard"), a corporation controlled by Julian McIntyre, a director of Greenfire, Annapurna Limited ("Annapurna"), a corporation controlled by Venkat Siva, a director of Greenfire, and Modro Holdings LLC ("Modro") pursuant to a private share purchase agreement with each of the sellers (the "Transaction"). The Purchased Shares represent approximately 43.3%¹ of the issued and outstanding common shares of Greenfire. The Purchased Shares will be acquired for cash consideration of CAD$10.93² per Purchased Share, representing an aggregate purchase price of approximately CAD$327,778,174. Completion of the Transaction is subject to customary closing conditions and receipt of certain regulatory approvals.

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