Greenfire's rights offering oversubscribed

An anonymous director reports GREENFIRE RESOURCES ANNOUNCES PRELIMINARY RESULTS FOR RIGHTS OFFERING Greenfire Resources Ltd. has released its preliminary results of its $300-million rights offering, which expired at 4 p.m. (Calgary time) on Dec. 16, 2025. Upon closing of the rights offering, the company expects to issue 55,147,058 common shares, representing the maximum number of common shares available under the rights offering, without reliance on the standby commitment provided by certain limited partnerships comprising Waterous Energy Fund. Preliminary results indicate that the rights offering was oversubscribed, with 53,567,940 common shares subscribed for under the basic subscription privilege and 23,794,471 shares subscribed for under the additional subscription privilege. Accordingly, 1,579,118 common shares, being the difference between the maximum number of common shares available under the rights offering and those subscribed for under the basic subscription, are expected to be allocated on a pro rata basis among holders who exercised their additional subscription privilege pursuant to the procedures set forth in the company's rights offering circular dated Nov. 5, 2025. Such results are preliminary in nature and are subject to change following the final count of subscription forms and closing procedures by the rights agent. The company will provide a further update of the final results of the rights offering once confirmed. Greenfire expects that the rights offering will close today, Dec. 17, 2025. The company's rights agent expects to provide DRS statements evidencing new common shares acquired through the rights offering to registered holders as soon as practicable thereafter. If a holder did not validly exercise his or her subscription rights prior to the expiration date, such rights have expired and are void and have no value. The company intends to use the proceeds less offering expenses, together with cash on hand, to finance the redemption of the company's outstanding $237.5-million (U.S.) aggregate principal amount of 12.00-per-cent senior secured notes due 2028. About Greenfire Resources Ltd. Greenfire is an oil sands producer actively developing its long-life and low-decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered offices in Calgary, Alta. The company plans to leverage its large resource base and significant infrastructure in place to drive meaningful, capital-efficient production growth. As part of the company's commitment to operational excellence, safe and reliable operations remain a top priority for Greenfire. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol GFR. We seek Safe Harbor.