Greenfire Resources agrees to acquire Connacher Oil and Gas for $1.277B, boosting its thermal oil sands portfolio in Alberta.
Greenfire Resources (GFR) climbed 3.9% in pre-market trading after announcing a $1.277B cash acquisition of privately held Connacher Oil and Gas. The deal includes Connacher’s 100% stake in the Great Divide oil sands project in Alberta.
The transaction expands Greenfire’s thermal oil sands assets, aligning with its strategy to consolidate operations in the region. Connacher’s project is expected to enhance production capacity and operational efficiency.
Shares of GFR reacted positively to the news, reflecting investor confidence in the acquisition’s potential to drive growth.