Greenfire Resources has agreed to acquire Canada-based Connacher Oil and Gas in an all-cash transaction valued at approximately C$1.27bn ($900.4m).
Connacher operates as a privately owned thermal oil sands producer focused on the production and sale of bitumen
It has 100% ownership of the Great Divide oil sands project in Alberta, Canada. Greenfire, which is listed on both the New York Stock Exchange and the Toronto Stock Exchange, is an oil sands producer with operations in Alberta. The company has two steam-assisted gravity drainage oil production facilities, Hangingstone Expansion and Hangingstone Demo.
The company stated that production from Great Divide is projected to average around 19,500 barrels per day (bpd) in 2026, with a steam-oil ratio of nearly 3.0. The site holds estimated proved plus probable (2P) reserves of around 441 million barrels (mbbl), which corresponds to a 62-year reserve life index. The Great Divide project is directly adjacent to Greenfire’s Hangingstone assets near Fort McMurray, which is expected to support operational efficiencies.