Under the terms of the Rights Offering, the Company expects to raise gross proceeds of approximately C$775 million (upsized from the previously announced minimum rights offering size of C$575 million). Pursuant to the Rights Offering, each holder of Common Shares as at the Record Date will receive one right (a "Right") for each Common Share held for an aggregate of 125,428,529 Rights. In connection with the Rights Offering, Greenfire has entered into a standby purchase agreement (the "Standby Purchase Agreement") with certain limited partnerships comprising Waterous Energy Fund and an affiliate (collectively, the "WEF Shareholders"). The Company expects that following the closing of the Rights Offering, there will be 240,413,692 Common Shares issued and outstanding. Greenfire common shares are listed on the New York Stock Exchange and Toronto Stock Exchange under the trading symbol "GFR".