CALGARY, ALBERTA (By Strathcona Resources, 8.Nov.2026, Words: 350) — Strathcona Resources Ltd. and Greenfire Resources Ltd. announced a definitive agreement for Strathcona to acquire all of the outstanding shares of Greenfire.
Transaction structure
Under the terms of the arrangement agreement, Greenfire shareholders may elect to receive, at their election, either:
- 0.25 shares of Strathcona for each share of Greenfire (the “GFR share option”), equating to $9.09 per Greenfire share or a 15% premium to Greenfire’s closing share price on November 6, 2026 based on Strathcona’s closing price on the same day, or;
- $11.00 in cash per Greenfire share (the “GFR cash option”), equating to a 39% premium to Greenfire’s closing share price on November 6, 2026, or a 26% premium to Greenfire’s trailing 30-day volume-weighted-average price.
Neither the GFR share option nor the GFR cash option will be subject to proration, allowing all Greenfire shareholders to receive their election in full. Waterous Energy Fund (together with its affiliated funds, “WEF”), the current holder of 72% of Greenfire’s outstanding shares and 57% of Strathcona’s outstanding shares, has signed a support agreement in favour of the transaction under which it will elect to receive the GFR share option for its Greenfire shares.
Depending on the elections made by non-WEF Greenfire shareholders, Strathcona expects to issue between approximately 43 million and 60 million Strathcona shares to Greenfire shareholders (equating to 17% to 22% of the pro forma business) and pay cash consideration of up to approximately $740mn. Inclusive of Greenfire’s approximately $550mn of net debt outstanding as of 30 Sep. 2026, this equates to a total transaction value of approximately $2.7bn to $2.9bn, based on Strathcona’s closing share price as of 6 Nov. 2026.
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Leadership team
Strathcona expects the existing Greenfire leadership team to continue to lead day-to-day operations of Greenfire’s assets within a new Strathcona business unit – SCR Central Athabasca – with Colin Germaniuk, president of Greenfire, serving as president of SCR Central Athabasca.
Like Strathcona’s 3 existing business units (SCR Cold Lake, SCR Lloydminster Thermal and SCR Lloydminster Conventional) SCR Central Athabasca will function semi-autonomously within Strathcona, to maximize accountability and operational performance.
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