On September 27, 2024, Greenfire Resources Ltd., an energy company based in Calgary, Alberta, provided an update regarding an application submitted to the Alberta Securities Commission. The application, made by certain limited partnerships managed by Waterous Energy Fund Management Corp. together with other entities, requested that the ASC cease trade the Company’s shareholder protection rights plan agreement.
The Rights Plan was put in place in response to a recent announcement involving the acquisition of a significant portion of Greenfire’s common shares by WEF and other entities. Greenfire intends to defend the necessity of the Rights Plan at the ASC hearing, as it was implemented to ensure fair treatment of all shareholders and to provide the Board with ample opportunity to explore value-enhancing alternatives.
Greenfire is a growth-oriented Athabasca oil sands producer with Tier-1 assets using steam-assisted gravity drainage extraction methods. The Company’s common shares are listed on the New York Stock Exchange and Toronto Stock Exchange. For more information about Greenfire, visit their website or find them on LinkedIn.
For further details on the press release, please refer to the original source version provided on the Greenfire Resources Ltd. website.
