Greenfire Resources Reports Second Quarter 2026 Results and Closes Acquisition of Connacher Oil and Gas Limited

Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), today reported its operating and financial results for the quarter ended June 30, 2026 ("Q2 2026"). The unaudited condensed interim consolidated financial statements and notes for the three and six months ended June 30, 2026 and 2025, as well as the related Management's Discussion and Analysis ("MD&A"), will be available on SEDAR+ at www.sedarplus.ca , on EDGAR at www.sec.gov/edgar and on Greenfire's website at www.greenfireres.com . Q2 2026 Highlights Bitumen production of 13,607 bbls/d Adjusted funds flow (1) of $21.9 million Adjusted free cash flow deficit (1) of $34.7 million Financial & Operating Highlights Three Months Ended ($ thousands, unless otherwise indicated) June 30, 2026 June 30, 2025 March 31, 2026 WTI (US$ / bbl) 92.79 63.74 71.93 WCS Hardisty differential to WTI (US$ / bbl) (14.66 ) (10.27 ) (14.16 ) WCS Hardisty (C$ / bbl) 108.10 74.00 79.24 Average FX Rate (C$ / US$) 1.3836 1.3840 1.3716 Bitumen production (bbls/d) 13,607 15,748 14,719 Oil sales 179,408 144,542 147,313 Royalties (7,941 ) (3,932 ) (4,283 ) Realized gains (losses) on risk management (39,867 ) 9,823 (3,211 ) Diluent expense (69,635 ) (56,290 ) (60,233 ) Transportation and marketing (11,578 ) (12,415 ) (12,402 ) Operating expenses (21,154 ) (31,823 ) (35,747 ) Operating netback (1) 29,233 49,905 31,437 Operating netback (1) ($/bbl) 23.46 35.06 23.42 Net income (loss) and comprehensive income (loss) 53,462 48,730 (73,002 ) Cash provided by operating activities 35,573 17,732 1,363 Adjusted funds flow (1) 21,913 33,843 24,539 Capital expenditures (56,662 ) (10,840 ) (49,593 ) Adjusted free cash flow (deficit) (1) (34,749 ) 23,003 (25,054 ) Common shares ('000 of shares) 125,429 70,252 125,428 (1) Non-GAAP measures without a standardized meaning under IFRS Accounting Standards. Refer to the "Non-GAAP and Other Financial Measures" section in this press release.   Operational Update Q2 2026 Review Expansion Asset: Production in Q2 2026 averaged 7,818 bbls/d, an 11% decrease from the prior quarter, primarily due to the previously disclosed planned turnaround that was successfully and safely completed in May 2026. Demo Asset: Production in Q2 2026 was 5,789 bbls/d, representing a 3% decrease from the previous quarter, primarily due to base production declines. Hangingstone Facilities: Bitumen Production Results (bbls/d) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Expansion Asset 10,105 10,404 9,870 8,766 7,818 Demo Asset 5,643 5,353 5,829 5,953 5...