Greenfire Resources Ltd. signed a final agreement to acquire the assets of the oil and gas company Connacher Oil and Gas Limited for $907.4 million. This is reported in the Greenfire press release.
The deal is aimed at expanding Greenfire’s production capabilities in the competitive oil sands market. By 2026, the Connacher Great Divide project in Alberta will provide 20,000 boe/day and increase the company’s reserves to 850 million boe.
Greenfire specializes in the exploration, development and production of oil and gas in two oil sands fields (Hangingstone Expansion and Hangingstone Demo) and uses innovative oil extraction methods to optimize production.
Connacher owns 100% of the Great Divide oil sands project, which is located next to the Hangingstone field, allowing for more efficient development of the combined asset base.
Subject to the usual closing conditions and obtaining the necessary approvals, the transaction is expected to close in August 2026.
Greenfire Resources Ltd. is a Canadian energy company engaged in the development and exploitation of oil and gas fields in the Athabasca Oil sands region of Alberta. The headquarters is located in Calgary, Canada.
Connacher Oil and Gas Limited is a Canadian company engaged in the exploration and development of bitumen (heavy oil) in the oil sands of the province of Alberta. The headquarters is located in Calgary, Canada.