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Connacher Oil And Gas|Greenfire Resources|Waterous Energy Fund|Canadian Dollar|Great Divide|Oil Sands
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connacher-oil-and-gas|greenfire-resources|waterous-energy-fund|canadian-dollar|great-divide|oil-sands

Canada's Greenfire Resources to buy Connacher for $900m

Greenfire Resources plant in Canada

Greenfire Resources plant in Canada

14th July 2026

By: Reuters

  

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Greenfire Resources said on Monday that it has agreed to acquire privately held Connacher Oil and Gas Limited for around C$1.27-billion ($900-million) in cash.

On a combined basis, Greenfire's 2026 production is expected to rise to about 34 000 barrels a day, with combined reserves of 850-million barrels, with a long-term plan to increase production to about 65 000 barrels a day.

Connacher is a thermal oil sands company with a 100% operated interest in the Great Divide oil sands project and is expected to produce about 19 500 barrels a day of oil in 2026, with proved plus probable reserves of roughly 441-million barrels.

The deal will be financed through a mix of debt and equity, including an about C$700-million draw on an upsized C$1.0-billion reserves-based loan and a C$575-million bridge facility.

The bridge facility is expected to be repaid with proceeds from a planned rights offering, for which Waterous Energy Fund has committed a standby backstop of at least C$575-million.

Greenfire said it expects to capture about C$30-million a year in synergies from combined midstream, marketing, operating cost and general and administrative savings by the end of 2026.

The transaction is expected to close in August 2026.

Edited by Reuters

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