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