Greenfire Resources: Unleashing $2.7B in Reserves at Hangingstone Facilities

Greenfire Resources, a Calgary-based energy company, has just announced a staggering 72% increase in its Total Proved and Probable (2P) reserves. With a net present value after-tax (NPV10 AT) of $2.7 billion, the company's Hangingstone Facilities are set to unlock significant value for shareholders. But what's driving this impressive growth, and what does it mean for Greenfire's future?

The updated reserves report, prepared by McDaniel & Associates Consultants Ltd., reflects Greenfire's strategic approach to development and operational excellence. The company's modern drilling practices, advanced SAGD technologies, and updated development plan have all contributed to this remarkable increase in reserves. By successfully drilling 15 refill wells averaging approximately 1,800 meters, Greenfire has reduced capital costs and improved production efficiency. These longer well pairs, fewer pads, and infrastructure have driven the significant reserve increase, demonstrating the value of the company's strategic approach to growth.



This 72% increase in 2P reserves, totaling 409 million barrels of bitumen, significantly enhances Greenfire's production capacity. The Updated McDaniel Report recognizes full facility production capacities and a brownfield expansion project at the Expansion Asset, increasing total bitumen throughput to 43,000 bbl/d (100% working interest basis), or approximately 30,000 bbl/d net to Greenfire. This expansion, along with the restart of Plant 1 at the Demo Asset, and the relocation of the McKay CPF, are all part of Greenfire's strategic growth plans for the Hangingstone Facilities.

The NPV10 AT of $2.7 billion reflects Greenfire's strategic acumen and aligns with their future growth plans. This metric showcases the potential value the company can unlock from these projects, supporting their strategic review process and maximizing shareholder value. As Greenfire continues to optimize its operations and explore new growth opportunities, investors can expect exciting developments from this dynamic energy company.

In conclusion, Greenfire Resources' updated reserves report is a testament to the company's commitment to growth and operational excellence. With a 72% increase in 2P reserves and a $2.7 billion NPV10 AT, Greenfire is well-positioned to unlock significant value for shareholders at the Hangingstone Facilities. As the company continues to execute on its strategic growth plans, investors should keep a close eye on this compelling investment opportunity.