Greenfire to acquire Connacher for $1.5 billion

Canada

CALGARY, July 14, 2026 – Greenfire Resources has agreed to acquire privately held Connacher Oil and Gas for a consideration of CAN 1.277 billion (USD 1.45 billion) in cash to expand its thermal oil sands portfolio in Canada, the companies announced on Monday.

Connacher owns and operates the Great Divide oil sands project, which has P2 reserves of approximately 441 million barrels and is expected to produce approximately 19,500 bopd in 2026. The project is located adjacent to Greenfire’s Hangingstone assets, allowing the companies to combine infrastructure and operations.

Greenfire said it expects to achieve approximately USD 21.2 million per year in synergies by the end of 2026 through midstream, marketing, operating cost and general and administrative savings.

Following completion of the transaction, the combined company is expected to hold P2 reserves of 850 million barrels and produce approximately 34,000 bopd in 2026, with long-term plans to increase output to approximately 65,000 bopd.

The transaction is subject to customary closing conditions and approvals and is expected to close in August 2026.

Listed in New York and Toronto, Greenfire Resources is a Canadian oil sands producer with a portfolio of thermal oil assets in Alberta’s Athabasca region.

Photo courtesy of Connacher Oil and Gas