Strathcona Resources has announced a definitive agreement to acquire all outstanding shares of Greenfire Resources, in a transaction valued at approximately C$2.7 billion to C$2.9 billion including Greenfire’s roughly C$550 million of net debt. Greenfire shareholders may elect either 0.25 Strathcona shares for each Greenfire share, an implied C$9.09 at Friday’s close, or C$11.00 in cash, a 39 percent premium to the November 6 close and 26 percent to the 30-day volume-weighted average price.
Waterous Energy Fund, which holds 72 percent of Greenfire and 57 percent of Strathcona, has agreed to vote for the deal and to take shares for its Greenfire holdings, and Strathcona expects to issue 43 million to 60 million shares and pay up to about C$740 million in cash depending on other holders’ elections. The combined business produced 153,000 barrels a day in 2026 to date on a pro forma basis, Greenfire’s team would run its assets as a new Strathcona unit, and shareholder meetings are expected in January 2027 with closing shortly after, subject to two-thirds votes at both companies, minority approvals, competition and court approvals.