Strathcona Resources to Acquire Greenfire Resources for $2.9 Billion

Strathcona Resources Ltd. entered a definitive agreement to acquire Greenfire Resources Ltd. in a transaction valued between $2.7 billion and $2.9 billion, including $550 million of net debt. Greenfire shareholders may choose between receiving 0.25 Strathcona shares, valued at $9.09 per share, or $11.00 in cash per share. The cash option represents a 39% premium over the closing price on November 6, 2026.

Waterous Energy Fund Management Corp., a major shareholder in both firms, signed a support agreement to vote in favor of the transaction and select the share option. Strathcona expects the merger to extend its cash tax horizon to 2031 and generate $75 million in annual run-rate synergies.

The deal requires regulatory clearance from the TSX and the Court of King’s Bench of Alberta, as well as approval from two-thirds of shareholders. Closing is expected shortly after special meetings scheduled for January 2027.