Welcome to our dedicated page for Greenfire Resources Ltd. news (Ticker: GFR), a resource for investors and traders seeking the latest updates and insights on Greenfire Resources Ltd. stock.
Greenfire Resources Ltd. (NYSE: GFR, TSX: GFR) is a Calgary-based energy company specializing in the sustainable exploration, acquisition, development, and production of oil and gas within the Canadian energy sector and globally. The company predominantly operates in the Athabasca oil sands region of Alberta, Canada, focusing on two major assets: the Hangingstone Expansion and the Hangingstone Demo. Utilizing steam-assisted gravity drainage methods, Greenfire is committed to responsible and sustainable energy development.
Greenfire has recently undergone significant milestones. On March 19, 2024, the company announced its operating and financial results for Q4 2023 and the year-ended December 31, 2023. A noteworthy achievement was the initiation of a seven-well extended reach refill drilling program at the Demo Asset. The company reported consolidated bitumen production of 17,335 barrels per day in Q4 2023 and 17,639 barrels per day for the entire year.
Despite facing a compliance issue with the New York Stock Exchange (NYSE) regarding a minimum of 400 public stockholders, Greenfire has taken appropriate measures to address the deficiency by leveraging its recent listing on the Toronto Stock Exchange (TSX) and the upcoming expiration of lock-up agreements covering approximately 65% of its outstanding shares.
Greenfire has a robust financial standing with adjusted EBITDA of $23.4 million in Q4 2023 and $117.3 million for the year. The company holds a 75% working interest in the Hangingstone Expansion Facility and 100% in the Hangingstone Demonstration Facility. The latest development projects and facility optimization initiatives indicate the immense productivity potential of Greenfire's Tier-1 SAGD assets.
Looking forward, Greenfire plans to drive continued production growth and accelerate debt repayment. The company is also gearing up for the potential re-rating of the Canadian heavy oil barrel with the Trans Mountain Expansion Project expected to commence operations in 2024.
Greenfire Resources (NYSE: GFR, TSX: GFR) has announced the release of its Q1 2024 operating and financial results, scheduled for after the market closes on May 15, 2024.
A conference call to discuss these results will be held on May 16, 2024, at 7:00 a.m. MT (9:00 a.m. ET), featuring the company's executive team and a Q&A session with investors.
The company has resolved its compliance issue with the NYSE's listing standard, which requires a minimum of 400 public stockholders, following its additional listing on the Toronto Stock Exchange and the expiration of a six-month lockup on a significant portion of its shares.
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