Waterous Energy Fund Management Corp. (the "WEF Manager"), in its capacity as manager of certain limited partnerships comprised of Waterous Energy Fund III (Canadian) LP, Waterous Energy Fund III (US) LP, Waterous Energy Fund III (International) LP, Waterous Energy Fund III (Canadian FI) LP and Waterous Energy Fund III (International FI) LP (collectively, "WEF"), announced today that it has purchased an aggregate of 9,311,424 common shares (the "Purchased Shares") and 2,654,179 common share purchase warrants (the "Purchased Warrants") of Greenfire Resources Ltd. ("Greenfire") (NYSE:GFR) from M3-Brigade Sponsor III LP ("MBSC Sponsor") and Brigade Capital Management LP ("Brigade") pursuant to a private share purchase agreement (the "Transaction"). The Purchased Shares represent approximately 13.4% of the issued and outstanding common shares of Greenfire. The Purchased Shares were acquired for cash consideration of US$7.831 per Purchased Share and the Purchased Warrants were acquired for cash consideration of US$3.372 per Purchased Warrant, representing an aggregate purchase price of US$81,853,033.15.

Immediately prior to completion of the Transaction, WEF owned 29,988,854 common shares, representing approximately 43.2% of the issued and outstanding common shares of Greenfire, and nil common share purchase warrants of Greenfire. Immediately after completion of the Transaction, WEF owns 39,300,278 common shares and 2,654,179 common share purchase warrants, representing approximately 56.5% of the issued and outstanding common shares of Greenfire on an undiluted basis.