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Greenfire Resources Financials

Financials – Current & Historical

Balance Sheet Income Statement Cash Flow Shareholders Equity

CONSOLIDATED BALANCE SHEETS

Consolidated Balance Sheets - CAD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 67,419	$ 109,525
Accounts receivable	56,417	34,680
Inventories	14,946	13,863
Prepaid expenses and deposits	5,456	5,746
Total current assets	144,238	163,814
Non-current assets
Property, plant and equipment	960,059	941,374
Deferred income tax asset	153,174	68,295
Total non-current assets	1,113,233	1,009,669
Total assets	1,257,471	1,173,483
Current liabilities
Accounts payable and accrued liabilities	61,804	59,850
Current portion of long-term debt	248,489	44,321
Warrant liability	18,304	18,630
Taxes payable		1,063
Current portion of lease liabilities	7,014	6,002
Risk management contracts	248	417
Total current liabilities	335,859	130,283
Non-current liabilities
Long-term debt	80,441	332,029
Lease liabilities	2,296	7,722
Decommissioning liabilities	17,444	8,449
Total non-current liabilities	100,181	348,200
Total liabilities	436,040	478,483
Shareholders’ equity
Share capital	164,402	158,515
Contributed surplus	8,921	9,788
Retained earnings	648,108	526,697
Total shareholders' equity	821,431	695,000
Total liabilities and shareholders' equity	$ 1,257,471	$ 1,173,483

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Revenues
Oil sales, net of royalties	$ 790,949	$ 652,264
Gain (loss) on risk management contracts	(27,489)	16,405
Gross profit	763,460	668,669
Expenses
Diluent expense	327,146	304,740
Transportation and marketing	52,744	55,673
Operating expenses	152,864	148,965
General and administrative	22,758	11,536
Stock-based compensation	6,344	9,808
Financing and interest	61,460	110,214
Depletion and depreciation	81,030	68,054
Exploration expenses	1,811	3,852
Other income	(5,032)	(2,905)
Transaction costs		12,172
Listing expense		106,542
Gain on revaluation of warrants	(326)	(34,973)
Foreign exchange loss (gain)	26,129	(8,724)
Total expenses	726,928	784,954
Net income (loss) before taxes	36,532	(116,285)
Income tax recovery (expense)	84,879	(19,386)
Net income (loss) and comprehensive income (loss)	$ 121,411	$ (135,671)
Net income (loss) per share
Basic (in Dollars per share)	$ 1.76	$ (2.49)
Diluted (in Dollars per share)	$ 1.7	$ (2.49)
Oil sales
Revenues
Oil sales, net of royalties	$ 822,972	$ 675,970
Royalties
Revenues
Oil sales, net of royalties	$ (32,023)	$ (23,706)

CONSOLIDATED STATEMENTS OF CASH FLOWS

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net income (loss)	$ 121,411	$ (135,671)
Items not affecting cash:
Income tax (recovery) expense	(84,879)	19,386
Unrealized gain on risk management contracts	(169)	(26,587)
Depletion and depreciation	80,725	67,893
Stock-based compensation	6,344	9,808
Accretion	14,554	63,604
Foreign exchange loss (gain)	26,529	(8,967)
Gain on revaluation of warrants	(326)	(34,973)
Listing expense		106,542
Change in non-cash working capital	(19,642)	25,513
Cash provided by operating activities	144,547	86,548
Financing activities
Issuance of long-term debt, net of issuance costs		382,454
Repayment of long-term debt	(84,278)	(294,647)
Debt redemption premium	(4,214)	(19,152)
Issuance of common shares		67,115
Common shares repurchased		(41,464)
Deemed dividend on De-Spac transaction		(59,388)
De-Spac transaction costs		(34,817)
Payment of lease liabilities	(6,934)	(99)
Cash provided by (used in) financing activities	(95,426)	2
Investing activities
Property, plant and equipment expenditures	(87,404)	(33,428)
Acquisitions	(4,390)
Release of restricted cash		35,313
Change in non-cash working capital (accrued additions to PP&E)	(2,611)	(13,988)
Cash used in investing activities	(94,405)	(12,103)
Exchange rate impact on cash and cash equivalents held in foreign currency	3,178	(285)
Change in cash and cash equivalents	(42,106)	74,162
Cash and cash equivalents, beginning of year	109,525	35,363
Cash and cash equivalents, end of year	$ 67,419	$ 109,525

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS??? EQUITY

Consolidated Statements of Changes in Shareholders’ Equity - CAD ($) $ in Thousands	Share capital	Contributed surplus	Retained earnings	Total
Balance, beginning of year at Dec. 31, 2022	$ 15	$ 44,674	$ 793,082
Common shares repurchased and cancelled			(41,464)
Dividend on De-Spac transaction			(59,388)
Exercise of bond warrants			4,580
Exercise of performance warrants			1,202
Issuance of warrants			(35,644)
Net income (loss) and comprehensive income (loss)			(135,671)	$ (135,671)
Stock-based compensation		9,808
Issuance of shares on exercise of share units		(1,203)
Issuance on exercise of bond warrants	38,911	(43,491)
Issuance to MBSC shareholders	62,959
Issuance of shares for PIPE investment	56,630
Balance, end of year at Dec. 31, 2023	158,515	9,788	526,697	695,000
Total shareholders’ equity				695,000
Common shares repurchased and cancelled
Dividend on De-Spac transaction
Exercise of bond warrants
Exercise of performance warrants
Issuance of warrants
Net income (loss) and comprehensive income (loss)			121,411	121,411
Stock-based compensation		6,344
Issuance of shares on exercise of share units	5,887	(7,211)
Issuance on exercise of bond warrants
Balance, end of year at Dec. 31, 2024	$ 164,402	$ 8,921	$ 648,108	821,431
Total shareholders’ equity				$ 821,431

GREENFIRE RESOURCES LTD.