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Greenfire Resources Announces New Director Appointment

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The Company Also Announces Date of Annual and Special Meeting of Shareholders

Calgary, Alberta--(Newsfile Corp. - December 9, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) ("Greenfire" or the "Company"), a Calgary-based energy company focused on the production and development of thermal energy resources from the Athabasca region of Alberta, Canada, today announces the appointment of Tom Ebbern to Greenfire's Board of Directors (the "Board"). The Board believes that Mr. Ebbern's appointment significantly strengthens its technical, financial, and governance expertise, while also complementing the skills and experience of the other members.

Mr. Ebbern brings significant experience as a corporate director, including at companies with SAGD assets. With greater than 40 years of oil and gas industry experience, Mr. Ebbern spent over a decade of his career in energy investment banking and capital markets. Mr. Ebbern has served as a Strategic Advisor to North West Refining Inc. ("North West Refining") since 2019. From 2012 to 2019, Mr. Ebbern served as the Chief Financial Officer of North West Refining. He also served on the board of directors of Athabasca Oil Corporation from 2018 through 2023, Repsol Canada (formerly Talisman Energy Inc.) from 2013 through 2017, and Nexen Inc. from 2011 through 2013. Mr. Ebbern holds a Bachelor of Science degree in Geological Engineering from Queen's University and an MBA from the Ivey Business School at Western University.

The Board is pleased to welcome Mr. Ebbern to Greenfire and believes that his appointment will greatly enhance the Company's ability to pursue strategic alternatives and evaluate and execute Greenfire's development plans.

Shareholder Meeting

Greenfire also announces that it has called an Annual and Special Meeting of Shareholders (the "Shareholder Meeting") for May 6, 2025, in Calgary, Alberta, in response to the Requisition (as defined below). The Shareholder Meeting will address both normal course matters (including the matters related to the Requisition) and the Amended Rights Plan (as defined below).

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, which acquired approximately 43.3% of Greenfire's issued and outstanding shares, had previously delivered a requisition (the "Requisition") for a meeting of the shareholders.