UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2025.

Commission File Number 001-41810

GreenfireResources Ltd.

(Exact name of Registrant as specified in its charter)

N/A 

(Translation of Registrant’s name)

Suite 1900, 205 – 5^th Avenue SW
Calgary, Alberta T2P 2V7

(403) 264-9046

(Address and telephone number of registrant’sprincipal executive offices)

Indicate by check mark whether the registrantfiles or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

INCORPORATION BY REFERENCE

Exhibits 99.1 and 99.2 of this report on Form 6-K are each incorporatedby reference into and as an exhibit to, as applicable, the Registrant’s Registration Statements under the Securities Act of 1933,as amended: Form S-8 (File No. 333-277054) and Form F-3 (File No. 333-282275).

GREENFIRE RESOURCES LTD.

DOCUMENTS INCLUDED AS PART OF THIS REPORT

Exhibit

SIGNATURES

Pursuant to the requirements of the SecuritiesExchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 7, 2025

Exhibit 99.1

CONDENSEDINTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Forthe three and six month periods ended June 30, 2025

GreenfireResources Ltd.

GreenfireResources Ltd.

CondensedInterim Consolidated Balance Sheets (unaudited)

Relatedparty transaction (note 13)

Seeaccompanying notes to the unaudited condensed interim consolidated financial statements

GreenfireResources Ltd.

CondensedInterim Consolidated Statements of Comprehensive Income (Loss) (unaudited)

Seeaccompanying notes to the unaudited condensed interim consolidated financial statements

GreenfireResources Ltd.

CondensedInterim Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

Seeaccompanying notes to the unaudited condensed interim consolidated financial statements

GreenfireResources Ltd.

CondensedInterim Consolidated Statements of Cash Flows (unaudited)

Seeaccompanying notes to the unaudited condensed interim consolidated financial statements

Notesto the Condensed Interim Consolidated Financial Statements (unaudited)

1. CORPORATEINFORMATION

GreenfireResources Ltd. (the “Company” or “Greenfire”) was incorporated under the laws of Alberta on December 9, 2022.These condensed interim consolidated financial statements (the “financial statements”) are comprised of the accounts of Greenfireand its wholly owned subsidiaries. The Company and its subsidiaries are engaged in the exploration, development and operation of oiland gas properties in the Athabasca oil sands region of Alberta. Greenfire’s common shares are publicly traded on the New YorkStock Exchange and the Toronto Stock Exchange under the symbol “GFR”. The Company’s corporate head office is locatedat 1900, 205 5th Avenue SW, Calgary, AB T2P 4B9.

Throughout2024, certain limited partnerships comprising Waterous Energy Fund and its affiliates (collectively, “WEF”), through a seriesof transactions acquired a total of 39,300,278 common shares and 2,654,179 common share purchase warrants of Greenfire. The final transactionin this series occurred on December 23, 2024 (the “Change of Control Transaction”), which resulted in WEF holding 56.5% ofthe Company’s outstanding common shares. At June 30, 2025, approximately 55.9% of the Company’s common shares were ownedby WEF.

2. BASISOF PRESENTATION

Preparation

Thesefinancial statements have been prepared in accordance with IAS 34: “Interim Financial Reporting, using the same accountingpolicies as those set out in Note 3 of the audited annual consolidated financial statements for the year ended December 31, 2024, whichwere prepared in accordance with IFRS^® Accounting Standards as issued by the International Accounting Standards Board(“IASB”). Certain disclosures, which are normally required to be included in the notes to the audited annual consolidatedfinancial statements, have been condensed or omitted. The financial statements should be read in conjunction with the Company’saudited annual consolidated financial statements and notes thereto for the year ended December 31, 2024.

TheCompany has adopted all published standards, interpretations or amendments to accounting standards issued by the IASB, that are effectivefor annual periods beginning on or after January 1, 2025. There was no material impact to the financial statements.

Inthese financial statements, all amounts are expressed in Canadian dollars (“$CAD”), unless otherwise indicated, which isthe Company’s functional currency. These financial statements have been prepared on a historical cost basis, except for certainfinancial instruments which are measured at their fair value.

Thesefinancial statements were approved by Greenfire’s Board of Directors on August 6, 2025.

Standardsissued but not effective

IFRS18 ‘Presentation and Disclosure in Financial Statements’ was issued in April 2024 by IASB and replaces IAS 1 ‘Presentation of FinancialStatements’. The standard introduces defined structure to the Statement of Comprehensive Income (Loss) with related specific disclosurerequirements. IFRS 18 is effective January 1, 2027 and is required to be adopted retrospectively. Early adoption is permitted. The Companyis assessing the impact of IFRS 18 on its consolidated financial statements.

3. PROPERTY,PLANT AND EQUIPMENT (“PP&E”)

4. LONG-TERMDEBT

SeniorSecured Notes

Thesenior secured notes (the “2028 Notes”) bear interest at the fixed rate of 12.00% per annum payable semi-annually, matureon October 1, 2028. The 2028 Notes are secured by a second priority lien on the Company’s assets and are junior to amounts owingto the Senior Credit Facility lenders.

The2028 Notes are not subject to any financial covenants but are subject to certain exceptions and qualifications. The indenture governingthe 2028 Notes (the “2028 Indenture”) contains certain non-financial covenants that limit the Company’s ability to,among other things, incur additional indebtedness, create or permit liens to exist, pay dividends, redeem stock, make certain restrictedpayments, and sell assets. In addition, the Company is required to maintain financial hedges for a minimum of 50% of the forward twelvecalendar month forecasted production⁽¹⁾ until the outstanding principal is less than US$100 million, and to limit capitalexpenditures to US$150⁽²⁾ million annually until the outstanding principal is less than US$150 million. As at June 30, 2025the Company was compliant with all covenants.

Asthe result of a Change of Control Transaction (Note 1), Greenfire was required to make an offer to repurchase the 2028 Notes, or a portionthereof. This repurchase offer expired on February 19, 2025, with $7,000 (US$5,000) principal amount tendered for repurchase.

The2028 Indenture requires the Company to redeem the 2028 Notes at 105% of the principal amount plus accrued and unpaid interest with 75%of its Excess Cash Flow (as defined in the 2028 Indenture) every six-months (the “ECF Sweep”). When consolidated indebtedness⁽³⁾is less than US$150 million, the ECF Sweep is reduced to 25% of Excess Cash Flow until the principal outstanding on the 2028 Notes isUS$100 million. On July 21, 2025, the Company redeemed $1.9 million (US$1.4 million) of the 2028 Notes under the ECF Sweep. The nextredemption, if applicable, is due by March 6, 2026.

TheCompany may make additional redemptions of some or all of the 2028 Notes on or after October 1, 2025, inclusive of a “make whole”premium, as set out in the table below. At any time before October 1, 2025, the Company may redeem up to 40% of the aggregate principalamount of the notes using the net proceeds from certain equity issuances at a redemption price equal to 112% of the principal amountplus accrued and unpaid interest. The following table discloses the redemption amount including the “make whole” premiumon redemption of the 2028 Notes:

Asat June 30, 2025, the carrying value of the Company’s long-term debt was $314.7 million and the fair value was $343.1 million (December31, 2024 carrying value – $328.9 million, fair value - $371.2 million).

SeniorCredit Facility

Greenfirehas a reserve-based credit facility (the “Senior Credit Facility”) comprised of an operating facility and a syndicated facility.Total credit available under the Senior Credit Facility is $50.0 million comprised of a $20.0 million operating facility and a $30.0million syndicated facility.

TheSenior Credit Facility is a committed facility available on a revolving basis until May 31, 2026. The Senior Credit Facility may, subjectto the lenders’ approval, be extended for a 364-day period. If the revolving period is not extended, the undrawn portion of thefacility will be cancelled and any amounts outstanding would be repayable on May 31, 2027. The Senior Credit Facility is subject to asemi-annual borrowing base review, occurring in May and November of each year. The borrowing base is determined based on the lenders’evaluation of the Company’s hydrocarbon reserves and their commodity price outlook at the time of each borrowing base review.

TheSenior Credit Facility is secured by a first priority security interest on substantially all of the assets of the Company and is seniorin priority to the 2028 Notes. The Senior Credit Facility contains certain covenants that limit the Company’s ability to, amongother things, incur additional indebtedness, create or permit liens to exist, pay dividends, redeem stock, and sell assets. The SeniorCredit Facility is not subject to any financial covenants.

Amountsborrowed under the Senior Credit Facility bear interest at a floating rate based on the applicable Canadian prime rate, US base rate,adjusted secured overnight financing rate or adjusted Canadian overnight repo rate average, plus a margin of 1.75% to 6.25% based onDebt to EBITDA ratio. A standby fee on the undrawn portion of the Senior Credit Facility ranges from 0.6875% to 1.5625% based on Debtto EBITDA ratio. As at June 30, 2025 and December 31, 2024, the Company had no amounts drawn under the Senior Credit Facility.

Letterof Credit Facility

Greenfiremaintains a separate $55.0 million letter of credit facility (the “EDC Facility”) with a Canadian bank that is supportedby a performance security guarantee from Export Development Canada (“EDC”). The EDC Facility is available on a demand basis.As at June 30, 2025, the Company had $54.0 million (December 31, 2024 - $54.0 million) in letters of credit outstanding under the EDCFacility.

5. DECOMMISSIONINGLIABILITIES

TheCompany’s decommissioning liabilities result from net ownership interests in petroleum assets including well sites, gathering systemsand processing facilities. In 2024, the Company acquired certain natural gas and heavy oil assets in the Athabasca region of NorthernAlberta and recognized $12.5 million of future decommissioning obligations. The Company estimates the total undiscounted escalated amountof cash flows required to settle its decommissioning liabilities to be approximately $341.4 million (December 31, 2024 - $340.8 million).For the period ended June 30, 2025, a credit-adjusted discount rate of 10.5% (December 31, 2024 - 10.5%) and an inflation rate of 2.0%(December 31, 2024 - 2.0%) were used to calculate the decommissioning liabilities. A 1.0% change in the credit-adjusted discount ratewould impact the discounted value of the decommissioning liabilities by approximately $3.3 million with a corresponding adjustment toPP&E. The decommissioning liabilities are estimated to be settled in periods up to year 2077, with the majority being incurred between2047 and 2077.

Areconciliation of the decommissioning liabilities is provided below:

6. WARRANTLIABILITY

Theoutstanding warrants entitle the holder to purchase one common share of Greenfire, expire on September 19, 2028, and contain a cashlessexercise feature, permitting an exercise without the payment of the exercise price by the issuance of a net, lower number of common shares.The warrants are remeasured to their fair value at each reporting period with the change recognizedthrough the statement of comprehensive income (loss). The following table reconciles the warrant liability.

Thefair value of each warrant was estimated using the Black Scholes Merton model with the following assumptions:

A10% change in the share price would impact warrant liability by $1.7 million with a corresponding adjustment to thestatement of comprehensive income (loss).

7. SHARE CAPITAL AND PER SHARE AMOUNTS

Sharecapital

Asat June 30, 2025 the Company’s authorized share capital consists of an unlimited number of common shares without a nominal or parvalue. The following table summarizes the changes to the Company’s common share capital:

Pershare amounts

Thefollowing table summarizes the Company’s basic and diluted net income (loss) per share:

Whencomputing the diluted net income (loss) per share for the six months ended June 30, 2024, the Company excluded the effect of 7.5 millionwarrants, 2.7 million performance warrants and 1.3 million share units as their effect was anti-dilutive.

8. REVENUE FROM CONTRACTS WITH CUSTOMERS

TheCompany’s revenue from contracts with customers consists of diluted and non-diluted bitumen sales.

9. FINANCING AND INTEREST

10. STOCK-BASED COMPENSATION

A summary of thePerformance Warrants (“PWs”), Restricted Stock Units (“RSUs”), Performance Share Units (“PSUs”) andDeferred Share Units (“DSUs”), collectively the share units, issued and outstanding is as follows:

11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

FairValue of Financial Instruments

Anumber of the Company’s accounting policies and disclosures require the determination of fair value for both financial and non-financialassets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Whenapplicable, further information about the assumptions made in determining the fair values is disclosed in the notes specific to thatasset or liability.

TheCompany classifies the fair value of financial instruments according to the following hierarchies based on the amount of observable inputsused to value the instruments:

Thecarrying values of cash and cash equivalents, accounts receivable and accounts payable and accrued liabilities included on the condensedinterim consolidated balance sheets approximates the fair values of the respective assets and liabilities due to the short-term natureof those instruments.

The2028 Notes are classified as Level 1 in the fair value hierarchy. For purposes of estimating the fair value of this instrument, the Companyused the quoted market price of the 2028 Notes. The Company’s risk management contracts and warrant liability are classified asLevel 2 in the fair value hierarchy. To estimate the fair value of these instruments, the Company used observable market data and/orother sources utilizing assumptions that market participants would use to determine fair value.

MarketRisk

Marketrisk is the risk that changes in market conditions, such as commodity prices, foreign exchange rates and interest rates, will affectthe Company’s cash flow, income, or the value of its financial instruments.

CommodityPrice Risk

TheCompany’s risk management program is designed to reduce the volatility of revenue and cash flow, generate sufficient cash flowsto service debt obligations, and fund the Company’s operations. The Company’s risk management liabilities may consist ofhedging instruments such as fixed price swaps and option structures, including costless collars on WTI, WCS differentials, condensatedifferential, natural gas and electricity swaps. The Company does not use financial derivatives for speculative purposes.

TheCompany’s obligations under its 2028 Notes (Note 4) include a requirement to maintain a twelve-month forward commodity price riskmanagement program covering at least 50% of the forecasted PDP production over the next twelve months, as set out in the Company’smost recent reserves report, until the outstanding principal is reduced to below US$100 million.

TheCompany’s commodity price risk management program does not involve margin accounts that require posting of margin with increasedvolatility in underlying commodity prices. Financial risk management contracts are measured at fair value, with gains and losses on re-measurementincluded in the consolidated statements of comprehensive income (loss) in the period in which they arise.

TheCompany’s financial risk management contracts are subject to master netting agreements that create the legal right to settle theinstruments on a net basis. The following table summarizes the gross asset and liability positions of the Company’s individualrisk management contracts that are offset in the consolidated balance sheets:

Thefollowing table summarizes the financial commodity risk management gains and losses:

Asat June 30, 2025, the following financial commodity risk management contracts were in place:

Subsequentto June 30, 2025, Greenfire entered into the following financial commodity risk management contracts:

A 10% change in prices for the underlying commodities, related to the Company’s riskmanagement contracts, would have a before-tax impact on net income (loss) of $27.8 million for the three and six months ended June 30,2025. The Company’s commodity risk management contracts are held with two large reputable financial institutions. As a result,the Company concluded that credit risk associated with its commodity risk management contracts is low.

ForeignCurrency Risk Management

TheCompany is exposed to foreign currency risk on the principal and interest components of its US dollar denominated 2028 Notes (Note 4)and US Dollar denominated cash, cash equivalents, accounts receivables, accounts payables, and accrued liabilities and risk managementcontracts. As at June 30, 2025, Greenfire’s net foreign exchange risk exposure was a US$205.0 million liability (December 31, 2024– US$218.4 million liability), and a 10% change in the foreign exchange rate would result in a $28.0 million change in the foreignexchange gain or loss (December 31, 2024 - $31.4 million).

InterestRate Risk

Interestrate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company is exposed tointerest rate risk related to borrowings drawn under the Senior Credit Facility, as the interest charged on the credit facility fluctuateswith floating interest rates. Currently no amounts are drawn on the Senior Credit Facility. The 2028 Notes and letters of credit issuedare subject to fixed interest rates and are not exposed to changes in interest rates.

CreditRisk

Creditrisk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractualobligations and arises principally from the Company’s accounts receivable. The Company is primarily exposed to credit risk fromreceivables associated with its oil sales. The Company manages its credit risk exposure by transacting with high-quality credit worthycounterparties and monitoring credit worthiness and/or credit ratings on an ongoing basis. Trade receivables from oil sales are generallycollected on the 25th day of the month following production. Joint interest receivables are typically collected within one to three monthsof the invoice being issued. The Company has not previously experienced any material credit losses on the collection of accounts receivable.

AtJune 30, 2025, and December 31, 2024, the Company was exposed to concentration risk associated with its outstanding trade receivablesand joint interest receivables balances. Of the Company’s trade receivables at June 30, 2025, 93% was receivable from a singlecompany (December 31, 2024 - 99% receivable from a single company). At June 30, 2025, 100% of the Company’s joint interest receivableswere held by a single company (December 31, 2024 - 100% by a single company). Maximum exposure to credit risk is represented by the carryingamount of accounts receivable on the balance sheet. Subsequent to June 30, 2025, the Company has received $1.0 million from its jointinterest partner.

LiquidityRisk

Liquidityrisk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company’s objectivein managing liquidity risk is to maintain sufficient available reserves to meet its financial obligations at any point in time. The Companyexpects to achieve this objective through prudent capital spending, an active commodity risk management program and through strategiessuch as continuously monitoring forecast and actual cash flows from operating, financing and investing activities, and available creditfacilities. Management believes that future cash flows generated from these sources will be adequate to settle Greenfire’s financialliabilities.

Thefollowing table details the Company’s contractual maturities of its financial liabilities:

12. SUPPLEMENTAL CASH FLOW INFORMATION

Thefollowing table reconciles the net changes in non-cash working capital and other liabilities from the consolidated balance sheet to theconsolidated statement of cash flows:

13. RELATED PARTY TRANSACTION

In2025, Greenfire agreed to reimburse WEF for approximately $1.9 million of legal fees associated with the Change of Control Transaction(see Note 1) including its adoption of a shareholder rights plan and related hearings before the Alberta Securities Commission, in whichWEF was successful. The reimbursement was reviewed and approved by the independent members of the Company’s Board of Directors.

Exhibit 99.2

MANAGEMENT’S DISCUSSION & ANALYSIS

For the three and six month periods ended June30, 2025

Greenfire Resources Ltd.

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis(“MD&A”) of the financial condition and results of operations of Greenfire Resources Ltd. (“Greenfire” orthe “Company”) is dated August 6, 2025, which is the date this MD&A was approved by the Board of Directors of the Company(the “Board of Directors”), and should be read in conjunction with the Company’s unaudited condensed interim consolidatedfinancial statements (“financial statements”) and notes thereto for the three and six months ended June 30, 2025 and 2024,and the audited consolidated financial statements for the years ended December 31, 2024 and 2023 (“annual financial statements”)and the related MD&A. The financial statements, including the comparative figures, were prepared in accordance with IAS 34 “InterimFinancial Reporting” as issued by the International Accounting Standards Board.

Additional information about Greenfire has beenfiled with Canadian securities regulatory authorities and the United States Securities and Exchange Commission (the “SEC”)and is available on SEDAR+ at www.sedarplus.ca, including Greenfire’s Annual Information Form, dated March 17, 2025 (the “2024AIF”), which is also filed with the SEC under cover of Form 40-F. Information contained in or otherwise accessible throughour website, even if referred to in this MD&A, does not constitute part of this MD&A and is not incorporated by referenceinto this MD&A.

This MD&A contains forward-looking informationbased on the Company’s current expectations and projections. For information on the material factors and assumptions underlyingsuch forward-looking information, refer to the “Forward Looking Statements” section of this MD&A. Refer to the “Abbreviations”section of this MD&A for information regarding abbreviations used in this MD&A.

This MD&A contains non-GAAP financial measures,and non-GAAP financial ratios (the “Non-GAAP Measures”). Non-GAAP measures include adjusted EBITDA, operating netback, operatingnetback excluding realized gain (loss) on risk management contracts, effective royalty rate, adjusted funds flow, adjusted free cash flow,and adjusted working capital surplus (deficit). When non-GAAP measures are expressed on a per barrel basis, they are non-GAAP ratios.This MD&A also contains supplementary financial measures and ratios, derived from IFRS^® Accounting Standards. Supplementaryfinancial measures include gross profit (loss), capital expenditures, and depletion. When supplementary financial measures are expressedon a per barrel basis, they are supplementary financial ratios. For additional information regarding these non-GAAP and supplementaryfinancial measures refer to the “Non-GAAP and Other Financial Measures” section of this MD&A.

All financial information included in this MD&Ais presented in Canadian dollars (“CAD”), unless otherwise noted. Certain dollar amounts have been rounded to the nearestmillion dollars or thousand dollars, as noted, and tables may not add due to rounding. Unless indicated otherwise, production volumesand per unit statistics are presented throughout this MD&A on a “gross” basis as determined in accordance with NationalInstrument 51-101 – Standards for Disclosure for Oil and Gas Activities, which is the Company’s gross working interest basisbefore deduction of royalties. Dollar per barrel ($/bbl) figures presented throughout this MD&A are based upon sold bitumen barrelsunless otherwise noted. The Company monitors and reviews financial information on a per barrel basis for comparability to prior periodresults and to analyze the Company’s competitiveness relative to its peer group.

DESCRIPTION OF BUSINESS

Greenfire is an oil sands producer focused onthe development of its long-life and low decline thermal oil assets in the Athabasca region of Alberta, Canada, with its registered officesin Calgary, Alberta. Greenfire plans to leverage its large resource base and significant infrastructure in place to drive meaningful,capital-efficient production growth. As part of the Company’s commitment to operational excellence, safe and reliable operationsremain a top priority for Greenfire.

Greenfire’s common shares are listed onthe New York Stock Exchange and the Toronto Stock Exchange under the symbol “GFR”.

Throughout 2024, certain limited partnershipscomprising Waterous Energy Fund and its affiliates (collectively, “WEF”), through a series of transactions acquired a totalof 39,300,278 common shares and 2,654,179 common share purchase warrants of Greenfire. The final transaction in this series, which occurredon December 23, 2024 (the “Change of Control Transaction”), which resulted in WEF holding 56.5% of the Company’s outstandingcommon shares. At June 30, 2025, approximately 55.9% of the Company’s common shares were owned by WEF.

GREENFIRE’S ASSETS AND STRATEGY

Greenfire’s principal assets are the HangingstoneFacilities. The Hangingstone Facilities consist of two Steam-Assisted Gravity Drainage (“SAGD”) oil production facilities:the Expansion Asset and the Demo Asset. Located approximately 50 kilometers south of Fort McMurray, Alberta, these facilities are operatedby Greenfire, with the Company holding a 75% working interest in the Expansion Asset and a 100% working interest in the Demo Asset.

The Company’s strategic objective is tomanage and enhance its asset portfolio to maximize long-term net asset value per share for Greenfire shareholders. This goal is expectedto be achieved by investing in proven, industry-standard SAGD optimization techniques at the Hangingstone Facilities, which are designedto increase production levels to leverage existing spare facility capacities, while maintaining disciplined control over operating coststructures.

RECENT DEVELOPMENTS

Production and Steam GenerationUpdates

Greenfire’sJuly 2025 corporate production was approximately 16,000 bbls/d. The Company’s production continues to be affected by the previouslydisclosed failure of one of the four steam generators at the Expansion Asset, resulting in an estimated production impact of 1,500 to2,250 bbls/d. Full steam capacity is expected to be restored by year-end 2025.

RegulatoryEnvironment and Installation of Sulphur Removal Facilities

Greenfirecontinues to engage with the Alberta Energy Regulator regarding previously disclosed sulphur dioxide emissions that exceed regulatorylimits at the Expansion Asset. To support a timely return to compliance, Greenfire has ordered sulphur removal facilities, which are scheduledfor installation and commissioning in Q4 2025. Management expects these facilities will restore emissions compliance at a total estimatedcost of $11.3 million (previously $15.0 million).

ProgressUpdate on Future Development Plans

During the second quarter of 2025, Greenfire refinedits proposed development plan and operational strategies at the Hangingstone Facilities. The proposed development plan includes a newSAGD well pad (“Pad 7”), consisting of 13 well-pairs, located northeast of the Expansion Asset’s Central ProcessingFacility and directly adjacent to existing production. Greenfire has secured a drilling rig, with drilling operations expected to beginin Q4 2025 and first oil production anticipated in Q4 2026.

2025 OUTLOOK

Greenfire’s 2025 annual outlook is outlinedbelow:

FINANCIAL & OPERATING HIGHLIGHTS

Liquidity and Balance Sheet

PRODUCTION AND COMMODITY PRICING

Bitumen Production and Sales

Greenfire’s oil sales include both undilutedbitumen, which is trucked to a sales point, and bitumen blended with diluent, which is transported by pipeline.

Bitumen production decreased 17% (or 3,245 bbl/d)and 14% (or 2,713 bbl/d) for the three and six months ended June 30, 2025, respectively, when compared to the same periods of 2024. Thesedecreases relate to the unplanned loss of a steam generation unit and natural field declines (see “Recent Developments” sectionof this MD&A for further information).

Commodity Prices

WCS Hardisty

WCS is a blend of heavy crude oils that servesas the pricing benchmark for Canadian heavy oil at Hardisty, Alberta. Greenfire’s bitumen sales revenue is directly correlated toWCS pricing. WCS is priced at a discount to WTI, with this difference referred to as the WCS differential. The WCS differential is subjectto variability driven by factors such as production volumes, egress capacity, scheduled infrastructure maintenance, refinery demand, andother market conditions in Western Canada.

Condensate

The Company uses condensate, sourced from theEdmonton area, as a blending diluent to facilitate the transportation of its produced bitumen. The price of condensate has historicallybeen correlated to the price of WTI.

FINANCIAL RESULTS

Oil Sales

Oil sales decreased 34% (or $74.9 million) forthe three months ended June 30, 2025, to $144.5 million compared to $219.4 million in the same quarter of 2024. The decrease reflectsa 18% decline in sales volumes and lower Canadian-denominated WCS pricing.

Oil sales decreased 22% (or $92.3 million) forthe six months ended June 30, 2025, to $328.2 million compared to $420.4 million for the same period in 2024. The decrease reflects a17% decline in sales volumes and lower Canadian denominated WCS pricing.

Royalties

Royalties consist of crown royalties on bitumenproduction paid to the Province of Alberta, based on government prescribed royalty rates. Royalty rates are based on and adjust with theCanadian dollar equivalent WTI benchmark price.

The effective royalty rate was 5.01% and 6.07%during the three and six months ended June 30, 2025, respectively, compared to 7.97% and 7.27% for the same respective periods in 2024.The lower effective royalty rate reflects the decline in the Canadian denominated WTI benchmark price.

Realized and UnrealizedGain (Loss) on Risk Management Contracts

Greenfire uses risk management to protect itscash flows against volatility in commodity prices. Financial contracts settled in the period result in realized gains or losses basedon the market price compared to the contract price and the notional volume outstanding.

During the three and six months ended June 30,2025, Greenfire recognized realized gains of $9.8 million and $8.7 million, respectively, compared to realized losses of $13.8 millionand $22.6 million for the same periods of 2024. Realized gains occur when the average price of the hedged commodity settles below thecontract price, while realized losses occur in the opposite scenario. Generally, realized gains and losses on risk management contractsresulting from fluctuations in energy prices are largely offset by an inverse gain or loss on physical sales or purchases.

Changes in the fair value of unsettled financialcontracts are reported as unrealized gains or losses as the forward markets for commodities fluctuate. When adjusting the risk managementcontracts to their fair value on June 30, 2025, Greenfire recognized a non-cash unrealized gain of $25.8 million, compared to an unrealizedgain of $12.8 million for the same quarter of 2024. The unrealized gain on risk management contracts for the six months ended June 30,2025 were $32.2 million compared to an unrealized loss of $25.9 million for the same period of 2024.

Diluent Expense

To facilitate the transportation of bitumen, theCompany uses condensate as a blending diluent. Greenfire’s diluent expense includes the cost of condensate and its associated transportationcosts. Diluent expense per barrel represents the cost difference between purchased condensate and the value recovered from selling thesame volume of diluted bitumen.

Diluent expense per bbl declined by 6% (or $0.69/bbl)to $10.54/bbl for the three months ended June 30, 2025, compared to $11.23/bbl in the same quarter of 2024. The decrease is primarilydue to an increase in undiluted bitumen sales, which rose to 9.5% of total bitumen sales from 5.4% in the same quarter of 2024.

Diluent expense per bbl decreased 12% (or $1.62/bbl)for the six months ended June 30, 2025, to $11.40/bbl compared to $13.02/bbl for the six months ended June 30, 2024. The decrease is dueto an increase in undiluted bitumen sales, which rose to 8.8% of total bitumen sales from 4.4% in the same period of 2024 and the lowerprice differential between WCS and Edmonton Condensate (C5+) (see “Production and Commodity Pricing - Commodity Prices” sectionof this MD&A).

Transportation and Marketing Expense

Transportation expenses include the costs to movebitumen between the Hangingstone assets and to the sales point. Marketing fees relate to exclusive marketing contracts with a reputableinternational energy marketing company. These exclusive marketing contracts are expected to expire between April 2026 and October 2028.

Transportation and marketing expense per bbl increased12% (or $0.95/bbl) for the three months ended June 30, 2025, to $8.72/bbl compared to $7.77/bbl in the same quarter of 2024.

Transportation and marketing expense per bbl increasedby 18% (or $1.37/bbl) for the six months ended June 30, 2025, to $8.90/bbl compared to $7.53/bbl for the six months ended June 30, 2024.

The increase in oil transportation expense perbarrel in both periods was driven by the long-haul trucking costs associated with selling a greater proportion of bitumen as undiluted.

The increase in marketing fees per barrel in bothperiods reflects a greater share of production from the Demo Asset, which is subject to higher marketing fees than the Expansion Asset.

Operating Expenses

Operating expenses include energy operating expensesand non-energy operating expenses.

For the three months ended June 30, 2025, operatingexpenses per bbl increased 9% (or $1.93/bbl) to $22.35/bbl compared to $20.42/bbl in the same quarter of 2024. Energy operating costsper bbl increased 15% (or $0.63/bbl) to $4.71/bbl due to higher natural gas prices. Non-energy operating costs increased 8% (or $1.31/bbl)to $17.64/bbl primarily due to the fixed portion of operating expenses being allocated over a lower production volume.

For the six months ended June 30, 2025, operatingexpenses per bbl increased 15% (or $3.08/bbl) to $23.33/bbl compared to $20.25/bbl in the same period of 2024. Energy operating costsper bbl decreased 3% (or $0.14/bbl) to $5.40/bbl primarily due to lower benchmark power prices. Non-energy operating costs increased 22%(or $3.22/bbl) due to higher staffing costs following the transition from stock-based compensation to annual cash bonuses.

Depletion and Depreciation Expenses

For the three and six months ended June 30, 2025,depletion and depreciation per bbl increased by 40% (or $2.8 million) and 39% (or $6.4 million), respectively, compared to the same periodsin 2024. The increase in both periods was driven by the inclusion of future development costs related to the 72% increase in proved andprobable reserves as outlined in the year-end 2024 reserve report and disclosed in the Company’s 2024 AIF.

Operating Netback⁽¹⁾

Operating netback per bbl decreased 4% (or $1.62/bbl)for the three months ended June 30, 2025, to $35.06/bbl compared to $36.68/bbl in the same quarter of 2024. The decrease was driven bya lower oil sales, partially offset by realized gains on risk management contracts.

Operating netback per bbl increased 9% (or $2.76/bbl)for the six months ended June 30, 2025, to $33.28/bbl compared to $30.52/bbl in the same period of 2024. This increase was largely dueto an increase in realized gains on risk management contracts and a reduction in diluent costs per barrel, partially offset by lower oilsales.

Gross Profit (Loss)⁽¹⁾

Gross profit decreased by $2.8 million for thethree months ended June 30, 2025, to $55.8 million compared to $58.6 million in the second quarter of 2024. The decrease relates to loweroil sales, offset by gains on risk management contracts.

Gross profit increased by $43.7 million for thesix months ended June 30, 2025, to $90.2 million compared to $46.5 million in the same period of 2024. The increase primarily relatesto gains on risk management contracts, offset by lower oil sales.

General & Administrative Expenses (“G&A”)

G&A expenses include head office and corporatecosts such as salaries and employee benefits, legal fees, engineering services, audit and tax-related fees, and may also include expensesrelated to corporate strategic initiatives if any, among other costs.

For the three months ended June 30, 2025, G&Aexpenses increased by 30% (or $1.2 million) to $5.0 million compared to $3.9 million for the same period of 2024. The increase is attributableto the introduction of a new employee incentive structure consisting solely of an enhanced annual cash bonus, which replaced the prioromnibus share incentive plan in January 2025. Refer to the “Stock-Based Compensation” section of this MD&A for furtherinformation.

During the six months ended June 30, 2025, G&Aexpenses increased by 67% (or $5.8 million) to $14.4 million compared to $8.6 million for the same period of 2024. The six months endedJune 30, 2025, includes a one-time expense of $1.9 million associated with challenging the Company’s adoption of a shareholder rightsplan, in which WEF was successful. Refer to the “Related Party Transaction” section in this MD&A for further information.The remaining increase reflects the previously discussed changes in employee incentive compensation.

Stock-Based Compensation

The stock-based compensation expense relates toshare awards issued under the omnibus share incentive plan (the “Incentive Plan”) adopted in February 2024. The Company’sBoard of Directors suspended further grants under the Incentive Plan as the Company’s incentive compensation plan will comprisesolely of an annual cash bonus. The remaining awards will be expensed over their vesting periods.

Financing and Interest Expenses

Interest expense includes cash-settled intereston the 2028 Notes, Senior Credit Facility, EDC Facility, and other related charges. Accretion includes the amortization of debt issuancecosts, accrual of redemption premiums on the 2028 Notes, accretion of lease liability and accretion of decommissioning liabilities.

For the three months ended June 30, 2025, financingand interest expenses decreased by 26% (or $4.6 million) to $13.1 million compared to $17.8 million for the same quarter of 2024. Duringthe six months ended June 30, 2025, interest and finance expenses decreased by 24% (or $7.8 million) to $25.4 million compared to $33.2million for the same period of 2024. The decrease in both periods was due to a reduction in outstanding debt following the July 2024 partialrepayment of the 2028 Notes.

Refer to the “Capital Resources and Liquidity”section in this MD&A for more details of Greenfire’s long-term debt, revolving credit facility and EDC Facility.

Exploration Expenses

The Company’s exploration expenses primarilyconsist of escalating mineral lease rentals on undeveloped lands. In the three and six months ended June 30, 2025, exploration expenseswere $0.6 million and $1.3 million, respectively, compared to $0.6 million and $1.1 million for the same respective periods in 2024.

Other Income

Other income primarily consists of interest earnedon the Company’s cash and cash equivalent balances. The Company’s other income for the three and six months ended June 30,2025, was $0.7 million and $1.4 million, respectively, compared to other income of $1.3 million and $2.7 million, respectively in 2023.

Foreign Exchange Loss (Gain)

The Company’s foreign exchange loss (gain)is driven by fluctuations in the US dollar to Canadian dollar exchange rate and is primarily related to the principal and interest componentsof the Company’s US dollar denominated debt.

In the three and six months ended June 30, 2025,Greenfire recorded foreign exchange gains of $14.2 million, compared to losses of $3.5 million and $11.8 million for the respective comparativeperiods in 2024. For the three and six months ended June 30, 2025, the gains related to the Canadian dollar appreciating against the USdollar, compared to the losses associated with the weakening trend in the comparative periods of 2024.

Loss (Gain) on Revaluation of Warrants

The outstanding warrants entitle each warrantholder to purchase one common share of Greenfire and expire on September 19, 2028. The warrants contain a cashless exercise feature, permittingsettlement without the cash payment of the exercise price via the issuance of a net, number of common shares. This cashless exercise featureresults in the warrants being treated as a financial liability and necessitates their remeasurement at each reporting period.

When revaluing the warrants to fair value, theCompany recognized gains of $5.9 million and $13.8 million for the three months and six months ended June 30, 2025, respectively, comparedto losses of $0.7 million and $7.1 million for the same periods of 2024. The 2025 gains reflect declines in the Company’s commonshare price relative to their opening price in the respective periods.

Taxes

Deferred income tax assets are recognized to theextent that the realization of the related tax benefit through future taxable profits is probable based on current tax pools and estimatedfuture income. For the three and six months ended June 30, 2025, Greenfire recognized a deferred income tax expense of $8.6 millionand $11.8 million, respectively.

Net Income (Loss) and Comprehensive Income(Loss) and Adjusted EBITDA⁽¹⁾

For the three months ended June 30, 2025, Greenfiregenerated net income of $48.7 million compared to $30.9 million in the same quarter of 2024, an increase of $17.9 million. This increasewas driven by gains on risk management contracts, foreign exchange gains, and the revaluation of warrants.

For the six months ended June 30, 2025, Greenfiregenerated net income of $64.9 million, compared to a net loss of $16.1 million in the same period in 2024, an increase of $81.0 million.This increase was driven by gains on risk management contracts, foreign exchange gains, and the revaluation of warrants.

Adjusted EBITDA decreased 24% (or $14.2 million)for the three months ended June 30, 2025, to $44.3 million compared to $58.4 million for the same quarter of 2024. Adjusted EBITDA decreased12% (or $12.2 million) for the six months ended June 30, 2025, to $85.6 million compared to $97.8 million for the same period of 2024.The decrease in both periods was driven by lower oil sales, resulting from a decrease in sales volume and lower realized pricing, partiallyoffset by gains on realized risk management contracts.

Net Income (Loss) per Share