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Greenfire Resources Announces Q2 2024 Results, Updated 2024 Outlook and Appointment of Chief Operating Officer
Calgary, Alberta--(Newsfile Corp. - August 14, 2024) - Greenfire Resources Ltd. (NYSE: GFR) (TSX:...
About this update from Greenfire Resources Ltd.
[{"type":"text","content":"Greenfire Resources Announces Q2 2024 Results, Updated 2024 Outlook and Appointment of Chief Operating OfficerCalgary, Alberta--(Newsfile Corp. - August 14, 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, is pleased to announce its operating and financial results for the quarter ended June 30, 2024 (\"Q2 2024\") and an operational update for the third quarter of 2024. The unaudited condensed interim consolidated financial statements and notes for the three and six months ended June 30, 2024 and 2023 as well as the related Management's Discussion and Analysis (\"MD&A\") will be available on SEDAR+ at www.sedarplus.ca, on EDGAR at www.sec.gov/edgar.shtml and on Greenfire's website at www.greenfireres.com.A conference call to discuss the Q2 2024 results has been scheduled for Thursday, August 15, 2024 at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time). Access details for the conference call are provided below.\"The timing of our production growth initiatives in 2024 was impacted by the previously disclosed failure of third-party downhole temperature sensors and drilling delays in May and July as a result of the wildfires in northern Alberta at the Expansion site as well as delayed regulatory approval to recommence disposal operations and longer than anticipated steaming requirements at the Demo site,\" said Robert Logan, President and Chief Executive Officer of Greenfire.\"Given the temporary deferral of our planned production growth initiatives and certain regulatory delays, we have issued an Updated 2024 Outlook that contemplates 13-19% annual production growth over 2023 production levels. Despite the deferred ramp-up, we are starting to see higher production at our Expansion site and expect production to grow further at both facilities into year end.\"\"To further advance the Company's growth plan, I am pleased to announce the appointment of Jonathan Kanderka to Chief Operating Officer. Mr. Kanderka has extensive operating and leadership experience at high-growth SAGD companies, including his significant tenure at MEG Energy,\" concluded Mr. Logan.All dollar amounts reported in this press release are in Canadian dollars unless otherwise...