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Greenfire Resources Reports Year End 2024 Reserves, Fourth Quarter and Full Year 2024 Results, and Provides an Operational Update
Readers are advised to review the "Presentation of Reserves and Other Oil and Gas Information" an...
About this update from Greenfire Resources Ltd.
[{"type":"text","content":"Greenfire Resources Reports Year End 2024 Reserves, Fourth Quarter and Full Year 2024 Results, and Provides an Operational UpdateReaders are advised to review the \"Presentation of Reserves and Other Oil and Gas Information\" and \"Non-GAAP and Other Financial Measures\" at the conclusion of this news release for information regarding the presentation of the reserves information, as well as certain oil and gas metrics, and certain financial measures that do not have standardized meaning under generally accepted accounting principles, contained in this news release. All amounts in this news release are stated in Canadian dollars unless otherwise specified.The Company holds a 75% working interest in the Hangingstone Expansion Facility (the \"Expansion Asset\") and a 100% working interest in the Hangingstone Demonstration Facility (the \"Demo Asset\" and, together with the Expansion Asset, the \"Hangingstone Facilities\"). Unless indicated otherwise, production volumes and per unit statistics are presented throughout this press release on a \"gross\" basis as determined in accordance with National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, which is the Company's gross working interest basis before deduction of royalties.Calgary, Alberta--(Newsfile Corp. - March 17, 2025) - Greenfire Resources Ltd. (NYSE: GFR) (TSX: GFR) (\"Greenfire\" or the \"Company\"), today reported its year end 2024 reserves and fourth quarter and full year 2024 financial and operational results.YE 2024 Reserves Highlights Proved (\"1P\") and Proved Plus Probable (\"2P\") reserves(3) of 234.7 MMbbl, and 408.6 MMbbl, reflecting growth of 28%, and 72%, respectively, compared to December 31, 202358-year 2P Reserve Life Index(3) 1P and 2P before-tax PV-10 growth of 21% and 25%, respectively, compared to December 31, 2023. Net of debt and cash, this corresponds to an increase of 24% and 28% per share(1)FY 2024 HighlightsBitumen production of 19,292 bbls/d(3)Cash provided by operating activities of $144.5 million and Adjusted funds flow(1) of $171.9 millionCapital expenditures(2) of $91.8 millionAdjusted free cash flow(1) of $80.1 millionQ4 2024 HighlightsBitumen production of 19,384 bbls/d(3)Cash provided by operating activities of $60.2 million and Adjusted funds flow(1) of $53.0 millionCapital expenditures(2) of $13.2 millionAdjusted...