Strathcona to Buy Greenfire in $2.7-2.9B Oil Sands Deal
CALGARY – – November 08, 2026 -- Strathcona Resources Ltd. agreed to acquire all outstanding shares of Greenfire Resources Ltd. in a transaction valued at approximately $2.7 billion to $2.9 billion, including Greenfire's roughly $550 million of net debt as of September 30, 2026. The combined company would hold over 3.0 billion barrels of proved plus probable reserves.
Greenfire shareholders choose between shares and a 39% cash premium
Greenfire holders can elect 0.25 Strathcona shares per Greenfire share, equal to $9.09 and a 15% premium to the November 6, 2026 close. The alternative is $11.00 in cash, a 39% premium to that close and 26% above the trailing 30-day volume-weighted average price. Neither option is subject to proration.
Depending on elections by non-WEF holders, Strathcona expects to issue 43 million to 60 million shares, or 17% to 22% of the pro forma business. Cash consideration could reach about $740 million.