CALGARY – Strathcona Resources Ltd. has signed a deal to buy Greenfire Resources Ltd. in a deal valued at up to $2.9 billion, including debt.
The company says the deal will bring together two long-life oilsands and heavy oil companies.
Strathcona says it expects the existing Greenfire leadership team to continue to lead day-to-day operations for the Greenfire assets within a new Strathcona business unit.
Under the agreement, Greenfire shareholders may choose to receive either 0.25 of a Strathcona share or $11 in cash for each Greenfire share they hold.
Strathcona shares closed at $36.34 on the Toronto Stock Exchange on Friday, while Greenfire shares closed at :$7.93.
Strathcona says the Waterous Energy Fund, which holds 72 per cent of Greenfire’s outstanding shares and a 57 per cent stake in Strathcona, has agreed to support the deal and plans to take its payment in shares.
This report by The Canadian Press was first published Nov. 9, 2026.
Companies in this story: (TSX:SCR, TSX:GFR)
