| Schedule of Senior Secured Notes |
On September 20, 2023, Greenfire issued US$300
million of senior secured notes (the “2028 Notes”). The 2028 Notes bore interest at a fixed rate of 12.00%, were to mature
on October 1, 2028, and were secured by a second-priority lien on the Company’s assets. On December 19, 2025, the outstanding 2028
Notes were voluntarily redeemed at 106% of their principal amount. All accrued interest on the 2028 Notes was settled concurrently.
| ($ thousands) | |
Principal | | |
Unamortized financing costs(1) | | |
Long-term debt | |
| Balance, January 1 2024 | |
$ | 396,780 | | |
$ | (20,430 | ) | |
$ | 376,350 | |
| Redemption payments | |
| (84,278 | ) | |
| (4,214 | ) | |
| (88,492 | ) |
| Non-cash financing expense | |
| - | | |
| 10,655 | | |
| 10,655 | |
| Foreign exchange | |
| 31,350 | | |
| (933 | ) | |
| 30,417 | |
| Balance, December 31, 2024 | |
| 343,852 | | |
| (14,922 | ) | |
| 328,930 | |
| Redemption payments | |
| (329,315 | ) | |
| (19,738 | ) | |
| (349,053 | ) |
| Non-cash financing expense | |
| - | | |
| 34,077 | | |
| 34,077 | |
| Foreign exchange | |
| (14,537 | ) | |
| 583 | | |
| (13,954 | ) |
| Balance, December 31, 2025 | |
$ | - | | |
$ | - | | |
$ | - | |
| (1) | Unamortized financing costs include accrued redemption premiums, unamortized issuance costs, and the unamortized portion of the original issue discount. |
| (3) | Forecasted production is defined by the 2028 Indenture as
the Company’s proved developed producing (“PDP”) forecast in the Company’s most recent reserve report, as determined
by a qualified and independent reserves evaluator, as prepared to the Canadian standard using National Instrument 51-101. |
| (4) | On March 10, 2025, the Company completed an amendment to
the 2028 Indenture to increase the annual capital expenditure limitation from CAD$100 million to US$150 million, until the outstanding
principal amount of the 2028 Notes is less than US$150 million. |
| (5) | As defined in the 2028 Indenture. |
|