v3.25.4
Financial Instruments and Risk Management (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments and Risk Management [Abstract]  
Schedule of Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

As at December 31  2025   2024 
($ thousands)  Fair Value   Carrying Value   Fair Value   Carrying Value 
Financial assets at amortized cost:                
Cash and cash equivalents   41,974    41,974    67,419    67,419 
Accounts receivable   66,186    66,186    56,417    56,417 
Financial assets at fair value through profit or loss                    
Risk management contracts   11,016    11,016    
-
    
-
 
Financial liabilities at amortized cost:                    
Accounts payable and accrued liabilities   88,432    88,432    61,804    61,804 
Long-term debt (Note 7)   
-
    
-
    371,161    343,852 
Financial liabilities at fair value through profit or loss                    
Risk management contracts   
-
    
-
    248    248 
Warrant liability   4,128    4,128    18,304    18,304 
Schedule of Asset and Liability The following table summarizes the gross asset and liability positions of the Company’s individual risk management contracts that are offset in the consolidated statements of financial position:
($ thousands)  December 31,
2025		   December 31,
2024		 
Gross amount  $13,456   $(1,395)
Amount offset   (2,440)   1,147 
Risk management contracts – asset (liability)  $11,016   $(248)
Schedule of Gain (Loss) on Risk Management Contracts
($ thousands)  Year ended
December 31,
2025		   Year ended
December 31,
2024		 
Realized gain (loss) on risk management contracts  $31,315   $(27,658)
Unrealized gain on risk management contracts   11,264    169 
Gain (loss) on risk management contracts  $42,579   $(27,489)
Schedule of Financial Commodity Risk Management Contracts

As at December 31, 2025, the following financial commodity risk management contracts were in place, with oil volumes hedged in barrels (“bbl”) and natural gas volumes hedged in gigajoules (“GJ”):

 

   Instrument  Units  Volume
(per day)		   Swap Price   Put Price   Call Price 
Q1 2026  WTI Fixed Price Swap  C$ / bbl   2,549   $96.95    
-
    
-
 
Q1 2026  WTI Costless Collar  C$ / bbl   4,951    
-
   $81.89   $100.16 
Q1 2026  WCS Differential Swap  US$ / bbl   14,000   $(12.95)   
-
    
-
 
Q1 2026  AECO Swap  C$ / GJ   27,000   $2.68    
-
    
-
 
Q2 2026  WTI Costless Collar  C$ / bbl   5,027    
-
   $78.50   $83.84 
Q2 2026  WTI Costless Collar  US$ / bbl   2,473    
-
   $57.00   $65.15 
Q2 2026  WCS Differential Swap  US$ / bbl   14,000   $(12.15)   
-
    
-
 
Q2 2026  AECO Swap  C$ / GJ   27,000   $2.68    
-
    
-
 
Q3 2026  WTI Costless Collar  US$ / bbl   7,500    
-
   $57.34   $66.26 
Q3 2026  WCS Differential Swap  US$ / bbl   14,000   $(12.80)   
-
    
-
 
Q3 2026  AECO Swap  C$ / GJ   27,000   $2.68    
-
    
-
 
Q4 2026  WTI Costless Collar  US$ / bbl   4,973        $55.00   $62.74 
Q4 2026  AECO Swap  C$ / GJ   27,000   $2.68    
-
    
-
 

 

Subsequent to December 31, 2025, Greenfire entered into a costless restructuring of the AECO swaps described above, resulting in the revised terms outlined below:

 

   Instrument  Units  Volume
(per day)		   Swap Price 
2026  AECO Swap  C$ / GJ   27,000   $2.30 
2027  AECO Swap  C$ / GJ   27,000   $2.93 
2028  AECO Swap  C$ / GJ   27,000   $2.93 

Subsequent to December 31, 2025, Greenfire entered into the following financial commodity risk management contracts:

 

   Instrument  Units  Volume (per day)   Swap Price 
Q2 2026  WTI Fixed Price Swap  US$ / bbl   5,000   $68.85 
Q3 2026  WTI Fixed Price Swap  US$ / bbl   3,500   $71.28 
Q4 2026  WTI Fixed Price Swap  US$ / bbl     674   $ 68.83 
Schedule of Net Income, Before Tax, Based on the Financial Risk Management Contracts

The following table illustrates the potential impact of changes in commodity prices on the Company’s net income, before tax, based on the financial risk management contracts in place at December 31, 2025:

 

As at December 31, 2025  10% change in commodity prices 
($ thousands)  Increase   Decrease 
Increase (decrease) to fair value of the risk management contracts   (6,891)   7,455 
Schedule of Credit Risk

Credit Risk

 

As at December 31
($ thousands)		  2025   2024 
Trade receivables  $32,482   $47,412 
Joint interest receivables   19,719    4,655 
Accrued joint interest receivables   13,985    4,350 
Accounts receivable  $66,186   $56,417 
Schedule of Contractual Maturities of its Financial Liabilities

The following table details the Company’s contractual maturities of its financial liabilities at December 31, 2025, and December 31, 2024:

 

   2025   2024 
As at December 31,
($ thousands)		  Less than
one year		   Greater than
one year		   Less than
one year		   Greater than
one year		 
Accounts payable and accrued liabilities  $88,432   $
-
   $61,804   $
-
 
Risk management contracts   
-
    
-
    248    
-
 
Lease liabilities and other(1)   3,457    2,787    7,669    2,726 
Long-term debt(2)   
-
    
-
    260,252    83,600 
Total financial liabilities  $91,889   $2,787   $329,973   $86,326 

 

(1)Amounts represent the expected undiscounted cash payments.
(2)Amounts represent undiscounted principal only and exclude interest and transaction costs.