Waterous Energy Fund Management Corp. announced that it had bought 1,926,055 common shares of Greenfire Resources Ltd. at C$6.65 per share, paying a total of C$12,808,265.75. The purchase lifts WEF’s ownership from 68.3% to 71.1% of Greenfire’s issued shares, giving the fund a controlling interest in the Alberta‑based oil‑sands producer.
The move is consistent with WEF’s value‑based investment philosophy, which seeks to acquire high‑quality assets at attractive valuations and then consolidate them to create larger, more durable businesses. By increasing its stake to a majority position, WEF can now steer Greenfire’s strategic direction, align its operations with the fund’s broader portfolio, and potentially unlock synergies with other WEF holdings such as Strathcona Resources.
Greenfire Resources, founded in 2022, focuses on developing thermal oil assets in the Athabasca oil sands. The company has faced an operational hiccup in Q2 2025 when a steam generator failure temporarily reduced production, but management expects full restoration by year‑end. The additional investment signals confidence that Greenfire’s core assets remain undervalued and that the company’s production profile will recover and grow under WEF’s stewardship.
WEF’s broader strategy emphasizes margin of safety and compounding intrinsic value per share. The fund has closed over C$3.4 billion in capital commitments across five fundraises and has a track record of turning around underperforming assets. The Greenfire stake fits this model, as the company’s thermal oil operations offer a low breakeven price and strong cash‑flow potential once operational issues are resolved.
With a 71.1% stake, WEF now has the voting power to influence board appointments, capital allocation, and long‑term strategy. The fund’s increased control may accelerate integration of Greenfire’s assets into its portfolio, potentially leading to further consolidation or a strategic exit. The transaction also signals to the market that WEF remains bullish on the Canadian oil‑sands sector despite recent volatility.
Overall, the purchase reflects WEF’s confidence in Greenfire’s upside potential and its commitment to building a portfolio of high‑quality, cash‑generating assets. The controlling stake positions WEF to shape Greenfire’s future trajectory and to capitalize on operational improvements and market recovery in the oil‑sands industry.
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