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.
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This report by The Canadian Press was first published Nov. 9, 2026.
