On September 16, 2024, Waterous Energy Fund (WEF), managed by Waterous Energy Fund Management Corp., agreed to purchase 29,988,854 common shares of Greenfire Resources Ltd. from Allard Services Limited, Annapurna Limited, and Modro Holdings LLC. The transaction, valued at approximately CAD 327.8 million, represents a 43.3% ownership stake in Greenfire at a per-share price of CAD 10.93. The acquisition will proceed through private share purchase agreements, exempt from standard takeover bid regulations under section 4.2 of National Instrument 62-104 due to its compliance with specific private transaction criteria. Regulatory approvals and customary closing conditions remain pending. Upon completion, WEF will become a major stakeholder in Greenfire, which may influence its future market strategies. Following the transaction, Greenfire directors Julian McIntyre and Venkat Siva, affiliated with the selling corporations, have agreed to resign from the board.