On December 23, 2024, M3-Brigade Acquisition III Corp. and Brigade Capital announced the sale of their equity interests in Greenfire Resources to Waterous Energy for US$81,853,033.15 (approximately C$111.45 million). M3-Brigade is a SPAC formed by M3 Partners LP and Brigade Capital, while Brigade Capital is a global alternative investment manager.

Greenfire Resources, based in Calgary, Alberta, is an oil sands producer focused on sustainable thermal energy development.

Osler, Hoskin & Harcourt LLP advised M3-Brigade and Brigade Capital, with a team including Many Pressman, Neal Ross, Mike Proudfoot, Stephanie Shuter, Jasleen Sahota (Corporate), Teresa Tomchak, Lipi Mishra, Tamara Kljakic, and Julie Treleaven (Litigation). Burnet, Duckworth & Palmer LLP served as legal counsel for Greenfire Resources.