Greenfire Resources to buy Connacher Oil and Gas for $1.28 billion
The all-cash deal combines two Calgary-based heavy oil producers active in Alberta's oil sands.
Why it matters
The deal signals continued consolidation in Alberta's heavy oil sector, which remains a key driver of the province's economy.
Calgary-based Greenfire Resources Ltd. has agreed to acquire privately held heavy oil producer Connacher Oil and Gas Ltd. in an all-cash transaction valued at $1.28 billion.
Both companies operate in the heavy oil sector, and the acquisition brings Connacher's assets under Greenfire's ownership. Details on the specific properties involved and the deal's expected closing timeline were not disclosed in the initial announcement.
The transaction adds to a series of consolidation moves within Alberta's oil sands and heavy oil industry, as producers continue to combine operations amid shifting market conditions.
Compiled by the Alberta Daily Desk — an AI-written summary of reporting from the credited sources below, produced and reviewed under our editorial policy.