EX-15.1 13 ea020082801ex15-1_greenfire.htm RESERVE REPORT OF MCDANIEL & ASSOCIATES CONSULTANTS LTD. AS TO RESERVES OF GREENFIRE RESOURCES INC. AS OF DECEMBER 31, 2023

Exhibit 15.1

GREENFIRE RESOURCES LTD.
HANGINGSTONE PROPERTIES

Evaluation of Bitumen Reserves
Based on Constant Prices and Costs
As of December 31, 2023

GREENFIRE RESOURCES LTD.
HANGINGSTONE PROPERTIES

Evaluation of Bitumen Reserves
Based on Constant Prices and Costs
As of December 31, 2023

Prepared For:

Greenfire Resources Ltd.
1900, 205 – 5^th Avenue SW
Calgary, Alberta
T2P 2V7

Prepared By:

McDaniel & Associates Consultants Ltd.
2000, 525 – 8^th Avenue SW
Eighth Avenue Place, East Tower
Calgary, Alberta
T2P 1G1

March 2024

GREENFIRE RESOURCES LTD.

HANGINGSTONE PROPERTIES

TABLE OF CONTENTS

Covering Letter

Certificates of Qualification

Evaluation Methodology

APPENDIX 1 BITUMEN NETBACK PRICING

McDaniel December 2023 SEC Prices and Costs

APPENDIX 2 ECONOMIC DETAIL – CORPORATE CONSOLIDATION

McDaniel December 2023 SEC Prices and Costs

APPENDIX 3 GEOLOGICAL MAPPING

March 20, 2024

Greenfire Resources Ltd.
1900, 205 – 5^th Avenue SW
Calgary, Alberta

T2P 2V7

Attention:

Mr. Robert B. Logan, President, CEO and Director

Reference:

Greenfire Resources Ltd. – Hangingstone Properties

Evaluation of Bitumen Reserves

Constant Prices and Costs

Dear Sir:

Pursuant to your request, we have prepared an evaluation of the proved bitumen reserves and the net present values of these reserves for the petroleum interests of Greenfire Resources Ltd. – Hangingstone Properties, hereinafter referred to as the “Company”, as of December 31, 2023. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with U.S. Securities Exchange Commission (SEC) standards. The completion date of our report is March 20, 2024. This report was prepared in accordance with guidelines specified in Item 1202(a)(8) of Regulation S-K and is to be used for inclusion in certain filings of the SEC.

The future net revenues and net present values presented in this report were calculated using constant prices and costs based on the average first-day-of-the-month petroleum product prices for the 12 months of 2023 with no inflation of operating or capital costs and were presented in Canadian dollars. The future net revenues and net present value estimates in this report are presented before and after income taxes at the corporate level. The future net revenues presented in this report may not necessarily represent the fair market value of the reserves estimates.

The properties evaluated in this report were indicated to include 100 percent of the Company’s petroleum interests in Alberta, Canada.

2000, Eighth Avenue Place, East Tower, 525 – 8 Avenue SW, Calgary AB T2P 1G1 Tel: (403) 262-5506 Fax: (403) 233-2744

Greenfire Resources Ltd. – Hangingstone Properties	Page 2
Constant Prices and Costs	March 20, 2024

The Company’s share of remaining reserves and net present values are presented on a total Company basis in Table 2-1 of Appendix 2. Tables summarizing the reserves, production and revenues for the various reserves classes are presented in Appendix 2. Detailed net bitumen pay maps for the McMurray Formation are presented within Appendix 3. Discussions of the assumptions and methodology employed to prepare the reserves estimates and future revenue forecasts are also contained in the “Evaluation Methodology” section.

In preparing this report, we relied upon factual information including ownership, technical well data, production, prices, revenues, operating costs, capital costs, contracts, and other relevant data from public sources as well as non-public data supplied by the Company. The extent and character of all factual information supplied by the Company were relied upon by us in preparing this report and has been accepted as represented without independent verification. We have relied upon representations made by the Company as to the completeness and accuracy of the data provided and that no material changes in the performance of the properties has occurred nor is expected to occur, from that which was projected in this report, between the date that the data was obtained for this evaluation and the date of this report, and that no new data has come to light that may result in a material change to the evaluation of the reserves presented in this report. We used all methods and procedures as it considered necessary under the circumstances to prepare the report. Assumptions, data, methods and procedures are appropriate for the purpose served by the report.

The reserves estimates presented in this report were prepared on the basis of an overall evaluation of the reserves of the Company. The reserves estimates for all properties evaluated in the report meet the requirements for reasonable certainty in Rule 4-10(a)(24) of Regulation S-X.

Greenfire Resources Ltd. – Hangingstone Properties	Page 3
Constant Prices and Costs	March 20, 2024

We reserve the right to revise any estimates provided herein if any relevant data existing prior to preparation of this report was not made available, if any data between the effective date of the evaluation and the date of this report were to vary significantly from that forecast, or if any data provided was found to be erroneous.

Sincerely,

McDANIEL & ASSOCIATES CONSULTANTS LTD.
APEGA PERMIT NUMBER: P3145

/s/ Jared W. B. Wynveen, P.Eng.		/s/ Josée C. Arpin, P.Eng.
Jared W. B. Wynveen, P.Eng.		Josée C. Arpin, P.Eng.
March 20, 2024

/s/ David G. Jenkinson, P.Geol.		/s/ Wesley P. Feick, P.Geo.
David G. Jenkinson, P.Geol.		Wesley P. Feick, P.Geo.
March 20, 2024

CERTIFICATE OF QUALIFICATION

I, Jared W. B. Wynveen, Petroleum Engineer of 2000, 525 – 8^th Avenue SW, Calgary, Alberta, Canada hereby certify:

That I am an Executive Vice President of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Greenfire Resources Ltd., the report entitled “Greenfire Resources Ltd., Hangingstone Properties, Evaluation of Bitumen Reserves, Based on Constant Prices and Costs, As of December 31, 2023”, dated March 20, 2024, and that I was involved in the preparation of this report. I am also registered as a Responsible Member as outlined by APEGA for McDaniel & Associates Consultant Ltd. APEGA Permit Number 3145.

That I attended the Queen’s University in the years 2002 to 2006 and that I graduated with a Bachelor of Science degree in Mechanical Engineering, that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 15 years of experience in oil and gas reservoir studies and evaluations.

That I have no direct or indirect interest in the properties or securities of Greenfire Resources Ltd., nor do I expect to receive any direct or indirect interest in the properties or securities of Greenfire Resources Ltd., or any affiliate thereof.

That the aforementioned report was not based on a personal field examination of the properties in question, however, such an examination was not deemed necessary in view of the extent and accuracy of the information available on the properties in question.

APEGA ID 89207

Calgary, Alberta

Dated: March 20, 2024

CERTIFICATE OF QUALIFICATION

I, Josée C. Arpin, Petroleum Engineer of 2000, 525 – 8^th Avenue SW, Calgary, Alberta, Canada hereby certify:

That I am a Senior Evaluation Engineer of McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Greenfire Resources Ltd., the report entitled “Greenfire Resources Ltd., Hangingstone Properties, Evaluation of Bitumen Reserves, Based on Constant Prices and Costs, As of December 31, 2023”, dated March 20, 2024, and that I was involved in the preparation of this report.

That I attended the University of Calgary in the years 2012 to 2017 and that I graduated with a Bachelor of Science in Oil and Gas Engineering, and that I am a registered Professional Engineer with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of six years of experience in oil and gas reservoir studies and evaluations.

APEGA ID 205608

Calgary, Alberta

Dated: March 20, 2024

CERTIFICATE OF QUALIFICATION

I, David G. Jenkinson, Petroleum Geologist of 2000, 525 – 8^th Avenue SW, Alberta, Canada hereby certify:

That I am an Executive Vice President for McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Greenfire Resources Ltd., the report entitled “Greenfire Resources Ltd., Hangingstone Properties, Evaluation of Bitumen Reserves, Based on Constant Prices and Costs, As of December 31, 2023”, dated March 20, 2024, and that I was involved in the preparation of this report. I am also registered as a Responsible Member as outlined by APEGA for McDaniel & Associates Consultant Ltd. APEGA Permit Number 3145.

That I attended the University of Saskatchewan in the years 2000 to 2004, graduating with a Bachelor of Science degree in Geology; that I am a registered Professional Geologist with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 15 years of experience in oil and gas reservoir studies and evaluations.

APEGA ID 81046

Calgary, Alberta

Dated: March 20, 2024

CERTIFICATE OF QUALIFICATION

I, Wesley P. Feick, Petroleum Geologist of 2000, 525 – 8^th Avenue SW, Calgary, Alberta, Canada hereby certify:

That I am an Associate for McDaniel & Associates Consultants Ltd., APEGA Permit Number P3145, which Company did prepare, at the request of Greenfire Resources Ltd., the report entitled “Greenfire Resources Ltd., Hangingstone Properties, Evaluation of Bitumen Reserves, Based on Constant Prices and Costs, As of December 31, 2023”, dated March 20, 2024, and that I was involved in the preparation of this report.

That I attended the University of Alberta in the years 2002 to 2006, graduating with a Bachelor of Science degree in Geology; that I am a registered Professional Geoscientist with the Association of Professional Engineers and Geoscientists of Alberta and that I have in excess of 15 years of experience in oil and gas reservoir studies and evaluations.

APEGA ID 82556

Calgary, Alberta

Dated: March 20, 2024

GREENFIRE RESOURCES LTD.
HANGINGSTONE PROPERTIES

Evaluation of Bitumen Reserves
Based on Constant Prices and Costs
As of December 31, 2023

Evaluation Methodology

INTRODUCTION

Estimates of the proved bitumen reserves and the associated net present values before and after income taxes attributable to the properties of the Company have been presented in this report as of December 31, 2023. Reserves estimates were prepared for the Hangingstone properties in which the Company was indicated to have an interest in Western Canada based on detailed studies of the reservoir and performance characteristics as well as historical revenues and costs.

The basic information employed in the preparation of this report was obtained from the Company’s files, public sources and from our own non-confidential files. A field inspection of the properties was not conducted in view of the generally accepted reliability of the data sources for Western Canadian properties.

The effective date of this report is December 31, 2023. The reserves estimates presented herein were based upon a number of factors and assumptions, including the operating and economic conditions and development status as of that date except for changes planned for the immediate future or in the process of implementation, commodity prices, future operating and capital costs, availability of future capital, and the assumed effects of regulation by governmental agencies, including with respect to royalty payments, all of which may vary considerably from actual results. The reserves estimates and future net revenue forecasts have been prepared and presented in accordance with U.S. Securities Exchange Commission (SEC) standards. A brief review of the methodology employed in arriving at the reserves and net present value estimates is presented in this section.

RESERVES ESTIMATES

There are numerous uncertainties inherent in estimating economically recoverable quantities of oil, natural gas liquids (NGLs) and natural gas reserves, including many factors beyond our control. All oil, NGLs and natural gas reserve estimates are uncertain to some degree, and classifications of oil, NGLs and natural gas reserves are only attempts to define the degree of uncertainty involved. For those reasons, estimates of the quantity of oil, NGLs and natural gas economically recoverable from a group of properties and the classification of such oil, NGLs and natural gas reserves, when prepared by different engineers or by the same engineers at different times, may vary substantially. Additionally, estimates with respect to oil, NGLs and natural gas reserves are often based upon volumetric calculations and upon analogy to similar types of reserves, rather than upon actual production history. Oil, NGLs and natural gas reserve estimates based on these methods are generally less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations in the estimated reserves and these variations may be material.

Greenfire Resources Ltd. – Hangingstone Properties	Page 2
Constant Prices and Costs	March 20, 2024

Crude Oil

The crude oil reserves estimates presented in this report were based on a review of the volumetric data and performance characteristics of the individual wells and reservoirs in question. Volumetric estimates of the original oil-in-place were based on individual well petrophysical interpretations, geological studies of pool configurations, and in some cases on published estimates. In those cases where indicative oil production decline and/or increasing gas-oil and oil cut trends were evident, the remaining reserves were determined by extrapolating these trends to economic limiting conditions. Where definitive production information was not yet available, the reserves estimates were usually volumetrically determined using recovery factors based on analogy with similar wells or reservoirs or on estimates of recovery efficiencies. The cumulative production figures were taken from published sources or from records of the Company and estimated for those recent periods where such data were not available.

Natural Gas and Products

The natural gas reserves estimates for non-associated gas and gas cap pools were based on a study of the volumetric data and performance characteristics of the individual wells and reservoirs in question. Volumetric estimates of the initial gas-in-place were based on individual well petrophysical interpretations, geological studies of the pools and areas, and in some cases on published estimates. Material balance estimates of the initial gas-in-place were employed where sufficient information was available for a reliable estimate. The reserves recoverable from the currently producing properties were estimated from studies of production performance characteristics and/or reservoir pressure histories. In those cases where indicative gas production decline and/or increasing oil-gas ratio and water-gas ratio trends were evident, the remaining reserves were determined by extrapolating these trends to economic limiting conditions. In cases of competitive drainage in multi-well pools the reserves were based on an analysis of the relevant factors relating to the future pool depletion by existing and possible future wells. The recovery factors for the non-producing properties were estimated from a consideration of test rates, reservoir pressures and by analogy with similar wells or reservoirs.

Natural gas reserves estimates for solution gas production from producing crude oil properties were based on an analysis of producing gas-oil ratios and existing sales gas recoveries. Solution gas reserves were assigned to non-producing oil properties where there was a likelihood of those reserves being recovered and sold from existing facilities or facilities that are expected to be available in the near future.

The natural gas products reserves estimates for the producing properties were based on historical and anticipated future recoveries of these products from the natural gas reserves. The natural gas products recoveries from the non-producing natural gas reserves were estimated from gas analyses, well test information and from analogy with similar reservoirs. Natural gas products reserves were only assigned to non-producing properties in those cases where there was a likelihood that the gas production would be processed through existing facilities capable of extracting these products or where such a facility will be available in the near future.

Greenfire Resources Ltd. – Hangingstone Properties	Page 3
Constant Prices and Costs	March 20, 2024

SEC RESERVES DEFINITIONS

The proved reserves and net present values estimates presented in this report were prepared to comply with the United States Securities and Exchange Commission (SEC) reserves definitions.

Proved oil and gas reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations — prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i)

The area of the reservoir considered as proved includes:

The area identified by drilling and limited by fluid contacts, if any, and

Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii)

In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii)

Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

Greenfire Resources Ltd. – Hangingstone Properties	Page 4
Constant Prices and Costs	March 20, 2024

(iv)

Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

The project has been approved for development by all necessary parties and entities, including governmental entities.

(v)

Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Developed oil and gas reserves. Developed oil and gas reserves are reserves of any category that can be expected to be recovered:

(i)

Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and

(ii)

Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.

Undeveloped oil and gas reserves. Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.

(i)

Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.

(ii)

Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years, unless the specific circumstances, justify a longer time.

(iii)

Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, or by other evidence using reliable technology establishing reasonable certainty.

Greenfire Resources Ltd. – Hangingstone Properties	Page 5
Constant Prices and Costs	March 20, 2024

Reasonable certainty. If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

NET PRESENT VALUE ESTIMATES

The net present values of the bitumen reserves were obtained by employing future production and revenue analyses. The future crude oil production was generally predicated on the anticipated performance characteristics of the individual wells and reservoirs in question. The future natural gas production was also predicated on the anticipated performance characteristics of the individual wells and reservoirs in question with an allowance for any gas sales contract or gas processing facility restrictions. In those areas where shut-in natural gas reserves exist, the commencement of production was based on the proximity to a pipeline connection and the relevant factors relating to the future marketing of the reserves. The future production of gas-cap reserves was assumed to occur near the end of the oil producing life. Solution gas production was based on the forecast of the oil producing rates and current and forecast sales gas-oil ratios. The natural gas products production forecasts were based on the anticipated recoveries of these products from the produced natural gas.

The Company’s share of future crude oil revenue was derived by employing the Company’s share of production and the indicated reference crude oil price less the historical quality and transportation price differential for each respective field. The initial benchmark price for Western Canadian Select Heavy Oil was $79.89CAD/bbl, with average realized prices after adjustments for location and quality differentials of $52.73CAD/bbl on a Total Proved basis. The indicated natural gas prices with an adjustment for the heating value of the gas were employed to calculate the Company’s share of future natural gas revenues. The indicated reference natural gas products prices with adjustments to reflect historical price differentials realized by the Company in each respective property were employed to calculate the Company’s share of future natural gas products revenues. The initial benchmark price for AECO Spot was $2.84CAD/MMBtu and the average realized gas price was $3.09CAD/MMBtu on a Total Proved basis. Royalties and mineral taxes payable to the Crown were estimated based on the methods in effect as of December 31, 2023. Freehold and overriding royalties payable to others were estimated based on the indicated applicable rates. In those cases where a proportionate share of the natural gas gathering and processing charges were indicated to be payable by the Crown or royalties owned by others, these charges have been deducted in determining the net royalties payable.

Greenfire Resources Ltd. – Hangingstone Properties	Page 6
Constant Prices and Costs	March 20, 2024

The forecast Before Tax cashflows and Net Present Values include the recently amended Canadian Federal Carbon Tax schedule which increases from $65/ton in 2023 to $170/ton in 2030. In Alberta, an allowance has been included for changes to Technology Innovation and Emissions Reduction (TIER) regulation announced in December 2022.

In all cases, estimates of the applicable capital expenditures and operating costs with no allowance for inflation were deducted in arriving at the Company’s share of future net revenues. An allowance for future abandonment, decommissioning and reclamation (ADR) costs were included in this report. ADR costs related to the proved undeveloped reserves presented in the report have been included. ADR costs include but are not limited to items such as: producing wells, suspended wells, service wells, gathering systems, facilities, and surface land development. These costs and their respective timing have been supplied and represented by the Company and incorporated into this report without review. The ADR costs were included for all Company properties. The net present values were then obtained by employing 5, 8, 10, 12, 15, 20 and 25 percent nominal annual discount rates compounded annually.

The Company’s share of remaining reserves and net present values are presented on a total Company basis in Table 2-1 of Appendix 2.

The information relating to estimated proved reserves of the bitumen reserves contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, 932-235-50-9, 932-235-50-30 and 932-235-50-31 of the Accounting Standards Update 932-235-50, Extractive Industries – Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the Financial Accounting Standards Board and Rules 4–10(a) (1)–(32) of Regulation S–X and Rules 302(b), 1201, and 1202(a) (1), (2), (3), (4), (5), (8) of Regulation S-K of the Securities and Exchange Commission.

The future net revenues and net present value estimates in this report are presented before and after income taxes at the corporate level. The estimates of future income taxes were based on our understanding of current Canadian Oil and Gas tax calculations; however, income tax experts should be consulted before relying on any of the income tax estimates presented in this report.

Summaries of the Company’s share of remaining reserves together with forecast future revenues, royalties, taxes, operating and capital costs, abandonments, decommissioning and reclamation costs, future net revenue, income taxes and net present values are presented in detailed tabulations for each reserves category in Appendix 2.

APPENDIX 1

Netback Pricing Forecast and Calculations

Greenfire Resources Ltd.

Evaluation of Hangingstone Properties

Based on McDaniel December 2023 SEC Prices and Costs
As of December 31, 2023

McDaniel & Associates Consultants Ltd.
Hangingstone Demo Oil Sands Price Forecast
Based on 2023YE SEC Pricing
Utilizing Historical Product and Transportation Offsets

Table 1 - 1

													Alberta		Alberta Bow River																HARDISTY DELIVERY				AB TIER
Year	U.S./ Canada Exchange		Inflation %/year		WTI Price US$/bbl		Edmonton MSW¹ CDN$/bbl		WCS at Hardisty² CDN$/bbl		WCS at Hardisty % of WTI		Bow River Hvy at Hardisty³ CDN$/bbl		Hvy at Hardisty % of WTI		LLB at Hardisty⁴ CDN$/bbl		LLB at Hardisty % of WTI		Edmonton C5+⁵ CDN$/bbl		Diluent at Edmonton⁵ CDN$/bbl		Diluent at Fieldgate CDN$/bbl		SCO at Edmonton⁶ CDN$/bbl		SCO at Edmonton % of WTI		WCS DilBit at Hardisty CDN$/bbl		Netback Bitumen at Fieldgate7 CDN$/bbl		Emissions Cost $/tonne CO2e		Natural Gas at AECO CDN$/MMBtu		Natural Gas at Fieldgate CDN$/MMBtu
2000		0.674				30.31		44.72						34.35		76.4		32.59		72.5		46.25						44.96		100.0								2.96
2001		0.646				25.97		39.60						25.07		62.4		23.46		58.4		42.44						40.31		100.3								5.02
2002		0.637				26.08		39.95						31.65		77.3		30.59		74.7		40.79						41.16		100.5								6.30
2003		0.716				31.04		43.15						32.68		75.4		31.16		71.9		44.19						43.44		100.2								4.07
2004		0.770				41.40		52.54						37.60		69.9		36.80		68.4		54.09						53.20		98.9								6.66
2005		0.826				56.56		68.72						44.83		65.5		42.79		62.5		69.63						70.58		103.1								6.87
2006		0.880				66.22		72.77						51.55		68.5		50.30		66.8		75.06						73.16		97.2								8.58
2007		0.935				72.30		76.35						53.25		68.9		51.47		66.6		77.36						79.05		102.2								7.16
2008		0.943				99.60		102.20		82.95		78.5		84.30		79.8		82.30		77.9		104.75						106.92		101.2								6.65
2009		0.880				61.80		65.90		58.70		83.6		60.30		85.9		58.35		83.1		68.15						69.15		98.5								8.15
2010		0.971				79.50		77.50		67.25		82.1		68.50		83.7		66.95		81.8		84.25						81.00		98.9								4.20
2011		1.012				95.10		95.00		77.10		82.0		78.55		83.6		76.80		81.7		104.20						102.35		108.9								4.15
2012		1.000				94.20		86.10		73.20		77.7		74.35		78.9		73.05		77.5		100.80						92.50		98.2								3.70
2013		0.971				97.95		93.05		75.25		74.6		76.55		75.9		75.50		74.8		104.65						100.10		99.2								2.45
2014		0.906				93.00		93.50		79.10		77.1		80.40		78.3		78.50		76.5		102.40						101.50		98.9								3.20
2015		0.780				48.80		57.75		44.80		71.6		46.10		73.7		44.45		71.0		60.30						62.50		99.9								4.40
2016		0.760				43.30		53.85		39.00		68.5		40.30		70.7		39.60		69.5		56.20						58.10		102.0								2.80
2017		0.770				50.90		62.85		50.70		76.7		52.00		78.7		49.20		74.4		66.85						67.94		102.8								2.10
2018		0.770				64.95		69.65		49.95		59.2		51.25		60.8		49.10		58.2		79.20						75.75		89.8								2.40
2019		0.755				57.00		69.00		58.70		77.8		60.00		79.5		57.50		76.2		70.30						75.20		99.6								1.55
2020		0.745				39.25		45.00		35.40		67.2		36.50		69.3		35.60		67.6		49.15						48.15		91.4								1.60
2021		0.800				68.00		80.35		68.85		81.0		69.40		81.6		69.10		81.3		85.50						83.20		97.9								2.25
2022		0.770				94.80		120.75		99.10		80.5		99.25		80.6		99.30		80.7		123.00						129.10		104.9								3.55
2023		0.740				77.55		100.40		79.60		76.0		79.80		76.1		79.84		76.2		103.40						109.28		104.3								5.55

2024		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		80.00		2.84		3.09
2025		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		95.00		2.84		3.09
2026		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		110.00		2.84		3.09
2027		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		125.00		2.84		3.09
2028		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		140.00		2.84		3.09
2029		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		155.00		2.84		3.09
2030		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2031		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2032		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2033		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2034		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2035		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2036		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2037		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2038		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2039		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2040		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2041		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2042		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2043		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2044		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2045		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2046		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2047		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09
2048		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		51.40		170.00		2.84		3.09

Thereafter		0.741		0.0		+0.0%/yr		+0.0%/yr		+0.0%/yr		75.6		+0.0%/yr		76.1		+0.0%/yr		75.2		+0.0%/yr		+0.0%/yr		+0.0%/yr		+0.0%/yr		101.8		+0.0%/yr		+0.0%/yr		+0.0%/yr		+0.0%/yr		+0.0%/yr

NOTES:

40 degree API, 0.5 wt% sulphur

WCS at Hardisty with density of 928.7 kg/m³, API of 20.7° and sulphur of 3.52 wt% as per 5 year average crude assay, www.crudemonitor.ca

BRN at Hardisty with density of 923.2kg/m³, API of 21.7° and sulphur of 2.77 wt% as per 5 year average crude assay, www.crudemonitor.ca

LLB at Hardisty with density of 928.2 kg/m³, API of 20.8° and sulphur of 3.53 wt% as per 5 year average crude assay, www.crudemonitor.ca

Edmonton C5+ price is based EPL segregated condensate price (725 kg/m³ and 0.2 wt% sulphur) and historical average premium to Edmonton MSW. Diluent price includes a premium to the posted price and has been adjusted for naphtha-quality diluent of 720 kg/m³

Sweet Synthetic Crude Oil at Edmonton

Blend ratio of diluent to bitumen assumed to be 0.31 bbl : 0.69 bbl based on bitumen assay

Greenfire HS Demo Model - YE2023 SEC.xlsm

2024-02-14

McDaniel & Associates Consultants Ltd.
Hangingstone Expansion Oil Sands Price Forecast
Based on 2023YE SEC Pricing
Utilizing Historical Product and Transportation Offsets

Table 1 - 2

													Alberta		Alberta																HARDISTY DELIVERY				AB TIER
Year	U.S./ Canada Exchange		Inflation %/year		WTI Price US$/bbl		Edmonton MSW¹ CDN$/bbl		WCS at Hardisty² CDN$/bbl		WCS at Hardisty % of WTI		Bow River Hvy at Hardisty³ CDN$/bbl		Bow River Hvy at Hardisty % of WTI		LLB at Hardisty⁴ CDN$/bbl		LLB at Hardisty % of WTI		Edmonton C5+⁵ CDN$/bbl		Diluent at Edmonton⁵ CDN$/bbl		Diluent at Fieldgate CDN$/bbl		SCO at Edmonton⁶ CDN$/bbl		SCO at Edmonton % of WTI		WCS DilBit at Hardisty CDN$/bbl		Netback Bitumen at Fieldgate7 CDN$/bbl		Emissions Cost $/tonne CO2e		Natural Gas at AECO CDN$/MMBtu		Natural Gas at Fieldgate CDN$/MMBtu
2000		0.674				30.31		44.72						34.35		76.4		32.59		72.5		46.25						44.96		100.0								2.96
2001		0.646				25.97		39.60						25.07		62.4		23.46		58.4		42.44						40.31		100.3								5.02
2002		0.637				26.08		39.95						31.65		77.3		30.59		74.7		40.79						41.16		100.5								6.30
2003		0.716				31.04		43.15						32.68		75.4		31.16		71.9		44.19						43.44		100.2								4.07
2004		0.770				41.40		52.54						37.60		69.9		36.80		68.4		54.09						53.20		98.9								6.66
2005		0.826				56.56		68.72						44.83		65.5		42.79		62.5		69.63						70.58		103.1								6.87
2006		0.880				66.22		72.77						51.55		68.5		50.30		66.8		75.06						73.16		97.2								8.58
2007		0.935				72.30		76.35						53.25		68.9		51.47		66.6		77.36						79.05		102.2								7.16
2008		0.943				99.60		102.20		82.95		78.5		84.30		79.8		82.30		77.9		104.75						106.92		101.2								6.65
2009		0.880				61.80		65.90		58.70		83.6		60.30		85.9		58.35		83.1		68.15						69.15		98.5								8.15
2010		0.971				79.50		77.50		67.25		82.1		68.50		83.7		66.95		81.8		84.25						81.00		98.9								4.20
2011		1.012				95.10		95.00		77.10		82.0		78.55		83.6		76.80		81.7		104.20						102.35		108.9								4.15
2012		1.000				94.20		86.10		73.20		77.7		74.35		78.9		73.05		77.5		100.80						92.50		98.2								3.70
2013		0.971				97.95		93.05		75.25		74.6		76.55		75.9		75.50		74.8		104.65						100.10		99.2								2.45
2014		0.906				93.00		93.50		79.10		77.1		80.40		78.3		78.50		76.5		102.40						101.50		98.9								3.20
2015		0.780				48.80		57.75		44.80		71.6		46.10		73.7		44.45		71.0		60.30						62.50		99.9								4.40
2016		0.760				43.30		53.85		39.00		68.5		40.30		70.7		39.60		69.5		56.20						58.10		102.0								2.80
2017		0.770				50.90		62.85		50.70		76.7		52.00		78.7		49.20		74.4		66.85						67.94		102.8								2.10
2018		0.770				64.95		69.65		49.95		59.2		51.25		60.8		49.10		58.2		79.20						75.75		89.8								2.40
2019		0.755				57.00		69.00		58.70		77.8		60.00		79.5		57.50		76.2		70.30						75.20		99.6								1.55
2020		0.745				39.25		45.00		35.40		67.2		36.50		69.3		35.60		67.6		49.15						48.15		91.4								1.60
2021		0.800				68.00		80.35		68.85		81.0		69.40		81.6		69.10		81.3		85.50						83.20		97.9								2.25
2022		0.770				94.80		120.75		99.10		80.5		99.25		80.6		99.30		80.7		123.00						129.10		104.9								3.55
2023		0.740				77.55		100.40		79.60		76.0		79.80		76.1		79.84		76.2		103.40						109.28		104.3								5.55

2024		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		80.00		2.84		3.09
2025		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		95.00		2.84		3.09
2026		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		110.00		2.84		3.09
2027		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		125.00		2.84		3.09
2028		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		140.00		2.84		3.09
2029		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		155.00		2.84		3.09
2030		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2031		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2032		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2033		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2034		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2035		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2036		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2037		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2038		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2039		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2040		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2041		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2042		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2043		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2044		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2045		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2046		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2047		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09
2048		0.741		0.0		78.21		100.49		79.89		75.6		80.39		76.1		79.39		75.2		104.16		108.16		112.16		107.49		101.8		76.89		53.08		170.00		2.84		3.09

Thereafter		0.741		0.0		+0.0%/yr		+0.0%/yr		+0.0%/yr		75.6		+0.0%/yr		76.1		+0.0%/yr		75.2		+0.0%/yr		+0.0%/yr		+0.0%/yr		+0.0%/yr		101.8		+0.0%/yr		+0.0%/yr		+0.0%/yr		+0.0%/yr		+0.0%/yr

NOTES:

1	40 degree API, 0.5 wt% sulphur

2	WCS at Hardisty with density of 928.7 kg/m³, API of 20.7° and sulphur of 3.52 wt% as per 5 year average crude assay, www.crudemonitor.ca

3	BRN at Hardisty with density of 923.2kg/m³, API of 21.7° and sulphur of 2.77 wt% as per 5 year average crude assay, www.crudemonitor.ca

4	LLB at Hardisty with density of 928.2 kg/m³, API of 20.8° and sulphur of 3.53 wt% as per 5 year average crude assay, www.crudemonitor.ca

5	Edmonton C5+ price is based EPL segregated condensate price (725 kg/m³ and 0.2 wt% sulphur) and historical average premium to Edmonton MSW. Diluent price includes a premium to the posted price and has been adjusted for naphtha-quality diluent of 720 kg/m³

6	Sweet Synthetic Crude Oil at Edmonton

7	Blend ratio of diluent to bitumen assumed to be 0.31 bbl : 0.69 bbl based on bitumen assay

Greenfire HS Expansion Model - YE2023 SEC.xlsm

2024-02-14

APPENDIX 2

Reserves Detail – Corporate Consolidation

Greenfire Resources Ltd.

Evaluation of Hangingstone Properties

Based on McDaniel December 2023 SEC Prices and Costs
As of December 31, 2023

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.

Summary of Reserves and Net Present Values
SEC Prices as of December 31, 2023

Table 2 - 1

Hangingstone Consolidated - MCM EX

Reserves - Dilbit Pricing, Natural Gas as Fuel

Summary of volumes

	Bitumen Sales
Classification and Product	Gross¹ Mbbl		RI² Mbbl		Net³ Mbbl
Proved Developed Producing - Bitumen		30,886		-		27,598
Proved Undeveloped - Bitumen		152,396		-		124,981
Total Proved - Bitumen		183,282		-		152,579

Summary of Net Present Values Before Income Taxes

	Cdn $MM Dollars
Classification and Product	0.0%		5.0%		8.0%		10.0%		12.0%		15.0%		20.0%		25.0%
Proved Developed Producing - Bitumen		854		795		755		728		703		668		617		573
Proved Undeveloped - Bitumen		3,239		1,787		1,314		1,090		917		722		509		374
Total Proved - Bitumen		4,093		2,582		2,068		1,819		1,620		1,391		1,125		947
Probable - Bitumen
Total Proved + Probable - Bitumen

Summary of Net Present Values After Income Taxes

	Cdn $MM Dollars
Classification and Product	0.0%		5.0%		8.0%		10.0%		12.0%		15.0%		20.0%		25.0%
Proved Developed Producing - Bitumen		854		795		755		728		703		668		617		573
Proved Undeveloped - Bitumen		2,465		1,391		1,033		863		731		581		414		308
Total Proved – Bitumen		3,320		2,185		1,788		1,592		1,434		1,249		1,031		880

Summary of Net Present Values Before Income Taxes - Per Unit Basis

	Cdn $/bbl of Produced Bitumen
Classification and Product	0.0%		5.0%		8.0%		10.0%		12.0%		15.0%		20.0%		25.0%
Proved Developed Producing - Bitumen		27.66		25.73		24.43		23.58		22.77		21.64		19.96		18.54
Proved Undeveloped - Bitumen		21.25		11.73		8.62		7.15		6.02		4.74		3.34		2.45
Total Proved - Bitumen		22.33		14.09		11.29		9.92		8.84		7.59		6.14		5.16

Summary of Net Present Values After Income Taxes - Per Unit Basis

	Cdn $/bbl of Produced Bitumen
Classification and Product	0.0%		5.0%		8.0%		10.0%		12.0%		15.0%		20.0%		25.0%
Proved Developed Producing - Bitumen		27.66		25.73		24.43		23.58		22.77		21.64		19.96		18.54
Proved Undeveloped - Bitumen		16.18		9.12		6.78		5.67		4.79		3.81		2.72		2.02
Total Proved - Bitumen		18.11		11.92		9.75		8.68		7.82		6.82		5.62		4.80

1	Gross volumes include working interest volumes before royalty deductions

2	Royalty interest volumes

3	Net volumes are defined as gross volumes, less royalty deductions payable

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Summary of Reserves, Resources and Net Present Value
SEC Prices as of December 31, 2023
Remaining Reserves and Resources
Hangingstone Consolidated - MCM EX

Table 2 - 2

	Light and Medium Oil				Heavy Oil				Bitumen				Natural Gas				Natural Gas Liquids				Sulphur
Classification	Gross (Mbbl)		Net (Mbbl)		Gross (Mbbl)		Net (Mbbl)		Gross (Mbbl)		Net (Mbbl)		Gross (MMcf)		Net (MMcf)		Gross (MMcf)		Net (MMcf)		Gross (Mlt)		Net (Mlt)
Proved Developed Producing		-		-		-		-		30,886		27,598		-		-		-		-		-		-
Proved Developed Non- Producing		-		-		-		-		-		-		-		-		-		-		-		-
Proved Undeveloped		-		-		-		-		152,396		124,981		-		-		-		-		-		-
Total Proved		-		-		-		-		183,282		152,579		-		-		-		-		-		-

Net Present Values of Future Net Revenue

	Before Income Tax Discounted at (%/year)										After Income Tax Discounted at (%/year)
	@0%		@5%		@10%		@15%		@20%		@0%		@5%		@10%		@15%		@20%
Classification	(MM$)		(MM$)		(MM$)		(MM$)		(MM$)		(MM$)		(MM$)		(MM$)		(MM$)		(MM$)
Proved Developed Producing		854		795		728		668		617		854		795		728		668		617
Proved Developed Non- Producing		-		-		-		-		-		-		-		-		-		-
Proved Undeveloped		3,239		1,787		1,090		722		509		2,465		1,391		863		581		414
Total Proved		4,093		2,582		1,819		1,391		1,125		3,320		2,185		1,592		1,249		1,031

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Undiscounted Future Net Revenue
SEC Prices as of December 31, 2023
Total Reserves and Resources
Hangingstone Consolidated - MCM EX

Table 2 - 3

Sales

Operating

Total Development

Well Abandonment

Future Net
Revenue

Income

Future Net
Revenue

Revenue¹

Royalties²

Costs

Before Tax

Taxes

After Tax

Classification

Total Proved

9,695,836

1,623,878

2,771,181

1,095,997

111,619

4,093,162

773,627

3,319,535

1	Sales Revenue includes all non-producing income.

2	Royalties includes any net profits interests paid.

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Oil & Gas Reserves and Resources and Net Present Values by Production Group
SEC Prices as of December 31, 2023
Total Reserves and Resources

Table 2 - 4

																	Net Present Value of Future Net Revenue						Unit		BOEs³
	Oil				Gas¹				NGL				Bitumen				Before Income Taxes⁴						Values²		(Value
Group by Category	Gross (Mbbl)		Net (Mbbl)		Gross (MMcf)		Net (MMcf)		Gross (Mbbl)		Net (Mbbl)		Gross (Mbbl)		Net (Mbbl)		5% MM$		10% MM$		15% MM$		$/bbl $/Mcf		Conversion) (Mbbl)
Light and Medium Oil (Including Associated Gas and Byproducts)
Proved Developed Producing		-		-		-		-		-		-		-		-		-		-		-		-		-
Proved Developed Non- Producing		-		-		-		-		-		-		-		-		-		-		-		-		-
Proved Undeveloped		-		-		-		-		-		-		-		-		-		-		-		-		-
Total Proved		-		-		-		-		-		-		-		-		-		-		-		-		-

Heavy Oil & Bitumen (Including Associated Gas and Byproducts)
Proved Developed Producing		-		-		-		-		-		-		30,886		27,598		795		728		668		26.39		N/A
Proved Developed Non- Producing		-		-		-		-		-		-		-		-		-		-		-		-		-
Proved Undeveloped		-		-		-		-		-		-		152,396		124,981		1,787		1,090		722		8.72		N/A
Total Proved		-		-		-		-		-		-		183,282		152,579		2,582		1,819		1,391		11.92		N/A

Non-Associated Gas (Including Byproducts)
Proved Developed Producing		-		-		-		-		-		-		-		-		-		-		-		-		-
Proved Developed Non- Producing		-		-		-		-		-		-		-		-		-		-		-		-		-
Proved Undeveloped		-		-		-		-		-		-		-		-		-		-		-		-		-
Total Proved		-		-		-		-		-		-		-		-		-		-		-		-		-

1	Gas reserves/resources included in Light, Medium and Heavy Oil are Solution Gas reserves only.

2	Unit values are calcuated using the 10% discount rate divided by the Major Product Type net reserves/resources for each group.

3	BOEs are calculated by dividing the unit values of Light and Medium Oil reserves/resources by the unit values of the other major product type reserves/resources for each classification. This results in BOEs calculated on a value basis.

4	Processing income included where applicable.

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.

Future Capital and Abandonment Costs
SEC Prices as of December 31, 2023

Table 2 - 5

Hangingstone Consolidated - MCM EX

	2024		2025		2026		2027		2028		2029		2030		2031		2032		2033		2034		2035		2036		2037		2038		Remaining		Total
Capital Cost Forecast (M$)
Total Proved
Undiscounted		85,177		105,850		52,275		30,975		39,225		44,715		46,255		35,995		51,505		42,380		41,390		52,130		51,140		44,630		51,140		321,215		1,095,997
Discounted @10%		81,213		91,749		41,192		22,189		25,544		26,472		24,895		17,611		22,909		17,137		15,215		17,421		15,536		12,326		12,840		55,647		499,898
Low Estimate Resouces
Undiscounted		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Discounted @10%		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Best Estimate Resources
Undiscounted		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Discounted @10%		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Abandonment Cost Forecast (M$)
Total Proved
Undiscounted		-		-		-		572		-		-		-		466		1,659		5,042		1,788		2,789		3,373		680		2,601		92,649		111,619
Discounted @10%		-		-		-		410		-		-		-		228		738		2,039		657		932		1,025		188		653		3,809		10,679
Low Estimate Resouces
Undiscounted		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Discounted @10%		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Best Estimate Resources
Undiscounted		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Discounted @10%		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Reconciliation of Reserves - Before Royalties
SEC Prices as of December 31, 2023
Hangingstone Consolidated - MCM EX

Table 2 - 6

									MOVEMENT
		Opening Balance		Revisions			MOVEMENT FROM PA		FROM UNDEV			MOVEMENT FROM NP		Economic Factors		Extensions		Production			Closing Balance
Project	Classification	(Mbbl)		(Mbbl)			(Mbbl)		(Mbbl)			(Mbbl)		(Mbbl)		(Mbbl)		(Mbbl)			(Mbbl)
Hangingstone Area	Proved Developed Producing - Bitumen		35,360		(1,986	)		-		3,951			-		-		-		(6,438.2	)		30,886
	Proved Non- Producing Reserves - Bitumen		-		-			-		-			-		-		-		-			-
	Proved Undeveloped Reserves - Bitumen		148,007		1,543			-		(3,951	)		-		-		6,797		-			152,396
	Total Proved Reserves - Bitumen		183,367		(444	)		-		-			-		-		6,797		(6,438.2	)		183,282

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Reconciliation of Reserves - After Royalties
SEC Prices as of December 31, 2023
Hangingstone Consolidated - MCM EX

Table 2 - 7

									MOVEMENT
		Opening Balance		Revisions			MOVEMENT FROM PA		FROM UNDEV			MOVEMENT FROM NP		Economic Factors		Extensions		Production			Closing Balance
Project	Classification	(MBbl)		(MBbl)			(MBbl)		(MBbl)			(MBbl)		(MBbl)		(MBbl)		(MBbl)			(MBbl)
Hangingstone Area	Proved Developed Producing - Bitumen		30,440		(430	)		-		3,087			-		713		-		(6,212.3	)		27,598
	Proved Non- Producing Reserves - Bitumen		-		-			-		-			-		-		-		-			-
	Proved Undeveloped Reserves - Bitumen		115,773		(1,547	)		-		(3,087	)		-		8,545		5,297		-			124,981
	Total Proved Reserves - Bitumen		146,212		(1,976	)		-		-			-		9,258		5,297		(6,212.3	)		152,579

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Forecast of Company Share Production and Revenues
SEC Prices as of December 31, 2023
Proved Developed Producing
Hangingstone Consolidated - MCM EX

Table 2 - 8

Reserves - Dilbit Pricing, Natural Gas as Fuel

NOTE: ALL VALUES SHOWN AS COMPANY-SHARE

Year	Co. Share Prod. Well Count		Daily Bitumen Prod. Bopd		Annual Bitumen Prod. Mbbl		Bitumen Price $/bbl		Annual Bitumen Sales $M		Annual Steam Req. Mbbl		ISOR frac.		Cumulative SOR frac.		Total Royalties $M		Total Royalties % of Rev.		AB TIER Emissions Cost $M		Fuel Gas Costs $M		NCG Injection Costs $M		Facilities Fixed Costs $M		Processing Variable Opex $M		Total Operating Costs $M		Total Operating Costs $/bbl		Total Capital Costs $M		Aband Costs $M		Net Revenue Before Tax $M			Cumulative Net Revenue Before Tax $M		NPV B.T. at 5.0% $M			NPV B.T. at 8.0% $M			NPV B.T. at 10.0% $M			NPV B.T. at 12.0% $M			NPV B.T. at 15.0% $M			Income Tax Payable $M		Net Revenue After Tax $M			Cumulative Net Revenue After Tax $M		NPV A.T. at 5.0% $M			NPV A.T. at 8.0% $M			NPV A.T. at 10.0% $M			NPV A.T. at 12.0% $M			NPV A.T. at 15.0% $M
2024		45		21,288		7,770		52.75		409,877		25,520		3.28		3.28		29,635		7.2		34		28,809		2,978		55,590		23,344		110,755		14.25		6,071		-		263,416			263,416		257,068			253,472			251,157			248,905			245,637			-		263,416			263,416		257,068			253,472			251,157			248,905			245,637
2025		43		17,181		6,271		52.70		330,474		21,364		3.41		3.34		31,576		9.6		2,374		24,131		2,978		38,191		19,449		87,124		13.89		4,884		-		206,890			470,306		192,289			184,333			179,329			174,547			167,762			-		206,890			470,306		192,289			184,333			179,329			174,547			167,762
2026		43		12,986		4,740		52.63		249,492		17,151		3.62		3.41		27,836		11.2		3,713		19,419		2,978		29,425		15,267		70,802		14.94		3,516		-		147,338			617,644		130,419			121,550			116,100			110,987			103,889			-		147,338			617,644		130,419			121,550			116,100			110,987			103,889
2027		43		9,857		3,598		52.55		189,085		13,842		3.85		3.48		22,342		11.8		4,539		15,714		2,978		22,860		12,122		58,213		16.18		2,638		572		105,319			722,964		88,786			80,450			75,446			70,835			64,575			-		105,319			722,964		88,786			80,450			75,446			70,835			64,575
2028		43		7,455		2,721		52.47		142,763		11,050		4.06		3.54		17,910		12.5		4,871		12,576		2,978		17,720		9,607		47,752		17.55		2,080		-		75,021			797,985		60,233			53,061			48,856			45,051			39,998			-		75,021			797,985		60,233			53,061			48,856			45,051			39,998
2029		43		5,576		2,035		52.42		106,684		8,735		4.29		3.60		13,756		12.9		5,123		9,957		2,978		13,448		7,382		38,887		19.11		1,564		-		52,477			850,462		40,126			34,367			31,068			28,136			24,329			-		52,477			850,462		40,126			34,367			31,068			28,136			24,329
2030		41		4,012		1,464		52.35		76,665		6,618		4.52		3.65		10,178		13.3		4,602		7,561		2,978		9,841		5,480		30,461		20.80		1,089		-		34,937			885,399		25,442			21,185			18,803			16,725			14,085			-		34,937			885,399		25,442			21,185			18,803			16,725			14,085
2031		28		2,518		919		52.17		47,958		4,353		4.74		3.68		7,028		14.7		2,525		5,001		2,978		6,478		3,745		20,728		22.55		628		-		19,575			904,973		13,576			10,991			9,578			8,367			6,862			-		19,575			904,973		13,576			10,991			9,578			8,367			6,862
2032		23		1,664		607		52.15		31,680		3,108		5.12		3.71		4,556		14.4		1,856		3,574		1,782		4,304		2,498		14,015		23.07		429		572		12,108			917,081		7,997			6,294			5,385			4,621			3,691			-		12,108			917,081		7,997			6,294			5,385			4,621			3,691
2033		14		1,037		378		51.82		19,609		2,078		5.49		3.73		3,287		16.8		745		2,412		1,184		2,909		1,788		9,037		23.88		245		3,718		3,322			920,403		2,090			1,599			1,343			1,132			881			-		3,322			920,403		2,090			1,599			1,343			1,132			881
2034		6		497		181		51.40		9,317		1,138		6.28		3.75		1,743		18.7		-		1,336		586		1,532		997		4,451		24.55		114		1,573		1,436			921,840		861			640			528			437			331			-		1,436			921,840		861			640			528			437			331
2035		6		422		154		51.40		7,923		976		6.33		3.76		1,447		18.3		-		1,146		586		1,302		848		3,882		25.19		98		2,360		137			921,977		78			57			46			37			28			-		137			921,977		78			57			46			37			28
2036		2		70		25		51.40		1,308		134		5.25		3.76		184		14.1		-		157		293		215		140		805		31.63		-		2,360		(2,041	)		919,936		(1,109	)		(780	)		(620	)		(495	)		(356	)		-		(2,041	)		919,936		(1,109	)		(780	)		(620	)		(495	)		(356	)
2037		2		56		20		51.40		1,046		110		5.40		3.76		125		11.9		-		129		293		172		112		706		34.69		-		-		215			920,151		111			76			59			47			33			-		215			920,151		111			76			59			47			33
2038		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		1,144		(1,144	)		919,007		(564	)		(375	)		(287	)		(221	)		(151	)		-		(1,144	)		919,007		(564	)		(375	)		(287	)		(221	)		(151	)
2039		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			919,007		-			-			-			-			-			-		-			919,007		-			-			-			-			-
2040		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		572		(572	)		918,435		(256	)		(161	)		(119	)		(88	)		(57	)		-		(572	)		918,435		(256	)		(161	)		(119	)		(88	)		(57	)
2041		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			918,435		-			-			-			-			-			-		-			918,435		-			-			-			-			-
2042		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			918,435		-			-			-			-			-			-		-			918,435		-			-			-			-			-
2043		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		29,700		(29,700	)		888,735		(11,470	)		(6,622	)		(4,630	)		(3,258	)		(1,946	)		-		(29,700	)		888,735		(11,470	)		(6,622	)		(4,630	)		(3,258	)		(1,946	)
2044		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			888,735		-			-			-			-			-			-		-			888,735		-			-			-			-			-
2045		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			888,735		-			-			-			-			-			-		-			888,735		-			-			-			-			-
2046		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			888,735		-			-			-			-			-			-		-			888,735		-			-			-			-			-
2047		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		34,300		(34,300	)		854,435		(10,898	)		(5,621	)		(3,652	)		(2,392	)		(1,285	)		-		(34,300	)		854,435		(10,898	)		(5,621	)		(3,652	)		(2,392	)		(1,285	)
2048		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2049		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2050		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2051		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2052		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2053		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2054		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2055		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2056		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2057		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2058		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2059		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2060		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2061		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2062		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2063		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2064		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2065		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2066		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2067		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2068		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2069		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2070		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2071		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2072		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
2073		-		-		-		51.40		-		-		-		3.76		-		-		-		-		-		-		-		-		-		-		-		-			854,435		-			-			-			-			-			-		-			854,435		-			-			-			-			-
TOTALS						30,886		52.58		1,623,880		116,177				3.76		171,604		10.6		30,382		131,920		28,551		203,985		102,778		497,616		16.11		23,355		76,870		854,435					794,781			754,517			728,390			703,371			668,306			-		854,435					794,781			754,517			728,390			703,371			668,306

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Forecast of Volumes and Capital Costs
SEC Prices as of December 31, 2023
Proved Developed Producing
Hangingstone Consolidated - MCM EX

Table 2 - 9

			VOLUMES FORECAST GROSS LEASE BASIS						CAPITAL COSTS GROSS LEASE BASIS																					CAPITAL COSTS CO. SHARE BASIS
Year	Project Year		Producing McM SAGD Pairs #		McM Production Rate bopd		Project Capacity Calendar Day bopd			Drilled Delineation Wells #		Drilled SAGD Pairs #		Drilled Infill Wells #		Delineation Wells $M 2023		SAGD Pairs $M 2023		Infill Wells $M 2023		SAGD Facilities $M 2023		Maintenance Costs $M 2023		Total $M 2023		Total $M Current		Total $M 2023		Total $M Current
2024		1		53		27,000		30,000			-		-		-		-		-		-		-		7,869		7,869		7,869		6,071		6,071
2025		2		51		21,612		21,612			-		-		-		-		-		-		-		6,314		6,314		6,314		4,884		4,884
2026		3		51		16,169		16,169			-		-		-		-		-		-		-		4,505		4,505		4,505		3,516		3,516
2027		4		51		12,116		12,116			-		-		-		-		-		-		-		3,347		3,347		3,347		2,638		2,638
2028		5		51		9,033		9,033			-		-		-		-		-		-		-		2,621		2,621		2,621		2,080		2,080
2029		6		51		6,700		6,700			-		-		-		-		-		-		-		1,956		1,956		1,956		1,564		1,564
2030		7		49		4,770		4,770			-		-		-		-		-		-		-		1,345		1,345		1,345		1,089		1,089
2031		8		33		2,904		2,904			-		-		-		-		-		-		-		751		751		751		628		628
2032		9		27		1,912		1,912			-		-		-		-		-		-		-		509		509		509		429		429
2033		10		16		1,123		1,123			-		-		-		-		-		-		-		272		272		272		245		245
2034		11		6		497		497			-		-		-		-		-		-		-		114		114		114		114		114
2035		12		6		422		422			-		-		-		-		-		-		-		98		98		98		98		98
2036		13		2		70		70			-		-		-		-		-		-		-		-		-		-		-		-
2037		14		2		56		56			-		-		-		-		-		-		-		-		-		-		-		-
2038		15		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2039		16		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2040		17		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2041		18		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2042		19		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2043		20		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2044		21		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2045		22		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2046		23		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2047		24		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2048		25		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2049		26		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2050		27		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2051		28		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2052		29		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2053		30		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2054		31		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2055		32		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2056		33		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2057		34		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2058		35		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2059		36		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2060		37		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2061		38		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2062		39		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2063		40		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2064		41		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2065		42		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2066		43		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2067		44		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2068		45		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2069		46		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2070		47		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2071		48		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2072		49		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-
2073		50		-		-		-			-		-		-		-		-		-		-		-		-		-		-		-

Total											-		-		-		-		-		-		-		29,700		29,700		29,700		23,355		23,355

Delineation Well Cost:	$	425,000	(2023 Dollars)
Individual Well Pair Cost (incl. Pads & Gathering System):	$	7,650,000	(2023 Dollars)
Initial Project Cost, expressed as $/bbl of daily bitumen capacity:	$	-	(2023 Dollars)
Total Project Cost, expressed as $/bbl of daily bitumen capacity:	$	990	(2023 Dollars)
Total Project Cost, expressed as $/bbl of recoverable bitumen:	$	0.96	(2023 Dollars)

Capital costs associated with transportation pipelines are not included.

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.

Forecast of Company Share Production and Revenues

SEC Prices as of December 31, 2023

Proved Undeveloped Reserves

Hangingstone Consolidated - MCM EX

Table 2 - 10

NOTE: ALL VALUES SHOWN AS COMPANY-SHARE

Reserves - Dilbit Pricing, Natural Gas as Fuel

Year	Co. Share Prod. Well Count		Daily Bitumen Prod. Bopd		Annual Bitumen Prod. Mbbl		Bitumen Price $/bbl		Annual Bitumen Sales $M		Annual Steam Req. Mbbl		ISOR frac.		Cumulative SOR frac.		Total Royalties $M		Total Royalties % of Rev.		AB TIER Emissions Cost $M			Fuel Gas Costs $M		NCG Injection Costs $M		Facilities Fixed Costs $M		Processing Variable Opex $M		Total Operating Costs $M		Total Operating Costs $/bbl		Total Capital Costs $M		Aband Costs $M			Net Revenue Before Tax $M			Cumulative Net Revenue Before Tax $M			NPV B.T. at 5.0% $M			NPV B.T. at 8.0% $M			NPV B.T. at 10.0% $M			NPV B.T. at 12.0% $M			NPV B.T. at 15.0% $M			Income Tax Payable $M		Net Revenue After Tax $M			Cumulative Net Revenue After Tax $M			NPV A.T. at 5.0% $M			NPV A.T. at 8.0% $M			NPV A.T. at 10.0% $M			NPV A.T. at 12.0% $M			NPV A.T. at 15.0% $M
2024		6		1,939		708		52.46		37,120		2,199		3.11		3.11		2,684		7.2		(34	)		2,539		-		7,519		2,513		12,537		17.72		79,106		-			(57,206	)		(57,206	)		(55,828	)		(55,047	)		(54,544	)		(54,055	)		(53,345	)		-		(57,206	)		(57,206	)		(55,828	)		(55,047	)		(54,544	)		(54,055	)		(53,345	)
2025		22		7,254		2,648		52.46		138,905		6,729		2.54		2.66		3,319		2.4		(2,374	)		7,725		-		24,917		9,364		39,632		14.97		100,966		-			(5,013	)		(62,219	)		(4,659	)		(4,466	)		(4,345	)		(4,229	)		(4,065	)		-		(5,013	)		(62,219	)		(4,659	)		(4,466	)		(4,345	)		(4,229	)		(4,065	)
2026		33		13,520		4,935		52.52		259,197		14,883		3.02		2.87		22,202		8.6		(3,713	)		16,928		-		33,684		16,916		63,816		12.93		48,759		-			124,420			62,201			110,133			102,643			98,041			93,723			87,729			-		124,420			62,201			110,133			102,643			98,041			93,723			87,729
2027		35		16,561		6,045		52.58		317,822		18,732		3.10		2.97		38,032		12.0		1,155			21,239		-		40,249		20,097		82,740		13.69		28,337		-			168,713			230,913			142,228			128,874			120,858			113,471			103,444			-		168,713			230,913			142,228			128,874			120,858			113,471			103,444
2028		38		16,108		5,879		52.66		309,628		19,916		3.39		3.09		32,776		10.6		6,343			22,502		-		45,388		18,612		92,844		15.79		37,145		-			146,862			377,776			117,912			103,873			95,641			88,192			78,302			24,778		122,084			352,998			98,018			86,348			79,505			73,312			65,091
2029		40		16,224		5,922		52.76		312,459		20,624		3.48		3.18		31,440		10.1		11,003			23,229		-		41,193		17,661		93,086		15.72		43,151		-			144,782			522,558			110,707			94,817			85,715			77,628			67,124			45,301		99,482			452,479			76,068			65,150			58,896			53,339			46,122
2030		41		17,190		6,274		52.85		331,599		21,614		3.44		3.23		30,719		9.3		15,279			24,283		-		41,169		17,707		98,437		15.69		45,166		-			157,277			679,836			114,534			95,370			84,647			75,292			63,406			44,685		112,592			565,071			81,993			68,274			60,598			53,900			45,391
2031		43		18,559		6,774		52.93		358,519		22,404		3.31		3.24		30,523		8.5		14,121			25,122		-		41,349		18,164		98,756		14.58		35,367		466			193,407			873,242			134,138			108,591			94,630			82,668			67,801			42,851		150,555			715,626			104,418			84,531			73,663			64,352			52,779
2032		46		18,473		6,743		52.96		357,087		22,219		3.30		3.25		29,230		8.2		14,353			24,884		1,196		40,996		17,660		99,090		14.70		51,076		1,087			176,604			1,049,846			116,652			91,812			78,553			67,398			53,836			33,337		143,267			858,894			94,632			74,481			63,725			54,676			43,673
2033		52		18,854		6,882		52.99		364,699		22,762		3.31		3.26		45,459		12.5		16,289			25,445		1,794		40,831		17,583		101,942		14.81		42,135		1,324			173,839			1,223,685			109,357			83,680			70,294			59,235			46,080			32,511		141,328			1,000,221			88,906			68,030			57,148			48,157			37,463
2034		54		19,114		6,976		53.03		369,959		22,301		3.20		3.25		83,714		22.6		15,679			24,880		2,392		40,145		17,371		100,467		14.40		41,276		215			144,288			1,367,973			86,445			64,310			53,040			43,898			33,258			33,069		111,218			1,111,440			66,633			49,571			40,884			33,837			25,636
2035		57		18,902		6,899		53.05		365,983		21,838		3.17		3.24		78,951		21.6		15,433			24,342		2,392		39,574		16,977		98,718		14.31		52,032		429			135,852			1,503,825			77,516			56,065			45,399			36,903			27,230			33,573		102,279			1,213,719			58,359			42,210			34,180			27,783			20,500
2036		58		18,476		6,744		53.06		357,796		21,661		3.21		3.24		76,139		21.3		16,648			24,128		2,685		39,174		16,456		99,091		14.69		51,140		1,013			130,413			1,634,238			70,869			49,834			39,620			31,630			22,730			32,945		97,468			1,311,187			52,966			37,245			29,611			23,639			16,988
2037		56		18,672		6,815		53.06		361,634		21,621		3.17		3.23		80,172		22.2		16,112			24,076		2,685		39,003		16,565		98,442		14.44		44,630		680			137,709			1,771,947			71,270			48,724			38,033			29,821			20,871			35,495		102,214			1,413,401			52,900			36,165			28,230			22,134			15,491
2038		58		18,786		6,857		53.07		363,878		21,169		3.09		3.22		79,422		21.8		14,604			23,564		2,685		38,785		16,585		96,223		14.03		51,140		1,457			135,636			1,907,583			66,855			44,436			34,055			26,225			17,875			38,464		97,172			1,510,573			47,896			31,835			24,398			18,788			12,806
2039		60		18,861		6,884		53.07		365,345		21,472		3.12		3.21		81,744		22.4		15,474			23,898		2,685		38,706		16,622		97,385		14.15		45,140		1,864			139,213			2,046,796			65,350			42,229			31,776			24,033			15,954			39,391		99,823			1,610,396			46,859			30,280			22,785			17,233			11,440
2040		58		18,767		6,850		53.07		363,552		21,104		3.08		3.21		75,687		20.8		14,607			23,487		2,685		38,645		16,518		95,941		14.01		61,275		1,146			129,501			2,176,298			57,896			36,373			26,872			19,961			12,905			41,679		87,822			1,698,218			39,263			24,667			18,223			13,537			8,752
2041		61		18,817		6,868		53.07		364,518		21,255		3.09		3.20		78,038		21.4		15,022			23,652		2,685		38,598		16,543		96,500		14.05		55,275		1,087			133,618			2,309,915			56,892			34,749			25,205			18,389			11,578			42,021		91,596			1,789,815			39,000			23,821			17,279			12,606			7,937
2042		63		18,883		6,892		53.08		365,826		21,054		3.05		3.19		80,628		22.0		14,460			23,420		2,392		38,435		16,541		95,248		13.82		50,775		1,864			137,311			2,447,227			55,681			33,065			23,547			16,872			10,347			42,613		94,698			1,884,513			38,401			22,804			16,240			11,636			7,136
2043		63		18,343		6,695		53.08		355,367		20,454		3.06		3.18		88,913		25.0		14,054			22,753		2,392		38,435		16,068		93,703		14.00		19,275		(28,302	)		181,778			2,629,005			70,202			40,530			28,339			19,943			11,911			39,158		142,621			2,027,133			55,080			31,799			22,234			15,647			9,345
2044		60		16,394		5,984		53.08		317,603		17,493		2.92		3.17		79,223		24.9		9,957			19,459		2,392		38,435		14,361		84,603		14.14		17,025		1,457			135,294			2,764,299			49,762			27,931			19,175			13,253			7,709			35,039		100,255			2,127,388			36,874			20,698			14,209			9,821			5,712
2045		58		13,938		5,087		53.08		270,031		14,753		2.90		3.16		62,721		23.2		8,071			16,412		2,392		38,435		12,210		77,519		15.24		21,525		1,553			106,713			2,871,012			37,381			20,399			13,749			9,333			5,287			29,632		77,081			2,204,469			27,001			14,734			9,931			6,742			3,819
2046		56		12,434		4,538		53.08		240,893		12,682		2.79		3.15		55,087		22.9		5,616			14,108		2,392		38,435		10,892		71,443		15.74		19,275		1,553			93,534			2,964,546			31,204			16,555			10,956			7,304			4,030			26,204		67,330			2,271,799			22,462			11,917			7,886			5,258			2,901
2047		56		11,358		4,146		53.08		220,048		11,246		2.71		3.14		48,962		22.3		4,009			12,510		2,392		38,435		9,950		67,295		16.23		19,275		(33,057	)		117,573			3,082,119			37,356			19,269			12,519			8,198			4,405			23,860		93,714			2,365,513			29,775			15,358			9,979			6,534			3,511
2048		53		10,209		3,726		53.08		197,787		9,543		2.56		3.12		48,802		24.7		1,735			10,615		2,392		38,435		8,943		62,120		16.67		2,625		1,553			82,686			3,164,805			25,021			12,547			8,004			5,147			2,694			20,068		62,618			2,428,131			18,948			9,502			6,062			3,898			2,040
2049		43		7,895		2,882		53.08		152,960		7,774		2.70		3.11		33,490		21.9		2,646			8,648		2,392		38,435		6,916		59,037		20.49		2,625		932			56,876			3,221,681			16,391			7,991			5,005			3,161			1,611			13,941		42,935			2,471,066			12,373			6,033			3,778			2,386			1,216
2050		35		5,539		2,022		53.08		107,308		5,915		2.93		3.11		26,667		24.9		3,378			6,579		2,392		14,783		4,852		31,984		15.82		2,625		1,553			44,479			3,266,160			12,208			5,787			3,558			2,207			1,096			11,235		33,244			2,504,310			9,124			4,325			2,660			1,650			819
2051		20		3,265		1,192		53.08		63,255		3,905		3.28		3.11		15,184		24.0		3,373			4,343		2,392		7,391		2,860		20,360		17.08		1,500		2,019			24,191			3,290,351			6,323			2,914			1,759			1,072			518			6,367		17,824			2,522,134			4,659			2,147			1,296			790			382
2052		14		1,980		723		53.08		38,359		2,828		3.91		3.11		6,833		17.8		3,568			3,146		2,392		7,391		1,734		18,232		25.23		1,500		1,709			10,086			3,300,437			2,511			1,125			667			399			188			3,016		7,070			2,529,204			1,760			789			467			280			132
2053		9		1,193		435		53.08		23,109		2,163		4.97		3.12		3,083		13.3		3,666			2,406		2,392		3,696		1,045		13,204		30.33		1,500		2,951			2,371			3,302,807			562			245			142			84			38			1,521		850			2,530,054			201			88			51			30			14
2054		9		855		312		53.08		16,560		1,677		5.38		3.12		2,203		13.3		3,048			1,866		1,196		3,696		749		10,554		33.83		-		1,398			2,405			3,305,213			543			230			131			76			34			838		1,567			2,531,621			354			150			86			49			22
2055		2		163		59		53.08		3,151		322		5.43		3.13		228		7.2		590			358		598		924		142		2,613		44.02		-		932			(622	)		3,304,591			(134	)		(55	)		(31	)		(18	)		(8	)		35		(657	)		2,530,964			(141	)		(58	)		(33	)		(19	)		(8	)
2056		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,304,591			-			-			-			-			-			-		-			2,530,964			-			-			-			-			-
2057		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		1,553			(1,553	)		3,303,037			(303	)		(118	)		(64	)		(35	)		(14	)		-		(1,553	)		2,529,410			(303	)		(118	)		(64	)		(35	)		(14	)
2058		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		311			(311	)		3,302,727			(58	)		(22	)		(12	)		(6	)		(3	)		-		(311	)		2,529,100			(58	)		(22	)		(12	)		(6	)		(3	)
2059		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2060		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2061		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2062		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2063		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2064		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2065		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2066		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2067		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2068		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2069		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2070		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2071		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2072		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		-			-			3,302,727			-			-			-			-			-			-		-			2,529,100			-			-			-			-			-
2073		-		-		-		53.08		-		-		-		3.13		-		-		-			-		-		-		-		-		-		-		64,000			(64,000	)		3,238,727			(5,719	)		(1,418	)		(572	)		(234	)		(63	)		-		(64,000	)		2,465,100			(5,719	)		(1,418	)		(572	)		(234	)		(63	)
TOTALS						152,396		52.97		8,071,956		476,310				3.13		1,452,275		18.0		274,171			532,546		54,386		1,015,282		397,180		2,273,564		14.92		1,072,641		34,749			3,238,727						1,787,198			1,313,842			1,090,363			916,936			722,492			773,627		2,465,100						1,390,577			1,033,339			863,331			730,628			580,791

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Forecast of Volumes and Capital Costs
SEC Prices as of December 31, 2023
Proved Undeveloped Reserves
Hangingstone Consolidated - MCM EX

Table 2 - 11

				VOLUMES FORECAST GROSS LEASE BASIS						CAPITAL COSTS GROSS LEASE BASIS																				CAPITAL COSTS CO. SHARE BASIS
Year		Project Year		Producing McM SAGD Pairs #		McM Production Rate bopd		Project Capacity Calendar Day bopd		Drilled Delineation Wells #		Drilled SAGD Pairs¹#		Drilled Infill Wells #		Delineation Wells $M 2023		SAGD Pairs $M 2023		Infill Wells $M 2023		SAGD Facilities $M 2023		Maintenance & Other Costs $M 2023		Total $M 2023		Total $M Current		Total $M 2023		Total $M Current
	2024		1		7		2,345		4,000		5		-		7		3,300		-		58,800		31,772		1,031		94,903		94,903		79,106		79,106
	2025		2		25		8,785		12,388		5		-		18		3,250		48,000		19,600		53,400		2,586		126,836		126,836		100,966		100,966
	2026		3		39		16,533		17,831		-		9		4		-		48,000		3,300		-		4,395		55,695		55,695		48,759		48,759
	2027		4		41		20,434		21,884		-		3		-		-		32,000		-		-		5,553		37,553		37,553		28,337		28,337
	2028		5		45		20,151		24,967		-		4		-		-		40,000		3,000		-		6,279		49,279		49,279		37,145		37,145
	2029		6		48		20,616		24,555		2		5		1		1,320		40,000		9,000		-		6,944		57,264		57,264		43,151		43,151
	2030		7		49		22,140		25,307		-		5		3		-		32,000		21,000		-		7,085		60,085		60,085		45,166		45,166
	2031		8		53		24,183		26,141		2		4		7		1,320		32,000		6,000		-		7,679		46,999		46,999		35,367		35,367
	2032		9		58		24,195		26,313		-		4		2		-		48,000		12,000		-		7,921		67,921		67,921		51,076		51,076
	2033		10		66		24,825		26,597		2		6		4		1,320		32,000		15,000		-		7,793		56,113		56,113		42,135		42,135
	2034		11		70		25,300		26,555		-		4		5		-		32,000		15,000		-		7,951		54,951		54,951		41,276		41,276
	2035		12		75		25,080		26,369		2		4		5		1,320		48,000		12,000		-		7,967		69,287		69,287		52,032		52,032
	2036		13		76		24,554		26,240		-		6		4		-		48,000		12,000		-		8,065		68,065		68,065		51,140		51,140
	2037		14		74		24,835		26,184		2		6		4		1,320		32,000		18,000		-		8,065		59,385		59,385		44,630		44,630
	2038		15		77		25,010		26,114		-		4		6		-		48,000		12,000		-		8,065		68,065		68,065		51,140		51,140
	2039		16		80		25,118		26,088		-		6		4		-		40,000		12,000		-		8,065		60,065		60,065		45,140		45,140
	2040		17		77		25,001		26,068		-		5		4		-		56,000		18,000		-		7,700		81,700		81,700		61,275		61,275
	2041		18		81		25,072		26,053		-		7		6		-		48,000		18,000		-		7,700		73,700		73,700		55,275		55,275
	2042		19		84		25,177		26,000		-		6		6		-		48,000		12,000		-		7,700		67,700		67,700		50,775		50,775
	2043		20		84		24,457		26,000		-		6		4		-		--		18,000		-		7,700		25,700		25,700		19,275		19,275
	2044		21		80		21,858		26,000		-		-		6		-		-		15,000		-		7,700		22,700		22,700		17,025		17,025
	2045		22		77		18,584		26,000		-		-		5		-		-		21,000		-		7,700		28,700		28,700		21,525		21,525
	2046		23		74		16,579		26,000		-		-		7		-		-		18,000		-		7,700		25,700		25,700		19,275		19,275
	2047		24		74		15,144		26,000		-		-		6		-		-		18,000		-		7,700		25,700		25,700		19,275		19,275
	2048		25		70		13,612		26,000		-		-		6		-		-		-		-		3,500		3,500		3,500		2,625		2,625
	2049		26		57		10,527		26,000		-		-		-		-		-		-		-		3,500		3,500		3,500		2,625		2,625
	2050		27		46		7,385		10,000		-		-		-		-		-		-		-		3,500		3,500		3,500		2,625		2,625
	2051		28		27		4,353		5,000		-		-		-		-		-		-		-		2,000		2,000		2,000		1,500		1,500
	2052		29		18		2,640		5,000		-		-		-		-		-		-		-		2,000		2,000		2,000		1,500		1,500
	2053		30		12		1,590		2,500		-		-		-		-		-		-		-		2,000		2,000		2,000		1,500		1,500
	2054		31		12		1,140		2,500		-		-		-		-		-		-		-		-		-		-		-		-
	2055		32		2		217		2,500		-		-		-		-		-		-		-		-		-		-		-		-
	2056		33		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2057		34		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2058		35		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2059		36		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2060		37		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2061		38		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2062		39		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2063		40		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2064		41		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2065		42		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2066		43		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2067		44		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2068		45		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2069		46		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2070		47		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2071		48		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2072		49		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	2073		50		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
	Total										20		94		124		13,150		752,000		366,700		85,172		183,544		1,400,566		1,400,566		1,072,641		1,072,641

Delineation Well Cost:	$	425,000	(2023 Dollars)
Individual Well Pair Cost (incl. Pads & Gathering System):	$	7,650,000	(2023 Dollars)
Infill Well Cost:	$	3,250,000	(2023 Dollars)
Initial Project Cost, expressed as $/bbl of daily bitumen capacity:	$	-	(2023 Dollars)
Total Project Cost, expressed as $/bbl of daily bitumen capacity:	$	52,659	(2023 Dollars)
Total Project Cost, expressed as $/bbl of recoverable bitumen:	$	9.19	(2023 Dollars)

Well-Pairs are drilled, completed and tied-in in the year prior to production. Capital costs associated with transportation pipelines are not included.

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Forecast of Volumes and Capital Costs
SEC Prices as of December 31, 2023
Proved Undeveloped Reserves
Hangingstone Consolidated - MCM EX

Table 2 - 12

NOTE: ALL VALUES SHOWN AS COMPANY-SHARE

Reserves - Dilbit Pricing, Natural Gas as Fuel

Year	Co. Share Prod. Well Count		Daily Bitumen Prod. Bopd		Annual Bitumen Prod. Mbbl		Bitumen Price $/bbl		Annual Bitumen Sales $M		Annual Steam Req. Mbbl		ISOR frac.		Cumulative SOR frac.		Total Royalties $M		Total Royalties % of Rev.		AB TIER Emissions Cost $M		Fuel Gas Costs $M		NCG Injection Costs $M		Facilities Fixed Costs $M		Processing Variable Opex $M		Total Operating Costs $M		Total Operating Costs $/bbl		Total Capital Costs $M		Aband Costs $M		Net Revenue Before Tax $M			Cumulative Net Revenue Before Tax $M		NPV B.T. at 5.0% $M			NPV B.T. at 8.0% $M			NPV B.T. at 10.0% $M			NPV B.T. at 12.0% $M			NPV B.T. at 15.0% $M			Income Tax Payable $M		Net Revenue After Tax $M			Cumulative Net Revenue After Tax $M		NPV A.T. at 5.0% $M			NPV A.T. at 8.0% $M			NPV A.T. at 10.0% $M			NPV A.T. at 12.0% $M			NPV A.T. at 15.0% $M
2024		51		23,226		8,478		52.73		446,998		27,719		3.27		3.27		32,319		7.2		-		31,348		2,978		63,109		25,857		123,292		14.54		85,177		-		206,210			206,210		201,240			198,425			196,613			194,850			192,291			-		206,210			206,210		201,240			198,425			196,613			194,850			192,291
2025		65		24,434		8,919		52.63		469,378		28,092		3.15		3.21		34,895		7.4		-		31,856		2,978		63,109		28,813		126,756		14.21		105,850		-		201,877			408,087		187,630			179,867			174,984			170,318			163,697			-		201,877			408,087		187,630			179,867			174,984			170,318			163,697
2026		76		26,507		9,675		52.58		508,689		32,034		3.31		3.24		50,038		9.8		-		36,347		2,978		63,109		32,184		134,617		13.91		52,275		-		271,758			679,845		240,552			224,194			214,142			204,709			191,619			-		271,758			679,845		240,552			224,194			214,142			204,709			191,619
2027		78		26,418		9,643		52.57		506,906		32,574		3.38		3.28		60,374		11.9		5,695		36,952		2,978		63,109		32,220		140,953		14.62		30,975		572		274,032			953,877		231,015			209,324			196,303			184,306			168,019			-		274,032			953,877		231,015			209,324			196,303			184,306			168,019
2028		81		23,562		8,600		52.60		452,391		30,966		3.60		3.34		50,686		11.2		11,214		35,077		2,978		63,109		28,218		140,597		16.35		39,225		-		221,884			1,175,761		178,145			156,934			144,497			133,243			118,300			24,778		197,105			1,150,982		158,251			139,409			128,360			118,363			105,089
2029		83		21,801		7,957		52.67		419,143		29,359		3.69		3.39		45,195		10.8		16,126		33,186		2,978		54,640		25,043		131,973		16.59		44,715		-		197,259			1,373,020		150,833			129,183			116,782			105,764			91,453			45,301		151,958			1,302,941		116,194			99,516			89,963			81,475			70,451
2030		82		21,202		7,739		52.76		408,264		28,232		3.65		3.43		40,897		10.0		19,880		31,843		2,978		51,010		23,186		128,898		16.66		46,255		-		192,214			1,565,234		139,977			116,555			103,451			92,017			77,491			44,685		147,529			1,450,469		107,435			89,459			79,401			70,625			59,476
2031		71		21,077		7,693		52.84		406,477		26,757		3.48		3.43		37,551		9.2		16,646		30,123		2,978		47,827		21,909		119,483		15.53		35,995		466		212,982			1,778,216		147,714			119,582			104,207			91,035			74,664			42,851		170,130			1,620,600		117,995			95,522			83,241			72,719			59,641
2032		69		20,137		7,350		52.89		388,767		25,327		3.45		3.43		33,787		8.7		16,210		28,458		2,978		45,300		20,159		113,105		15.39		51,505		1,659		188,712			1,966,927		124,649			98,106			83,938			72,019			57,526			33,337		155,375			1,775,975		102,629			80,775			69,110			59,296			47,364
2033		66		19,891		7,260		52.93		384,308		24,840		3.42		3.43		48,746		12.7		17,034		27,856		2,978		43,739		19,371		110,979		15.29		42,380		5,042		177,161			2,144,088		111,447			85,279			71,637			60,367			46,961			32,511		144,650			1,920,625		90,996			69,629			58,491			49,289			38,343
2034		60		19,610		7,158		52.99		379,276		23,439		3.27		3.42		85,457		22.5		15,679		26,216		2,978		41,676		18,368		104,918		14.66		41,390		1,788		145,724			2,289,812		87,306			64,950			53,568			44,335			33,590			33,069		112,655			2,033,279		67,493			50,211			41,412			34,274			25,967
2035		63		19,325		7,054		53.01		373,905		22,814		3.23		3.41		80,398		21.5		15,433		25,488		2,978		40,876		17,824		102,600		14.55		52,130		2,789		135,989			2,425,802		77,594			56,122			45,445			36,940			27,257			33,573		102,417			2,135,696		58,438			42,267			34,226			27,820			20,528
2036		60		18,546		6,769		53.05		359,104		21,794		3.22		3.39		76,323		21.3		16,648		24,284		2,978		39,389		16,596		99,896		14.76		51,140		3,373		128,372			2,554,174		69,760			49,054			39,000			31,135			22,374			32,945		95,427			2,231,123		51,857			36,465			28,991			23,144			16,632
2037		58		18,728		6,836		53.06		362,680		21,730		3.18		3.38		80,297		22.1		16,112		24,205		2,978		39,175		16,677		99,148		14.50		44,630		680		137,924			2,692,098		71,381			48,800			38,092			29,867			20,904			35,495		102,430			2,333,552		53,011			36,241			28,289			22,181			15,524
2038		58		18,786		6,857		53.07		363,878		21,169		3.09		3.36		79,422		21.8		14,604		23,564		2,685		38,785		16,585		96,223		14.03		51,140		2,601		134,492			2,826,590		66,291			44,061			33,768			26,004			17,725			38,464		96,028			2,429,581		47,332			31,460			24,110			18,567			12,656
2039		60		18,861		6,884		53.07		365,345		21,472		3.12		3.35		81,744		22.4		15,474		23,898		2,685		38,706		16,622		97,385		14.15		45,140		1,864		139,213			2,965,804		65,350			42,229			31,776			24,033			15,954			39,391		99,823			2,529,403		46,859			30,280			22,785			17,233			11,440
2040		58		18,767		6,850		53.07		363,552		21,104		3.08		3.34		75,687		20.8		14,607		23,487		2,685		38,645		16,518		95,941		14.01		61,275		1,718		128,929			3,094,733		57,640			36,213			26,753			19,873			12,848			41,679		87,250			2,616,654		39,007			24,506			18,105			13,448			8,695
2041		61		18,817		6,868		53.07		364,518		21,255		3.09		3.32		78,038		21.4		15,022		23,652		2,685		38,598		16,543		96,500		14.05		55,275		1,087		133,618			3,228,351		56,892			34,749			25,205			18,389			11,578			42,021		91,596			2,708,250		39,000			23,821			17,279			12,606			7,937
2042		63		18,883		6,892		53.08		365,826		21,054		3.05		3.31		80,628		22.0		14,460		23,420		2,392		38,435		16,541		95,248		13.82		50,775		1,864		137,311			3,365,662		55,681			33,065			23,547			16,872			10,347			42,613		94,698			2,802,948		38,401			22,804			16,240			11,636			7,136
2043		63		18,343		6,695		53.08		355,367		20,454		3.06		3.30		88,913		25.0		14,054		22,753		2,392		38,435		16,068		93,703		14.00		19,275		1,398		152,078			3,517,740		58,732			33,908			23,709			16,685			9,965			39,158		112,921			2,915,869		43,610			25,177			17,604			12,389			7,399
2044		60		16,394		5,984		53.08		317,603		17,493		2.92		3.29		79,223		24.9		9,957		19,459		2,392		38,435		14,361		84,603		14.14		17,025		1,457		135,294			3,653,034		49,762			27,931			19,175			13,253			7,709			35,039		100,255			3,016,124		36,874			20,698			14,209			9,821			5,712
2045		58		13,938		5,087		53.08		270,031		14,753		2.90		3.27		62,721		23.2		8,071		16,412		2,392		38,435		12,210		77,519		15.24		21,525		1,553		106,713			3,759,747		37,381			20,399			13,749			9,333			5,287			29,632		77,081			3,093,204		27,001			14,734			9,931			6,742			3,819
2046		56		12,434		4,538		53.08		240,893		12,682		2.79		3.26		55,087		22.9		5,616		14,108		2,392		38,435		10,892		71,443		15.74		19,275		1,553		93,534			3,853,281		31,204			16,555			10,956			7,304			4,030			26,204		67,330			3,160,535		22,462			11,917			7,886			5,258			2,901
2047		56		11,358		4,146		53.08		220,048		11,246		2.71		3.25		48,962		22.3		4,009		12,510		2,392		38,435		9,950		67,295		16.23		19,275		1,243		83,273			3,936,554		26,458			13,647			8,867			5,806			3,120			23,860		59,414			3,219,948		18,877			9,737			6,326			4,142			2,226
2048		53		10,209		3,726		53.08		197,787		9,543		2.56		3.23		48,802		24.7		1,735		10,615		2,392		38,435		8,943		62,120		16.67		2,625		1,553		82,686			4,019,241		25,021			12,547			8,004			5,147			2,694			20,068		62,618			3,282,567		18,948			9,502			6,062			3,898			2,040
2049		43		7,895		2,882		53.08		152,960		7,774		2.70		3.22		33,490		21.9		2,646		8,648		2,392		38,435		6,916		59,037		20.49		2,625		932		56,876			4,076,116		16,391			7,991			5,005			3,161			1,611			13,941		42,935			3,325,501		12,373			6,033			3,778			2,386			1,216
2050		35		5,539		2,022		53.08		107,308		5,915		2.93		3.22		26,667		24.9		3,378		6,579		2,392		14,783		4,852		31,984		15.82		2,625		1,553		44,479			4,120,595		12,208			5,787			3,558			2,207			1,096			11,235		33,244			3,358,745		9,124			4,325			2,660			1,650			819
2051		20		3,265		1,192		53.08		63,255		3,905		3.28		3.22		15,184		24.0		3,373		4,343		2,392		7,391		2,860		20,360		17.08		1,500		2,019		24,191			4,144,786		6,323			2,914			1,759			1,072			518			6,367		17,824			3,376,569		4,659			2,147			1,296			790			382
2052		14		1,980		723		53.08		38,359		2,828		3.91		3.22		6,833		17.8		3,568		3,146		2,392		7,391		1,734		18,232		25.23		1,500		1,709		10,086			4,154,872		2,511			1,125			667			399			188			3,016		7,070			3,383,639		1,760			789			467			280			132
2053		9		1,193		435		53.08		23,109		2,163		4.97		3.23		3,083		13.3		3,666		2,406		2,392		3,696		1,045		13,204		30.33		1,500		2,951		2,371			4,157,243		562			245			142			84			38			1,521		850			3,384,489		201			88			51			30			14
2054		9		855		312		53.08		16,560		1,677		5.38		3.23		2,203		13.3		3,048		1,866		1,196		3,696		749		10,554		33.83		-		1,398		2,405			4,159,648		543			230			131			76			34			838		1,567			3,386,056		354			150			86			49			22
2055		2		163		59		53.08		3,151		322		5.43		3.23		228		7.2		590		358		598		924		142		2,613		44.02		-		932		(622	)		4,159,026		(134	)		(55	)		(31	)		(18	)		(8	)		35		(657	)		3,385,399		(141	)		(58	)		(33	)		(19	)		(8	)
2056		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,159,026		-			-			-			-			-			-		-			3,385,399		-			-			-			-			-
2057		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		1,553		(1,553	)		4,157,473		(303	)		(118	)		(64	)		(35	)		(14	)		-		(1,553	)		3,383,846		(303	)		(118	)		(64	)		(35	)		(14	)
2058		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		311		(311	)		4,157,162		(58	)		(22	)		(12	)		(6	)		(3	)		-		(311	)		3,383,535		(58	)		(22	)		(12	)		(6	)		(3	)
2059		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2060		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2061		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2062		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2063		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2064		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2065		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2066		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2067		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2068		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2069		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2070		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2071		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2072		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		-		-			4,157,162		-			-			-			-			-			-		-			3,383,535		-			-			-			-			-
2073		-		-		-		53.08		-		-		-		3.23		-		-		-		-		-		-		-		-		-		-		64,000		(64,000	)		4,093,162		(5,719	)		(1,418	)		(572	)		(234	)		(63	)		-		(64,000	)		3,319,535		(5,719	)		(1,418	)		(572	)		(234	)		(63	)

TOTALS						183,282		52.90		9,695,836		592,487				3.23		1,623,878		16.7		304,553		664,466		82,937		1,219,267		499,958		2,771,181		15.12		1,095,997		111,619		4,093,162					2,581,979			2,068,359			1,818,754			1,620,307			1,390,798			773,627		3,319,535					2,185,358			1,787,856			1,591,721			1,433,999			1,249,097

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

Prices: 23YE SEC Pricing
Eff. Date: December 31, 2023
Currency: CAD

Greenfire Resources Ltd.
Forecast of Volumes and Capital Costs
SEC Prices as of December 31, 2023
Total Proved Reserves
Hangingstone Consolidated - MCM EX

Table 2 - 13

			VOLUMES FORECAST GROSS LEASE BASIS						CAPITAL COSTS GROSS LEASE BASIS																				CAPITAL COSTS CO. SHARE BASIS
Year	Project Year		Producing McM SAGD Pairs #		McM Production Rate bopd		Project Capacity Calendar Day bopd		Drilled Delineation Wells #		Drilled SAGD Pairs¹#		Drilled Infill Wells #		Delineation Wells $M 2023		SAGD Pairs $M 2023		Infill Wells $M 2023		SAGD Facilities $M 2023		Maintenance & Other Costs $M 2023		Total $M 2023		Total $M Current		Total $M 2023		Total $M Current
2024		1		60		29,345		34,000		5		-		7		3,300		-		58,800		31,772		8,900		102,772		102,772		85,177		85,177
2025		2		76		30,397		34,000		5		-		18		3,250		48,000		19,600		53,400		8,900		133,150		133,150		105,850		105,850
2026		3		90		32,702		34,000		-		9		4		-		48,000		3,300		-		8,900		60,200		60,200		52,275		52,275
2027		4		92		32,550		34,000		-		3		-		-		32,000		-		-		8,900		40,900		40,900		30,975		30,975
2028		5		96		29,184		34,000		-		4		-		-		40,000		3,000		-		8,900		51,900		51,900		39,225		39,225
2029		6		99		27,316		31,254		2		5		1		1,320		40,000		9,000		-		8,900		59,220		59,220		44,715		44,715
2030		7		98		26,910		30,077		-		5		3		-		32,000		21,000		-		8,430		61,430		61,430		46,255		46,255
2031		8		86		27,088		29,045		2		4		7		1,320		32,000		6,000		-		8,430		47,750		47,750		35,995		35,995
2032		9		85		26,108		28,226		-		4		2		-		48,000		12,000		-		8,430		68,430		68,430		51,505		51,505
2033		10		82		25,948		27,720		2		6		4		1,320		32,000		15,000		-		8,065		56,385		56,385		42,380		42,380
2034		11		76		25,797		27,051		-		4		5		-		32,000		15,000		-		8,065		55,065		55,065		41,390		41,390
2035		12		81		25,502		26,792		2		4		5		1,320		48,000		12,000		-		8,065		69,385		69,385		52,130		52,130
2036		13		78		24,624		26,310		-		6		4		-		48,000		12,000		-		8,065		68,065		68,065		51,140		51,140
2037		14		76		24,891		26,240		2		6		4		1,320		32,000		18,000		-		8,065		59,385		59,385		44,630		44,630
2038		15		77		25,010		26,114		-		4		6		-		48,000		12,000		-		8,065		68,065		68,065		51,140		51,140
2039		16		80		25,118		26,088		-		6		4		-		40,000		12,000		-		8,065		60,065		60,065		45,140		45,140
2040		17		77		25,001		26,068		-		5		4		-		56,000		18,000		-		7,700		81,700		81,700		61,275		61,275
2041		18		81		25,072		26,053		-		7		6		-		48,000		18,000		-		7,700		73,700		73,700		55,275		55,275
2042		19		84		25,177		26,000		-		6		6		-		48,000		12,000		-		7,700		67,700		67,700		50,775		50,775
2043		20		84		24,457		26,000		-		6		4		-		-		18,000		-		7,700		25,700		25,700		19,275		19,275
2044		21		80		21,858		26,000		-		-		6		-		-		15,000		-		7,700		22,700		22,700		17,025		17,025
2045		22		77		18,584		26,000		-		-		5		-		-		21,000		-		7,700		28,700		28,700		21,525		21,525
2046		23		74		16,579		26,000		-		-		7		-		-		18,000		-		7,700		25,700		25,700		19,275		19,275
2047		24		74		15,144		26,000		-		-		6		-		-		18,000		-		7,700		25,700		25,700		19,275		19,275
2048		25		70		13,612		26,000		-		-		6		-		-		-		-		3,500		3,500		3,500		2,625		2,625
2049		26		57		10,527		26,000		-		-		-		-		-		-		-		3,500		3,500		3,500		2,625		2,625
2050		27		46		7,385		10,000		-		-		-		-		-		-		-		3,500		3,500		3,500		2,625		2,625
2051		28		27		4,353		5,000		-		-		-		-		-		-		-		2,000		2,000		2,000		1,500		1,500
2052		29		18		2,640		5,000		-		-		-		-		-		-		-		2,000		2,000		2,000		1,500		1,500
2053		30		12		1,590		2,500		-		-		-		-		-		-		-		2,000		2,000		2,000		1,500		1,500
2054		31		12		1,140		2,500		-		-		-		-		-		-		-		-		-		-		-		-
2055		32		2		217		2,500		-		-		-		-		-		-		-		-		-		-		-		-
2056		33		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2057		34		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2058		35		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2059		36		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2060		37		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2061		38		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2062		39		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2063		40		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2064		41		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2065		42		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2066		43		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2067		44		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2068		45		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2069		46		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2070		47		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2071		48		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2072		49		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
2073		50		-		-		-		-		-		-		-		-		-		-		-		-		-		-		-
Total												20		94		124		13,150		366,700		85,172		213,245		1,430,267		1,430,267		1,095,997		1,095,997

Delineation Well Cost:	$	425,000	(2023 Dollars)
Individual Well Pair Cost (incl. Pads & Gathering System):	$	7,650,000	(2023 Dollars)
Infill Well Cost:	$	3,250,000	(2023 Dollars)
Initial Project Cost, expressed as $/bbl of daily bitumen capacity:	$	-	(2023 Dollars)
Total Project Cost, expressed as $/bbl of daily bitumen capacity:	$	42,067	(2023 Dollars)
Total Project Cost, expressed as $/bbl of recoverable bitumen:	$	7.80	(2023 Dollars)

Well-Pairs are drilled, completed and tied-in in the year prior to production. Capital costs associated with transportation pipelines are not included.

Greenfire HS Consolidated Model - YE2023 SEC - 1P Only

2024-03-08

APPENDIX 3

Geological Mapping

Greenfire Resources Ltd.

Evaluation of Hangingstone Properties

As of December 31, 2023