Greenfire Resources (GFR) 20-F26 Mar 242023 FY Annual report (foreign)Financial data

Company Profile

Document And Entity Information

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	Greenfire Resources Ltd.
Trading Symbol	GFR
Document Type	20-F
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	68,642,515
Amendment Flag	false
Entity Central Index Key	0001966287
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41810
Entity Incorporation, State or Country Code	A0
Entity Address, Address Line One	1900 – 205 5th Avenue SW
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2P 2V7
Title of 12(b) Security	Common Shares
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Auditor Firm ID	1208
Auditor Name	Deloitte LLP
Auditor Location	Calgary
Entity Address, Country	CA
Business Contact
Document Information Line Items
Entity Address, Address Line One	1900 – 205 5th Avenue SW
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2P 2V7
Contact Personnel Name	Robert Logan
City Area Code	(403)
Local Phone Number	465-2321

Consolidated Balance Sheets

Consolidated Balance Sheets - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 109,525	$ 35,363
Restricted cash		35,313
Accounts receivable	34,680	34,308
Inventories	13,863	14,568
Prepaid expenses and deposits	5,746	3,975
Total current assets	163,814	123,527
Non-current assets
Property, plant and equipment	941,374	963,050
Deferred income tax asset	68,295	87,681
Total non-current assets	1,009,669	1,050,731
Total assets	1,173,483	1,174,258
Current liabilities
Accounts payable and accrued liabilities	59,850	46,569
Current portion of long-term debt	44,321	63,250
Warrant liability	18,630
Taxes payable	1,063
Current portion of lease liabilities	6,002	98
Risk management contracts	417	27,004
Total current liabilities	130,283	136,921
Non-current liabilities
Long-term debt	332,029	191,158
Lease liabilities	7,722	865
Decommissioning liabilities	8,449	7,543
Total non-current liabilities	348,200	199,566
Total liabilities	478,483	336,487
Shareholders’ equity
Share capital	158,515	15
Contributed surplus	9,788	44,674
Retained earnings (deficit)	526,697	793,082
Total shareholders' equity	695,000	837,771
Total liabilities and shareholders' equity	$ 1,173,483	$ 1,174,258

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Oil sales, net of royalties		$ 652,264	$ 948,785	$ 261,131
Gain (loss) on risk management contracts		16,405	(121,478)	(39,291)
Gross profit		668,669	827,307	221,840
Expenses
Diluent expense		304,740	368,015	94,623
Transportation and marketing		55,673	67,842	24,057
Operating expenses		148,965	160,826	59,710
General and administrative		11,536	9,836	3,285
Stock-based compensation		9,808	1,183
Financing and interest		110,214	77,074	25,050
Depletion and depreciation		68,054	68,027	27,071
Exploration and other expenses		3,852	1,825	350
Other (income) expenses		(2,905)	(206)	8,373
Transaction costs		12,172	2,769	10,318
Listing expense		106,542
Gain on revaluation of warrants		(34,973)
Gain on acquisitions				(693,953)
Foreign exchange (gain) loss		(8,724)	26,099	1,512
Total expenses		784,954	783,290	(439,604)
Net income (loss) before taxes		(116,285)	44,017	661,444
Income tax recovery (expense)		(19,386)	87,681
Net income (loss) and comprehensive income (loss)		$ (135,671)	$ 131,698	$ 661,444
Net income (loss) per share
Basic (in Dollars per share)	[1]	$ (2.49)	$ 2.69	$ 15.52
Diluted (in Dollars per share)	[1]	$ (2.49)	$ 1.88	$ 13.75
Oil sales
Revenues
Oil sales, net of royalties		$ 675,970	$ 998,849	$ 270,674
Royalties
Revenues
Oil sales, net of royalties		$ (23,706)	$ (50,064)	$ (9,543)

[1] For the years ended December 31, 2022 and 2021 the Company’s basic and diluted earnings per share is the net income per common share of Greenfire Resources Inc (see Note 1)., and the weighted average common shares outstanding has been recast by the applicable exchange ratio following the completion of the De-Spac Transaction with MBSC (Note 5.)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders’ Equity - CAD ($) $ in Thousands	Share capital	Contributed surplus	Retained earnings (deficit)	Total
Balance, beginning of year at Dec. 31, 2020			$ (60)
Common shares repurchased and cancelled
Dividend on De-Spac transaction
Exercise of bond warrants
Stock based compensation
Exercise of performance warrants
Issuance of warrants
Net income (loss) and comprehensive (loss)			661,444	$ 661,444
Issuance on exercise of bond warrants		43,491
Issuance to MBSC shareholders
Issuance of shares for PIPE investment
Shares issued during year	15
Balance, end of year at Dec. 31, 2021	15	43,491	661,384
Total shareholders’ equity				704,890
Common shares repurchased and cancelled
Dividend on De-Spac transaction
Exercise of bond warrants
Stock based compensation		1,183
Exercise of performance warrants
Issuance of warrants
Net income (loss) and comprehensive (loss)			131,698	131,698
Issuance on exercise of bond warrants
Issuance to MBSC shareholders
Issuance of shares for PIPE investment
Shares issued during year
Balance, end of year at Dec. 31, 2022	15	44,674	793,082	837,771
Total shareholders’ equity				837,771
Common shares repurchased and cancelled			(41,464)
Dividend on De-Spac transaction			(59,388)
Exercise of bond warrants			4,580
Stock based compensation		9,808
Exercise of performance warrants		(1,203)	1,202
Issuance of warrants			(35,644)
Net income (loss) and comprehensive (loss)			(135,671)	(135,671)
Issuance on exercise of bond warrants	38,911	(43,491)
Issuance to MBSC shareholders	62,959
Issuance of shares for PIPE investment	56,630
Shares issued during year
Balance, end of year at Dec. 31, 2023	$ 158,515	$ 9,788	$ 526,697	695,000
Total shareholders’ equity				$ 695,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ (135,671)	$ 131,698	$ 661,444
Items not affecting cash:
Deferred income taxes	19,386	(87,681)
Gain on acquisitions			(693,953)
Unrealized (gain) loss on risk management contracts	(26,587)	(8,673)	35,677
Foreign exchange (gain) loss	(8,967)	26,099	1,512
Depletion and depreciation	67,893	67,868	27,996
Stock based compensation	9,808	1,183
Other non-cash expenses	68	66	3,769
Accretion	906	743	298
Amortization of debt issuance costs	43,478	29,854	2,152
Debt redemption premium	19,152
Gain on revaluation of warrants	(34,973)
Listing expense	106,542
Change in non- cash working capital	25,513	3,570	(6,910)
Cash provided by operating activities	86,548	164,727	31,985
Financing activities
Issuance of long-term debt net of issuance costs	382,454		365,591
Repayment of long-term debt	(294,647)	(123,612)
Debt redemption premium	(19,152)
Issuance of common shares	67,115		15
Common shares repurchased	(41,464)
Dividend on De-Spac transaction	(59,388)
De-Spac transaction costs	(34,817)
Payment of lease liabilities	(99)	(26)
Cash provided (used) by financing activities	2	(123,638)	365,606
Investing activities
Property, plant and equipment expenditures	(33,428)	(39,592)	(4,594)
Cash and cash equivalents acquired in acquisitions			6,918
Acquisitions			(366,454)
Restricted cash	35,313	(26,613)	(8,140)
Change in non-cash working capital (accrued additions to PP&E)	(13,988)	2,459	35,742
Cash used in investing activities	(12,103)	(63,746)	(336,528)
Exchange rate impact on cash and cash equivalents held in foreign currency	(285)	(2,849)	(194)
Change in cash and cash equivalents	74,162	(25,506)	60,869
Cash and cash equivalents, beginning of year	35,363	60,869
Cash and cash equivalents, end of year	$ 109,525	$ 35,363	$ 60,869

Corporate Information

Corporate Information	12 Months Ended
Corporate Information	Dec. 31, 2023
Corporate Information [Abstract]
CORPORATE INFORMATION	1. Greenfire Resources Ltd. (the “Company” or “Greenfire”) was incorporated under the laws of Alberta on December 9, 2022. On September 20, 2023, the Company participated in a De-Spac transaction involving a number of entities, including Greenfire Resources Inc. (“GRI”) and M3-Brigade Acquisition III Corp (“MBSC”) (the “De-Spac Transaction”). Refer to Note 5 De-Spac Transaction for additional information. These audited consolidated financial statements are comprised of the accounts of Greenfire and its wholly owned subsidiaries, GRI and MBSC. The prior period amounts presented are those of GRI, which continued as the operating entity, concurrent with recapitalization. As of January 1, 2024, GRI was amalgamated with Greenfire Resources Operation Corporation (“GROC”). The Company and its subsidiaries are engaged in the exploration, development and operation of oil and gas properties, focused primarily in the Athabasca oil sands region of Alberta. The Company’s corporate head office is located at 1900, 205 5th Avenue SW, Calgary, AB T2P 2V7.

Basis of Presentation and State

Basis of Presentation and Statement of Compliance	12 Months Ended
Basis of Presentation and Statement of Compliance	Dec. 31, 2023
Basis of Presentation and Statement of Compliance [Abstract]
BASIS OF PRESENTATION AND STATEMENT OF COMPLIANCE	2. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). In these consolidated financial statements, all dollars are expressed in Canadian dollars, which is the Company’s functional currency, unless otherwise indicated. These consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. The consolidated financial statements were approved by the Board of Directors on March 20, 2024.

Material Accounting Policies

Material Accounting Policies	12 Months Ended
Material Accounting Policies	Dec. 31, 2023
Material Accounting Policies [Abstract]
MATERIAL ACCOUNTING POLICIES	3. Principles of consolidation These consolidated financial statements consist of financial records of the Company and its wholly owned subsidiaries. The Company has two direct subsidiaries, MBSC and GROC which are 100% wholly owned by the Company, as well as several indirect subsidiaries, including, Hangingstone Expansion Limited Partnership (“HELP”) and Hangingstone Demo Limited Partnership (“HDLP”), which were formed by GROC and their general partners Hangingstone Expansion General Partner (“HEGP”) and Hangingstone Demo General Partner (“HDGP”), respectively. The units of HELP and HDLP are allocated at 99.99% to GROC for both entities and 0.01% to HEGP and HDGP, respectively. HEGP and HDGP are wholly owned subsidiaries of GROC, along with Greenfire Resources Employment Corporation. Intercompany transactions and balances between the entities are eliminated upon consolidation. Joint arrangements The Company undertakes certain business activities through joint arrangements. Interests in joint arrangements have been classified as joint operations. Joint control exists for contractual arrangements governing the Company’s assets whereby Greenfire has less than 100 per cent working interest, all of the partners have control of the arrangement collectively, and spending on the project requires unanimous consent of all parties that collectively control the arrangement and share the associated risks. A joint operation is established when the Company has rights to the assets and obligations for the liabilities of the arrangement. The Company only recognizes its proportionate share in assets, liabilities, revenues and expenses associated with its joint operations. Cash and cash equivalents Cash and cash equivalents include cash-on-hand, deposits held with banks, and other short-term highly liquid investments such as bankers’ acceptances, commercial paper, money market deposits or similar instruments, with a maturity of 90 days or less. Foreign currency translation Foreign currency transactions are translated into Canadian Dollars at exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange on the balance sheet date. Any resulting exchange differences are included in the Consolidated Statement of Comprehensive Income (Loss). Nonmonetary assets and liabilities denominated in a foreign currency are measured at historical cost and are translated into the functional currency using the rates of exchange as at the dates of the initial transactions. Operating segments The Company has one reportable operating segment which is made up of its oil sands operations based on geographic location (Athabasca oil sands region of Alberta, Canada), nature of the products sold and integration of facilities and operations. The chief operating decision maker is the President and CEO, who reviews operating results at this level to assess financial performance and make resource allocation decisions. The Company determines its operating segments based on the differences in the nature of operations, products sold, economic characteristics and regulatory environments and management. All of the Company’s non-current assets are located in and revenue is earned in Canada. Financial instruments Financial assets and financial liabilities are recognized in the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. Regular way purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Financial assets that meet the following conditions are measured subsequently at amortized cost: ● the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ● the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): ● the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and ● the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Classifications are not changed subsequent to initial recognition, except in limited circumstances. Credit risk arises from the potential that the Company may incur a loss if a counterparty fails to meet its obligations in accordance with agreed terms. Financial assets are assessed at each reporting date to determine whether there is any evidence that credit losses are expected. Credit loss of financial assets is determined by assessing and measuring the expected credit losses of the instruments at each reporting period. The Company measures expected credit losses using a lifetime expected loss allowance model for all trade receivables and contract assets. The credit-loss model groups receivables based on similar credit risk characteristics and the number of days past due in order to estimate and recognize bad debt expenses. When measuring expected credit losses, the Company considers a variety of factors including: evidence of the debtor’s financial condition, history of collections, the term of the receivable and any recent and expected future changes in economic conditions. The Company has not experienced any write-offs of uncollectible receivables; as a result, there are no expected credit losses recognized as at December 31, 2023 ( nil Financial liabilities On initial recognition, financial liabilities are classified at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, is a derivative or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. A financial liability is derecognized when its contractual obligations are discharged or canceled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. The Company may, from time to time, enter into certain financial derivative contracts to manage exposure from fluctuating commodity prices, interest rates or foreign exchange rates between the Canadian and US dollar. Such risk management contracts are not used for trading or speculative purposes. The Company has not designated its risk management contracts as effective hedges and has not applied hedge accounting even though the Company considers all financial derivate contracts to be economic hedges, as such all r isk management contracts have been recorded at fair value with changes in fair value being recorded through profit or loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: ● Level 1 ● Level 2 ● Level 3 The following table summarizes the Financial Instrument Classification & Measurement Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts receivable Amortized cost Risk management contracts FVTPL Accounts payable and accrued liabilities Amortized cost Warrant liability FVTPL Long-term debt Amortized cost The carrying values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued liabilities included on the consolidated balance sheets approximates the fair values of the respective assets and liabilities due to the short-term nature of those instruments. The estimated fair value of long-term debt has been determined based on period-end trading prices of long-term borrowings on the secondary market (level 2), for further information please refer to Note 15. The warrants issued were classified as financial liabilities due to a cashless exercise feature and are measured at fair value upon issuance and at each subsequent reporting period with the changes in fair value recorded in the consolidated statement of income (loss). The fair value of these warrants is determined using the Black-Scholes option valuation model. Common shares are classified as shareholders’ equity. The Company may issue share purchase warrants as a part of debt and/or equity financings. These financial instruments are assessed at the date of issue, based on their underlying terms and conditions, as to whether they are an equity instrument or a derivative financial instrument and if determined to be an equity instrument they are initially recognized in shareholder’s equity at fair value on date of issue. Classifications are not changed after initial recognition and only reassessed when there is a modification in the terms and conditions of the underlying share purchase warrant. Incremental costs directly attributable to the issuance of equity instruments as a deduction from equity, net of any tax effects. Revenue Revenue is measured based on consideration to which the Company expects to be entitled in a contract with a customer. The Company recognizes revenue primarily from the sale of diluted and non- diluted bitumen. Revenue is recognized when its single performance obligation is satisfied. This occurs when the product is delivered, control of the product and title or risk of loss transfers to the customer at contractually specified transfer points. This transfer coincides with title passing to the customer and the customer taking physical possession of the commodity. The Company principally satisfies its single performance obligations at a point in time. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Payment is generally received in the following month after the sale has occurred. The Company sells its production pursuant to fixed and variable-priced contracts. The transaction price for variable-priced contracts is based on the commodity price, adjusted for quality, location, or other factors, whereby each component of the pricing formula can be either fixed or variable, depending on the contract terms. Revenue is recognized when a unit of production is delivered to the contract counterparty. The amount of revenue recognized is based on the agreed upon transaction. Royalty expenses are recognized as production occurs. The Company has long-term marketing agreements with a single counterparty (“Sole Petroleum Marketer”), which has exclusive marketing rights over the Company’s production and diluent purchases at Hangingstone Expansion (“Expansion”), until October 2028 and at Hangingstone Demo (“Demo”), until April 2026. Fees paid to the Sole Petroleum Marketer as part of these agreements include marketing, incentive and royalty fees. These fees are expensed as incurred as transportation and marketing expenses. In addition, the Sole Petroleum Marketer provided letters of credit in support of the Company’s long-term transportation commitment until November 2023. As a result of these marketing agreements, the Company is exposed to concentration and credit risks, as all sales are to a single counterparty. Inventories Inventories consist of crude oil products and warehouse materials and supplies. The carrying value of inventory includes direct and indirect expenditures incurred in the normal course of business in bringing an item or product to its existing condition and location. The Company values inventories at the lower of cost and net realizable value on a weighted average cost basis. Net realizable value is the estimated selling price less applicable selling expenses. If the carrying value exceeds net realizable value, a write-down is recognized. A change in circumstances could result in a reversal of the write-down for the inventory that remains on hand in a subsequent period. Property, plant and equipment (“PP&E”) PP&E is measured at the cost to acquire, less accumulated depletion and depreciation, and net of any impairment losses. The Company begins capitalizing oil exploration costs after the right to explore has been obtained and includes land acquisition costs, geological and geophysical activities, drilling expenditures and costs incurred for the completion and testing of exploration wells. The Company capitalizes all subsequent investments attributable to the development of its oil assets if the expenditures are considered a betterment and provide a future benefit beyond one year. Costs of planned major inspections, overhaul and turnaround activities that maintain PP&E and benefit future years of operations are capitalized and depreciated on a straight-line basis over the period to the next turnaround. Recurring planned maintenance activities performed on shorter intervals are expensed. Replacements of equipment are capitalized when it is probable that future economic benefits will flow to the Company. The Company’s capitalized costs primarily consist of pad construction, drilling activities, completion activities, well equipment, processing facilities, gathering systems and pipelines. Borrowing costs attributable to long-term development projects are also capitalized. Capitalized costs are classified as exploration and evaluation (“E&E”) assets if technical feasibility and commercial viability have not yet been established. Technical feasibility and commercial viability are generally deemed to exist when proved reserves are present and the Company has sanctioned the project for commercial development. Capitalized costs are classified as PP&E assets if they are attributable to the development of oil reserves after technical feasibility and commercial viability have been achieved. Once the technical feasibility and commercial viability of E&E assets have been established, the E&E assets are tested for impairment and reclassified to PP&E. The majority of the Company’s PP&E is depleted using the unit-of-production method relative to the Company’s estimated total recoverable proved plus probable (2P) reserves. The depletion base consists of the historical net book value of capitalized costs, plus the estimated future costs required to develop the Company’s estimated recoverable proved plus probable reserves. The depletion base excludes E&E and the cost of assets that are not yet available for use in the manner intended by Management. Corporate assets and other capitalized costs are depreciated over their estimated useful lives primarily using the declining-balance method. There were no E&E costs as at December 31, 2023, 2022 and 2021. Provisions and contingent liabilities A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. The Company’s provisions primarily consist of decommissioning liabilities associated with dismantling, decommissioning, and site disturbance remediation activities related to its oil assets. At initial recognition, the Company recognizes a decommissioning asset and corresponding liability on the balance sheet. Decommissioning liabilities are measured at the present value of expected future cash outflows required to settle the obligations at the balance sheet date, using managements best estimate of expenditures required to settle the liability. Decommissioning liabilities are measured based on the estimated future inflation rate and then discounted to net present value using a credit adjusted risk-free discount rate. Any change in the present value, as a result of a change in discount rate or expected future costs, of the estimated obligation is reflected as an adjustment to the provision and the corresponding item of property, plant and equipment. The liability for decommissioning costs is increased each period through the unwinding of the discount, which is included in finance and interest costs in the consolidated statements of comprehensive income (loss). Decommissioning liabilities are remeasured at each reporting period primarily to account for any changes in estimates or discount rates. Actual expenditures incurred to settle the obligations reduce the liability. Contingent liabilities reflect a possible obligation that may arise from past events and the existence of which can only be confirmed by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company. Contingent liabilities are not recognized on the balance sheet unless they can be measured reliably and the possibility of an outflow of economic benefits in respect of the contingent obligation is considered probable. Disclosure of contingent liabilities is provided when there is a less than probable, but more than remote, possibility of material loss to the Company. Impairment of non-financial assets For the purpose of estimating the asset’s recoverable amount, PP&E assets are grouped into Cash Generating Units (“CGU”). A CGU is the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. The Company’s PP&E assets are currently held in two CGUs. Our Hangingstone Expansion and Demo assets represent our two CGU’s at December 31, 2023 and December 31, 2022. PP&E assets are reviewed at each reporting date to determine whether there is any indication of impairment. If indicators of impairment exist, the recoverable amount of the asset or CGU is estimated as the greater of value-in-use (“VIU”) and fair value less costs of disposal (“FVLCOD”). VIU is estimated as the discounted present value of the expected future cash flows from continuing use of the asset or CGU. FVLCOD is the amount that would be realized from the disposition of an asset or CGU in an arm’s length transaction between knowledgeable and willing parties. An impairment loss is recognized in earnings or loss if the carrying amount of the asset or CGU exceeds its estimated recoverable amount. At each reporting period, PP&E, E&E and right-of-use (“ROU”) assets are tested for impairment reversal at the CGU level when facts and circumstances suggest that the recoverable amount of the CGU may exceed the carrying value. Impairment reversal is limited to the carrying amount which would have been recorded had no historical impairment been recorded. Business combinations Business combinations are accounted for using the acquisition method of accounting in which identifiable assets acquired and liabilities assumed in a business combination are recognized and measured at their fair value at the date of the acquisition. If the cost of the acquisition is less than the fair value of the net asset acquired, the difference is recognized in net income (loss). If the cost of the acquisition is greater than the fair value of the net assets acquired, the difference is recognized as goodwill. Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A lease obligation and corresponding ROU asset are recognized at the commencement of the lease. Lease liabilities are initially measured at the present value of the unavoidable lease payments and discounted using the Company’s incremental borrowing rate when an implicit rate in the lease is not readily available. Interest expense is recognized on the lease obligations using the effective interest rate method. The ROU assets are recognized at the amount of the lease liabilities, adjusted for lease incentives received and initial direct costs, on commencement of the leases. ROU assets are depreciated on a straight-line basis over the lease term. The Company is required to make judgments and assumptions on incremental borrowing rates and lease terms. The carrying balance of the leased assets and lease liabilities, and related interest and depreciation expense, may differ due to changes in market conditions and expected lease terms. Short-term and low value leases have not been included in the measurement of lease liabilities. Income taxes Income tax is comprised of current and deferred tax. Income tax expense (recovery) is recognized in the consolidated statement of comprehensive income (loss) except to the extent that it relates to share capital, in which case it is recognized in equity. Current tax is the expected tax payable (receivable) on the taxable income (loss) for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and does not affect profit, other than temporary differences that arise in shareholder’s equity. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset on the consolidated balance sheet if there is a legally enforceable right to offset and they relate to income taxes levied by the same tax authority. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are not recognized until such time that it is more likely than not that the related tax benefit will be realized. Stock-based compensation The Company’s stock-based compensation plans for employees consist of performance warrants. The Company’s stock-based compensation plans are accounted for as equity-settled share-based compensation plans. The fair values of the equity settled awards are initially measured at the date of issuance using the Black-Scholes model using an estimated forfeiture rate, volatility, dividend yield, risk-free rate and expected life. The fair value is recorded as stock-based compensation over the vesting period with a corresponding amount reflected in contributed surplus. When performance warrants are exercised, the cash proceeds along with the amount previously recorded as contributed surplus are recorded as share capital. Per share information Basic per share information is calculated using the weighted average number of common shares outstanding during the year. Diluted per share information is calculated using the basic weighted average number of common shares outstanding during the year, adjusted for the number of shares that could have had a dilutive effect on net income during the year had in the-money and outstanding equity compensation units been exercised. New and amended IFRS Accounting Standards that are effective for the current year In the current year, the Company has applied a number of amendments to IFRS that are mandatorily effective as of January 1, 2023. These adopted amendments are as follows, with their adoption having no significant impact on the Company’s consolidated financial statements. Amendments to IAS 1 – Presentation of Financial Statements The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IAS 12 – Income Taxes The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit. Future accounting pronouncements The Company plans to adopt the following amendments that are effective for annual periods beginning on or after January 1, 2024. The pronouncements will be adopted on their respective effective dates; however, each is not expected to have a material impact on the financial statements. A mendments to IAS 1 – Presentation of Financial Statements - The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. Amendments to IAS 1 – Presentation of Financial Statements The amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity’s right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or noncurrent). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date (e.g. a covenant based on the entity’s financial position at the reporting date that is assessed for compliance only after the reporting date).

Accounting Judgements and Estim

Accounting Judgements and Estimates	12 Months Ended
Accounting Judgements and Estimates	Dec. 31, 2023
Accounting Judgements and Estimates [Abstract]
Accounting Judgements and Estimates	4. The timely preparation of the consolidated financial statements requires that management make estimates and assumptions and use judgement regarding the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during that period. Such estimates primarily relate to unsettled transactions and events as of the date of the consolidated financial statements. The estimated fair value of financial assets and liabilities are subject to measurement uncertainty. In addition, climate change and the evolving worldwide demand for alternative sources of energy that are not sourced from fossil fuels could result in a change in assumptions used in determining the recoverable amount and could affect the carrying value of the related assets. As these issues advance and regulations change, future financial performance may be impacted. This also presents uncertainty and risk with respect to the Company, its performance and estimates and assumptions. The timing in which global energy markets transition from carbon-based sources to alternative energy or when new regulatory practices may be implemented is highly uncertain. The ongoing geopolitical risks and conflicts have resulted in significant commodity price volatility and increased the level of uncertainty in the Company’s future cash flow. The Company’s gains and losses from its commodity price risk management contracts is likely to be volatile in the current market environment and there is greater emphasis on ensuring operations is uninterrupted and production volumes are delivered to meet these obligations. Additionally, the higher degree of commodity price volatility may increase systemic risk to the global commodities trading and banking businesses, which in turn may increase the Company’s counterparty risk. The Company has not experienced impairment of its receivables and currently has no information that indicates there is elevated risk of impairment in the future. Accordingly, actual results may differ materially from estimated amounts as future confirming events occur. Significant judgements, estimates and assumptions made by management in the preparation of these consolidated financial statements are outlined below. Inventories The Company evaluates the carrying value of its inventory at the lower of cost and net realizable value. The net realizable value is estimated based on current market prices that the Company would expect to receive from the sale of its inventory. Decommissioning liabilities The provision for decommissioning liabilities is based upon numerous assumptions including settlement amounts, inflation factors, credit-adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. Actual costs and cash outflows could differ from the estimates as a result of changes in any of the above noted assumptions. Risk management contracts The Company utilizes commodity risk management contracts to manage commodity price risk on oil sales and operating expenses. The Company may also utilize foreign exchange risk management contracts to reduce its exposure to foreign exchange risk associated with its interest payments on its US dollar denominated term debt. The calculated fair value of the risk management contracts relies on external observable market data including quoted forward commodity prices and foreign exchange rates. The resulting fair value estimates may not be indicative of the amounts realized at settlement and as such are subject to measurement uncertainty. Deferred income taxes The provision for income taxes is based on judgments in applying income tax law and estimates on the timing and likelihood of reversal of temporary differences between the accounting and tax bases of assets and liabilities. The provision for income taxes is based on the Company’s interpretation of the tax legislation and regulations which are also subject to change. The Company recognizes a tax provision when a payment to tax authorities is considered more likely than not. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Income tax filings are subject to audits and reassessments and changes in facts, circumstances and interpretations of the standards which may result in a material increase or decrease in the Company’s provision for income taxes. Long-term debt The measurement of the current portion of long-term debt includes assumptions of expected excess cashflows that are based on management’s estimates. Bitumen reserves The estimation of reserves involves the exercise of judgment. Forecasts are based on engineering data, estimated future prices, expected future rates of production and the cost and timing of future capital expenditures, all of which are subject to many uncertainties and interpretations. The Company expects that over time its reserves estimates will be revised either upward or downward based on updated information such as the results of future drilling and production. Reserves estimates can have a significant impact on net earnings, as they are a key component in the calculation of depletion and for determining potential asset impairment. Impairments CGUs are defined as the lowest grouping of assets that generate identifiable cash inflows that are largely independent of the cash inflows of other assets or groups of assets. The classification of assets into CGUs requires significant judgment and interpretations with respect to the integration between assets, the existence of active markets, external users, shared infrastructures, and the way in which management monitors the Company’s operations. The recoverable amounts of CGUs and individual assets have been determined as the higher of the CGUs or the asset’s fair value less costs of disposal and its value in use. These calculations require the use of estimates and significant assumptions and are subject to changes as new information becomes available including information on future commodity prices, expected production volumes, quantity of proved and probable reserves and discount rates as well as future development and operating expenses. Changes in assumptions used in determining the recoverable amount could affect the carrying value of the related assets and CGUs. Property, plant and equipment Producing assets within PP&E are depleted using the unit-of-production method based on estimated total recoverable proved plus probable reserves and future costs required to develop those reserves. There are several inherent uncertainties associated with estimating reserves. By their nature, these estimates of reserves, including the estimates of future prices and costs, and related future cash flows are subject to measurement uncertainty, and the impact on the consolidated financial statements of future periods could be material. Share purchase warrants The Company has and may, from time to time, issue share purchase warrants (“warrants”) as a part of debt and or equity financings. These warrants may be initially classified as shareholders’ equity or a derivative financial liability based on the terms and conditions of the underlying agreement. The determination of fair value of the share purchase warrants are primarily derived from the fair value of the underlying common shares. The determination of which methodology is most appropriate to determine the fair value of these warrants involves judgement. The estimation of fair value could be determined using the binomial model, the Black Scholes model, the residual method or a relative fair value method depending on the terms of the warrant. The inputs to any of these models require estimates related to share price, share price volatility, interest rates, cash flow multiples, dividend yields, and expected life, all subject to judgment and estimation uncertainty due to both internal and external market factors. Changes in assumptions can impact the fair value estimated for such warrants.

De-Spac Transaction

De-Spac Transaction	12 Months Ended
De-Spac Transaction	Dec. 31, 2023
De-Spac Transaction [Abstract]
De-Spac Transaction	5. On September 20, 2023, Greenfire, GRI, MBSC, DE Greenfire Merger Sub Inc. (“DE Merger Sub”) and 2476276 Alberta ULC (“Canadian Merger Sub”), completed a De-Spac Transaction pursuant to a business combination agreement dated December 14, 2022, as amended (the “Business Combination Agreement”) with MBSC. DE Merger Sub and Canadian Merger Sub were incorporated in December 2022 for the purposes of completing the De-Spac Transaction. Pursuant to the De-Spac Transaction (i) Canadian Merger Sub amalgamated with and into GRI pursuant to a statutory plan of arrang ement (the “Plan of Arrangement”) under the Business Corporations Act (Alberta), with GRI continuing as the surviving corporation and becoming a direct, wholly-owned subsidiary of Greenfire and (ii) DE Merger Sub merged with and into MBSC pursuant to a Delaware statutory merger (the “Merger) with MBSC continuing as the surviving corporation and becoming a direct, wholly-owned subsidiary of Greenfire. As a result of the De-Spac Transaction, the following occurred: ● Of the GRI 8,937,518 common shares outstanding, 7,996,165 were converted to 43,690,534 common shares of Greenfire and 941,353 were cancelled in exchange for cash consideration of $70.8 million. Cash consideration was comprised of a dividend paid of $59.4 million and $11.4 million for shares repurchased and cancelled by the Company. The $70.8 million cash consideration was recorded as a reduction to retained earnings. ● 312,500 outstanding GRI bondholder warrants were exchanged for 3,225,810 GRI common shares of which 2,886,048 were converted to 15,769,183 common shares of Greenfire and 339,245 were cancelled in exchange for cash consideration of $25.5 million. This $25.5 million was recorded as a reduction to retained earnings. In conjunction with the share conversion and cancellation, $43.5 million was reclassified from contributed surplus to share capital ($38.9 million) and retained earnings ($4.6 million). ● Of the 739,912 GRI performance warrants outstanding, 661,971 were converted into 3,617,016 Greenfire performance warrants and 77,941 were cancelled for cash consideration of $4.5 million, which was the fair value of the warrants. The $4.5 million was recorded as a reduction to retained earnings. In conjunction with the cancellation, $1.2 million was reclassified from contributed surplus to retained earnings. ● Greenfire issued an additional 5,000,000 Greenfire warrants to former GRI shareholders, GRI bond warrant holders and performance warrant holders that entitle the holder of each warrant to purchase one common share of Greenfire. The warrants were recorded as a warrant liability on the consolidated balance sheet, see Note 20. ● 755,707 MBSC Class A common shares held by MBSC’s public shareholders were converted into 755,707 Greenfire common shares. ● 4,250,000 Class B MBSC common shares were converted into 4,250,000 Greenfire common shares. ● MBSC redeemed 10,000,000 MSBC public warrants for cash consideration of $6.7 million (US$5.0 million). ● 2,526,667 MBSC private placements warrants were converted into 2,526,667 Greenfire warrants, which were recorded as a warrant liability on the consolidated balance sheet, see Note 20. ● Concurrent with the execution of the Business Combination Agreement, the Company and MBSC had entered into subscription agreements with certain investors (the “PIPE Investors”) pursuant to which the PIPE Investors agreed to purchase Class A common shares of MBSC at a purchase price of US$10.10 per share. MBSC issued 4,177,091 Class A common shares to the PIPE Investors for proceeds of $56.6 million (US$42.2 million) which were converted into Greenfire common shares at the closing of the De-Spac Transaction. Greenfire has been identified as the acquirer for accounting purposes. As MBSC does not meet the definition of a business under IFRS 3 Business Combinations, the transaction is accounted for pursuant to IFRS 2, Share Based Payment. On closing of the De-Spac Transaction, the Company accounted for the excess of the fair value of Greenfire common shares issued to MBSC shareholders as consideration, over the fair value of MBSC’s identifiable net assets at the date of closing, resulting in $106.5 million (US$79.4 million) being recognized as a listing expense. The fair value of MBSC Class B common shares exchanged for Greenf ($ thousands) Total fair value of consideration deemed to have been issued by Greenfire: 4,250,000 MBSC Class B common shares at US$9.37 per common share (US$39.8 million) $ 53,454 755,707 MBSC Class A common shares at US$9.37 per common share (US$7.1 million) $ 9,505 Less the following: Fair value of identifiable net assets of MBSC Marketable securities held in Trust Account 10,485 Prepaid expenses and deposits 8 Accounts payable and accrued liabilities (16,262 ) Warrant liability (17,960 ) Other liability (5,369 ) Deferred underwriting fee (13,422 ) Taxes payable (1,063 ) Fair value of identifiable net assets of MBSC (43,583 ) Total listing expense $ 106,542 The listing expense is presented in the Consolidated Statement of Comprehensive Income (Loss). For the year ended December 31, 2023, the Company expensed $12.2 million (2022 - $2.8 million) in transaction costs related to the De-Spac.

Acquisitions

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2023
Acquisitions [Abstract]
ACQUISITIONS	6. Acquisition Acquisition date Cash consideration ($thousands) GHOPCO April 5, 2021 $ 19,721 JACOS September 17, 2021 346,733 December 31, 2021 $ 366,454 The Company acquired all the assets of GHOPCO on April 5, 2021 for total cash consideration of $19.7 million. The assets acquired from GHOPCO include oil sands property located in the Hangingstone area of the Athabasca region. The acquisition has been accounted for as a business combination using the acquisition method of accounting. The assets and liabilities assumed are recorded at the estimated fair value on the acquisition date of April 5, 2021. The Company acquired all the issued and outstanding common shares of JACOS on September 17, 2021 for total cash consideration of $346.7 million. The assets acquired from JACOS include various oil sands properties located in the Hangingstone area of the Athabasca region, which contain various working interest participants. One of the properties acquired, which is a developed and producing oil sands property and generates all of the acquired revenues, includes a 75% interest in a joint operation. The acquisition has been accounted for as a business combination using the acquisition method of accounting. The assets and liabilities assumed are recorded at the estimated fair value on the acquisition date of September 17, 2021. Both acquisitions were undertaken to increase the Company’s production and reserve base in the Athabasca region, which is its core focus area. The net assets acquired is based on the estimated fair value of the underlying assets and liabilities acquired as follows: ($ thousands) GHOPCO Amount JACOS Amount Total Net assets acquired: PP&E $ 159,000 $ 851,389 $ 1,010,389 Deferred tax asset - 32,435 32,435 Cash and cash equivalents 2,507 4,412 6,919 Accounts receivable 188 56,671 56,859 Inventories - 8,992 8,992 Other current assets 1,111 7,846 8,957 Accounts payable and accrued liabilities (1,847 ) (27,221 ) (29,068 ) Other current liabilities - (684 ) (684 ) Decommissioning liabilities (217 ) (1,740 ) (1,957 ) Deferred tax liability (32,435 ) - (32,435 ) Net assets acquired 128,307 932,100 1,060,407 Less: Gain on acquisitions 108,586 585,367 693,953 Total cash purchase consideration $ 19,721 $ 346,733 $ 366,454 There was $10.3 million of acquisition transaction costs incurred by the Company and expensed through earnings in the year ended December 31, 2021. A gain of $108.6 million was recognized on the acquisition of GHOPCO and a gain of $585.4 million was recognized on the acquisition of JACOS. These gains were driven by an increase in oil prices between the offer and closing dates, and optimized views on production and proved and probable reserves. In addition, the market was distressed from low oil prices due to volatility associated with the COVID-19 pandemic at the time of the acquisition. The estimated proved and probable oil reserves and related cash flows were discounted at a rate based on what a market participant would have paid, which was based on market metrics on recent market transactions at the date of acquisition.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS	7. As at December 31, 2023, the Company held cash and cash equivalents of $109.5 million (December 31, 2022- $35.4 million). The credit risk associated with the Company’s cash and cash equivalents was considered low as the Company’s balances were held with large Canadian chartered banks.

Restricted Cash and Credit Faci

Restricted Cash and Credit Facility	12 Months Ended
Restricted Cash and Credit Facility	Dec. 31, 2023
Restricted Cash and Credit Facility Explanatory [Abstract]
RESTRICTED CASH AND CREDIT FACILITY	8. During the year ended December 31, 2023, the Company had a $46.8 million credit facility with its Petroleum Marketer (“Credit Facility”), used for issuing letters of credit related to long-term pipeline transportation agreements. The terms required the Company to contribute cash to a cash-collateral account (“Reserve Account”) over 24 months, starting in October 2021. As at December 31, 2022, the Company held $35.3 million in restricted cash. During the year ended December 31, 2023, the Company contributed $8.0 million in restricted cash to the Reserve Account. On November 8, 2023 $43.3 million of restricted cash was released. This release was due to entering a letter of credit facility guaranteed by Export Development Canada (“EDC Facility”), leading to the termination of both the Credit and Demand Facility (see Note 15).

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2023
Inventories [Abstract]
INVENTORIES	9. INVENTORIES As at December 31 ($ thousands) 2023 2022 Oil inventories $ 6,183 $ 7,560 Warehouse materials and supplies 7,680 7,008 Inventories $ 13,863 $ 14,568 During the year ended December 31, 2023, approximately $567.1 million (December 31, 2022 - $559.8 million. 2021 -$149.8 million) of inventory was recorded within the respective cost components, which are composed of operating expenses, diluent expense, transportation expense and depletion and depreciation in the consolidated statements of comprehensive income (loss). For the years ended December 31, 2023, 2022 and 2021 the Company had no inventory write downs.

Property, Plant and Equipment (

Property, Plant and Equipment (“PP&E”)	12 Months Ended
Property, Plant and Equipment (“PP&E”)	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT (“PP&E”)	10. ($ thousands) Developed Right-of-use Corporate Total Cost Balance as at December 31, 2020 $ - $ - $ - $ - Acquisitions 1,010,014 - 375 1,010,389 Expenditures on PP&E 4,507 - 87 4,594 Change in decommissioning liabilities 2,133 - - 2,133 Balance as at December 31, 2021 1,016,654 - 462 1,017,116 Additions 39,425 - 167 39,592 Right-of-use asset additions - 969 - 969 Change in decommissioning liabilities 1,237 - - 1,237 Balance as at December 31, 2022 1,057,316 969 629 1,058,914 Expenditures on PP&E 33,439 - (11 ) 33,428 Right-of-use asset additions - 12,789 - 12,789 Balance as at December 31, 2023 1,090,755 13,758 618 1,105,131 Accumulated Depletion, Depreciation and Amortization Balance as at December 31, 2020 - - - - Depletion and depreciation (1) 27,949 - 47 27,996 Balance as at December 31, 2021 27,949 - 47 27,996 Depletion and depreciation (1) 67,623 60 185 67,868 Balance as at December 31, 2022 95,572 60 232 95,864 Depletion and depreciation (1) 67,580 183 130 67,893 Balance as at December 31, 2023 163,152 243 362 163,757 Net book Value Balance at December 31, 2022 961,744 909 397 963,050 Balance at December 31, 2023 $ 927,603 $ 13,515 $ 256 $ 941,374 (1) As at December 31, 2023 $161 of DD&A was capitalized to inventory (December 31, 2022- $766 and 2021 - 925). No indicators of impairment were identified at December 31, 2023 and 2022, and as such no impairment test was performed.

Lease Liabilities

Lease Liabilities	12 Months Ended
Lease Liabilities	Dec. 31, 2023
Lease Liabilities [Abstract]
LEASE LIABILITIES	11. The Company has recognized the following leases: ($ thousands) 2023 2022 2021 Balance, beginning of year $ 963 $ - $ - Additions 12,789 970 - Interest expense 71 19 - Payments (99 ) (26 ) - Balance, end of year $ 13,724 $ 963 $ - Current portion $ 6,002 $ 98 $ - Non-current portion $ 7,722 $ 865 $ - The Company’s minimum lease payments are as follows: As at December 31 ($ thousands) 2023 2022 Within 1 year $ 6,002 $ 98 Within 2 to 5 years 9,252 581 Later than 5 years 1,015 492 Minimum lease payments 16,269 1,171 Amounts representing finance charges (2,545 ) (208 ) Present value of net minimum lease payments $ 13,724 $ 963 During the year ended December 31, 2022, the Company entered into a 7-year term finance lease for new office space, which has been recognized as a right-of-use asset and lease liability at inception in the consolidated balance sheets. During the year ended December 31, 2023, the initial 7-year lease was extended an additional 3 years. The liability was measured at the present value of the remaining lease payments discounted at the Company’s estimated incremental borrowing rate. During the year ended December 31, 2023, the Company entered into a 2-year drilling contract under which the Company has committed to drill 550 days over 2 years. The lease liability was measured at the present value of the day rate payments discounted at the Company’s estimated incremental borrowing rate.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes [Abstract]
INCOME TAXES	12. INCOME TAXES The following table reconciles the expected income tax expense (recovery) calculated at the Canadian statutory rate of 23% (2022 and 2021 – 23%) to the actual income tax expense (recovery). ($ thousands) Year ended Year ended December 31, Year ended December 31, Income (loss) before taxes $ (116,285 ) $ 44,017 $ 661,444 Expected statutory income tax rate 23.00 % 23.00 % 23.00 % Expected income tax expense (recovery) (26,746 ) 10,124 152,132 Gain on business combination - - (159,609 ) Permanent differences 24,149 7,327 15,401 Unrecognized deferred income tax (asset) liability 21,983 (105,132 ) (7,924 ) Deferred income tax expense (recovery) $ 19,386 $ (87,681 ) $ - ($ thousands) Year ended Year ended December 31, Year ended December 31, Deferred tax asset (liability) related to: Oil producing assets related to property, plant & equipment $ (135,800 ) $ (145,838 ) $ (157,900 ) Resource related pools 10,647 11,478 9,815 Corporate non-capital losses carried forward 285,325 291,078 329,650 Corporate capital tax losses carried forward 2,609 3,211 270 Unrealized loss (gain) on financial derivatives 96 6,211 8,206 Share issuance costs 2,594 683 - Senior secured debenture 6,793 1,792 (3,052 ) Deferred tax asset not recognized (103,969 ) (80,934 ) (186,989 ) Deferred tax asset $ 68,295 $ 87,681 $ - The Company has approximately $1.8 billion in tax pools and loss carry forwards in the year ended December 31, 2023 (December 31, 2022 – $1.8 billion) including approximately $1.4 billion in non-capital losses available for immediate deduction against future income. The Company’s non-capital losses have an expiry profile between 2033 and 2043. As at December 31, 2023 the Company had the following federal income tax pools, which may be used to reduce taxable income in future years, limited to the applicable rates of utilization: ($ thousands) Rate of Amount Undepreciated capital cost 7-100 $ 328,682 Canadian oil and gas property expenditures 10 10,230 Canadian development expenditures 30 34,632 Federal income tax losses carried forward (1) (2) 100 1,376,813 Other (3) Various 90,103 $ 1,840,460 (1) Federal income tax losses carried forward expire in the following years 2033 - $4.3 million; 2034 - $58.7 million; 2035 - $30.0 million; 2037 - $36.2 million; 2038 - $8.3 million; 2039 - $1,238.0 million; 2042 - $2.9 million; 2043 - $3.6 million. (2) Provincial income tax losses carry forward is $985.0 million which is lower than the federal income tax losses carried forward due to differences in historical claims at the provincial level. (3) Other includes $27.6 million in capital losses that have been recognized at the full amount as at December 31, 2023. As at December 31, 2023, the Company has $27.6 million (December 31, 2022 – $2.8 million) of capital losses carried forward that can only be claimed against taxable capital gains.

Decommissioning Liabilities

Decommissioning Liabilities	12 Months Ended
Decommissioning Liabilities	Dec. 31, 2023
Decommissioning Liabilities [Abstract]
DECOMMISSIONING LIABILITIES	13. The Company’s decommissioning liabilities result from net ownership interests in oil assets including well sites, gathering systems and processing facilities. The Company estimates the total undiscounted escalated amount of cash flows required to settle its decommissioning liabilities to be approximately $206.5 million (December 31, 2022- $206.5 million). A credit-adjusted discount rate of 12% (December 31, 2022-12%) and an inflation rate of 2.0% (December 31, 2022- 2.0%) were used to calculate the decommissioning liabilities. A 1.0% change in the credit-adjusted discount rate would impact the discounted value of the decommissioning liabilities by approximately $1.1 million with a corresponding adjustment to PP&E or net income (loss). The decommissioning liabilities are estimated to be settled in periods up to year 2071. A reconciliation of the decommissioning liabilities is provided below: As at December 31 ($ thousands) 2023 2022 2021 Balance, beginning of year $ 7,543 $ 5,517 $ - Initial recognition - - 1,957 Change in estimated future costs - 1,283 3,262 Accretion expense 906 743 298 Balance, end of year $ 8,449 $ 7,543 $ 5,517

Financial Instruments, Fair Val

Financial Instruments, Fair Values and Risk Management	12 Months Ended
Financial Instruments, Fair Values and Risk Management	Dec. 31, 2023
Financial Instruments Fair Values And Risk Management [Abstract]
FINANCIAL INSTRUMENTS, FAIR VALUES AND RISK MANAGEMENT	14. a) Fair Values of Financial Instruments As at December 31 2023 2022 ($ thousands) Fair Value Carrying Fair Value Carrying Financial assets at amortized cost: Cash 109,475 109,475 35,363 35,363 Restricted cash 50 50 35,313 35,313 Accounts receivable 34,680 34,680 34,308 34,308 Financial liabilities at amortized cost: Accounts payable and accrued liabilities 59,850 59,850 46,569 46,569 Long-term debt (Note 15) 394,082 396,780 315,718 295,173 Financial liabilities at fair value through profit or loss Risk management contracts 417 417 27,004 27,004 Warrant liability 18,630 18,630 - - The fair value of long-term debt was determined based on estimates as at December 31, 2023 and 2022 and is expected to fluctuate given the volatility in the debt markets. Risk management contracts are level 2 in the fair value hierarchy. The estimated fair value of risk management contracts is derived using third-party valuation models which require assumptions concerning the amount and timing of future cash flows and discount rates. Management’s assumptions rely on external observable market data including forward prices for commodities. The observable inputs may be adjusted using certain methods, which include extrapolation to the end of the term of the contract. Warrant liabilities are a level 3 in the fair value hierarchy is calculated using a Black-Scholes calculation. b) Commodity Risk Management The Company is exposed to commodity price risk on its oil sales due to fluctuations in market prices. The Company continues to execute a consistent risk management program that is primarily designed to reduce the volatility of revenue and cash flow, generate sufficient cash flows to service debt obligations, and fund the Company’s operations. The Company’s risk management liabilities may consist of hedging instruments such as fixed price swaps and option structures, including costless collars on WTI, WCS differentials, condensate differential, natural gas and electricity swaps. The Company does not use financial derivatives for speculative purposes. During the year ended December 31, 2023, the Company’s obligations under its New Notes (see note 15) includes a requirement to implement a 12-month forward commodity price risk management program encompassing not less than 50% of the hydrocarbon output under the proved developed producing reserves (“PDP”) forecast in the Company’s most recent reserves report, as determined by a qualified and independent reserves evaluator. This requirement is assessed on a monthly basis for the duration of time that the New Notes remain outstanding. The Company’s commodity price risk management program does not involve margin accounts that require posting of margin with increased volatility in underlying commodity prices. Financial risk management contracts are measured at fair value, with gains and losses on re-measurement included in the consolidated statements of comprehensive income (loss) in the period in which they arise. The Company’s financial risk management contracts are subject to master netting agreements that create the legal right to settle the instruments on a net basis. The following table summarizes the gross asset and liability positions of the Company’s individual risk management contracts that are offset in the consolidated balance sheets: As at December 31 2023 2022 ($ thousands) Asset Liability Asset Liability Gross amount $ - $ (417 ) $ 21,375 $ (48,379 ) Amount offset - - (21,375 ) 21,375 Risk Management contracts $ - $ (417 ) $ - $ (27,004 ) The following table summarizes the financial commodity risk management gains and losses: ($ thousands) Year ended December 31, Year ended December 31, Year ended December 31, Realized gain (loss) on risk management contracts $ (10,182 ) $ (122,408 ) $ (3,614 ) Unrealized gain (loss) on risk management contracts 26,587 930 (35,677 ) Gain (loss) on risk management contracts $ 16,405 $ (121,478 ) $ (39,291 ) As at December 31, 2023, the following financial commodity risk management contracts were in place: WTI- Costless Collar Natural Gas- Fixed Price Swaps Term Volume Put Strike Price Call Strike Price Volume Swap Price Q1 2024 877,968 $ 60.00 $ 77.00 455,000 $ 2.97 Q2 2024 877,968 $ 60.00 $ 74.55 - - Q3 2024 887,800 $ 62.00 $ 92.32 - - Q4 2024 887,800 $ 59.46 $ 87.58 - - Subsequent to December 31, 2023, Greenfire terminated the above WTI Costless Collar risk management contracts and entered into the following financial commodity risk management contracts: WTI- Costless Collar WTI Fixed Price Swaps Term Volume Put Strike Call Strike Volume (bbls/d) Swap Price (US$/bbl)) Jan – Dec 2024 - - - 11,500 $ 70.94 Q1 2025 640,700 $ 57.97 $ 84.22 - - The following table illustrates the potential impact of changes in commodity prices on the Company’s net income, before tax, based on the financial risk management contracts in place at December 31, 2023: As at December 31, 2023 Change in WTI Change in Natural Gas ($ thousands) Increase of Decrease of Increase of Decrease of Increase (decrease) to fair value of commodity risk management contracts - - $ 455 $ (455 ) The Company’s commodity risk management contracts are held with two large reputable financial institution. As a result, the Company concluded that credit risk associated with its commodity risk management contracts is low. c) Credit Risk As at December 31 ($ thousands) 2023 2022 Trade receivables $ 22,452 $ 22,428 Joint interest receivables 12,228 11,880 Accounts receivable $ 34,680 $ 34,308 Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s accounts receivable. The Company is primarily exposed to credit risk from receivables associated with its oil sales. The Company manages its credit risk exposure by transacting with high-quality credit worthy counterparties and monitoring credit worthiness and/or credit ratings on an ongoing basis. Trade receivables from oil sales are generally collected on 25th day of the month following production. Joint interest receivables are typically collected within one to three months of the invoice being issued. The Company has not previously experienced any material credit losses on the collection of accounts receivable. At December 31, 2023, and December 31, 2022 the Company was exposed to concentration risk associated with its outstanding trade receivables and joint interest receivables balances. Of the Company’s trade receivables at December 31, 2023, 100% was receivable from a single company each (December 31, 2022- 100% was receivable from two companies at approximately 64% and 36% each). At December 31, 2023, 100% of the Company’s joint interest receivables were held by a single company (December 31, 2022- 100% by a single company). Maximum exposure to credit risk is represented by the carrying amount of accounts receivable on the balance sheet. Subsequent to December 31, 2023, the Company has received $4.4 million from its joint interest partner, with the remaining outstanding balance expected to be paid within a reasonable time, as a result there are no material financial assets that the Company considers past due and no accounts have been written off. d) Liquidity Risk The Company’s objective in managing liquidity risk is to maintain sufficient available reserves to meet its liquidity requirements at any point in time. The Company expects to achieve this objective through prudent capital spending, an active commodity risk management program and by maintaining sufficient liquidity to manage periods of volatility within its cash, cash equivalents and available credit facilities. For 2024, it is anticipated that Greenfire’s capital and operating activities will be funded through cash flow from operating activities and existing cash and cash equivalents. Beyond 2024, depending on the Company’s level of capital spend and the commodity price environment, the Company may require additional funding which could include debt, equity, joint ventures, asset sales or other external financing. The availability of any additional future funding will depend on, among other things, the current commodity price environment, operating performance, the Company’s credit rating and its ability to access the equity and debt capital markets. The following table details the Company’s contractual maturities of its financial liabilities at December 31, 2023, and December 31. 2022: Year ended December 31, 2023 Year ended December 31, 2022 ($ thousands) Less than Greater than Less than Greater than Accounts payable and accrued liabilities $ 59,850 $ - $ 46,569 $ - Risk management contracts (1) 417 - 27,004 - Lease liabilities (1) 6,002 7,722 98 1,075 Long-term debt (2) 44,321 332,029 63,250 231,921 Total financial liabilities $ 110,590 $ 339,751 $ 136,921 $ 232,996 (1) Amounts represent the expected undiscounted cash payments. (2) Amounts represent undiscounted principal only and exclude accrued interest and transaction costs. As at December 31, 2023 all material financial liabilities are current except for the long-term portion of the New Notes (Notes 15 and 21) and drilling contract (Note 11). In addition, the Company has provisions and other liabilities as disclosed in Note 20. The Company’s future unrecognized commitments are disclosed in Note 18. e) Foreign Currency Risk Management Foreign currency risk is the risk that a variation in exchange rates between the Canadian dollar and foreign currencies will affect the fair value or future cash flows of the Corporation’s financial assets or liabilities. The Corporation has U.S. dollar denominated long-term debt as described in Note 15. As of December 31, 2023, a 10% change to the value of the Canadian dollar relative to the US dollar would result in a foreign exchange gain (loss) of approximately $39.7 million (December 31, 2022 - $29.3 million, December 31, 2021 - $39.6 million). f) Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company is exposed to interest rate risk related to borrowings drawn under the Senior Credit Facility, as the interest charged on the credit facility fluctuates with floating interest rates, Currently no amounts are drawn on the Senior Credit Facility. The New Notes and letters of credit issued are subject to fixed interest rates and are not exposed to changes in interest rates.

Long-Term Debt

Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2023
Long-Term Debt [Abstract]
LONG-TERM DEBT	15. LONG-TERM DEBT Senior Secured Notes On September 20, 2023 in conjunction with the closing of the De-Spac Transaction and the issuance of the New Notes as described below, GRI redeemed the outstanding balance of $294.6 million (US$217.9 million) on the US$312.5 million 12% senior notes that were issued on August 12, 2021 (the “2025 Notes”) at a redemption premium of 106.5%. The total premium paid as a result of the early redemption was $19.2 million (US$14.2 million) plus accrued interest of $3.4 million (US$2.5 million). Unamortized debt costs of $42.1 million were also expensed in conjunction with the extinguishment of the debt. On September 20, 2023, Greenfire issued US$300 million of senior secured notes (the “New Notes”). The New Notes bear interest at the fixed rate of 12.00% per annum, payable semi-annually on April 1 and October 1 of each year commencing on April 1, 2024, and mature on October 1, 2028. The New Notes are secured by a first priority lien on substantially all the assets of the Company and its wholly owned subsidiaries. Subject to certain exceptions and qualifications, the indenture governing the New Notes contain certain covenants that limited the Company’s ability to, among other things, incur additional indebtedness, pay dividends, redeem stock, make certain restricted payments, and dispose and transfers of assets. The indenture governing the New Notes contains minimum hedging requirements of 50% of the forward 12 calendar month PDP forecasted production as prepared to the Canadian standard using NI 51-101 until principal debt is less than US$100 million and limit capital expenditures to CAD$100 million annually until the principal outstanding is less than US$150 million. The New Notes are not subject to any financial covenants. Under the indenture governing the New Notes, the Company is required to redeem the New Notes at 105% of the principal amount plus accrued and unpaid interest with 75% of Excess Cash Flow (as defined in the New Notes Indenture) every six-months, with the first payment due by August 15, 2024. If consolidated indebtedness is less than US$150 million, the required redemption is reduced to 25% of Excess Cash Flow to be paid for every six-month period until the principal owing on the New Notes is US$100 million The Company is exposed to foreign exchange rate fluctuations on the principal value and interest payments in respect of its New Notes. As of December 31, 2023, a 10% change to the value of the Canadian dollar relative to the US dollar would result in a foreign exchange gain (loss) of approximately $39.7 million (December 31, 2022 - $29.3 million, December 31, 2021 - $39.6 million). The New Notes are subject to fixed interest rates and are not exposed to changes in interest rates. As at December 31, 2023, the carrying value of the Company’s long-term debt was $376.4 million and the fair value was $394.1 million (December 31, 2022 carrying value – $254.4 million, fair value – $315.7 million). As at December 31, 2023 the Company was compliant with all covenants. As at December 31 ($ thousands) 2023 2022 US dollar denominated debt: Redeemed 12.00% senior notes issued at 96.5% of par (US$217.9 million at December 31, 2022) (1) $ - $ 295,173 Unamortized debt discount and debt issue costs - (40,765 ) New 12.00% senior notes issued at 98% of par (USD$300 million at December 31, 2023) (1) 396,780 - Unamortized debt discount and debt issue costs (20,430 ) - Total term debt $ 376,350 $ 254,408 Current portion of long-term debt 44,321 63,250 Long-term debt $ 332,029 $ 191,158 (1) The U.S. dollar denominated debt was translated into Canadian dollars as at period end exchange rates. Greenfire may redeem some or all of the New Notes after October 1, 2025, at 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest plus a “make whole” premium, as set out in the table below. In addition, at any time before October 1, 2025, the Company may redeem up to 40% of the aggregate principal amount of the notes using the net proceeds from certain equity issuances as a redemption price equal to 112% of the principal amount plus accrued and unpaid interest. The following table discloses the redemption amount including the “make whole” premium on redemption of the New Notes: US$300 On or after October 1, 2025 to October 1, 2026 106.0 On or after October 1, 2026 to October 1, 2027 103.0 On or after October 1, 2027 100.0 Senior Credit Facility On September 20, 2023, Greenfire entered into a reserve-based credit facility (the “Senior Credit Facility”) comprised of an operating facility and a syndicate facility. Total credit available under the Facility is $50 million comprising of $20 million operating facility and $30 million syndicated facility. The Senior Credit Facility is a committed facility available on a revolving basis until September 20, 2024, at which point in time it may be extended at the lender’s option. If the revolving period is not extended, the undrawn portion of the facility will be cancelled and any amounts outstanding would be repayable at the end of the non-revolving term, being September 30, 2025. The Revolving Facility is subject to a semi-annual borrowing base review, occurring in May and November of each year. The borrowing base is determined based on the lender’s evaluation of the Company’s petroleum and natural gas reserves and their commodity price outlook at the time of each renewal. The Senior Credit Facility is secured by a first priority security interest on substantially all the assets of the Corporation and is senior in priority to the New Notes. The Senior Credit Facility contains certain covenants that limit the Company’s ability to, among other things, incur additional indebtedness, create or permit liens to exist, make certain restricted payments, and dispose of or transfer assets. The Senior Credit Facility is not subject to any financial covenants. As at December 31, 2023, amounts borrowed under the Senior Credit Facility bear interest at a floating rate based on the applicable Canadian prime rate, US base rate, secured overnight financing rate or bankers’ acceptance rate, plus a margin of 2.75% to 6.25% based on Debt to EBITDA ratio. A standby fee on the undrawn portion of the Senior Credit Facility ranges from 0.6875% to 1.5625% based on Debt to EBITDA ratio. As at December 31, 2023, the Company had no amounts drawn under the Senior Credit Facility. Letter of Credit Facility During the fourth quarter of 2023, Greenfire entered into an unsecured $55 million letter of credit facility with a Canadian bank that is supported by a performance security guarantee from the EDC Facility. The EDC Facility is available on a demand basis and letters of credit issued under this facility incur an issuance and performance guarantee fee of 4.25%. As at December 31, 2023, the Company had $54.3 million in letters of credit outstanding under the Letter of Credit Facility.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
Revenue from Contracts with Customers	Dec. 31, 2023
Revenue from Contracts with Customers [Abstract]
REVENUE FROM CONTRACTS WITH CUSTOMERS	16. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company’s revenue from contracts with customers consists of diluted and non-diluted bitumen sales. Greenfire’s oil sales include blended bitumen sales from the Expansion Asset and the Demo Asset as well as non-diluted bitumen sales trucked from the Demo Asset. At the Demo Asset, each barrel can be transported to several locations, including both pipeline and rail sales points, depending on the economics of each option at the time of sale. ($ thousands) Year ended Year ended Year ended Diluted bitumen sales $ 652,812 $ 890,400 $ 212,225 Bitumen sales 23,158 108,449 58,449 Oil sales $ 675,970 $ 998,849 $ 270,674

Financing and Interest

Financing and Interest	12 Months Ended
Financing and Interest	Dec. 31, 2023
Financing and Interest [Abstract]
FINANCING AND INTEREST	17. FINANCING AND INTEREST ($ thousands) Year ended Year ended Year ended Accretion on long-term debt $ 106,435 $ 74,176 $ 22,186 Other and cash interest 2,873 2,155 1,926 Accretion on decommissioning liabilities 906 743 298 Financing and interest expense $ 110,214 $ 77,074 $ 25,050 The total interest and finance expense of $108.3 million during the year ended December 31, 2023, included $42.1 million of accelerated unamortized debt related costs and $19.2 million of debt redemption premiums on the redemption of the 2025 Notes.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES The following table summarizes the Company’s estimated future unrecognized commitments associated with firm transportation agreements as at December 31, 2023: ($ thousands) Remaining 2025 2026 2027 2028 Beyond Total Transportation 31,880 30,561 28,956 29,044 29,170 203,198 352,809 Total $ 31,880 $ 30,561 $ 28,956 $ 29,044 $ 29,170 $ 203,198 $ 352,809

Share Capital and Warrants

Share Capital and Warrants	12 Months Ended
Share Capital and Warrants	Dec. 31, 2023
Share Capital and Warrants [Abstract]
SHARE CAPITAL AND WARRANTS	19. SHARE CAPITAL AND WARRANTS Share capital As at December 31, 2023 the Company’s authorized share capital consists of an unlimited number of common shares without a nominal or par value. The following table along with note 5 summarizes the changes to the Company’s common share capital: Number of shares Amount($000’s) Shares outstanding Balance, December 31, 2021 and 2022 1 $ 15 Issuance of new common shares per De-Spac Transaction 43,690,533 - Issuance for exercise of bond warrants 15,769,183 38,911 Issuance to MBSC shareholders – Class A and Class B 5,005,707 62,959 Issuance of new common shares for PIPE investment 4,177,091 56,630 Balance, December 31, 2023 68,642,515 $ 158,515 Bondholder warrants As at December 31, 2022, GFI had 312,500 bondholder warrants outstanding which entitled the holders of these warrants, in aggregate, the right to purchase 25% of GFI’s issued and outstanding common shares commencing October 18, 2021 at $0.01 per shares. As at December 31, 2022, the bondholders had the right to acquire 2,983,866 common shares of GRI at $0.01 per share based on an exchange ratio of 9.55. On September 20, 2023, with the closing of the De-Spac Transaction the 312,500 outstanding bondholder warrants were exchanged into 3,225,810 GRI common shares of which 2,886,565 were exchanged for 15,769,183 common shares of Greenfire and 339,245 were cancelled in exchange for cash consideration of $25.5 million. As at December 31, 2023 there were no bondholder warrants remaining. Per share amounts The Company uses the treasury stock method to determine the dilutive effect of performance and bondholder warrants. Under this method, only “in-the-money” dilutive instruments impact the calculation of diluted income (loss) per share. Net income (loss) per share was calculated using the historical weighted average shares outstanding, scaled by the applicable exchange ratio following the completion of the De-Spac Transaction. The following table summarizes the Company’s basic and diluted net income (loss) per share: Year ended Year ended Year ended Weighted average shares outstanding- basic 54,425,083 48,911,099 42,609,296 Dilutive effect of bond and performance warrants - 21,019,068 5,488,834 Weighted average shares outstanding- diluted 54,425,083 69,930,167 48,098,130 Basic $ per share $ (2.49 ) $ 2.69 $ 15.52 Diluted $ per share $ (2.49 ) $ 1.88 $ 13.75 In computing the diluted net loss per share for the year ended December 31, 2023, the Company excluded the effect of 7,526,667 New Greenfire Warrants and 3,617,016 Performance Warrants as their effect in anti-dilutive. (December 31, 2022 and 2021 no warrants were excluded). Performance warrants In February 2022, the Company implemented a warrant plan (“Performance Warrants”) as part of the Company’s long-term incentive plan for employees and service providers. These Performance Warrants had both performance and time vesting criteria before there is the ability to exercise the option to purchase one common share of the Company for each Performance Warrant. On September 20, 2023 with the closing of the De-Spac Transaction there were 739,912 GRI performance warrants outstanding, 661,971 were converted into 3,617,016 Greenfire performance warrants and 77,941 were cancelled for cash consideration of $4.5 million. The table below summarizes the outstanding warrants as if the warrant exchange ratio used to exchange GRI common shares into Greenfire common shares had occurred on January 1, 2022 and equates to the total common shares issuable to performance warrant holders: Year ended Year ended Number of Weighted Number of Weighted Performance Warrants outstanding Balance, beginning of period 3,895,449 $ 2.89 - $ - Performance warrants issued 186,257 8.35 4,159,546 2.91 Performance warrants forfeited (38,820 ) 3.34 (264,097 ) 3.13 Performance warrants cancelled (425,870 ) 3.15 - - Balance, end of period 3,617,016 $ 3.15 3,895,449 $ 2.89 Common shares issuable on exchange 3,617,016   - 3,895,449 - The fair market value of the performance warrants was $11.0 million on the date of issuance. The exchange of the GRI performance warrants to Greenfire performance warrants did not result in an increase to the fair value of the warrants, therefore no additional expense was recorded. The fair value of each performance warrant was estimated on its grant date using the Black Scholes Merton valuation model with the following assumptions: 2023 2022 Average risk-free interest rate 4.2 % 1.46 % Average expected dividend yield - - Average expected volatility 1 70 % 60 % Average expected life (years) 2-5 3-5 1 Expected volatility has been based on historical share volatility of similar market participants The performance warrants expire 10 years after the issuance date. On September 20, 2023, with the closing of the De-Spac Transaction, all outstanding performance warrants vested and became exercisable. As a result, the remaining unrecognized fair market value of the performance warrants was immediately recorded as stock-based compensation, and a total of $9.2 million was expensed. For the year ended December 31, 2023, the Company recorded $9.8 million (2022-$1.2 million, 2021 -$ nil

Warrant Liability

Warrant Liability	12 Months Ended
Warrant Liability	Dec. 31, 2023
Warrant Liability [Abstract]
WARRANT LIABILITY	20. WARRANT LIABILITY On September 20, 2023, Greenfire issued 5,000,000 warrants to GRI common shareholders, bond warrant holders and performance warrant holders (the “New Greenfire Warrants”). The New Greenfire Warrants expire 5 years after issuance and entitle the holder of each warrant to purchase one common share of Greenfire at a price of US$11.50. Greenfire, can at its option, require the holder of the New Greenfire Warrants to exercise on a cashless basis. The 5,000,000 New Greenfire Warrants issued to the former GRI common shareholders and bondholders are to be treated as a derivative financial liability in accordance with IFRS 9 – Financial Instruments and were measured at fair value in accordance with IFRS 13 – Fair Value Measurement. These New Greenfire Warrants had a fair value of $35.6 million at the date of issuance and were recorded as a liability with a corresponding amount booked to retained earnings. The New Greenfire Warrants will be reassessed at the end of each reporting period with subsequent changes in fair value being recognized through the statement of comprehensive income (loss). In addition, Greenfire as part of the De-Spac Transaction assumed and exchanged 2,526,667 MBSC Class B Private Warrants for 2,526,667 New Greenfire Warrants. The New Greenfire Warrants issued to the MBSC Class B warrant holders were deemed to be an exchange of two financial liabilities at fair value. The fair value of the MBSC Class B Private Warrants was $18.0 million. Both sets of warrants have an exercise price of US$11.50 with both underlying securities trading at or valued at a similar price. As both sets of warrants are deemed to be economically equivalent, no gain or loss was recorded on the exchange. The exchanged warrants will be reassessed at the end of each reporting period with subsequent changes in fair value being recognized through the statement of comprehensive income (loss). On December 31, 2023, the 7,526,667 outstanding New Greenfire Warrants were revalued based on the closing share price of US$4.86 per common share of Greenfire During the year ended December 31, 2023, the fair value of the warrant liability decreased by $35.0 million. The following table reconciles the warrant liability. Year ended Year ended ($ thousands) Number of Amount Number of Amount Balance, beginning of year - $ - - $ - Warrants issued 5,000,000 35,644 - - MBSC warrants converted 2,526,667 17,959 Change in fair value - (34,973 ) - - Balance, end of period 7,526,667 $ 18,630 - $ - Common shares issuable on exercise 7,526,667 - - - The fair value of each warrant was estimated on its grant date using the Black Scholes Merton valuation model with the following assumptions: 2023 Average risk-free interest rate 4.2 % Average expected dividend yield - Average expected volatility (1) 70 % Average expected life (years) 5 (1) Expected volatility has been based on historical share volatility of similar market participants

Capital Management

Capital Management	12 Months Ended
Capital Management	Dec. 31, 2023
Capital Management [Abstract]
CAPITAL MANAGEMENT	21. CAPITAL MANAGEMENT The Company’s net managed capital consists primarily of cash and cash equivalents, long-term debt and shareholders’ equity. The current priorities for managing liquidity risk include managing working capital to ensure interest and debt repayment, and to fund the Company’s operations and the capital program. In the current commodity price environment and in conjunction with the Company’s commodity price risk management program, management believes its current capital resources and cash flow will allow the Company to meet its current and future obligations over the next 12 months. Capital expenditures and debt repayment are expected to be funded by cash-on-hand and out of cash flow. The Company’s capital structure consists of the following: As at December 31 2023 2022 Face value of term debt (Note 15) $ 396,780 $ 295,173 Shareholders’ equity 712,940 837,771 Working capital, excluding current portion of term debt, warrant liability and risk management contracts (96,899 ) (76,860 ) Net managed capital $ 1,012,821 $ 1,056,084 Net managed capital is not a standardized measure and may not be comparable with the calculation of similar measures by other companies.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
Accounts Payable and Accrued Liabilities	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	22. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The components of accounts payable and accrued liabilities were: As at December 31 2023 2022 Trade payables $ 6,303 $ 3,367 Accrued payables 35,994 30,401 Accrued employee annual incentive plans 4,435 4,463 Accrued interest payable 13,118 8,338 Accounts payable and accrued liabilities $ 59,850 $ 46,569

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	23. RELATED PARTY TRANSACTIONS The Company’s related parties primarily consist of key management personnel. The Company considers directors and officers of Greenfire Resources Ltd. as key management personnel. ($ thousands) Year ended Year ended Year ended Salaries, benefits, and director fees $ 3,808 $ 1,978 $ 873

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
Supplemental Cash Flow Information	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	24. SUPPLEMENTAL CASH FLOW INFORMATION The following table reconciles the net changes in non-cash working capital and other liabilities from the consolidated balance sheet to the consolidated statement of cash flows: ($ thousands) Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Change in accounts receivable $ (372 ) $ 9,654 $ (43,962 ) Change in inventories 705 1,349 (15,917 ) Change in prepaid expenses and deposits (1,763 ) 6,537 (10,512 ) Change in accounts payable and accrued liabilities 13,048 (10,859 ) 57,367 Working capital acquired (note 6) - - 41,856 11,618 6,681 28,832 Other items impacting change in non-cash working capital: Unrealized foreign exchange loss in accounts payable (93 ) (652 ) - 11,525 6,029 28,832 Related to operating activities 25,513 3,570 (6,910 ) Related to investing activities (accrued additions to PP&E) (13,988 ) 2,459 35,742 Net change in non-cash working capital $ 11,525 $ 6,029 $ 28,832 Cash interest paid (included in operating activities) $ (39,955 ) $ (51,129 ) $ (1,926 ) Cash interest received (included in operating activities) $ 2,976 $ 620 $ 21

Supplementary Information for G

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited)	12 Months Ended
	Dec. 31, 2023
Supplementary Information [Abstract]
Supplementary information for Greenfire Resources Inc. – oil and gas (unaudited)	This supplementary crude oil and natural information is provided in accordance with the United States Financial Accounting Standards Board (“FASB”) Topic 932- “Extractive Activities- Oil and Gas” and where applicable, financial information is prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The information set out herein is unaudited and is presented on a consolidated basis net of the Company’s share. For the purposes of determining proved oil and natural gas reserves under SEC requirements as at December 31, 2023, 2022 and 2021, the Company used the 12-month average price, defined by the SEC as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period. Reserve Information The Company’s 2023, 2022 and 2021 year-end reserves evaluations were conducted by McDaniel & Associates Consultants Ltd. (“ McDaniel Proved reserves. Developed reserves. 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 reserves. The Company cautions users of this information as the process of estimating reserves is subject to uncertainty. The reserves are based on economic and operating conditions. Therefore, changes can be made to future assessments as a result of a number of factors, which can include new technology, changing economic conditions and development activity. Net reserves presented in this section represent the Company’s working interest share of the gross remaining reserves, after deduction of any crown, freehold and overriding royalties. Such royalties are subject to change by legislation or regulation and can also vary depending on production rates, selling prices and timing of initial production. Summary of Corporate Reserves The following tables are summaries of the Company’s estimated proved reserves at December 31, 2023, 2022, and 2021 as reconciled between the three years: Constant Prices and Costs (unaudited) Bitumen (2) Barrels of Oil Net Proved Developed and Proved Undeveloped Reserves (1) December 31, 2020 Developed 0 0 Undeveloped 0 0 Total – December 31, 2020 0 0 Extensions & Discoveries 0 0 Improved Recovery 0 0 Technical Revisions 0 0 Acquisitions 172,580 172,580 Dispositions 0.0 0.0 Production – 2021 (2,820 ) (2,820 ) December 31, 2021 169,760 169,760 (1) Numbers may not add due to rounding. (2) Bitumen, as defined by the SEC, “is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis.” Under this definition, all of the Company’s thermal and primary heavy crude oil reserves have been classified as bitumen. Constant Prices and Costs (unaudited) Bitumen (2) Barrels of Oil Net Proved Developed and Proved Undeveloped Reserves (1) December 31, 2021 Developed 37,792 37,792 Undeveloped 131,968 131,968 Total – December 31, 2021 169,720 169,720 Extensions & Discoveries 0.0 0.0 Improved Recovery 0.0 0.0 Technical Revisions (16,431 ) (16,431 ) Acquisitions 0.0 0.0 Dispositions 0.0 0.0 Production – 2022 (7,117 ) (7,117 ) December 31, 2022 146,212 146,212 (1) Numbers may not add due to rounding. (2) Bitumen, as defined by the SEC, “is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis.” Under this definition, all of the Company’s thermal and primary heavy crude oil reserves have been classified as bitumen. Constant Prices and Costs (unaudited) Bitumen (2) Barrels of Oil Net Proved Developed and Proved Undeveloped Reserves (1) December 31, 2022 Developed 30,440 30,440 Undeveloped 115,773 115,773 Total – December 31, 2022 146,212 146,212 Extensions & Discoveries 5,297 5,297 Improved Recovery 0 0 Technical Revisions 7,282 7,282 Acquisitions 0 0 Dispositions 0 0 Production – 2023 (6,212 ) (6,212 ) December 31, 2023 152,579 152,579 December 31, 2023 Developed 27,598 27,598 Undeveloped 124,981 124,981 Total – December 31, 2023 152,579 152,579 (1) Numbers may not add due to rounding. (2) Bitumen, as defined by the SEC, “is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis.” Under this definition, all of the Company’s thermal and primary heavy crude oil reserves have been classified as bitumen. In 2021, the Company’s production, net of royalties, was 2.8 MMBOE after the acquisitions of the Demo Asset and Expansion Asset. In 2021, the Company’s proved reserves increased by 172.6 MMBOE, which was the result of the acquisitions of the Demo Asset and Expansion Asset. In 2022, the Company’s production, net of royalties, was 7.1 MMBOE. In 2022, the Company’s proved reserves decreased by 16.4 MMBOE, which was the result of: (i) a decrease of 26.2 MMBOE resulting from higher prices used in 2022 causing higher royalty rates, which reduces net reserves volumes, offset by (ii) revisions, other than price, of 9.8 MMBOE, approximately 15% of which (1.5 MMBOE) attributed to positive performance revisions at the producing pads and approximately 85% of which (8.3 MMBOE) attributed to increased operating costs (non-energy and updates in the TIER regulatory costs) and capital costs during the reporting period (as capital costs increase, net reserves volumes increases because royalties decrease). In 2023, the Company’s production, net of royalties, was 6.2 MMBOE. In 2023, the Company’s proved reserves increased by 6.4 MMBOE, which was the result of: (i) increase of 5.3 MMBOE from extensions due to the inclusion of additional undeveloped wells at the Demo property that were not previously included in reserves. (ii) increase of 9.3 MMBOE due to lower realized prices causing lower royalty rates, which increases net reserves volumes, offset by (iii) revisions other than price of -2.0 MMBOE, where -2.7 MMBOE attributed to negative performance revisions at the producing pads and changes to the undeveloped development plan were partially offset by +0.7 MMBOE due to increased operating costs and capital costs during the reporting period (as capital and operating costs increase, net reserves volumes increases because royalties decrease). Steam generation represents a large proportion of the Company’s capital and operating costs. Therefore, development plans anticipate that, in order to make the most efficient use of the Company’s steam generating and oil treating facilities, the drilling and steaming of new wells would take place over 30 years. Development of the Company’s proved undeveloped reserves will take place in an orderly manner as additional well pairs are drilled to use available steam when existing well pairs reach the end of their steam injection phase. The forecasted production of the Company’s proved reserves extends approximately 31 years. This approach means that it will take longer than five years to develop most of the Company’s proved undeveloped reserves. Proved reserves are estimated based on the average first-day-of-month prices during the 12-month period for the respective year. The average prices used to compute proved reserves at December 31, 2023 were WTI: $78.21 per bbl, WCS: CAD$79.89 per bbl, Edmonton C5+ CAD$104.16 per bbl, Henry Hub: $2.59 per MMBtu, and AECO Spot: CAD$2.84 per MMBtu. The average prices used to compute proved reserves at December 31, 2022 were WTI: $94.14 per bbl, WCS: CAD$97.68 per bbl, Edmonton C5+ CAD$120.59 per bbl, Henry Hub: $6.25 per MMBtu, and AECO Spot: CAD$5.62 per MMBtu. The average prices used to compute proved reserves at December 31, 2021 were WTI: $66.55 per bbl, WCS: CAD$66.43 per bbl, Edmonton C5+ CAD$83.96 per bbl, Henry Hub: $3.64 per MMBtu, and AECO Spot: CAD$3.57 per MMBtu. Prices for bitumen, oil, diluent and natural gas are inherently volatile. Changes to the Company’s proved undeveloped reserves during 2021 are summarized in the table below: Barrels of Oil Equivalent (mboe) (1) December 31, 2020 0 Extensions and discoveries 0 Technical revisions 0 Acquisitions 131,968.2 Conversions to developed 0 December 31, 2021 131,968.2 (1) Numbers may not add due to rounding. Changes to the Company’s proved undeveloped reserves during 2022 are summarized in the table below: Barrels of Oil Equivalent (mboe) (1) December 31, 2021 131,968 Extensions and discoveries 0 Technical revisions (16,196 ) Conversions to developed 0 December 31, 2022 115,773 (1) Numbers may not add due to rounding. Changes to the Company’s proved undeveloped reserves during 2023 are summarized in the table below: Barrels of Oil Equivalent (mboe) (1) December 31, 2022 115,773 Extensions and discoveries 5,297 Technical revisions 6,998 Conversions to developed (3,087 ) December 31, 2023 124,981 (1) Numbers may not add due to rounding. In 2021, the Company’s proved undeveloped reserves increased by approximately 132 MMBOE, which was the result of the acquisitions of the Demo Asset and the Expansion Assets. In 2022, the Company’s proved undeveloped reserves decreased by 16.2 MMBOE, which was the result of: (i) A decrease of 23.8 MMBOE resulting from higher prices used in 2022 causing higher royalty rates, which reduces net reserves volumes, offset by (ii) Positive revisions, other than price, of 7.6 MMBOE attributed to increased operating costs (non-energy and updates in the TIER regulatory costs) and capital costs during the reporting period (as capital costs increase, net reserves volumes increases because royalties decrease). In 2023, the Company’s proved undeveloped reserves increased by 9.2 MMBOE, which was the result of: (i) increase of 5.3 MMBOE from extensions due to the inclusion of additional undeveloped wells at the Demo property that were not previously included in reserves (ii) increase of 8.5 MMBOE resulting from lower realized prices causing lower royalty rates , offset by (iii) revisions other than price of -1.5 MMBOE, where -2.4 MMBOE attributed to negative performance revisions at the producing pads and changes to the undeveloped development plan were partially offset by +0.9 MMBOE due to increased operating costs and capital costs during the reporting period (as capital and operating costs increase, net reserves volumes increases because royalties decrease). (iv) movement of 3.1 MMBOE from undeveloped into proven developed producing due to eight Refill wells drilled in 2023 No changes to the reserve booking have been made as a result of the removal of uneconomic or undeveloped locations due to changes in a previously adopted development plan. Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Reserves The future net revenues and net present values presented in this summary 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, 2022 and 2021, with no inflation of operating or capital costs, and were presented in Canadian dollars. All of the future net revenues and net present value estimates in this summary are presented before income taxes. A 10% discount factor was applied to the future net cash flows. Future development costs used in the calculation of future net revenue includes the costs to settle the asset retirement obligations for each period presented. The future net revenues presented in this summary may not necessarily represent the fair market value of the reserves estimates. The Company’s management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated. The prescribed discount rate of 10% may not appropriately reflect interest rates. The following table summarizes the standardized measure of discounted future net cash flows relating to proved reserves, for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Future cash inflows 8,072 10,276 7,168 Future production costs 2,771 3,491 2,448 Future development/abandonment costs 1,208 1,274 1,144 Deferred income taxes 774 1,053 361 Future net cash flows 3,320 4,458 3,215 Less 10% annual discount factor (1,728 ) (2,361 ) (1,778 ) Standardized measure of discounted future net cash flows 1,592 2,097 1,437 The following table reconciles the changes in standardized measure of future net cash flows discounted at 10% per year relating to proved bitumen, heavy oil and natural gas producing reserves: For the year ended December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Standardized measure of discounted future net cash flows at beginning 2,097 1,437 0 Oil and gas sales during period net of production costs and royalties (1) (459 ) (726 ) (179 ) Changes due to prices (2) (567 ) 1,175 0 Development costs during the period (3) 33 39 5 Changes in forecast development costs (4) (27 ) (149 ) (401 ) Changes resulting from extensions, infills and improved recovery (5) 94 0 0 Changes resulting from discoveries (2) 0 0 0 Changes resulting from acquisition of reserves (5) 0 0 1,486 Changes resulting from disposition of reserves (5) 0 0 0 Accretion of discount (6) 240 149 0 Net change in income tax (7) 253 (682 ) (209 ) Changes resulting from other changes and technical reserves revisions plus effects on timing (8) (71 ) 864 735 Standardized measure of discounted future net cash flows at end of year 1,592 2,097 1,437 (1) Company actual before income taxes, excluding general and administrative expenses. (2) The impact of changes in prices and other economic factors on future net revenue. (3) Actual capital expenditures relating to the exploration, development and production of oil and gas reserves. (4) The change in forecast development costs. (5) End of period net present value of the related reserves. (6) Estimated as 10 percent of the beginning of period net present value. (7) The difference between forecast income taxes at beginning of period and the actual taxes for the period plus forecast income taxes at the end of the period (8) Includes changes due to revised production profiles, development timing, operating costs, royalty rates and actual prices received versus forecast, etc. The following table summarizes net capitalized costs relating to petroleum and natural gas producing activities, as at December 31, 2023, 2022 and 2021: As of December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Proved oil and gas properties 1,091 1,058 1,017 Unproved oil and gas properties 0 0 0 Total capitalized costs 1,091 1,058 1,017 Accumulated depletion and depreciation (163 ) (96 ) (28 ) Net Capitalized Costs 928 962 989 The following table summarizes costs incurred in petroleum and natural gas property acquisitions, exploration and development activities, for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Property acquisition (disposition) costs Proved oil and gas properties – acquisitions 0.0 0 1,010 Proved oil and gas properties – dispositions 0.0 0 0 Unproved oil and gas properties 0.0 0 0 Exploration costs 0.0 0 0 Development costs 33 41 7 Total Expenditures 33 41 1,017

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	12 Months Ended
Accounting Policies, by Policy (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidation These consolidated financial statements consist of financial records of the Company and its wholly owned subsidiaries. The Company has two direct subsidiaries, MBSC and GROC which are 100% wholly owned by the Company, as well as several indirect subsidiaries, including, Hangingstone Expansion Limited Partnership (“HELP”) and Hangingstone Demo Limited Partnership (“HDLP”), which were formed by GROC and their general partners Hangingstone Expansion General Partner (“HEGP”) and Hangingstone Demo General Partner (“HDGP”), respectively. The units of HELP and HDLP are allocated at 99.99% to GROC for both entities and 0.01% to HEGP and HDGP, respectively. HEGP and HDGP are wholly owned subsidiaries of GROC, along with Greenfire Resources Employment Corporation. Intercompany transactions and balances between the entities are eliminated upon consolidation.
Joint arrangements	Joint arrangements The Company undertakes certain business activities through joint arrangements. Interests in joint arrangements have been classified as joint operations. Joint control exists for contractual arrangements governing the Company’s assets whereby Greenfire has less than 100 per cent working interest, all of the partners have control of the arrangement collectively, and spending on the project requires unanimous consent of all parties that collectively control the arrangement and share the associated risks. A joint operation is established when the Company has rights to the assets and obligations for the liabilities of the arrangement. The Company only recognizes its proportionate share in assets, liabilities, revenues and expenses associated with its joint operations.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash-on-hand, deposits held with banks, and other short-term highly liquid investments such as bankers’ acceptances, commercial paper, money market deposits or similar instruments, with a maturity of 90 days or less.
Foreign currency translation	Foreign currency translation Foreign currency transactions are translated into Canadian Dollars at exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange on the balance sheet date. Any resulting exchange differences are included in the Consolidated Statement of Comprehensive Income (Loss). Nonmonetary assets and liabilities denominated in a foreign currency are measured at historical cost and are translated into the functional currency using the rates of exchange as at the dates of the initial transactions.
Operating segments	Operating segments The Company has one reportable operating segment which is made up of its oil sands operations based on geographic location (Athabasca oil sands region of Alberta, Canada), nature of the products sold and integration of facilities and operations. The chief operating decision maker is the President and CEO, who reviews operating results at this level to assess financial performance and make resource allocation decisions. The Company determines its operating segments based on the differences in the nature of operations, products sold, economic characteristics and regulatory environments and management. All of the Company’s non-current assets are located in and revenue is earned in Canada.
Financial instruments	Financial instruments Financial assets and financial liabilities are recognized in the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value, except for trade receivables that do not have a significant financing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Financial assets All regular way purchases or sales of financial assets are recognized and derecognized on a trade date basis. Regular way purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace. All recognized financial assets are measured subsequently in their entirety at either amortized cost or fair value, depending on the classification of the financial assets. Financial assets that meet the following conditions are measured subsequently at amortized cost: ● the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and ● the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets that meet the following conditions are measured subsequently at fair value through other comprehensive income (FVTOCI): ● the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling the financial assets; and ● the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Classifications are not changed subsequent to initial recognition, except in limited circumstances. Credit risk arises from the potential that the Company may incur a loss if a counterparty fails to meet its obligations in accordance with agreed terms. Financial assets are assessed at each reporting date to determine whether there is any evidence that credit losses are expected. Credit loss of financial assets is determined by assessing and measuring the expected credit losses of the instruments at each reporting period. The Company measures expected credit losses using a lifetime expected loss allowance model for all trade receivables and contract assets. The credit-loss model groups receivables based on similar credit risk characteristics and the number of days past due in order to estimate and recognize bad debt expenses. When measuring expected credit losses, the Company considers a variety of factors including: evidence of the debtor’s financial condition, history of collections, the term of the receivable and any recent and expected future changes in economic conditions. The Company has not experienced any write-offs of uncollectible receivables; as a result, there are no expected credit losses recognized as at December 31, 2023 ( nil Financial liabilities On initial recognition, financial liabilities are classified at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held-for-trading, is a derivative or is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. A financial liability is derecognized when its contractual obligations are discharged or canceled or expire. The Company also derecognizes a financial liability when its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss. The Company may, from time to time, enter into certain financial derivative contracts to manage exposure from fluctuating commodity prices, interest rates or foreign exchange rates between the Canadian and US dollar. Such risk management contracts are not used for trading or speculative purposes. The Company has not designated its risk management contracts as effective hedges and has not applied hedge accounting even though the Company considers all financial derivate contracts to be economic hedges, as such all r isk management contracts have been recorded at fair value with changes in fair value being recorded through profit or loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: ● Level 1 ● Level 2 ● Level 3 The following table summarizes the Financial Instrument Classification & Measurement Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts receivable Amortized cost Risk management contracts FVTPL Accounts payable and accrued liabilities Amortized cost Warrant liability FVTPL Long-term debt Amortized cost The carrying values of cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued liabilities included on the consolidated balance sheets approximates the fair values of the respective assets and liabilities due to the short-term nature of those instruments. The estimated fair value of long-term debt has been determined based on period-end trading prices of long-term borrowings on the secondary market (level 2), for further information please refer to Note 15. The warrants issued were classified as financial liabilities due to a cashless exercise feature and are measured at fair value upon issuance and at each subsequent reporting period with the changes in fair value recorded in the consolidated statement of income (loss). The fair value of these warrants is determined using the Black-Scholes option valuation model. Common shares are classified as shareholders’ equity. The Company may issue share purchase warrants as a part of debt and/or equity financings. These financial instruments are assessed at the date of issue, based on their underlying terms and conditions, as to whether they are an equity instrument or a derivative financial instrument and if determined to be an equity instrument they are initially recognized in shareholder’s equity at fair value on date of issue. Classifications are not changed after initial recognition and only reassessed when there is a modification in the terms and conditions of the underlying share purchase warrant. Incremental costs directly attributable to the issuance of equity instruments as a deduction from equity, net of any tax effects.
Revenue	Revenue Revenue is measured based on consideration to which the Company expects to be entitled in a contract with a customer. The Company recognizes revenue primarily from the sale of diluted and non- diluted bitumen. Revenue is recognized when its single performance obligation is satisfied. This occurs when the product is delivered, control of the product and title or risk of loss transfers to the customer at contractually specified transfer points. This transfer coincides with title passing to the customer and the customer taking physical possession of the commodity. The Company principally satisfies its single performance obligations at a point in time. Transaction prices are determined at inception of the contract and allocated to the performance obligations identified. Payment is generally received in the following month after the sale has occurred. The Company sells its production pursuant to fixed and variable-priced contracts. The transaction price for variable-priced contracts is based on the commodity price, adjusted for quality, location, or other factors, whereby each component of the pricing formula can be either fixed or variable, depending on the contract terms. Revenue is recognized when a unit of production is delivered to the contract counterparty. The amount of revenue recognized is based on the agreed upon transaction. Royalty expenses are recognized as production occurs. The Company has long-term marketing agreements with a single counterparty (“Sole Petroleum Marketer”), which has exclusive marketing rights over the Company’s production and diluent purchases at Hangingstone Expansion (“Expansion”), until October 2028 and at Hangingstone Demo (“Demo”), until April 2026. Fees paid to the Sole Petroleum Marketer as part of these agreements include marketing, incentive and royalty fees. These fees are expensed as incurred as transportation and marketing expenses. In addition, the Sole Petroleum Marketer provided letters of credit in support of the Company’s long-term transportation commitment until November 2023. As a result of these marketing agreements, the Company is exposed to concentration and credit risks, as all sales are to a single counterparty.
Inventories	Inventories Inventories consist of crude oil products and warehouse materials and supplies. The carrying value of inventory includes direct and indirect expenditures incurred in the normal course of business in bringing an item or product to its existing condition and location. The Company values inventories at the lower of cost and net realizable value on a weighted average cost basis. Net realizable value is the estimated selling price less applicable selling expenses. If the carrying value exceeds net realizable value, a write-down is recognized. A change in circumstances could result in a reversal of the write-down for the inventory that remains on hand in a subsequent period.
Property, plant and equipment (“PP&E”)	Property, plant and equipment (“PP&E”) PP&E is measured at the cost to acquire, less accumulated depletion and depreciation, and net of any impairment losses. The Company begins capitalizing oil exploration costs after the right to explore has been obtained and includes land acquisition costs, geological and geophysical activities, drilling expenditures and costs incurred for the completion and testing of exploration wells. The Company capitalizes all subsequent investments attributable to the development of its oil assets if the expenditures are considered a betterment and provide a future benefit beyond one year. Costs of planned major inspections, overhaul and turnaround activities that maintain PP&E and benefit future years of operations are capitalized and depreciated on a straight-line basis over the period to the next turnaround. Recurring planned maintenance activities performed on shorter intervals are expensed. Replacements of equipment are capitalized when it is probable that future economic benefits will flow to the Company. The Company’s capitalized costs primarily consist of pad construction, drilling activities, completion activities, well equipment, processing facilities, gathering systems and pipelines. Borrowing costs attributable to long-term development projects are also capitalized. Capitalized costs are classified as exploration and evaluation (“E&E”) assets if technical feasibility and commercial viability have not yet been established. Technical feasibility and commercial viability are generally deemed to exist when proved reserves are present and the Company has sanctioned the project for commercial development. Capitalized costs are classified as PP&E assets if they are attributable to the development of oil reserves after technical feasibility and commercial viability have been achieved. Once the technical feasibility and commercial viability of E&E assets have been established, the E&E assets are tested for impairment and reclassified to PP&E. The majority of the Company’s PP&E is depleted using the unit-of-production method relative to the Company’s estimated total recoverable proved plus probable (2P) reserves. The depletion base consists of the historical net book value of capitalized costs, plus the estimated future costs required to develop the Company’s estimated recoverable proved plus probable reserves. The depletion base excludes E&E and the cost of assets that are not yet available for use in the manner intended by Management. Corporate assets and other capitalized costs are depreciated over their estimated useful lives primarily using the declining-balance method. There were no E&E costs as at December 31, 2023, 2022 and 2021.
Provisions and contingent liabilities	Provisions and contingent liabilities A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. The Company’s provisions primarily consist of decommissioning liabilities associated with dismantling, decommissioning, and site disturbance remediation activities related to its oil assets. At initial recognition, the Company recognizes a decommissioning asset and corresponding liability on the balance sheet. Decommissioning liabilities are measured at the present value of expected future cash outflows required to settle the obligations at the balance sheet date, using managements best estimate of expenditures required to settle the liability. Decommissioning liabilities are measured based on the estimated future inflation rate and then discounted to net present value using a credit adjusted risk-free discount rate. Any change in the present value, as a result of a change in discount rate or expected future costs, of the estimated obligation is reflected as an adjustment to the provision and the corresponding item of property, plant and equipment. The liability for decommissioning costs is increased each period through the unwinding of the discount, which is included in finance and interest costs in the consolidated statements of comprehensive income (loss). Decommissioning liabilities are remeasured at each reporting period primarily to account for any changes in estimates or discount rates. Actual expenditures incurred to settle the obligations reduce the liability. Contingent liabilities reflect a possible obligation that may arise from past events and the existence of which can only be confirmed by the occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company. Contingent liabilities are not recognized on the balance sheet unless they can be measured reliably and the possibility of an outflow of economic benefits in respect of the contingent obligation is considered probable. Disclosure of contingent liabilities is provided when there is a less than probable, but more than remote, possibility of material loss to the Company.
Impairment of non-financial assets	Impairment of non-financial assets For the purpose of estimating the asset’s recoverable amount, PP&E assets are grouped into Cash Generating Units (“CGU”). A CGU is the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets. The Company’s PP&E assets are currently held in two CGUs. Our Hangingstone Expansion and Demo assets represent our two CGU’s at December 31, 2023 and December 31, 2022. PP&E assets are reviewed at each reporting date to determine whether there is any indication of impairment. If indicators of impairment exist, the recoverable amount of the asset or CGU is estimated as the greater of value-in-use (“VIU”) and fair value less costs of disposal (“FVLCOD”). VIU is estimated as the discounted present value of the expected future cash flows from continuing use of the asset or CGU. FVLCOD is the amount that would be realized from the disposition of an asset or CGU in an arm’s length transaction between knowledgeable and willing parties. An impairment loss is recognized in earnings or loss if the carrying amount of the asset or CGU exceeds its estimated recoverable amount. At each reporting period, PP&E, E&E and right-of-use (“ROU”) assets are tested for impairment reversal at the CGU level when facts and circumstances suggest that the recoverable amount of the CGU may exceed the carrying value. Impairment reversal is limited to the carrying amount which would have been recorded had no historical impairment been recorded.
Business combinations	Business combinations Business combinations are accounted for using the acquisition method of accounting in which identifiable assets acquired and liabilities assumed in a business combination are recognized and measured at their fair value at the date of the acquisition. If the cost of the acquisition is less than the fair value of the net asset acquired, the difference is recognized in net income (loss). If the cost of the acquisition is greater than the fair value of the net assets acquired, the difference is recognized as goodwill.
Leases	Leases A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. A lease obligation and corresponding ROU asset are recognized at the commencement of the lease. Lease liabilities are initially measured at the present value of the unavoidable lease payments and discounted using the Company’s incremental borrowing rate when an implicit rate in the lease is not readily available. Interest expense is recognized on the lease obligations using the effective interest rate method. The ROU assets are recognized at the amount of the lease liabilities, adjusted for lease incentives received and initial direct costs, on commencement of the leases. ROU assets are depreciated on a straight-line basis over the lease term. The Company is required to make judgments and assumptions on incremental borrowing rates and lease terms. The carrying balance of the leased assets and lease liabilities, and related interest and depreciation expense, may differ due to changes in market conditions and expected lease terms. Short-term and low value leases have not been included in the measurement of lease liabilities.
Income taxes	Income taxes Income tax is comprised of current and deferred tax. Income tax expense (recovery) is recognized in the consolidated statement of comprehensive income (loss) except to the extent that it relates to share capital, in which case it is recognized in equity. Current tax is the expected tax payable (receivable) on the taxable income (loss) for the period, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination and does not affect profit, other than temporary differences that arise in shareholder’s equity. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset on the consolidated balance sheet if there is a legally enforceable right to offset and they relate to income taxes levied by the same tax authority. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are not recognized until such time that it is more likely than not that the related tax benefit will be realized.
Stock-based compensation	Stock-based compensation The Company’s stock-based compensation plans for employees consist of performance warrants. The Company’s stock-based compensation plans are accounted for as equity-settled share-based compensation plans. The fair values of the equity settled awards are initially measured at the date of issuance using the Black-Scholes model using an estimated forfeiture rate, volatility, dividend yield, risk-free rate and expected life. The fair value is recorded as stock-based compensation over the vesting period with a corresponding amount reflected in contributed surplus. When performance warrants are exercised, the cash proceeds along with the amount previously recorded as contributed surplus are recorded as share capital.
Per share information	Per share information Basic per share information is calculated using the weighted average number of common shares outstanding during the year. Diluted per share information is calculated using the basic weighted average number of common shares outstanding during the year, adjusted for the number of shares that could have had a dilutive effect on net income during the year had in the-money and outstanding equity compensation units been exercised.
New and amended IFRS Accounting Standards that are effective for the current year	New and amended IFRS Accounting Standards that are effective for the current year In the current year, the Company has applied a number of amendments to IFRS that are mandatorily effective as of January 1, 2023. These adopted amendments are as follows, with their adoption having no significant impact on the Company’s consolidated financial statements. Amendments to IAS 1 – Presentation of Financial Statements The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term ‘significant accounting policies’ with ‘material accounting policy information’. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IAS 12 – Income Taxes The amendments introduce a further exception from the initial recognition exemption. Under the amendments, an entity does not apply the initial recognition exemption for transactions that give rise to equal taxable and deductible temporary differences. Depending on the applicable tax law, equal taxable and deductible temporary differences may arise on initial recognition of an asset and liability in a transaction that is not a business combination and affects neither accounting profit nor taxable profit.
Future accounting pronouncements	Future accounting pronouncements The Company plans to adopt the following amendments that are effective for annual periods beginning on or after January 1, 2024. The pronouncements will be adopted on their respective effective dates; however, each is not expected to have a material impact on the financial statements. A mendments to IAS 1 – Presentation of Financial Statements - The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of ‘settlement’ to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. Amendments to IAS 1 – Presentation of Financial Statements The amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity’s right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or noncurrent). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date (e.g. a covenant based on the entity’s financial position at the reporting date that is assessed for compliance only after the reporting date).

Material Accounting Policies (T

Material Accounting Policies (Tables)	12 Months Ended
Material Accounting Policies (Tables)	Dec. 31, 2023
Material Accounting Policies [Abstract]
Schedule of Consolidated Balance Sheets and the Corresponding Hierarchy Rating for their Derived Fair Value Estimates	The following table summarizes the Financial Instrument Classification & Measurement Cash and cash equivalents Amortized cost Restricted cash Amortized cost Accounts receivable Amortized cost Risk management contracts FVTPL Accounts payable and accrued liabilities Amortized cost Warrant liability FVTPL Long-term debt Amortized cost

De-Spac Transaction (Tables)

De-Spac Transaction (Tables)	12 Months Ended
De-Spac Transaction (Tables)	Dec. 31, 2023
De-Spac Transaction [Abstract]
Schedule of Reconciles the Elements of Fair Value	The following table reconciles the elements of the listing expense: ($ thousands) Total fair value of consideration deemed to have been issued by Greenfire: 4,250,000 MBSC Class B common shares at US$9.37 per common share (US$39.8 million) $ 53,454 755,707 MBSC Class A common shares at US$9.37 per common share (US$7.1 million) $ 9,505 Less the following: Fair value of identifiable net assets of MBSC Marketable securities held in Trust Account 10,485 Prepaid expenses and deposits 8 Accounts payable and accrued liabilities (16,262 ) Warrant liability (17,960 ) Other liability (5,369 ) Deferred underwriting fee (13,422 ) Taxes payable (1,063 ) Fair value of identifiable net assets of MBSC (43,583 ) Total listing expense $ 106,542

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
Acquisitions (Tables)	Dec. 31, 2023
Acquisitions [Abstract]
Schedule of Acquisitions	Acquisition Acquisition date Cash consideration ($thousands) GHOPCO April 5, 2021 $ 19,721 JACOS September 17, 2021 346,733 December 31, 2021 $ 366,454
Schedule of Net Assets Acquired	The net assets acquired is based on the estimated fair value of the underlying assets and liabilities acquired as follows: ($ thousands) GHOPCO Amount JACOS Amount Total Net assets acquired: PP&E $ 159,000 $ 851,389 $ 1,010,389 Deferred tax asset - 32,435 32,435 Cash and cash equivalents 2,507 4,412 6,919 Accounts receivable 188 56,671 56,859 Inventories - 8,992 8,992 Other current assets 1,111 7,846 8,957 Accounts payable and accrued liabilities (1,847 ) (27,221 ) (29,068 ) Other current liabilities - (684 ) (684 ) Decommissioning liabilities (217 ) (1,740 ) (1,957 ) Deferred tax liability (32,435 ) - (32,435 ) Net assets acquired 128,307 932,100 1,060,407 Less: Gain on acquisitions 108,586 585,367 693,953 Total cash purchase consideration $ 19,721 $ 346,733 $ 366,454

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2023
Inventories [Abstract]
Schedule of Inventories	As at December 31 ($ thousands) 2023 2022 Oil inventories $ 6,183 $ 7,560 Warehouse materials and supplies 7,680 7,008 Inventories $ 13,863 $ 14,568

Property, Plant and Equipment_2

Property, Plant and Equipment (“PP&E”) (Tables)	12 Months Ended
Property, Plant and Equipment (“PP&E”) (Tables)	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT (“PP&E”) ($ thousands) Developed Right-of-use Corporate Total Cost Balance as at December 31, 2020 $ - $ - $ - $ - Acquisitions 1,010,014 - 375 1,010,389 Expenditures on PP&E 4,507 - 87 4,594 Change in decommissioning liabilities 2,133 - - 2,133 Balance as at December 31, 2021 1,016,654 - 462 1,017,116 Additions 39,425 - 167 39,592 Right-of-use asset additions - 969 - 969 Change in decommissioning liabilities 1,237 - - 1,237 Balance as at December 31, 2022 1,057,316 969 629 1,058,914 Expenditures on PP&E 33,439 - (11 ) 33,428 Right-of-use asset additions - 12,789 - 12,789 Balance as at December 31, 2023 1,090,755 13,758 618 1,105,131 Accumulated Depletion, Depreciation and Amortization Balance as at December 31, 2020 - - - - Depletion and depreciation (1) 27,949 - 47 27,996 Balance as at December 31, 2021 27,949 - 47 27,996 Depletion and depreciation (1) 67,623 60 185 67,868 Balance as at December 31, 2022 95,572 60 232 95,864 Depletion and depreciation (1) 67,580 183 130 67,893 Balance as at December 31, 2023 163,152 243 362 163,757 Net book Value Balance at December 31, 2022 961,744 909 397 963,050 Balance at December 31, 2023 $ 927,603 $ 13,515 $ 256 $ 941,374 (1) As at December 31, 2023 $161 of DD&A was capitalized to inventory (December 31, 2022- $766 and 2021 - 925).

Lease Liabilities (Tables)

Lease Liabilities (Tables)	12 Months Ended
Lease Liabilities (Tables)	Dec. 31, 2023
Lease Liabilities [Abstract]
Schedule of Company has Recognized Leases	The Company has recognized the following leases: ($ thousands) 2023 2022 2021 Balance, beginning of year $ 963 $ - $ - Additions 12,789 970 - Interest expense 71 19 - Payments (99 ) (26 ) - Balance, end of year $ 13,724 $ 963 $ - Current portion $ 6,002 $ 98 $ - Non-current portion $ 7,722 $ 865 $ -
Schedule of Minimum Lease Payments	The Company’s minimum lease payments are as follows: As at December 31 ($ thousands) 2023 2022 Within 1 year $ 6,002 $ 98 Within 2 to 5 years 9,252 581 Later than 5 years 1,015 492 Minimum lease payments 16,269 1,171 Amounts representing finance charges (2,545 ) (208 ) Present value of net minimum lease payments $ 13,724 $ 963

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes [Abstract]
Schedule of Income Tax Expense	The following table reconciles the expected income tax expense (recovery) calculated at the Canadian statutory rate of 23% (2022 and 2021 – 23%) to the actual income tax expense (recovery). ($ thousands) Year ended Year ended December 31, Year ended December 31, Income (loss) before taxes $ (116,285 ) $ 44,017 $ 661,444 Expected statutory income tax rate 23.00 % 23.00 % 23.00 % Expected income tax expense (recovery) (26,746 ) 10,124 152,132 Gain on business combination - - (159,609 ) Permanent differences 24,149 7,327 15,401 Unrecognized deferred income tax (asset) liability 21,983 (105,132 ) (7,924 ) Deferred income tax expense (recovery) $ 19,386 $ (87,681 ) $ -
Schedule of Deferred Tax Asset (Liability)	($ thousands) Year ended Year ended December 31, Year ended December 31, Deferred tax asset (liability) related to: Oil producing assets related to property, plant & equipment $ (135,800 ) $ (145,838 ) $ (157,900 ) Resource related pools 10,647 11,478 9,815 Corporate non-capital losses carried forward 285,325 291,078 329,650 Corporate capital tax losses carried forward 2,609 3,211 270 Unrealized loss (gain) on financial derivatives 96 6,211 8,206 Share issuance costs 2,594 683 - Senior secured debenture 6,793 1,792 (3,052 ) Deferred tax asset not recognized (103,969 ) (80,934 ) (186,989 ) Deferred tax asset $ 68,295 $ 87,681 $ -
Schedule of Taxable Income	As at December 31, 2023 the Company had the following federal income tax pools, which may be used to reduce taxable income in future years, limited to the applicable rates of utilization: ($ thousands) Rate of Amount Undepreciated capital cost 7-100 $ 328,682 Canadian oil and gas property expenditures 10 10,230 Canadian development expenditures 30 34,632 Federal income tax losses carried forward (1) (2) 100 1,376,813 Other (3) Various 90,103 $ 1,840,460 (1) Federal income tax losses carried forward expire in the following years 2033 - $4.3 million; 2034 - $58.7 million; 2035 - $30.0 million; 2037 - $36.2 million; 2038 - $8.3 million; 2039 - $1,238.0 million; 2042 - $2.9 million; 2043 - $3.6 million. (2) Provincial income tax losses carry forward is $985.0 million which is lower than the federal income tax losses carried forward due to differences in historical claims at the provincial level. (3) Other includes $27.6 million in capital losses that have been recognized at the full amount as at December 31, 2023.

Decommissioning Liabilities (Ta

Decommissioning Liabilities (Tables)	12 Months Ended
Decommissioning Liabilities (Tables)	Dec. 31, 2023
Decommissioning Liabilities [Abstract]
Schedule of Reconciliation of the Decommissioning Liabilities	A reconciliation of the decommissioning liabilities is provided below: As at December 31 ($ thousands) 2023 2022 2021 Balance, beginning of year $ 7,543 $ 5,517 $ - Initial recognition - - 1,957 Change in estimated future costs - 1,283 3,262 Accretion expense 906 743 298 Balance, end of year $ 8,449 $ 7,543 $ 5,517

Financial Instruments, Fair V_2

Financial Instruments, Fair Values and Risk Management (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Instruments Fair Values And Risk Management [Abstract]
Schedule of Fair Values of Financial Instruments	a) Fair Values of Financial Instruments As at December 31 2023 2022 ($ thousands) Fair Value Carrying Fair Value Carrying Financial assets at amortized cost: Cash 109,475 109,475 35,363 35,363 Restricted cash 50 50 35,313 35,313 Accounts receivable 34,680 34,680 34,308 34,308 Financial liabilities at amortized cost: Accounts payable and accrued liabilities 59,850 59,850 46,569 46,569 Long-term debt (Note 15) 394,082 396,780 315,718 295,173 Financial liabilities at fair value through profit or loss Risk management contracts 417 417 27,004 27,004 Warrant liability 18,630 18,630 - -
Schedule of Net Income Before Tax Based on the Financial Risk Management Contract	The following table summarizes the gross asset and liability positions of the Company’s individual risk management contracts that are offset in the consolidated balance sheets: As at December 31 2023 2022 ($ thousands) Asset Liability Asset Liability Gross amount $ - $ (417 ) $ 21,375 $ (48,379 ) Amount offset - - (21,375 ) 21,375 Risk Management contracts $ - $ (417 ) $ - $ (27,004 )
Schedule of Financial Commodity Risk Management Gain and Losses	The following table summarizes the financial commodity risk management gains and losses: ($ thousands) Year ended December 31, Year ended December 31, Year ended December 31, Realized gain (loss) on risk management contracts $ (10,182 ) $ (122,408 ) $ (3,614 ) Unrealized gain (loss) on risk management contracts 26,587 930 (35,677 ) Gain (loss) on risk management contracts $ 16,405 $ (121,478 ) $ (39,291 )
Schedule of Financial Commodity Risk Management Contracts	As at December 31, 2023, the following financial commodity risk management contracts were in place: WTI- Costless Collar Natural Gas- Fixed Price Swaps Term Volume Put Strike Price Call Strike Price Volume Swap Price Q1 2024 877,968 $ 60.00 $ 77.00 455,000 $ 2.97 Q2 2024 877,968 $ 60.00 $ 74.55 - - Q3 2024 887,800 $ 62.00 $ 92.32 - - Q4 2024 887,800 $ 59.46 $ 87.58 - -
Schedule of Greenfire Terminated Risk Management	Subsequent to December 31, 2023, Greenfire terminated the above WTI Costless Collar risk management contracts and entered into the following financial commodity risk management contracts: WTI- Costless Collar WTI Fixed Price Swaps Term Volume Put Strike Call Strike Volume (bbls/d) Swap Price (US$/bbl)) Jan – Dec 2024 - - - 11,500 $ 70.94 Q1 2025 640,700 $ 57.97 $ 84.22 - -
Schedule of Net Income Before Tax Based on the Financial Risk Management Contract	The following table illustrates the potential impact of changes in commodity prices on the Company’s net income, before tax, based on the financial risk management contracts in place at December 31, 2023: As at December 31, 2023 Change in WTI Change in Natural Gas ($ thousands) Increase of Decrease of Increase of Decrease of Increase (decrease) to fair value of commodity risk management contracts - - $ 455 $ (455 )
Schedule of Credit Risk	c) As at December 31 ($ thousands) 2023 2022 Trade receivables $ 22,452 $ 22,428 Joint interest receivables 12,228 11,880 Accounts receivable $ 34,680 $ 34,308
Schedule of Fair Values of Financial Instruments	The following table details the Company’s contractual maturities of its financial liabilities at December 31, 2023, and December 31. 2022: Year ended December 31, 2023 Year ended December 31, 2022 ($ thousands) Less than Greater than Less than Greater than Accounts payable and accrued liabilities $ 59,850 $ - $ 46,569 $ - Risk management contracts (1) 417 - 27,004 - Lease liabilities (1) 6,002 7,722 98 1,075 Long-term debt (2) 44,321 332,029 63,250 231,921 Total financial liabilities $ 110,590 $ 339,751 $ 136,921 $ 232,996 (1) Amounts represent the expected undiscounted cash payments. (2) Amounts represent undiscounted principal only and exclude accrued interest and transaction costs.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
Long-Term Debt (Tables)	Dec. 31, 2023
Long-Term Debt [Abstract]
Schedule of Minimum Hedging Requirements	As at December 31, 2023 the Company was compliant with all covenants. As at December 31 ($ thousands) 2023 2022 US dollar denominated debt: Redeemed 12.00% senior notes issued at 96.5% of par (US$217.9 million at December 31, 2022) (1) $ - $ 295,173 Unamortized debt discount and debt issue costs - (40,765 ) New 12.00% senior notes issued at 98% of par (USD$300 million at December 31, 2023) (1) 396,780 - Unamortized debt discount and debt issue costs (20,430 ) - Total term debt $ 376,350 $ 254,408 Current portion of long-term debt 44,321 63,250 Long-term debt $ 332,029 $ 191,158
Schedule of Options of Redemption Prices	The following table discloses the redemption amount including the “make whole” premium on redemption of the New Notes: US$300 On or after October 1, 2025 to October 1, 2026 106.0 On or after October 1, 2026 to October 1, 2027 103.0 On or after October 1, 2027 100.0

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
Revenue from Contracts with Customers (Tables)	Dec. 31, 2023
Revenue from Contracts with Customers [Abstract]
Schedule of Revenues	Revenues are typically collected on the 25th day of the month following production. ($ thousands) Year ended Year ended Year ended Diluted bitumen sales $ 652,812 $ 890,400 $ 212,225 Bitumen sales 23,158 108,449 58,449 Oil sales $ 675,970 $ 998,849 $ 270,674

Financing and Interest (Tables)

Financing and Interest (Tables)	12 Months Ended
Financing and Interest (Tables)	Dec. 31, 2023
Financing and Interest [Abstract]
Schedule of Financing and Interest	($ thousands) Year ended Year ended Year ended Accretion on long-term debt $ 106,435 $ 74,176 $ 22,186 Other and cash interest 2,873 2,155 1,926 Accretion on decommissioning liabilities 906 743 298 Financing and interest expense $ 110,214 $ 77,074 $ 25,050

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
Commitments and Contingencies [Abstract]
Schedule of Future Unrecognized Commitments	The following table summarizes the Company’s estimated future unrecognized commitments associated with firm transportation agreements as at December 31, 2023: ($ thousands) Remaining 2025 2026 2027 2028 Beyond Total Transportation 31,880 30,561 28,956 29,044 29,170 203,198 352,809 Total $ 31,880 $ 30,561 $ 28,956 $ 29,044 $ 29,170 $ 203,198 $ 352,809

Share Capital and Warrants (Tab

Share Capital and Warrants (Tables)	12 Months Ended
Share Capital and Warrants (Tables)	Dec. 31, 2023
Share Capital and Warrants [Abstract]
Schedule of Summarized Changes to the Company’s Common Share Capital	The following table along with note 5 summarizes the changes to the Company’s common share capital: Number of shares Amount($000’s) Shares outstanding Balance, December 31, 2021 and 2022 1 $ 15 Issuance of new common shares per De-Spac Transaction 43,690,533 - Issuance for exercise of bond warrants 15,769,183 38,911 Issuance to MBSC shareholders – Class A and Class B 5,005,707 62,959 Issuance of new common shares for PIPE investment 4,177,091 56,630 Balance, December 31, 2023 68,642,515 $ 158,515
Schedule of Basic and Diluted Net Income (Loss) Per Share	The following table summarizes the Company’s basic and diluted net income (loss) per share: Year ended Year ended Year ended Weighted average shares outstanding- basic 54,425,083 48,911,099 42,609,296 Dilutive effect of bond and performance warrants - 21,019,068 5,488,834 Weighted average shares outstanding- diluted 54,425,083 69,930,167 48,098,130 Basic $ per share $ (2.49 ) $ 2.69 $ 15.52 Diluted $ per share $ (2.49 ) $ 1.88 $ 13.75
Schedule of Total Common Shares Issuable to Performance Warrant Holders	The table below summarizes the outstanding warrants as if the warrant exchange ratio used to exchange GRI common shares into Greenfire common shares had occurred on January 1, 2022 and equates to the total common shares issuable to performance warrant holders: Year ended Year ended Number of Weighted Number of Weighted Performance Warrants outstanding Balance, beginning of period 3,895,449 $ 2.89 - $ - Performance warrants issued 186,257 8.35 4,159,546 2.91 Performance warrants forfeited (38,820 ) 3.34 (264,097 ) 3.13 Performance warrants cancelled (425,870 ) 3.15 - - Balance, end of period 3,617,016 $ 3.15 3,895,449 $ 2.89 Common shares issuable on exchange 3,617,016   - 3,895,449 -
Schedule of Fair Market Value of the Performance Warrants using Black Scholes Merton Valuation Model	The fair value of each performance warrant was estimated on its grant date using the Black Scholes Merton valuation model with the following assumptions: 2023 2022 Average risk-free interest rate 4.2 % 1.46 % Average expected dividend yield - - Average expected volatility 1 70 % 60 % Average expected life (years) 2-5 3-5 1 Expected volatility has been based on historical share volatility of similar market participants

Warrant Liability (Tables)

Warrant Liability (Tables)	12 Months Ended
Warrant Liability (Tables)	Dec. 31, 2023
Warrant Liability [Abstract]
Schedule of Reconciles the Warrant Liability	The following table reconciles the warrant liability. Year ended Year ended ($ thousands) Number of Amount Number of Amount Balance, beginning of year - $ - - $ - Warrants issued 5,000,000 35,644 - - MBSC warrants converted 2,526,667 17,959 Change in fair value - (34,973 ) - - Balance, end of period 7,526,667 $ 18,630 - $ - Common shares issuable on exercise 7,526,667 - - -
Schedule of Fair Value of Each Warrant Was Estimated on its Grant Date Using the Black Scholes Merton Valuation Model	The fair value of each warrant was estimated on its grant date using the Black Scholes Merton valuation model with the following assumptions: 2023 Average risk-free interest rate 4.2 % Average expected dividend yield - Average expected volatility (1) 70 % Average expected life (years) 5 (1) Expected volatility has been based on historical share volatility of similar market participants

Capital Management (Tables)

Capital Management (Tables)	12 Months Ended
Capital Management (Tables)	Dec. 31, 2023
Capital Management [Abstract]
Schedule of Capital Structure	The Company’s capital structure consists of the following: As at December 31 2023 2022 Face value of term debt (Note 15) $ 396,780 $ 295,173 Shareholders’ equity 712,940 837,771 Working capital, excluding current portion of term debt, warrant liability and risk management contracts (96,899 ) (76,860 ) Net managed capital $ 1,012,821 $ 1,056,084

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	The components of accounts payable and accrued liabilities were: As at December 31 2023 2022 Trade payables $ 6,303 $ 3,367 Accrued payables 35,994 30,401 Accrued employee annual incentive plans 4,435 4,463 Accrued interest payable 13,118 8,338 Accounts payable and accrued liabilities $ 59,850 $ 46,569

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Considers Directors and Officers	The Company’s related parties primarily consist of key management personnel. The Company considers directors and officers of Greenfire Resources Ltd. as key management personnel. ($ thousands) Year ended Year ended Year ended Salaries, benefits, and director fees $ 3,808 $ 1,978 $ 873

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
Supplemental Cash Flow Information (Tables)	Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Consolidated Balance Sheet to the Consolidated Statement of Cash Flows	The following table reconciles the net changes in non-cash working capital and other liabilities from the consolidated balance sheet to the consolidated statement of cash flows: ($ thousands) Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Change in accounts receivable $ (372 ) $ 9,654 $ (43,962 ) Change in inventories 705 1,349 (15,917 ) Change in prepaid expenses and deposits (1,763 ) 6,537 (10,512 ) Change in accounts payable and accrued liabilities 13,048 (10,859 ) 57,367 Working capital acquired (note 6) - - 41,856 11,618 6,681 28,832 Other items impacting change in non-cash working capital: Unrealized foreign exchange loss in accounts payable (93 ) (652 ) - 11,525 6,029 28,832 Related to operating activities 25,513 3,570 (6,910 ) Related to investing activities (accrued additions to PP&E) (13,988 ) 2,459 35,742 Net change in non-cash working capital $ 11,525 $ 6,029 $ 28,832 Cash interest paid (included in operating activities) $ (39,955 ) $ (51,129 ) $ (1,926 ) Cash interest received (included in operating activities) $ 2,976 $ 620 $ 21

Supplementary Information for_2

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2023
Supplementary Information [Abstract]
Schedule of Estimated Proved Reserves	The following tables are summaries of the Company’s estimated proved reserves at December 31, 2023, 2022, and 2021 as reconciled between the three years: Constant Prices and Costs (unaudited) Bitumen (2) Barrels of Oil Net Proved Developed and Proved Undeveloped Reserves (1) December 31, 2020 Developed 0 0 Undeveloped 0 0 Total – December 31, 2020 0 0 Extensions & Discoveries 0 0 Improved Recovery 0 0 Technical Revisions 0 0 Acquisitions 172,580 172,580 Dispositions 0.0 0.0 Production – 2021 (2,820 ) (2,820 ) December 31, 2021 169,760 169,760 (1) Numbers may not add due to rounding. (2) Bitumen, as defined by the SEC, “is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis.” Under this definition, all of the Company’s thermal and primary heavy crude oil reserves have been classified as bitumen. Constant Prices and Costs (unaudited) Bitumen (2) Barrels of Oil Net Proved Developed and Proved Undeveloped Reserves (1) December 31, 2021 Developed 37,792 37,792 Undeveloped 131,968 131,968 Total – December 31, 2021 169,720 169,720 Extensions & Discoveries 0.0 0.0 Improved Recovery 0.0 0.0 Technical Revisions (16,431 ) (16,431 ) Acquisitions 0.0 0.0 Dispositions 0.0 0.0 Production – 2022 (7,117 ) (7,117 ) December 31, 2022 146,212 146,212 Constant Prices and Costs (unaudited) Bitumen (2) Barrels of Oil Net Proved Developed and Proved Undeveloped Reserves (1) December 31, 2022 Developed 30,440 30,440 Undeveloped 115,773 115,773 Total – December 31, 2022 146,212 146,212 Extensions & Discoveries 5,297 5,297 Improved Recovery 0 0 Technical Revisions 7,282 7,282 Acquisitions 0 0 Dispositions 0 0 Production – 2023 (6,212 ) (6,212 ) December 31, 2023 152,579 152,579 December 31, 2023 Developed 27,598 27,598 Undeveloped 124,981 124,981 Total – December 31, 2023 152,579 152,579
Schedule of Greenfire Undeveloped Reserve	Changes to the Company’s proved undeveloped reserves during 2021 are summarized in the table below: Barrels of Oil Equivalent (mboe) (1) December 31, 2020 0 Extensions and discoveries 0 Technical revisions 0 Acquisitions 131,968.2 Conversions to developed 0 December 31, 2021 131,968.2 (1) Numbers may not add due to rounding. Barrels of Oil Equivalent (mboe) (1) December 31, 2021 131,968 Extensions and discoveries 0 Technical revisions (16,196 ) Conversions to developed 0 December 31, 2022 115,773 Barrels of Oil Equivalent (mboe) (1) December 31, 2022 115,773 Extensions and discoveries 5,297 Technical revisions 6,998 Conversions to developed (3,087 ) December 31, 2023 124,981
Schedule of Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Reserve	The following table summarizes the standardized measure of discounted future net cash flows relating to proved reserves, for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Future cash inflows 8,072 10,276 7,168 Future production costs 2,771 3,491 2,448 Future development/abandonment costs 1,208 1,274 1,144 Deferred income taxes 774 1,053 361 Future net cash flows 3,320 4,458 3,215 Less 10% annual discount factor (1,728 ) (2,361 ) (1,778 ) Standardized measure of discounted future net cash flows 1,592 2,097 1,437
Schedule of Reconciles Changes in Standardized Measure Future Net Cash Flows	The following table reconciles the changes in standardized measure of future net cash flows discounted at 10% per year relating to proved bitumen, heavy oil and natural gas producing reserves: For the year ended December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Standardized measure of discounted future net cash flows at beginning 2,097 1,437 0 Oil and gas sales during period net of production costs and royalties (1) (459 ) (726 ) (179 ) Changes due to prices (2) (567 ) 1,175 0 Development costs during the period (3) 33 39 5 Changes in forecast development costs (4) (27 ) (149 ) (401 ) Changes resulting from extensions, infills and improved recovery (5) 94 0 0 Changes resulting from discoveries (2) 0 0 0 Changes resulting from acquisition of reserves (5) 0 0 1,486 Changes resulting from disposition of reserves (5) 0 0 0 Accretion of discount (6) 240 149 0 Net change in income tax (7) 253 (682 ) (209 ) Changes resulting from other changes and technical reserves revisions plus effects on timing (8) (71 ) 864 735 Standardized measure of discounted future net cash flows at end of year 1,592 2,097 1,437 (1) Company actual before income taxes, excluding general and administrative expenses. (2) The impact of changes in prices and other economic factors on future net revenue. (3) Actual capital expenditures relating to the exploration, development and production of oil and gas reserves. (4) The change in forecast development costs. (5) End of period net present value of the related reserves. (6) Estimated as 10 percent of the beginning of period net present value. (7) The difference between forecast income taxes at beginning of period and the actual taxes for the period plus forecast income taxes at the end of the period (8) Includes changes due to revised production profiles, development timing, operating costs, royalty rates and actual prices received versus forecast, etc.
Schedule of Net Capitalized Costs Relating to Petroleum and Natural Gas Producing Activities	The following table summarizes net capitalized costs relating to petroleum and natural gas producing activities, as at December 31, 2023, 2022 and 2021: As of December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Proved oil and gas properties 1,091 1,058 1,017 Unproved oil and gas properties 0 0 0 Total capitalized costs 1,091 1,058 1,017 Accumulated depletion and depreciation (163 ) (96 ) (28 ) Net Capitalized Costs 928 962 989
Schedule of Petroleum and Natural Gas Property Acquisitions, Exploration and Development Activities	The following table summarizes costs incurred in petroleum and natural gas property acquisitions, exploration and development activities, for the years ended December 31, 2023, 2022 and 2021: For the year ended December 31, (CAD$ in millions) (unaudited) 2023 2022 2021 Property acquisition (disposition) costs Proved oil and gas properties – acquisitions 0.0 0 1,010 Proved oil and gas properties – dispositions 0.0 0 0 Unproved oil and gas properties 0.0 0 0 Exploration costs 0.0 0 0 Development costs 33 41 7 Total Expenditures 33 41 1,017

Material Accounting Policies (D

Material Accounting Policies (Details)	12 Months Ended
Material Accounting Policies (Details)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Material Accounting Policies [Abstract]
Description of consolidation	The units of HELP and HDLP are allocated at 99.99% to GROC for both entities and 0.01% to HEGP and HDGP, respectively. HEGP and HDGP are wholly owned subsidiaries of GROC, along with Greenfire Resources Employment Corporation. Intercompany transactions and balances between the entities are eliminated upon consolidation.
Working interest percentage	100%
Maturity term	90 days
Number of reportable operating segment	1
Credit Losses

Material Accounting Policies _2

Material Accounting Policies (Details) - Schedule of Consolidated Balance Sheets and the Corresponding Hierarchy Rating for their Derived Fair Value Estimates	12 Months Ended
	Dec. 31, 2023
Cash and cash equivalents [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost	Amortized cost
Restricted cash [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost	Amortized cost
Accounts receivable [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost	Amortized cost
Risk management contracts [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Fair value through profit and loss	FVTPL
Accounts payable and accrued liabilities [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost	Amortized cost
Warrant liability [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Fair value through profit and loss	FVTPL
Long-term debt [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
Amortized cost	Amortized cost

De-Spac Transaction (Details)

De-Spac Transaction (Details) $ / shares in Units, $ in Thousands, $ in Millions			12 Months Ended
	Sep. 20, 2023 CAD ($) shares	Sep. 20, 2023 $ / shares shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
De-Spac Transaction [Line Items]
Common shares outstanding			8,937,518
Converted shares	661,971		661,971	661,971
Greenfire common shares			4,250,000	4,250,000
Shares cancelled			77,941	77,941
Cash consideration	$ 25,500		$ 6,700	$ 5
Dividend paid (in Dollars) \| $			$ 59,400
Shares repurchase			11,400,000	11,400,000
Warrants outstanding			312,500	312,500
Share capital (in Dollars) \| $			$ 38,900
Warrants convertable			3,617,016	3,617,016
Additional warrants			5,000,000	5,000,000
Redemption of stock			10,000,000	10,000,000
Private placement warrant			2,526,667	2,526,667
Conversion of warrants			2,526,667	2,526,667
Purchase price per share (in Dollars per share) \| $ / shares		$ 9.37
Listing expense \| $			$ 106,542
GreenFire Common Shares [Member]
De-Spac Transaction [Line Items]
Converted shares			7,996,165	7,996,165
Greenfire common shares			15,769,183	15,769,183
Shares cancelled			941,353	941,353
Cash consideration \| $			$ 70,800
Retained earnings (in Dollars) \| $			$ 70,800
GRI Common Shares [Member]
De-Spac Transaction [Line Items]
Converted shares	2,886,565		2,886,048	2,886,048
Greenfire common shares	3,225,810		3,225,810	3,225,810
Retained earnings (in Dollars) \| $			$ 4,600
Class A Common Shares [Member]
De-Spac Transaction [Line Items]
Converted shares			755,707	755,707
Purchase price per share (in Dollars per share) \| $ / shares		$ 9.37
Issued shares			4,177,091
Transaction costs			$ 56,600	$ 42.2
MBSC Public Share [Member]
De-Spac Transaction [Line Items]
Greenfire common shares			755,707	755,707
Class B Common Stock [Member]
De-Spac Transaction [Line Items]
Converted shares			4,250,000	4,250,000
GreenFire Common Shares [Member] \| Common Shares [Member]
De-Spac Transaction [Line Items]
Greenfire common shares			43,690,534	43,690,534
Shares cancelled	339,245		339,245	339,245
Freenfire [Member]
De-Spac Transaction [Line Items]
Cash consideration \| $			$ 25,500
Retained earnings (in Dollars) \| $			4,500
Transaction costs \| $			12,200		$ 2,800
Reclassified Surplus [Member]
De-Spac Transaction [Line Items]
Reclassified surplus (in Dollars) \| $			$ 43,500
GRI Warrants [Member]
De-Spac Transaction [Line Items]
Warrant outstanding	739,912	739,912	739,912
Warrants Consideration [Member]
De-Spac Transaction [Line Items]
Cash consideration \| $			$ 4,500
Related Parties [Member]
De-Spac Transaction [Line Items]
Reclassified surplus (in Dollars) \| $			1,200
PIPE Investors [Member] \| Class A Common Shares [Member]
De-Spac Transaction [Line Items]
Purchase price per share (in Dollars per share) \| $ / shares				$ 10.1
MBSC [Member]
De-Spac Transaction [Line Items]
Listing expense			106,500	$ 79.4
Warrants [Member]
De-Spac Transaction [Line Items]
Retained earnings (in Dollars) \| $			$ 25,500

De-Spac Transaction (Details) -

De-Spac Transaction (Details) - Schedule of Reconciles the Elements of Fair Value - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair value of identifiable net assets of MBSC
Marketable securities held in Trust Account	$ 10,485
Prepaid expenses and deposits	8
Accounts payable and accrued liabilities	(16,262)
Warrant liability	(17,960)
Other liability	(5,369)
Deferred underwriting fee	(13,422)
Taxes payable	(1,063)
Fair value of identifiable net assets of MBSC	(43,583)
Total listing expense	106,542
Class B Common Stock [Member]
Schedule of Reconciles the Elements of Fair Value [Line Items]
MBSC Class common shares	53,454
Class A Common Stock [Member]
Schedule of Reconciles the Elements of Fair Value [Line Items]
MBSC Class common shares	$ 9,505

De-Spac Transaction (Details)_2

De-Spac Transaction (Details) - Schedule of Reconciles the Elements of Fair Value (Parentheticals) - 12 months ended Dec. 31, 2023	CAD ($) shares	$ / shares
Class B Common Stock [Member]
Schedule of Reconciles the Elements of Fair Value [Line Items]
MBSC Class common shares \| shares	4,250,000
MBSC Class per common share \| $ / shares		$ 9.37
MBSC Class Share capital \| $	$ 39,800
Class A Common Stock [Member]
Schedule of Reconciles the Elements of Fair Value [Line Items]
MBSC Class common shares \| shares	755,707
MBSC Class per common share \| $ / shares		$ 9.37
MBSC Class Share capital \| $	$ 7,100

Acquisitions (Details)

Acquisitions (Details) - CAD ($) $ in Millions			12 Months Ended
Acquisitions (Details) - CAD ($) $ in Millions	Sep. 17, 2021	Apr. 05, 2021	Dec. 31, 2023	Dec. 31, 2021
Acquisitions [Line Items]
Total cash consideration	$ 346.7	$ 19.7
Percentage of interest in a joint operation			75%
Acquisition transaction costs				$ 10.3
GHOPCO [Member]
Acquisitions [Line Items]
Recognized gain acquisition			$ 108.6
JACOS [Member]
Acquisitions [Line Items]
Recognized gain acquisition			$ 585.4

Acquisitions (Details) - Schedu

Acquisitions (Details) - Schedule of Acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2021 CAD ($)
Acquisitions [Line Items]
Cash consideration	$ 366,454
GHOPCO [Member]
Acquisitions [Line Items]
Acquisition date	Apr. 05, 2021
Cash consideration	$ 19,721
JACOS [Member]
Acquisitions [Line Items]
Acquisition date	Sep. 17, 2021
Cash consideration	$ 346,733

Acquisitions (Details) - Sche_2

Acquisitions (Details) - Schedule of Net Assets Acquired $ in Thousands	Dec. 31, 2021 CAD ($)
Net assets acquired:
PP&E	$ 1,010,389
Deferred tax asset	32,435
Cash and cash equivalents	6,919
Accounts receivable	56,859
Inventories	8,992
Other current assets	8,957
Accounts payable and accrued liabilities	(29,068)
Other current liabilities	(684)
Decommissioning liabilities	(1,957)
Deferred tax liability	(32,435)
Net assets acquired	1,060,407
Less: Gain on acquisitions	693,953
Total cash purchase consideration	366,454
GHOPCO [Member]
Net assets acquired:
PP&E	159,000
Deferred tax asset
Cash and cash equivalents	2,507
Accounts receivable	188
Inventories
Other current assets	1,111
Accounts payable and accrued liabilities	(1,847)
Other current liabilities
Decommissioning liabilities	(217)
Deferred tax liability	(32,435)
Net assets acquired	128,307
Less: Gain on acquisitions	108,586
Total cash purchase consideration	19,721
JACOS [Member]
Net assets acquired:
PP&E	851,389
Deferred tax asset	32,435
Cash and cash equivalents	4,412
Accounts receivable	56,671
Inventories	8,992
Other current assets	7,846
Accounts payable and accrued liabilities	(27,221)
Other current liabilities	(684)
Decommissioning liabilities	(1,740)
Deferred tax liability
Net assets acquired	932,100
Less: Gain on acquisitions	585,367
Total cash purchase consideration	$ 346,733

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 109,525	$ 35,363	$ 60,869

Restricted Cash and Credit Fa_2

Restricted Cash and Credit Facility (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Nov. 08, 2023	Dec. 31, 2022
Restricted Cash and Credit Facility [Line Items]
Restricted cash	$ 8	$ 43.3	$ 35.3
Sole Petroleum Marketer [Member]
Restricted Cash and Credit Facility [Line Items]
Credit facility	$ 46.8

Inventories (Details)

Inventories (Details) - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories [Abstract]
Inventories	$ 567.1	$ 559.8	$ 149.8

Inventories (Details) - Schedul

Inventories (Details) - Schedule of Inventories - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Inventories [Abstract]
Oil inventories	$ 6,183	$ 7,560
Warehouse materials and supplies	7,680	7,008
Inventories	$ 13,863	$ 14,568

Property, Plant and Equipment_3

Property, Plant and Equipment (“PP&E”) (Details) - CAD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Capitalized to inventory	$ 161	$ 766	$ 925

Property, Plant and Equipment_4

Property, Plant and Equipment (“PP&E”) (Details) - Schedule of Property, Plant and Equipment - CAD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost
Cost, beginning balance		$ 1,058,914	$ 1,017,116
Acquisitions				1,010,389
Expenditures on PP&E		33,428		4,594
Change in decommissioning liabilities			1,237	2,133
Cost, ending balance		1,105,131	1,058,914	1,017,116
Additions			39,592
Right-of-use asset additions		12,789	969
Accumulated Depletion, Depreciation and Amortization
Accumulated DD&A, Beginning balance		95,864	27,996
Depletion and depreciation	[1]	67,893	67,868	27,996
Accumulated DD&A, ending balance		163,757	95,864	27,996
Net book Value
Net book Value, beginning balance		963,050
Net book Value, ending balance		941,374	963,050
Developed and Producing [Member]
Cost
Cost, beginning balance		1,057,316	1,016,654
Acquisitions				1,010,014
Expenditures on PP&E		33,439		4,507
Change in decommissioning liabilities			1,237	2,133
Cost, ending balance		1,090,755	1,057,316	1,016,654
Additions			39,425
Right-of-use asset additions
Accumulated Depletion, Depreciation and Amortization
Accumulated DD&A, Beginning balance		95,572	27,949
Depletion and depreciation	[1]	67,580	67,623	27,949
Accumulated DD&A, ending balance		163,152	95,572	27,949
Net book Value
Net book Value, beginning balance		961,744
Net book Value, ending balance		927,603	961,744
Right-of-use [Member]
Cost
Cost, beginning balance		969
Acquisitions
Expenditures on PP&E
Change in decommissioning liabilities
Cost, ending balance		13,758	969
Additions
Right-of-use asset additions		12,789	969
Accumulated Depletion, Depreciation and Amortization
Accumulated DD&A, Beginning balance		60
Depletion and depreciation	[1]	183	60
Accumulated DD&A, ending balance		243	60
Net book Value
Net book Value, beginning balance		909
Net book Value, ending balance		13,515	909
Corporate Assets [Member]
Cost
Cost, beginning balance		629	462
Acquisitions				375
Expenditures on PP&E		(11)		87
Change in decommissioning liabilities
Cost, ending balance		618	629	462
Additions			167
Right-of-use asset additions
Accumulated Depletion, Depreciation and Amortization
Accumulated DD&A, Beginning balance		232	47
Depletion and depreciation	[1]	130	185	47
Accumulated DD&A, ending balance		362	232	$ 47
Net book Value
Net book Value, beginning balance		397
Net book Value, ending balance		$ 256	$ 397

[1] As at December 31, 2023 $161 of DD&A was capitalized to inventory (December 31, 2022- $766 and 2021 - 925).

Lease Liabilities (Details) - S

Lease Liabilities (Details) - Schedule of Company has Recognized Leases - CAD ($) $ in Thousands	12 Months Ended
	Dec. 11, 2023	Dec. 11, 2022	Dec. 11, 2021	Dec. 31, 2023	Dec. 31, 2022
Schedule of Company has Recognized Leases [Abstract]
Balance, beginning of year	$ 963
Additions	12,789	970
Interest expense	71	19
Payments	(99)	(26)
Balance, end of year	13,724	963
Current portion	6,002	98		$ 6,002	$ 98
Non-current portion	$ 7,722	$ 865		$ 7,722	$ 865

Lease Liabilities (Details) -_2

Lease Liabilities (Details) - Schedule of Minimum Lease Payments - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Minimum Lease Payments [Line Items]
Minimum lease payments	$ 16,269	$ 1,171
Amounts representing finance charges	(2,545)	(208)
Present value of net minimum lease payments	13,724	963
Within 1 year [Member]
Schedule of Minimum Lease Payments [Line Items]
Minimum lease payments	6,002	98
Within 2 to 5 years [Member]
Schedule of Minimum Lease Payments [Line Items]
Minimum lease payments	9,252	581
Later than 5 year [Member]
Schedule of Minimum Lease Payments [Line Items]
Minimum lease payments	$ 1,015	$ 492

Income Taxes (Details)

Income Taxes (Details) - CAD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - CAD ($) $ in Millions	Dec. 31, 2043	Dec. 31, 2042	Dec. 31, 2039	Dec. 31, 2038	Dec. 31, 2037	Dec. 31, 2035	Dec. 31, 2034	Dec. 31, 2033	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Statutory rate									23%	23%	23%
Loss carry forward									$ 1,800	$ 1,800
Non-capital losses									1,400
Income tax losses carried forward									985,000
Capital losses									27.6
Capital losses carried forward									$ 27.6	$ 2.8
Events After Reporting Period [Member]
Income Taxes [Line Items]
Income tax losses carried forward	$ 3.6	$ 2.9	$ 1,238	$ 8.3	$ 36.2	$ 30	$ 58.7	$ 4.3

Income Taxes (Details) - Schedu

Income Taxes (Details) - Schedule of Income Tax Expense - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Abstract]
Income (loss) before taxes	$ (116,285)	$ 44,017	$ 661,444
Expected statutory income tax rate	23%	23%	23%
Expected income tax expense (recovery)	$ (26,746)	$ 10,124	$ 152,132
Gain on business combination			(159,609)
Permanent differences	24,149	7,327	15,401
Change in unrecognized deferred tax asset	21,983	(105,132)	(7,924)
Deferred income tax expense (recovery)	$ 19,386	$ (87,681)

Income Taxes (Details) - Sche_2

Income Taxes (Details) - Schedule of Deferred Tax Asset (Liability) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax asset (liability) related to:
Oil producing assets related to property, plant & equipment	$ (135,800)	$ (145,838)	$ (157,900)
Resource related pools	10,647	11,478	9,815
Corporate non-capital losses carried forward	285,325	291,078	329,650
Corporate capital tax losses carried forward	2,609	3,211	270
Unrealized loss (gain) on financial derivatives	96	6,211	8,206
Share issuance costs	2,594	683
Senior secured debenture	6,793	1,792	(3,052)
Deferred tax asset not recognized	(103,969)	(80,934)	(186,989)
Deferred tax asset	$ 68,295	$ 87,681

Income Taxes (Details) - Sche_3

Income Taxes (Details) - Schedule of Taxable Income $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Schedule of Taxable Income [Line Items]
Taxable Income Total Amount (in Dollars)	$ 1,840,460
Undepreciated Capital Cost [Member]
Schedule of Taxable Income [Line Items]
Taxable Income Total Amount (in Dollars)	$ 328,682
Undepreciated Capital Cost [Member] \| Bottom of range [member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)	7%
Undepreciated Capital Cost [Member] \| Top of range [member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)	100%
Canadian Oil and Gas Property Expenditures [Member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)	10%
Taxable Income Total Amount (in Dollars)	$ 10,230
Canadian Exploration Expenditures [Member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)	30%
Taxable Income Total Amount (in Dollars)	$ 34,632
Federal Income Tax Losses Carried Forward [Member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)	100%	[1],[2]
Taxable Income Total Amount (in Dollars)	$ 1,376,813	[1],[2]
Federal Income Tax Losses Carried Forward [Member] \| Bottom of range [member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)		[1],[2]
Federal Income Tax Losses Carried Forward [Member] \| Top of range [member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)		[1],[2]
Other [Member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)		[3]
Taxable Income Total Amount (in Dollars)	$ 90,103	[3]
Other [Member] \| Bottom of range [member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)		[3]
Other [Member] \| Top of range [member]
Schedule of Taxable Income [Line Items]
Rate of Utilization (%)		[3]

[1] Federal income tax losses carried forward expire in the following years 2033 - $4.3 million; 2034 - $58.7 million; 2035 - $30.0 million; 2037 - $36.2 million; 2038 - $8.3 million; 2039 - $1,238.0 million; 2042 - $2.9 million; 2043 - $3.6 million. Provincial income tax losses carry forward is $985.0 million which is lower than the federal income tax losses carried forward due to differences in historical claims at the provincial level. Other includes $27.6 million in capital losses that have been recognized at the full amount as at December 31, 2023.

Decommissioning Liabilities (De

Decommissioning Liabilities (Details) - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Decommissioning Liabilities [Line Items]
Decommissioning liabilities (in Dollars)	$ 206.5	$ 206.5
Discount rate	12%	12%
Inflation rate	2%	2%
Credit-adjusted discount rate	1%
Decommissioning Liabilities [Member]
Decommissioning Liabilities [Line Items]
Decommissioning liabilities (in Dollars)	$ 1.1

Decommissioning Liabilities (_2

Decommissioning Liabilities (Details) - Schedule of Reconciliation of the Decommissioning Liabilities - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Reconciliation of the Decommissioning Liabilities [Abstract]
Balance, beginning of year	$ 7,543	$ 5,517
Initial recognition			1,957
Change in estimated future costs		1,283	3,262
Accretion expense	906	743	298
Balance, end of year	$ 8,449	$ 7,543	$ 5,517

Financial Instruments, Fair V_3

Financial Instruments, Fair Values and Risk Management (Details) $ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 CAD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2023 USD ($)
Financial Instruments, Fair Values and Risk Management (Details) [Line Items]
Trade receivables percentage	100%	100%
Interest receivables percentage	100%	100%
Accounts receivable (in Dollars)				$ 4.4
Percentage of foreign exchange	10%
Foreign exchange gain (loss) (in Dollars)	$ 39.7	$ 29.3	$ 39.6
Top of range [member]
Financial Instruments, Fair Values and Risk Management (Details) [Line Items]
Trade receivables percentage		64%
Bottom of range [member]
Financial Instruments, Fair Values and Risk Management (Details) [Line Items]
Trade receivables percentage		36%

Financial Instruments, Fair V_4

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Fair Values of Financial Instruments - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair value [Member]
Financial assets at amortized cost:
Cash	$ 109,475	$ 35,363
Restricted cash	50	35,313
Accounts receivable	34,680	34,308
Financial liabilities at amortized cost:
Accounts payable and accrued liabilities	59,850	46,569
Long-term debt (Note 15)	394,082	315,718
Financial liabilities at fair value through profit or loss
Risk management contracts	417	27,004
Warrant liability	18,630
Carrying Value [Member]
Financial assets at amortized cost:
Cash	109,475	35,363
Restricted cash	50	35,313
Accounts receivable	34,680	34,308
Financial liabilities at amortized cost:
Accounts payable and accrued liabilities	59,850	46,569
Long-term debt (Note 15)	396,780	295,173
Financial liabilities at fair value through profit or loss
Risk management contracts	417	27,004
Warrant liability	$ 18,630

Financial Instruments, Fair V_5

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Assets and Liability - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Assets And Liability [Abstract]
Gross amount, Asset		$ 21,375
Gross amount, Liability	(417)	(48,379)
Amount offset, Asset		(21,375)
Amount offset, Liability		21,375
Risk Management contracts, Asset
Risk Management contracts, Liability	$ (417)	$ (27,004)

Financial Instruments, Fair V_6

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Gain and Losses - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Financial Commodity Risk Management Gain And Losses [Abstract]
Realized gain (loss) on risk management contracts	$ (10,182)	$ (122,408)	$ (3,614)
Unrealized gain (loss) on risk management contracts	26,587	930	(35,677)
Gain (loss) on risk management contracts	$ 16,405	$ (121,478)	$ (39,291)

Financial Instruments, Fair V_7

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2023 $ / shares
Q1 2024 [Member] \| WTI-Costless Collar [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)	877,968	877,968
Put Strike Price Put Strike Price		$ 60
Put Strike Price ($US/Bbl)		$ 77
Q1 2024 [Member] \| Natural Gas- Fixed Price Swaps [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)	455,000	455,000
Swap Price ($/GJ)	$ 2.97
Q2 2024 [Member] \| WTI-Costless Collar [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)	877,968	877,968
Put Strike Price Put Strike Price		$ 60
Put Strike Price ($US/Bbl)		$ 74.55
Q2 2024 [Member] \| Natural Gas- Fixed Price Swaps [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)
Swap Price ($/GJ)
Q3 2024 [Member] \| WTI-Costless Collar [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)	887,800	887,800
Put Strike Price Put Strike Price		$ 62
Put Strike Price ($US/Bbl)		$ 92.32
Q3 2024 [Member] \| Natural Gas- Fixed Price Swaps [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)
Swap Price ($/GJ)
Q4 2024 [Member] \| WTI-Costless Collar [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)	887,800	887,800
Put Strike Price Put Strike Price		$ 59.46
Put Strike Price ($US/Bbl)		$ 87.58
Q4 2024 [Member] \| Natural Gas- Fixed Price Swaps [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Financial Commodity Risk Management Contracts [Line Items]
Volume (Bbls)
Swap Price ($/GJ)

Financial Instruments, Fair V_8

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Greenfire Terminated Risk Management	12 Months Ended
	Dec. 31, 2023 $ / shares
Jan – Dec 2024 [Member] \| WTI-Costless Collar [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Greenfire Terminated Risk Management [Line Items]
Volume (Bbls)
Put Strike Price (US$/Bbl)
Call Strike Price ($US/Bbl)
Jan – Dec 2024 [Member] \| WTI Fixed Price Swaps [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Greenfire Terminated Risk Management [Line Items]
Volume (Bbls)	11,500
Swap Price (US$/bbl))	$ 70.94
Jan 2025 [Member] \| WTI-Costless Collar [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Greenfire Terminated Risk Management [Line Items]
Volume (Bbls)	640,700
Put Strike Price (US$/Bbl)	$ 57.97
Call Strike Price ($US/Bbl)	$ 84.22
Jan 2025 [Member] \| WTI Fixed Price Swaps [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Greenfire Terminated Risk Management [Line Items]
Volume (Bbls)
Swap Price (US$/bbl))

Financial Instruments, Fair V_9

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Net Income Before Tax Based on the Financial Risk Management Contract $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Change in WTI Increase of $5.00/bbl [Member]
Schedule of Illustrates the Potential Impact of Changes [Abstract]
Increase (decrease) to fair value of commodity risk management contracts - Increase
Change in WTI Decrease of $5.00/bbl [Member]
Schedule of Illustrates the Potential Impact of Changes [Abstract]
Increase (decrease) to fair value of commodity risk management contracts - Decrease
Change in WTI Increase of $1.00/GJ [Member]
Schedule of Illustrates the Potential Impact of Changes [Abstract]
Increase (decrease) to fair value of commodity risk management contracts - Increase	455
Change in WTI Decrease of $1.00/GJ [Member]
Schedule of Illustrates the Potential Impact of Changes [Abstract]
Increase (decrease) to fair value of commodity risk management contracts - Decrease	$ (455)

Financial Instruments, Fair _10

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Credit Risk - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Credit Risk [Abstract]
Trade receivables	$ 22,452	$ 22,428
Joint interest receivables	12,228	11,880
Accounts receivable	$ 34,680	$ 34,308

Financial Instruments, Fair _11

Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Contractual Maturities of Financial Liabilities - CAD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Less than one year [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Contractual Maturities of Financial Liabilities [Line Items]
Accounts payable and accrued liabilities		$ 59,850	$ 46,569
Risk management contracts	[1]	417	27,004
Lease liabilities	[1]	6,002	98
Long-term debt	[2]	44,321	63,250
Total financial liabilities		110,590	136,921
Greater than one year [Member]
Financial Instruments, Fair Values and Risk Management (Details) - Schedule of Contractual Maturities of Financial Liabilities [Line Items]
Accounts payable and accrued liabilities
Risk management contracts	[1]
Lease liabilities	[1]	7,722	1,075
Long-term debt	[2]	332,029	231,921
Total financial liabilities		$ 339,751	$ 232,996

[1]Amounts represent the expected undiscounted cash payments.[2]Amounts represent undiscounted principal only and exclude accrued interest and transaction costs.

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Thousands, $ in Millions				3 Months Ended		12 Months Ended
Long-Term Debt (Details) $ in Thousands, $ in Millions	Oct. 01, 2025	Sep. 20, 2023 CAD ($)	Sep. 20, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Long-Term Debt [Line Items]
Redeemed outstanding balance			$ 217.9
Redeemed issuing balance (in Dollars)			$ 312.5
Issuance Percentage		12%	12%
Redemption premium percentage		106.50%	106.50%
Redemption amount		$ 19,200	$ 14.2
Accrued interest		3,400	2.5
Unamortized debt costs (in Dollars)		$ 42,100
Secured notes issued (in Dollars)			$ 300
Interest fixed rate		12%	12%
Hedging requirements percentage		50%	50%
Principal debt (in Dollars)			$ 100
Capital expenditures (in Dollars)		$ 100,000
Principal outstanding (in Dollars)			150
Principal amount percentage				105%		105%
Excess cash flow redemption (in Dollars)							$ 100
Change percentage				10%		10%
Foreign exchange gain loss (in Dollars)						$ 8,967		$ (26,099)	$ (1,512)
Long-term debt (in Dollars)				$ 332,029		332,029		191,158
Fair value of long-term debt (in Dollars)				394,100		$ 394,100		315,700
Facility cost (in Dollars)			50
Operating facility (in Dollars)			20
Syndicated facility (in Dollars)			$ 30
Unsecured credit facility (in Dollars)				$ 55,000
Guarantee fee, percentage				4.25%	4.25%
Events After Reporting Period [Member]
Long-Term Debt [Line Items]
Principal amount percentage	100%
Redemption percentage	40%
Letter of Credit Facility [Member]
Long-Term Debt [Line Items]
Letters of credit outstanding (in Dollars)					$ 54.3
Top of range [member]
Long-Term Debt [Line Items]
Excess cash flow rate						75%	75%
Interest rate			6.25%
Bottom of range [member]
Long-Term Debt [Line Items]
Excess cash flow rate						25%	25%
Interest rate			2.75%
Senior Secured Notes [Member]
Long-Term Debt [Line Items]
Redeemed outstanding balance		$ 294,600
Principal amount percentage	112%
Excess cash flow redemption (in Dollars)							$ 150
Foreign exchange gain loss (in Dollars)						$ 39,700		29,300	$ 39,600
EBITDA Ratio [Member] \| Top of range [member]
Long-Term Debt [Line Items]
Interest rate			1.5625%
EBITDA Ratio [Member] \| Bottom of range [member]
Long-Term Debt [Line Items]
Interest rate			0.6875%
Long Term Debts [Member]
Long-Term Debt [Line Items]
Long-term debt (in Dollars)				$ 376,400		$ 376,400		$ 254,400

Long-Term Debt (Details) - Sche

Long-Term Debt (Details) - Schedule of Minimum Hedging Requirements - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Minimum Hedging Requirements [Abstract]
Senior notes	$ 396,780	$ 295,173
Unamortized debt discount and debt issue costs	(20,430)	(40,765)
Total term debt	376,350	254,408
Current portion of long-term debt	44,321	63,250
Long-term debt	$ 332,029	$ 191,158

Long-Term Debt (Details) - Sc_2

Long-Term Debt (Details) - Schedule of Minimum Hedging Requirements (Parentheticals) - CAD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Minimum Hedging Requirements [Abstract]
Senior notes issued	12%	12%
Senior notes issued at par	98%	96.50%
Senior notes (in Dollars)	$ 300,000	$ 217,900

Long-Term Debt (Details) - Sc_3

Long-Term Debt (Details) - Schedule of Options of Redemption Prices	12 Months Ended
	Dec. 31, 2023 $ / shares
On or after October 1, 2025 to October 1, 2026 [Member]
Long-Term Debt (Details) - Schedule of Options of Redemption Prices [Line Items]
Redemption prices	$ 106
On or after October 1, 2026 to October 1, 2027 [Member]
Long-Term Debt (Details) - Schedule of Options of Redemption Prices [Line Items]
Redemption prices	103
On or after October 1, 2027 [Member]
Long-Term Debt (Details) - Schedule of Options of Redemption Prices [Line Items]
Redemption prices	$ 100

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - Schedule of Revenues - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Diluted bitumen sales [Member]
Schedule of Revenues [Line Items]
Revenues	$ 652,812	$ 890,400	$ 212,225
Bitumen Sales [Member]
Schedule of Revenues [Line Items]
Revenues	23,158	108,449	58,449
Oil [Member]
Schedule of Revenues [Line Items]
Revenues	$ 675,970	$ 998,849	$ 270,674

Financing and Interest (Details

Financing and Interest (Details) $ in Millions	12 Months Ended
Financing and Interest (Details) $ in Millions	Dec. 31, 2023 CAD ($)
Financing and Interest [Abstract]
Interest and finance expense	$ 108.3
Unamortized Debt Issuance Costs	42.1
Debt redemption	$ 19.2

Financing and Interest (Detai_2

Financing and Interest (Details) - Schedule of Financing and Interest - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Financing and Interest [Abstract]
Accretion on long-term debt	$ 106,435	$ 74,176	$ 22,186
Other and cash interest	2,873	2,155	1,926
Accretion on decommissioning liabilities	906	743	298
Financing and interest expense	$ 110,214	$ 77,074	$ 25,050

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($)
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	$ 352,809
Future unrecognized commitments	352,809
Remaining 2024 [Member]
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	31,880
Future unrecognized commitments	31,880
2025 [Member]
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	30,561
Future unrecognized commitments	30,561
2026 [Member]
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	28,956
Future unrecognized commitments	28,956
2027 [Member]
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	29,044
Future unrecognized commitments	29,044
2028 [Member]
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	29,170
Future unrecognized commitments	29,170
Beyond 2028 [Member]
Commitments and Contingencies (Details) - Schedule of Future Unrecognized Commitments [Line Items]
Transportation	203,198
Future unrecognized commitments	$ 203,198

Share Capital and Warrants (Det

Share Capital and Warrants (Details) $ / shares in Units, $ in Millions, $ in Millions		1 Months Ended	12 Months Ended
	Sep. 20, 2023 CAD ($) shares	Sep. 20, 2023 CAD ($) shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 CAD ($) $ / shares shares	Dec. 31, 2021 CAD ($)	Oct. 18, 2021 $ / shares
Share Capital and Warrants [Line Items]
Shares outstanding			8,937,518	8,937,518
Warrants outstanding			312,500	312,500
Common shares			4,250,000	4,250,000
Converted shares	661,971		661,971	661,971
Shares cancelled			77,941	77,941
Cash consideration (in Dollars)	$ 25.5		$ 6.7	$ 5
Number of common shares	1	1
Warrants convertable			3,617,016	3,617,016
Expire of warrant			10 years	10 years
Stock based compensation (in Dollars) \| $		$ 9.2	$ 9.8		$ 1.2
Share based compensation (in Dollars) \| $
GRI common shares [Member]
Share Capital and Warrants [Line Items]
Price per share (in Dollars per share) \| $ / shares					$ 0.01
Number of share acquire					2,983,866
Common shares	3,225,810		3,225,810	3,225,810
Converted shares	2,886,565		2,886,048	2,886,048
De-Spac Transaction [Member]
Share Capital and Warrants [Line Items]
Warrants outstanding	312,500
GreenFire Common Shares [Member] \| Common Shares [Member]
Share Capital and Warrants [Line Items]
Common shares			43,690,534	43,690,534
Shares cancelled	339,245		339,245	339,245
New Greenfire Warrants [Member]
Share Capital and Warrants [Line Items]
Warrant			7,526,667	7,526,667
Performance of warrant			3,617,016	3,617,016
GRI Warrant [Member]
Share Capital and Warrants [Line Items]
Warrant outstanding	739,912	739,912	739,912	739,912
Bondholder warrants [Member]
Share Capital and Warrants [Line Items]
Shares outstanding					312,500
Percentage of right to purchase					25%
Price per share (in Dollars per share) \| $ / shares							$ 0.01
Shares cancelled	77,941
GRI common shares [Member]
Share Capital and Warrants [Line Items]
Exchange ratio					9.55
GreenFire Common Shares [Member]
Share Capital and Warrants [Line Items]
Common shares	15,769,183
Greenfire [Member]
Share Capital and Warrants [Line Items]
Warrants convertable	3,617,016
Performance Warrants [Member]
Share Capital and Warrants [Line Items]
Cash consideration (in Dollars) \| $		$ 4.5
Fair market value of Warrants (in Dollars) \| $			$ 11

Share Capital and Warrants (D_2

Share Capital and Warrants (Details) - Schedule of Summarized Changes to the Company’s Common Share Capital - Common share capital [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2023 CAD ($) shares
Shares outstanding
Number of shares, outstanding balance beginning \| shares	1
Outstanding balance beginning \| $	$ 15
Number of shares, Issuance of new common shares per De-Spac Transaction \| shares	43,690,533
Issuance of new common shares per De-Spac Transaction \| $
Number of shares, Issuance for exercise of bond warrants \| shares	15,769,183
Issuance for exercise of bond warrants \| $	$ 38,911
Number of shares, Issuance to MBSC shareholders – Class A and Class B \| shares	5,005,707
Issuance to MBSC shareholders – Class A and Class B \| $	$ 62,959
Number of shares, Issuance of new common shares for PIPE investment \| shares	4,177,091
Issuance of new common shares for PIPE investment \| $	$ 56,630
Number of shares, outstanding balance ending \| shares	68,642,515
Outstanding balance ending \| $	$ 158,515

Share Capital and Warrants (D_3

Share Capital and Warrants (Details) - Schedule of Basic and Diluted Net Income (Loss) Per Share - $ / shares		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Weighted Average Shares Outstanding [Abstract]
Weighted average shares outstanding- basic		54,425,083	48,911,099	42,609,296
Dilutive effect of bond and performance warrants			21,019,068	5,488,834
Weighted average shares outstanding- diluted		54,425,083	69,930,167	48,098,130
Basic $ per share (in Dollars per share)	[1]	$ (2.49)	$ 2.69	$ 15.52
Diluted $ per share (in Dollars per share)	[1]	$ (2.49)	$ 1.88	$ 13.75

[1] For the years ended December 31, 2022 and 2021 the Company’s basic and diluted earnings per share is the net income per common share of Greenfire Resources Inc (see Note 1)., and the weighted average common shares outstanding has been recast by the applicable exchange ratio following the completion of the De-Spac Transaction with MBSC (Note 5.)

Share Capital and Warrants (D_4

Share Capital and Warrants (Details) - Schedule of Common Shares Issuable to Performance Warrant Holders - Performance warrant [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Performance Warrants outstanding
Number of warrants, Balance beginning of period	3,895,449
Weighted Average Exercise Average Exercise Price, Balance beginning of period	$ 2.89
Number of warrants, Performance Warrants issued	186,257	4,159,546
Weighted Average Exercise Average Exercise Price, Performance Warrants issued	$ 8.35	$ 2.91
Number of warrants, Performance Warrants forfeited	(38,820)	(264,097)
Weighted Average Exercise Average Exercise Price, Performance Warrants forfeited	$ 3.34	$ 3.13
Number of warrants, Performance warrants cancelled	(425,870)
Weighted Average Exercise Average Exercise Price, Performance warrants cancelled	$ 3.15
Number of warrants, Balance end of period	3,617,016	3,895,449
Weighted Average Exercise Average Exercise Price, Balance end of period	$ 3.15	$ 2.89
Common shares issuable on exchange \| shares	3,617,016	3,895,449

Share Capital and Warrants (D_5

Share Capital and Warrants (Details) - Schedule of Fair Market Value of the Performance Warrants using Black Scholes Merton Valuation Model - CAD ($)		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Schedule of Fair Market Value of the Performance Warrants [Abstract]
Average risk-free interest rate		4.20%	1.46%
Average expected dividend yield
Average expected volatility	[1]	70%	60%
Bottom of range [member]
Schedule of Fair Market Value of the Performance Warrants [Abstract]
Average expected life (years)		2 years	3 years
Top of range [member]
Schedule of Fair Market Value of the Performance Warrants [Abstract]
Average expected life (years)		5 years	5 years

[1] Expected volatility has been based on historical share volatility of similar market participants

Warrant Liability (Details)

Warrant Liability (Details) $ in Millions		12 Months Ended
Warrant Liability (Details) $ in Millions	Sep. 20, 2023 CAD ($) shares	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2023 CAD ($) $ / shares	Sep. 20, 2023 $ / shares
Warrant Liability [Line Items]
Warrants issued	5,000,000
Warrants expire	5 years
Common share	1
Price per share (in Dollars per share) \| $ / shares				$ 11.5
Exercise price per share (in Dollars per share) \| $ / shares			$ 11.5
Common share price per share (in Dollars per share) \| $ / shares			$ 4.86
Class B Private Warrants [Member]
Warrant Liability [Line Items]
Fair value liabilities (in Dollars) \| $		$ 18	$ 18
New warrants outstanding		2,526,667
Bottom of range [member]
Warrant Liability [Line Items]
Warrants liability (in Dollars) \| $		$ 35
GRI Common Shareholders [Member]
Warrant Liability [Line Items]
Warrants issued	5,000,000
Fair value liabilities (in Dollars) \| $	$ 35.6
MBSC [Member]
Warrant Liability [Line Items]
New warrants outstanding		2,526,667
New Greenfire Warrants [Member]
Warrant Liability [Line Items]
Outstanding warrants		7,526,667

Warrant Liability (Details) - S

Warrant Liability (Details) - Schedule of Reconciles the Warrant Liability - Warrants [Member] - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Reconciles the Warrant Liability [Line Items]
Number of Warrants, Share, Beginning balance
Number of Warrants, Amount, Beginning balance
Number of Warrants, End of period	7,526,667,000
Number of Warrants, Amount, End of period	$ 18,630
Number of Warrants, Common shares issuable on exercise	7,526,667,000
Number of Warrants, Common shares issuable on exercise, Amount
Number of Warrants, Warrants issued	5,000,000,000
Number of Warrants, Amount, Warrants issued	$ 35,644
Number of Warrants, MBSC warrants converted	2,526,667,000
Number of Warrants, MBSC warrants converted, Amount	$ 17,959
Number of Warrants, Change in fair value
Number of Warrants, Change in fair value, Amount	$ (34,973)

Warrant Liability (Details) -_2

Warrant Liability (Details) - Schedule of Fair Value of Each Warrant Was Estimated on its Grant Date Using the Black Scholes Merton Valuation Model - Black Scholes Merton Valuation Model [Member]	12 Months Ended
	Dec. 31, 2023 CAD ($)
Warrant Liability (Details) - Schedule of Fair Value of Each Warrant Was Estimated on its Grant Date Using the Black Scholes Merton Valuation Model [Line Items]
Average risk-free interest rate	4.20%
Average expected dividend yield (in Dollars)
Average expected volatility	70%	[1]
Average expected life (years)	5 years

[1] Expected volatility has been based on historical share volatility of similar market participants

Capital Management (Details) -

Capital Management (Details) - Schedule of Capital Structure - Net Debt [Member] - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Capital Structure [Abstract]
Face value of term debt (Note 15)	$ 396,780	$ 295,173
Shareholders’ equity	712,940	837,771
Working capital, excluding current portion of term debt, warrant liability and risk management contracts	(96,899)	(76,860)
Net managed capital	$ 1,012,821	$ 1,056,084

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Schedule of Accounts Payable and Accrued Liabilities - CAD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Accounts Payable and Accrued Liabilities [Abstract]
Trade payables	$ 6,303	$ 3,367
Accrued payables	35,994	30,401
Accrued employee annual incentive plans	4,435	4,463
Accrued interest payable	13,118	8,338
Accounts payable and accrued liabilities	$ 59,850	$ 46,569

Related Party Transactions (Det

Related Party Transactions (Details) - Schedule of Considers Directors and Officers - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Considers Directors and Officers [Abstract]
Salaries, benefits, and director fees	$ 3,808	$ 1,978	$ 873

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - Schedule of Consolidated Balance Sheet to the Consolidated Statement of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Consolidated Balance Sheet to the Consolidated Statement of Cash Flows [Abstract]
Change in accounts receivable	$ (372)	$ 9,654	$ (43,962)
Change in inventories	705	1,349	(15,917)
Change in prepaid expenses and deposits	(1,763)	6,537	(10,512)
Change in accounts payable and accrued liabilities	13,048	(10,859)	57,367
Working capital acquired (note 6)			41,856
Change in working capital	11,618	6,681	28,832
Other items impacting change in non-cash working capital: Unrealized foreign exchange loss in accounts payable	(93)	(652)
Non-cash working capital	11,525	6,029	28,832
Related to operating activities	25,513	3,570	(6,910)
Related to investing activities (accrued additions to PP&E)	(13,988)	2,459	35,742
Net change in non-cash working capital	11,525	6,029	28,832
Cash interest paid (included in operating activities)	(39,955)	(51,129)	(1,926)
Cash interest received (included in operating activities)	$ 2,976	$ 620	$ 21

Supplementary Information for_3

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - MMBoe	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplementary Information [Abstract]
Net of royalties	6.2	7.1	2.8
Proved reserve increased	6.4		172.6
Proved reserve decreased		16.4
Royalty rates decrease		26.2
Positive performance revisions		revisions, other than price, of 9.8 MMBOE, approximately 15% of which (1.5 MMBOE) attributed to positive performance revisions at the producing pads and approximately 85% of which (8.3 MMBOE) attributed to increased operating costs (non-energy and updates in the TIER regulatory costs) and capital costs during the reporting period (as capital costs increase, net reserves volumes increases because royalties decrease).
The description of proved reserves increased	(i)increase of 5.3 MMBOE from extensions due to the inclusion of additional undeveloped wells at the Demo property that were not previously included in reserves. (ii)increase of 9.3 MMBOE due to lower realized prices causing lower royalty rates, which increases net reserves volumes, offset by (iii)revisions other than price of -2.0 MMBOE, where -2.7 MMBOE attributed to negative performance revisions at the producing pads and changes to the undeveloped development plan were partially offset by +0.7 MMBOE due to increased operating costs and capital costs during the reporting period (as capital and operating costs increase, net reserves volumes increases because royalties decrease).
Proved reserves estimated	Proved reserves are estimated based on the average first-day-of-month prices during the 12-month period for the respective year.The average prices used to compute proved reserves at December 31, 2023 were WTI: $78.21 per bbl, WCS: CAD$79.89 per bbl, Edmonton C5+ CAD$104.16 per bbl, Henry Hub: $2.59 per MMBtu, and AECO Spot: CAD$2.84 per MMBtu.The average prices used to compute proved reserves at December 31, 2022 were WTI: $94.14 per bbl, WCS: CAD$97.68 per bbl, Edmonton C5+ CAD$120.59 per bbl, Henry Hub: $6.25 per MMBtu, and AECO Spot: CAD$5.62 per MMBtu.The average prices used to compute proved reserves at December 31, 2021 were WTI: $66.55 per bbl, WCS: CAD$66.43 per bbl, Edmonton C5+ CAD$83.96 per bbl, Henry Hub: $3.64 per MMBtu, and AECO Spot: CAD$3.57 per MMBtu. Prices for bitumen, oil, diluent and natural gas are inherently volatile.
Proved undeveloped reserves increased			132
Proved Undeveloped Reserves Decreased		16.2
The description of proved undeveloped reserves	(i)A decrease of 23.8 MMBOE resulting from higher prices used in 2022 causing higher royalty rates, which reduces net reserves volumes, offset by (ii)Positive revisions, other than price, of 7.6 MMBOE attributed to increased operating costs (non-energy and updates in the TIER regulatory costs) and capital costs during the reporting period (as capital costs increase, net reserves volumes increases because royalties decrease). In 2023, the Company’s proved undeveloped reserves increased by 9.2 MMBOE, which was the result of: (i)increase of 5.3 MMBOE from extensions due to the inclusion of additional undeveloped wells at the Demo property that were not previously included in reserves (ii)increase of 8.5 MMBOE resulting from lower realized prices causing lower royalty rates, offset by (iii)revisions other than price of -1.5 MMBOE, where -2.4 MMBOE attributed to negative performance revisions at the producing pads and changes to the undeveloped development plan were partially offset by +0.9 MMBOE due to increased operating costs and capital costs during the reporting period (as capital and operating costs increase, net reserves volumes increases because royalties decrease). (iv)movement of 3.1 MMBOE from undeveloped into proven developed producing due to eight Refill wells drilled in 2023
Interest rate percentage	10%
Measure Of Future Net Cash Flows Discounted Percentage	10%
Net present value percentage	10%

Supplementary Information for_4

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Estimated Proved Reserves - l		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Bitumen Sales [Member]
Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Estimated Proved Reserves [Line Items]
Developed	[1],[2]	27,598	30,440	37,792	0
Undeveloped	[1],[2]	124,981	115,773	131,968	0
Total – December 31	[1],[2]	152,579	146,212	169,720	0
Extensions & Discoveries	[1],[2]	5,297	0	0
Improved Recovery	[1],[2]	0	0	0
Technical Revisions	[1],[2]	7,282	(16,431)	0
Acquisitions	[1],[2]	0	0	172,580
Dispositions	[1],[2]	0	0	0
Production	[1],[2]	(6,212)	(7,117)	(2,820)
Balance	[1],[2]	152,579	146,212	169,760
Barrels of Oil Equivalent [Member]
Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Estimated Proved Reserves [Line Items]
Developed	[2]	27,598	30,440	37,792	0
Undeveloped	[2]	124,981	115,773	131,968	0
Total – December 31	[2]	152,579	146,212	169,720	0
Extensions & Discoveries	[2]	5,297	0	0
Improved Recovery	[2]	0	0	0
Technical Revisions	[2]	7,282	(16,431)	0
Acquisitions	[2]	0	0	172,580
Dispositions	[2]	0	0	0
Production	[2]	(6,212)	(7,117)	(2,820)
Balance	[2]	152,579	146,212	169,760

[1]Bitumen, as defined by the SEC, “is petroleum in a solid or semi-solid state in natural deposits with a viscosity greater than 10,000 centipoise measured at original temperature in the deposit and atmospheric pressure, on a gas free basis.” Under this definition, all of the Company’s thermal and primary heavy crude oil reserves have been classified as bitumen.[2]Numbers may not add due to rounding.

Supplementary Information for_5

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Greenfire Undeveloped Reserve - l		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Greenfire Undeveloped Reserve Abstract
Beginning balance	[1]	115,773	131,968.2	0
Technical revisions	[1]	6,998	(16,196)	0
Acquisitions	[1]			131,968.2
Conversions to developed	[1]	(3,087)	0	0
Ending balance	[1]	124,981	115,773	131,968.2
Extensions and discoveries	[1]	5,297	0	0

[1]Numbers may not add due to rounding.

Supplementary Information for_6

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Reserve - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Reserve [Abstract]
Future cash inflows	$ 8,072	$ 10,276	$ 7,168
Future production costs	2,771	3,491	2,448
Future development/abandonment costs	1,208	1,274	1,144
Deferred income taxes	774	1,053	361
Future net cash flows	3,320	4,458	3,215
Less 10% annual discount factor	(1,728)	(2,361)	(1,778)
Standardized measure of discounted future net cash flows	$ 1,592	$ 2,097	$ 1,437

Supplementary Information for_7

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Reserve (Parentheticals)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Standardized Measure of Discounted Future Net Cash Flow Relating to Proved Reserve [Abstract]
Annual discount factor	10%	10%	10%

Supplementary Information for_8

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Reconciles Changes in Standardized Measure Future Net Cash Flows - CAD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Reconciles Changes in Standardized Measure Future Net Cash Flows [Abstract]
Standardized measure of discounted future net cash flows at beginning of year		$ 2,097	$ 1,437	$ 0
Standardized measure of discounted future net cash flows at end of year		1,592	2,097	1,437
Oil and gas sales during period net of production costs and royalties	[1]	(459)	(726)	(179)
Changes due to prices	[2]	(567)	1,175	0
Development costs during the period	[3]	33	39	5
Changes in forecast development costs	[4]	(27)	(149)	(401)
Changes resulting from extensions, infills and improved recovery	[5]	94	0	0
Changes resulting from discoveries	[2]	0	0	0
Changes resulting from acquisition of reserves	[5]	0	0	1,486
Changes resulting from disposition of reserves	[5]	0	0	0
Accretion of discount	[6]	240	149	0
Net change in income tax	[7]	253	(682)	(209)
Changes resulting from other changes and technical reserves revisions plus effects on timing	[8]	$ (71)	$ 864	$ 735

[1]Company actual before income taxes, excluding general and administrative expenses.[2]The impact of changes in prices and other economic factors on future net revenue.[3]Actual capital expenditures relating to the exploration, development and production of oil and gas reserves.[4]The change in forecast development costs.[5]End of period net present value of the related reserves.[6]Estimated as 10 percent of the beginning of period net present value.[7]The difference between forecast income taxes at beginning of period and the actual taxes for the period plus forecast income taxes at the end of the period[8]Includes changes due to revised production profiles, development timing, operating costs, royalty rates and actual prices received versus forecast, etc.

Supplementary Information for_9

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Net Capitalized Costs Relating to Petroleum and Natural Gas Producing Activities - CAD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Net Capitalized Costs Relating to Petroleum and Natural Gas Producing Activities [Abstract]
Proved oil and gas properties	$ 1,091	$ 1,058	$ 1,017
Unproved oil and gas properties	0	0	0
Total capitalized costs	1,091	1,058	1,017
Accumulated depletion and depreciation	(163)	(96)	(28)
Net Capitalized Costs	$ 928	$ 962	$ 989

Supplementary Information fo_10

Supplementary Information for Greenfire Resources Inc. – Oil and Gas (Unaudited) (Details) - Schedule of Petroleum and Natural Gas Property Acquisitions, Exploration and Development Activities - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property acquisition (disposition) costs
Proved oil and gas properties – acquisitions	$ 0	$ 0	$ 1,010
Proved oil and gas properties – dispositions	0	0	0
Unproved oil and gas properties	0	0	0
Exploration costs	0	0	0
Development costs	33	41	7
Total Expenditures	$ 33	$ 41	$ 1,017