Greenfire Resources Inc. said Thursday it agreed to combine with special purpose acquisition company M3-Brigade Acquisition III Corp. in a deal that values the Canadian oil sands company at $950 million. The deal is expected to close in the second quarter. The combined company will continue its focus on optimizing Greenfire’s production and facilities, with the objective of further enhancing its cash operating netbacks and free cash flow per barrel and with the intention to return capital to its stakeholders over time.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.