Waterous Buys $241 Million Stake in Oil-Sands Driller Greenfire

By Robert Tuttle

September 16, 2024 at 1:27PM EDT

Adam Waterous, chief executive officer of Waterous Energy Fund, in his office in Calgary, Alberta, Canada, on Friday, Jan. 5, 2024. In just over six years, former investment banker Adam Waterous assembled one of Canada's largest oil producers from scratch through a flurry of acquisitions during a stormy period for the industry. (Todd Korol/Bloomberg)

(Bloomberg) -- Canadian oil tycoon Adam Waterous increased his holdings in the country’s oil sands, buying a significant stake in Greenfire Resources Ltd. for about C$328 million ($241 million).

The roughly 30 million shares of Greenfire, representing a 43% stake in the company, were purchased from Modro Holdings LLC and two funds controlled by Greenfire directors, Waterous Energy Fund said Monday. The deal was a private share-purchase agreement that valued the stock at C$10.93 share.

Greenfire, which owns two oil-sands well sites south of Fort McMurray, Alberta, is the latest addition to Waterous’s portfolio of companies. The investor built one of Canada’s largest oil producers, Strathcona Resources Ltd., in just over six years by snapping up a succession of oil and gas producers during a time of depressed crude prices.

Greenfire shares rose 16% to C$10.04 at 12:43 p.m. in Toronto after the deal was announced.