11:03 AM EDT, 10/07/2024 (MT Newswires) -- Greenfire Resources ( GFR ) on Monday unveiled initiatives that it said will increase its net production capacity by 74% to 58,800 barrels per day.

The Calgary-based thermal energy producer said its future growth plans include modernizing its steam-assisted gravity drainage drilling strategy, and consolidating multiple well pads into a single concentrated pad design.

The company is also looking at a potential brownfield expansion of its existing central processing facility that could add up to 15,000 barrels per day capacity, and the potential relocation of a recently-acquired SAGD central processing facility that could also add 15,000 bbls/d capacity.

An additional 2,500 bbls/d capacity could be expected by restarting a portion of an existing plant at its Demo Asset project, it said.

Some of the initiatives are still under development and require board approval and funding commitment, the company said, adding it is looking to release an updated independent reserves report within this quarter along with an updated development plan.

Shares of Greenfire were up 1.1% in recent trading.

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