On October 22, 2024 by order of the Honourable Justice B. Johnston the “Receivership Order”) of the Court of King’s Bench of Alberta, Alvarez & Marsal Canada Inc. was appointed as the receiver (the “Receiver”) over and sales agent in respect of the marketing and sale of Viceroy Canadian Resources Corp.’s (“Viceroy”) working interest in a steam assisted gravity drainage (“SAGD”) plant and facility located approximately 45 km north of Fort McMurray, which includes a SAGD plant and any associated equipment (the “Plant”). The Receiver is expressly empowered to act in respect of the marketing and sale of Viceroy’s working interest the Plant, and in particular is authorized but not required to negotiate a sales solicitation process with Greenfire Resources Operating Corporation (“Greenfire”), in which Greenfire would be a stalking horse bidder for Viceroy’s working interest the Plant.

The Receivership Order was granted pursuant to sections 64 and 65 of the Personal Property Security Act, RSA 2000, c P-7 and section 13 of the Judicature Act, RSA 2000, c J-2.