Greenfire, through its subsidiary Greenfire Hangingstone Operating Corporation, acquired the Hangingstone SAGD Project in August 2018.
The Project was previously owned and operated by Japan Canada Oil Sands Ltd. (JACOS) and was referred to as the Hangingstone Demonstration Project.
The Hangingstone Project has been operating as a SAGD facility since 1999. After the Fort McMurray wildfires in May 2016, the project was suspended and remained inactive until Greenfire acquired the asset.
Since acquisition, Greenfire has been diligently working on the re-commissioning and re-start of the Hangingstone facility. Greenfire has achieved the following milestones to date:
September 2018: Plant operations re-established
October 2018: First steam
November 2018: First production
December 2018: First bitumen sales