Waterous Calls for New Greenfire Board After Taking 43% Stake

Canadian oil tycoon Adam Waterous’ investment fund is seeking to replace the board of Greenfire Resources Ltd., saying the oil sands producer that he’s taken a significant stake in has missed production targets and wasted shareholders’ resources.

Waterous has requisitioned a special meeting to replace the current Greenfire directors with a new slate that includes himself and other officials at his fund, according to a statement Thursday. The investment firm said in September that it had bought a 43% stake in Greenfire for about C$328 million ($235 million).

Greenfire is resisting the move, saying in a statement released ...