Petrus Resources Ltd.

Good day, and thank you for standing by. Welcome to the Pitchers Resources year-end 2025 results conference call and webcast. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message if your hand is raised. To answer your question, please press star 1-1 again. Please advise that today's conference is being recorded. I'll now hand the conference over to your first speaker today, Ken Gray, President and CEO. Please go ahead.

Good morning and welcome to the Petrus Resources Conference Call. I'm Ken Gray, CEO of Petrus. And as usual, I'm joined here by our executive team of Matthew Wong, CFO, Matt Scandrip, COO, and Lindsay Hatcher, VP Commercial and Corporate Developments. We've just released Petrus 2025 Q4 and year-end results, but that seems like ancient history given the recent world events and developments here at Petrus. I'm not going to say too much about 2025. It was a good year for us from an execution standpoint. We drilled 13 operated wells very efficiently, lowering our overall well cost and generating excellent productivity from the wells. We expanded our focus to include the oilier Belly River formation, where we drilled several wells that helped increase our liquids weighting. We added to our undeveloped land and continued to invest in our infrastructure. We held production flat, slightly increased cash flow, and continued to pay our high-yielding dividend. We achieved all this despite overall pricing being even weaker than in 2024, with falling oil prices and the LNG premium failing to materialize. These results point to the strength of Petrus, both the team and the assets, and to the bright future for the company. We're only just over two months into 2026, but it's already been quite an eventful year. Wars and other actions in oil regions around the world have dramatically increased oil prices. It is extremely frustrating to us that we have this tremendous resource here that the world requires, and yet government policies over the last decade or so have limited our ability to get it to where it's needed. Our efficiency as an industry has allowed us to grow to record production levels despite chronically weak prices. It is a shame we are not able to do more today. Let's hope we as a country can correct this and be in a better position to help out in the future. Petrus will continue to do its part. Already in 2026, we have drilled six wells, four of which will come on production at the end of this week. We completed an acquisition of a complimentary oil-weighted deep basin asset at Hermattan, which added about 2,000 BOE per day of production and undeveloped lands that we expect to begin drilling on this summer. At Petrus, we are proud of what we do and what we have accomplished, and we will continue to efficiently find, develop, and produce affordable energy for Canada and the world.

Thank you. At this time, we'll conduct a question and answer session. As a reminder to address the question, you'll need to press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. I'm sure no questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.