PrairieSky Royalty Ltd.

Welcome to Prairie Sky Royalty LTD third quarter 2024 financial results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Andrew Phillips, President and Chief Executive Officer. Please go ahead.

Thank you, Michelle, and good morning, everyone, and thank you for dialing into the Q3 2024 Prairie Sky earnings call. On the call from PSK are Pam Cazale, CFO, Dan Bertram, Chief Commercial Officer, and Michael Murphy, VP Capital Markets, as well as myself. Before we begin, there is certain forward-looking information in my commentary today, so I'd ask investors to review the forward-looking statements qualifier in our press release MD&A. The third quarter was a very busy one for the team at Prairie Sky. Our oil volumes grew organically by 5% over Q3 2023. Year-to-date, 6% organic oil growth has been achieved. Strong licensing, and 247 well spuds on PSK acreage are representative of the strong economics operators are seeing on our acreage in the current commodity environment. The strong spud levels this quarter should continue our momentum in oil growth over the upcoming quarters. 2025 activity levels should also be similar to this year, absent any major changes in pricing. New leasing activity remains robust with 54 new leases signed over the quarter with 41 different counterparties. Leasing was active across most major oil plays in the quarter. The compliance department was active, bringing back land to the company and collecting $2.2 million in revenue. Water flood activity across the Clearwater has continued to show positive response, lowering our declines and ultimately increasing recovery factors in this play. Continued refinement of both drilling techniques as well as fluid systems has not only improved economics and recovery factors, but also opened up potential on a number of new zones within the Manville stack that were previously uneconomic. I'll now pass the call over to Mike for further comments.

Yeah, thanks, Andrew. Well spuds were up quarter over quarter coming out of spring breakup in Q2. We continue to see growth augmented by a growing proportion of higher productivity multilateral wells. In the quarter, multilaterals accounted for approximately 38% of drilling activity on prairie skylines, which is up from 33% in the third quarter of 2023. Year to date, multilaterals have accounted for 35% of total spuds, which compares to 28% over the same period last year. Clearwater activity remains strong, with estimated oil production from the play greater than 2,000 barrels per day in Q3-24, and year-to-date volumes up 19% year-over-year. The Manville stack in the Cold Lake region remained very active, with 20 multilaterals drilled in the quarter, which is up from 12 drilled Q3-23. And finally, in the Duvernay, recent oil wells brought on in the Pembina area have increased Q3 royalty production to over 700 BOEs per day from the Duvernay, which represents 76% growth year-over-year. We look forward to active active upcoming capital programs in the West Shale Duvernay from our counterparties, which we expect to drive light oil growth in 2025 and beyond. With that, I'll pass the call over to Pam to discuss the financials.