PrairieSky Royalty Ltd.

and welcome to Prairie Sky Royalty Limited announces their second quarter 2025 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. Instructions will be given at that time. As a reminder, this call may be recorded. I would now like to turn the call over to Andrew Phillips, President and CEO. Please go ahead.

Thank you, Michelle. Good morning, everyone, and thank you for dialing in to the Prairie Sky Royalty Q2 2025 earnings call. On the call from PSK are Pam Cazell, CFO, Dan Bertram, CEO, Mike Murphy, VP Capital Markets, and myself, Andrew Phillips. Before we begin, there's certain forward-looking information and statements in our commentary, so I'd ask listeners and investors to review the forward-looking statements qualified in our press release at MD&A, which can be found on our website. Prairie Sky achieved record royalty oil production of 14,376 barrels per day, up 8% from the same quarter the year before. In 2018, for reference, Prairie Sky had 235 million shares outstanding and produced 9,000 net royalty oil barrels. Today, with the same 235 million shares outstanding, we have 14,000 net royalty oil barrels. An excellent result. We now have three plays of strong growth rates and decades of inventories. The Clearwater is now over 2,500 barrels per day. The Manville stack is approaching 1,000 barrels per day. And the Duvernay, with strong spud count, should double this year, adding high net back light oil barrels. In southern Alberta, a number of new discoveries have been made in the basal quartz formation. This is a light oil play with liquids-rich solution gas. Sales from the play are fast, so we expect continued activity on the play. Prairie Sky has a very large mineral position with complementary 3D ownership. Ownership of Mineral Tidal provides investors with optionality across the basin. A number of small-scale CID projects will also be built on Prairie Sky acreage over the next 10 years, adding long-duration oil projects to our reserves and cash flow stream. Finally, Prairie Sky has a massive natural gas royalty resource, and in spite of the very weak pricing, volumes remain stable. Our expectation is for the volumes to show some growth in 2026. I'll now turn the call over to Mike.

Thanks, Andrew. Thanks, Andrew. We saw a similar level of drilling activity relative to last year with 117 spuds in Q2 2025 versus 115 in Q2 2024. We had 61 multilateral spuds in the quarter, representing 52% of all new wells, which is a new high-water mark for proportion of multilateral spuds in a quarter. Multilaterals were focused in the clearwater with 47 well spuds, but also included wells targeting mangrove-heavy oils, and Mississippian light oil in southeast Saskatchewan. We are also seeing a high pace of development in the DuVernay light oil play with 14 wells spun in the quarter and 30 spun year to date relative to 33 spun in all of 2024. We are encouraged by step change improvements in initial well productivity in the DuVernay oil window in the West Shale Basin and expect improved half cycle economics to strive meaningful growth programs for third-party operators in this region moving forward, positively impacting our royalty oil volumes. I'll now pass it over to Pam to discuss the financials.