PrairieSky Royalty Ltd.

Good day and thank you for standing by. Welcome to Prairie Sky Royalty Limited fourth quarter and year-end 2025 financial results conference call. 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 advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host So Andrew Pills, Dressen and CEO, please go ahead, sir.

Thank you, operator, and good morning, everyone, and thank you for dialing into the Prairie Sky year-end 2025 conference call. On the call from PSK are Pam Cazale, CFO, Dan Bertram, CCO, and Mike Murphy, VP Geosciences and Capital Markets, as well as myself, Andrew Phillips. Before we begin, there's certain forward-looking information and statements in our commentary today, so I would ask listeners and investors to review the forward-looking statements qualifier in our press release in MD&A, which can be found on our website. 2025 was a successful year for PSK on all fronts. We achieved 6% oil growth over the year, reaching a record 13,940 royalty oil barrels per day. We expect further records in 2026. Our PDP reserves grew alongside our oil production at over 7% year over year. Leasing activity remained robust. The company entered into 189 lease arrangements with 90 distinct counterparties. Leasing continues this year at a similar pace. On the capital allocation front, we executed on $100 million of acquisitions with excellent projected returns. In addition, we canceled 2.6% of the outstanding shares of Prairie Sky while paying $243.4 million in dividends. Looking into 2026, the team will continue to focus on leasing our leading undeveloped land base to qualified counterparties across the basin. Over the year, numerous discoveries and pool extensions were found across our extensive portfolio with decades of remaining inventory on some of North America's most economic plays. With 98% operating margins and unmatched duration, we're in a position to provide strong returns to our owners in the coming years. We're pleased to announce that 2% increase to our annual dividend to $1.06 per share per year, and our first quarterly dividend will be $0.265, effective March 31, 2026. I will now turn the call over to Mike to further discuss activity on our lands.

Thanks, Andrew. 2025 drilling activity was strong for Prairie Sky, with an estimated $2 billion of gross third-party capital spent on our lands. This represents an estimated 8.3% of total industry conventional capex in the basin, and this is up from 6.9% in 2024. Activity was especially strong in our key oil growth plays, including Clearwater Spuds up 9% year-over-year, Mandelstack up 11%, and Duvernay up 67%. Multilaterals continue to drive increased productivity per well, with 80 multi-lad spot in Q4 and 285 spot in all of 2025, representing 40% of all drilling activity on PSK lands, up from 36% in 2024. We now estimate half of our Clearwater volumes are underwater flood support, providing for a highly sustainable, low decline production base. Improved recovery contributed to a 42% increase in Clearwater 2P reserve volumes year over year. Clearwater Royalty Oil production has grown at a compound annual growth rate of 20% since 2022, and we expect double digit growth from the play again in 2026. In the Duvernay, Royalty production increased 90% year over year, with growth primarily attributed to activity in the West Shale Basin. With sizable third party operator budgets in this part of the play this year, we expect the Duvernay to once again represent the fastest growing play for Prairie Sky in 2026. I'll pass it over to Pam to discuss the financials.