PrairieSky Royalty Ltd.

Good day and thank you for standing by. Welcome to the Prairie Sky Royalty Limited first quarter 2026 financial results conference call. 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 will 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 now like to hand the conference over to your speaker today, Andrew Phillips, President and CEO. Please go ahead.

Thank you, Daniel. Good morning, and thank you for dialing into the PSK Q1 2026 conference call. On the call from PSK are Pam Cazell, Dan Bertram, Mike Murphy, and myself, Andrew Phillips. Before we begin, there is certain forward-looking information and statements in our commentary today, so I'd 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. Funds from operations totaled $94.9 million, an 11% increase from Q1 2025, resulting from higher production and stronger bonus consideration. Total production grew 4% from Q1 of 2025, with oil production showing 2% growth year over year. Condensate and pentane production reported as part of the NGL stream remains at record highs for Prairie Sky at approximately 35% of the NGL stream. Elevated bonus consideration was the result of 48 new leasing arrangements with 37 distinct oil and gas companies. Given the lower rate count year over year, we are pleased with the 201 spuds on Prairie Sky lands versus the 200 in prior year. With the increased pricing for oil and a continued weak Canadian dollar, we are observing early indications of higher planned activity levels post-breakup. Based on strip pricing, we're anticipating a material reduction in debt levels by the end of 2026. A number of our recent leasing arrangements are for exploration rather than pure development, which is a positive trend. Rising capital cycles can help unlock the vast optionality inherent in an 18.6 million acre land base. In addition to this, more operators in the Clearwater are exploring for oil up and down hole where they already have an existing producing horizon. We expect this will unlock numerous new developments over the next 10 years. With the current development inventory on land, we can replace the approximate 9.5 million barrels of royalty production on our land for 61 years. New discoveries have the potential to unlock more inventory. I will now turn the call to Mike to further discuss activity on our lands.

Thanks, Andrew. The first quarter saw a record number of Duvernay wells spud at 26, including 20 in the West Shale Basin. First West Shale completions from this program are currently underway. with new wells expected to be on production starting in mid-May and driving light oil growth through the back half of the year. Similar to 2025, we expect the Duvernay to be our fastest growing play in 2026 based on budgeted activity levels. Multilateral activity continues to grow on prairie skylands with 66 spuds in Q126 relative to 41 in the first quarter of last year. In the clearwater, expanding water flood development continues to promote a highly sustainable production base and positively impacting corporate decline rates. With depth and quality of inventory in the play, we anticipate outsized clearwater growth to continue for years to come. In the man-built stack, oil production was estimated at greater than 1,000 barrels a day in Q1, given the strong winter drilling activity. Finally, our thermal volumes are positioned for near-term growth, with a new eight-well pair pad at Lindbergh currently steaming with oil volumes expected to ramp to a peak rate of approximately 260 barrels a day at the Prairie Sky. I'll now turn it over to Pam to discuss the financials.