PrairieSky Royalty Ltd.

Good day and thank you for standing by. Welcome to the Prairie Skies Royalty Third 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 this 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. Sir, please go ahead.

Thank you, Michelle. Good morning, everyone, and thank you for dialing in to the Prairie Sky Q3 2026 conference call. On the call from PSK are myself, Andrew Phillips, Pam Kazeil, CFO, Dan Bertram, CCO, and Mike Murphy, VP Capital Markets. Before we begin, there is certain forward-looking information and statements in our commentary today. So I'd ask that listeners and investors review the forward-looking statements qualifier in our press release and MD&A, which can be found on our website. Organic growth continues in our business. Over Q3 2025, natural gas is up 2%, oil is up 4%, and NGLs are up 20% as high liquids gas replaces dryer gas. Net debt decreased 34% over the prior quarter. Strong leasing activity continues as PSK entered into 39 lease arrangements with 41 oil companies. New leasing was pervasive across our entire land base and includes numerous modular SAGD leases to qualified operators. $7.9 million of lease issuance bonus was brought in over the quarter. 230 wells were split in Q3 at a 6.5% average royalty rate. This included 30 Duvernay wells in the quarter versus 46 in all of 2025. Our team continues to execute well and is focused on continued active leasing of our large mineral title position. With the capital cycle returning and a number of teams restarting, grassroots exploration in the basin has returned for the first time since 2013-2014. We are uniquely positioned to capitalize on this trend with our mineral title land base. I will now turn the call over to Mike to further discuss activity in our labs. Thanks, Andrew.

Drilling activity was strong in Q3 with new well spuds up 14% over 2025 at a higher average royalty rate of 6.5% compared to 5.1% last year. We had a record 30 duvernay spuds in the quarter, bringing the total for the year to 81, including 65 in the prolific West Shale Basin. As of the end of this quarter, only 22 of these West Shale wells were on production, so upcoming completions are expected to continue to support Duvernay light oil growth through Q4 and early 2027. Notably, we've seen a resurgence in other light oil plays in the basin, including short cycle time plays like the Viking, where our spud count is up 49% year-to-date. Moving to heavy oil, Manville stack multilateral drilling activity is up 57% through the first nine months of the year relative to the same period in 2025. This is translated into 26% year-over-year production growth in the Manville stack, which has averaged over 1,100 barrels per day year-to-date. The Clearwater has maintained its 20% growth rate and exceeded 3,200 barrels per day of Royalty production in the quarter. Water Flood operations continue to expand into Clearwater with an estimated 60% of our production into play under water flood support, supporting low declines and a highly sustainable production base. I'll now turn it over to Pam to discuss the financials.