Strathcona Resources Ltd.

My name is Ina and I will be your conference operator today. I would like to welcome everyone to the first quarter 2025 conference call of StratConner Resources Limited. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. For attendees on the conference call that would like to ask a question, please press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number two. I now introduce Angie Lau, Treasurer of Strathcona, to open the conference and introduce the speakers. Please go ahead.

Welcome to the Q1 2025 conference call with Strathcona Resources Limited. Over the past two days, Strathcona released its first quarter 2025 results, reached definitive agreements to sell substantially all of its Montney business, and disclosed an investment in Meg Energy, along with an intention to make an offer for the balance of its shares it doesn't currently own. We encourage our investors to visit Strathcona's website and review the disclosure materials in detail. On today's call, we have from our management team, Adam Watrous, Executive Chairman, Connor Watrous, Chief Financial Officer, Connie DeChancho, Chief Commercial Officer, Dale Babiak, Chief Operating Officer, Kim Chu, President, Strathcona Cold Lake, Seamus Murphy, President, Strathcona Lloydminster Conventional, Brian Tracy, President, Strathcona Lloydminster Thermal. Please note that all commentary made by today's speakers are subject to the same advisories regarding, among other things, forward-looking information and non-GAAP measures, as can be found in our earnings and M&A press releases and our other disclosure materials. Listeners and participants are urged to refer to and review those advisories and materials carefully. In particular, any comments made regarding the asset dispositions, including completion and timing for completion of these dispositions, Commencement of the formal offer to Meg shareholders and timing of such offer, as well as any related financings and any expectations about the pro forma results or resulting capital structure of Strathcona are based on our current expectations regarding our business and combined business and are, in part, based on Meg's available public data. While we believe our current assumptions and expectations to be reasonable, actual results could differ materially from those discussed today, and listeners should not place any undue reliance on any such statements. Please note that no offer to purchase MEG shares has been made by Strathcona at this time, and any such offer will be made in Strathcona's sole discretion pursuant to a formal offer to purchase and take over bids circular of Strathcona. Please refer to the press release of Strathcona relating to its intention to make an offer for further information. With that, in keeping with our practice, we will take all of our materials as read, and we would now like to jump straight to questions.

Thank you.