Saturn Oil & Gas Inc.

Thank you for standing by. This is the conference operator. Welcome to the Saturn Oil and Gas Q3 2024 conference call and webcast. As a reminder, all participants are in the listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and then zero. I would now like to turn the conference over to Cindy Gray, Vice President, Investor Relations with Saturn Oil and Gas. Please go ahead.

Thank you, Dorgan. Good morning, everyone, and thank you for joining us for Saturn's Q3 24 earnings conference call. Please note that the company's financial statements, MD&A, and press release are available on our website and have been filed on CDAR+. Our corporate presentation will be updated shortly and will be available on our website as well. Some of the statements on today's call may contain forward-looking information, references to non-IFRS and other financial measures, and as such, listeners are encouraged to review the associated risks outlined in our most recent MD&A. Listeners are cautioned not to place undue reliance on these forward-looking statements, since a number of factors could cause the actual future results to differ materially from the targets and expectations expressed. The company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, unless expressly required by applicable securities law. For further information on risk factors, please view the company's annual information form, filed on CDAR+, and available on our website. All amounts discussed today are in Canadian dollars, unless otherwise stated. Today's call features remarks from members of Saturn's executive team, including John Jeffrey, Chief Executive Officer, Justin Kaufman, Chief Development Officer, and Scott Sanborn, Chief Financial Officer. Following the team's prepared remarks, we'll be conducting a Q&A and we'll open the line to questions from participants. I'll now turn it over to John Jeffrey.

Thank you, Cindy, and good morning, everyone. I'm proud to share Saturn's Q3 results, which show how our strategic blueprint for value creation continues to drive successful execution. By effectively managing the factors within our control, the company is exceeding expectations and steadily growing adjusted funds flow. We are safely and responsibly delivering results that surpass market expectations. The third quarter was our first full period integrating the Saskatchewan acquisition of Badrum and Flat Lake assets, which were acquired in mid-June for less than two times cash flow. Although we have only managed the assets for a short time, we have already begun reducing operating costs and deploying capital. Early results are exciting, and we should be able to share those in the coming months with you. Not only did we achieve several corporate records for production, adjusted EBITDA, and AFF, we also exceeded consensus estimates on a number of fronts. Saturn delivered our highest ever average production, surpassing 39,000 BOE a day. During the quarter, Saturn was able to make the best out of a falling oil price by monetizing some older hedge positions required by a prior lender. We believe oil to be range bound between 70 and 90 USD. So we purchased approximately $20 million of these hedges, which, if we are correct, could have impacted future cash flows by close to $40 million. Our record adjusted EBITDA of $136 million also came in above consensus, while AFF was highest in our history at $94 million. When normalized for these one-off hedge costs, adjusted funds flow was over ahead of consensus estimates. When oil price jumped back during the quarter, we acted quickly and layered in new oil callers that are in line with our future oil outlook. As Scott will expand upon, we were also able to lock in favorable foreign exchange rates on principal and interest payments for our senior nodes over the next three years. Our nimble capital allocation strategy and the nature of our asset base enable Saturn to target locations or production optimization that offer robust returns. We intend to continue growing per share value by pursuing strategic tuck-in acquisitions that bolster our footprint in high-performing areas, offer cost synergies, and expand our drilling inventory. For example, we've seen solid well outperformance in our development of the Brazzo Dam Cardium area of central Alberta. Subsequent to quarter end, we closed a $20 million token acquisition in Brazil that significantly increased our drilling inventory, production, and land base in that area, much of which is adjacent to Saturn's four best performing wells. Such strategic and creative acquisitions are an integral part of that blueprint for value creation. Concurrent with the South Saskatchewan acquisition, Saturn also reshaped the balance sheet with the issuance of nine and five eighths senior notes, which are free from punitive hedge requirements or limitations on capital and have effectively reduced the company's interest rate by about 40%. While debt reduction continues to be a priority along with strategic tuck-in acquisitions, Saturn launched the first phase of our return of capital framework on August 27th with the implementation of a share buyback or an NCIP. Since inception of the NCIP, we have maxed out our daily purchase limits of approximately 46,000 shares. And to date, we have returned over 4.7 million to shareholders through the purchase and cancellation of 1.9 million shares in the open market. Longer term and in a more favorable commodity environment, our return of capital framework could evolve to include a dividend. However, until we see a tightening of Saturn's valuation gap relative to our peers, we believe buying back our shares lets us acquire the lowest cost barrels possible. while generating value for shareholders without drilling up our acreage. It is a testament to the skill, experience, and entrepreneurial attitude of our teams that Saturn is able to see things differently, do things differently, and disrupt tradition, and often inefficient practices operationally and corporately. I'm very proud of our team's commitment to innovation, safety, and responsible development, and for their unwavering support of the communities in which we live and work. Right at the end of the year, we expect to release Saturn's 2025 budget and guidance, building on our 2024 capital expenditure program and targeting continued AFF optimization. Given the steady growth and evolution we have achieved over the past few years, I believe now is an ideal time to take a first look or even a closer look at the Saturn opportunity. With that, I'll turn it over to Justin Kaufman to speak to our operational performance. Justin.