Saturn Oil & Gas Inc.

Welcome to Saturn's third quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After management's remarks, 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 then zero. I will now turn the meeting over to Ms. Cindy Gray, Vice President, Investor Relations. Please go ahead, Cindy.

Good morning, everyone, and thanks for attending Saturn's third quarter 2025 earnings conference call. Please note that our financial statements, MD&A, and press release have been filed on CR Plus and are available on Saturn's website. 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 disclaimers outlined in our most recent MD&A. Listeners are also 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 statements, 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 AIF, filed on CDAR+, and on our website. Also note, all amounts discussed today are Canadian dollars, unless otherwise stated. Today's call will include comments from John Jeffery, Saturn CEO, Justin Kaufman, our Chief Development Officer, and Scott Sanborn, our Chief Financial Officer. I'll now hand the call over to John.

Thank you, Cindy. Good morning, everyone, and thank you for taking the time to join us today. I am pleased to share some additional context around our third quarter results. which reflects another consecutive quarter of our performance as we continue to execute on our blueprint strategy. The Q3 production averaged over 41,100 barrels a day and exceeded our previous guidance as well as analyst consensus, which had us just over 40,000 barrels a day. We also beat guidance on a BOE operating cost in Q3, which came in at $19.24, below the $20 per BOE annual target. This past quarter also showcased Saturn's ability to be nimble. our commitment to allocating capital to the highest potential return opportunities. Given the uncertainty and volatile commodity price environment that prevailed in the quarter, we elected to reduce our original $300 million development capital budget by 18% to approximately $255 million and pivot our focus towards opportunistic tuck-in opportunities. These tuck-ins offered more attractive capital efficiencies than drilling, under $16,000 per flown barrel. Reallocating capital to M&A allowed us to increase production while preserving the value of our existing assets by not drilling them at a time when prices were weak. How we view this is when prices are stronger, we can always go back and drill those wells, but we won't be able to execute on these deals at this pricing level. Further, by coring up in areas where Saturn has strong development success, we can leverage our size, scale, and existing infrastructure. which allows us to optimize production, reduce costs, and enhance the performance of the assets. Our first token acquisition included an asset package in southeast Saskatchewan that was approximately 4,100 BOE a day, comprising just under 70% liquids, for a total consideration of $63 million. These acquired assets have an estimated 255 gross company-identified locations, including open-hole multilateral development potential in the Midale and Torquay. The asset features high working interest, optimization, and cost reduction potential, along with extensive opportunities to consolidate facilities and batteries. As Justin will expand on, this package is strategic for Saturn. It expands our runway of open-hole multi-lake drilling locations, which are among the highest rate of return wells in our development program today. With the second tuck-in, which closed in October, we acquired a private company operating in central Alberta. located within Saturn's greater Pemina-Icardium area, for total consideration of approximately $22 million. In addition to its 1,300 barrels a day of low-decline current production, Saturn gained over 80 internally identified drilling locations in Icardium, Glauconite, and Blue Sky development, enhancing our operation in the area. Our operations team has already started digging into these assets to identify cost synergies, optimization opportunities, and streamlining potential. The nature of our conventional asset base had allowed us to be very opportunistic by being able to stay nimble and pivot quickly when market conditions require. We are unique from other peers who are developing resource plays where they can cost tens of millions of dollars with lead times that can take several quarters or even years to plan and execute. With our assets, we can respond and adapt quickly to dynamic market conditions. As a result of production ads from the acquisitions, along with our strong drilling results to date in 2025, Saturn remains on target to exit the year with the production range of 43,000 to 44,000 VOE a day, which will represent a new production record for the company. We are committed to value creation and continue to use share buybacks as an effective way to return capital to shareholders and drive equity value over time. Our team believes a combination of ongoing share buybacks coupled with tuck-in acquisitions, contributes to growing production per share, adjusted funds flow per share, and free funds flow per share. For example, August 2024 to today, we have bought back nearly 16 million shares in the open market through the NCAB and SIP, returning approximately $36 million to shareholders. Over a similar time frame, we have also increased our production per share by 22%. I'm extremely proud of the team who continue to give 110%, putting in the hard work needed to advance Saturn's goals and deliver compelling value for our shareholders, while prioritizing safety to ensure that every one of our employees makes it home safe at the end of every night. I'll now pass it over to Justin to expand on our capital program and development highlights in the quarter. JK, over to you.