Saturn Oil & Gas Inc.

Good morning, ladies and gentlemen. Welcome to Saturn's fourth quarter 2025 result conference call. As a reminder, all participants are in a 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, you may signal an operator by pressing star and then zero. I will now turn the meeting over to Ms. Cindy Gray, Vice President, Investor Relations. Please go ahead, Cindy.

Thank you, Operator. Good morning, everyone, and thanks for joining us to hear management's remarks about Saturn's Q4 and year-end 2025 results and reserves. Please note that our financial statements, MD&A, annual information form, and press release are all filed on CDR Plus and available on our website. Some of the statements on today's call may contain forward-looking information referenced 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 our risk factors, please see the company's AIF filed on CNR Plus and on our website. Also note, all amounts discussed today are Canadian dollars, unless otherwise stated. On the call today, we'll hear from John Jeffries, Saturn's CEO, Justin Kaufman, our Chief Development Officer, and Scott Sanborn, our CFO, followed by a Q&A. I'll now hand the call over to John.

Good morning, everyone, and thank you for taking the time to join us today. I'm very proud to provide comments on Saturn's standout fourth quarter that capped off a year of strong performance despite the oil price headwinds that rocked the broader markets. While navigating volatility in these anti-equity markets, we have consistently met or beat our guidance targets for several consecutive quarters. Throughout 2025, we continue to execute on our blueprint strategy. optimizing and developing our low-decline, light-oil-weighted asset base, while reducing our net debt, buying back shares, and returning value to our shareholders. By year-end 2025, this approach resulted in Saturn delivering an industry-leading 50% refund slow yield, which speaks directly to the quality of our asset base and the discipline of our executions. Once again, we exceeded analysts' expectations across all key metrics, including production, net debt reduction, adjusted funds flow, free funds flow, and operating costs per VOE, even with realized oil prices that averaged 13% lower than they did in 2004. I've always believed that a dollar put towards debt is a dollar returned to the shareholders. And in 2025, we returned just under $145 million to shareholders, $33 million through a combination of our NCIB as well as our SIV, and an additional $110 million repaid on our senior notes. If you include the share buybacks we've made to date throughout 2026, we've returned a total of almost $155 million back to shareholders, equating to about a quarter of our current market cap. This confirms net debt reduction remains at the forefront for Saturn, in addition to reducing the principal on our senior notes by $110 million in 2025, which includes an extra quarterly amortization payment. This focus on debt reduction contributed to robust growth in our debt-adjusted per share metrics, including a 46% growth in our production per debt-adjusted share over 2024, and growth for reserves per debt-adjusted share of 31% on PDP and 1P and 32% on 2P. The nimble nature of our asset base and flexible capital budget allowed us to pivot quickly last fall in response to broader market conditions when buying barrels was all of a sudden more attractive than drilling. We were able to quickly reduce our capital spend by $65 million, or about 27%, in September and redirect capital to do tuck-in acquisitions that meaningfully expanded our multi-lake open-hole position in southeast Saskatchewan. The strategy of acquiring assets at attractive valuations, then optimizing and developing, has driven excellent returns to date. Each of the four major deals we've completed since 2021 have generated significant value and positioned Saturn with measurable upside that is yet to be unmarked. As an example, our $82 million Oxbow acquisition has generated net value of over $270 million, and that's after you take into account not only the purchase price, but also the invested capital of $160 million. On top of that, there's also an additional $365 million of 1P reserves booked as of this year. Out of those four major acquisitions combined, we've seen over a billion dollars of free cash flow generated at the asset level, with twice that amount remained in booked 1P reserves alone. Further, these acquisitions, along with the tuck-ins we did in 2025, have set the stage to materially advance our multi-lake open-hole development. This is a relatively new technique that allows us to develop previously uneconomic areas. improve recoveries, and enhance the profitability of our assets, which Justin will expand later on in this call. The impact of our open-hole multi-lat development is already being reflected in production, adjusted funds flow and free funds flow, all of which set new records last year. We achieved the highest annual and quarterly production volumes in our history, with Q4 nearing 43,700 barrels a day, exceeding our own guidance and the analyst expectations of over 1,000 barrels a day. This demonstrates Saturn's ongoing tight curve outperformance, which averaged 23% ahead across our entire asset base last year. Operating cost reduction remains a key differential for us here at Saturn. Since 2021, Saturn has reduced OpEx per BOE by 32%, demonstrating our ability to drive efficiencies across every part of the business. We came in under the low end of our OpEx for BOE guidance, which not only contributed to adjusted funds flow and pre-funds flow, but also had a meaningfully positive impact on our year-end reserve bookings. Our strong AFF and lower capital spending in 2025 enabled Saturn to allocate pre-funds flow to the combination of debt reduction, ongoing share buyback, and the accretive token acquisitions. As mentioned earlier, in August of 2024, when we started buying back these shares through to date, Saturn has returned over $54 million to shareholders by purchasing and canceling over 22 million shares. Now, at an average cost of $2.45, that's significantly below our recent trading. Our strategy is always to acquire the highest quality barrel at the best price. And with Saturn's current discounted valuation That means buying back our own stock continues to offer an attractive return on our capital. Based on the Reserve Evaluator's 2026 price forecast of approximately $59 WTI, or about 19% lower than the prior year, our PDP net asset value was in line with last year at just under $5.50 a share. This represents the blowdown value of our assets after taking into account debt and ARO. Even with today's higher oil price, our shares continue to trade at about 65% to 70% of our PDP now. Now, when we compare that to our peers, whose shares are trading at an average of 230% of their PDP now, if Saturn shares continue to trade at the same average as our peers, we'd be just over $9 a share. We see significant opportunity to narrow this gap and continue to expand on Saturn's market cap and performance as we see such intrinsic value in the name, especially at this level. Alongside our operational focus, safety remains at the core of everything we do here. In 2025, we achieved our second consecutive year with zero lost time injuries. Even though our total man hours worked was increased by 18% over 2024, and that was 38% higher than 2023. This performance reflects Saturn's strong safety culture and proactive approach to identifying and mitigating risk. Again, we say this every time, making sure everyone gets home at night to their family is the number one priority here, and I'm really proud that we've achieved this two years in a row. As you'd expect, we closely monitor developments in the Middle East and the resultant impact on oil prices. Given our high torque to oil, under Saturn's original sensitivities released in December, that was based on $60 WTI. For every $5 increase in oil, adjusted funds flow is impacted by about $50 million. Now, that is not exactly linear due to some hedging impacts, but, for example, at an $80 WTI, The increase to our annual funds flow would be more than $180 million, while also creating opportunities to layer in additional hedges that can protect from future downside risk. I'm just so incredibly proud of our performance and the momentum we've built through 2025. And with the dedication and hard work we see from our employees, coupled with the support from our stakeholders, I truly believe Saturn is just getting started. With that, I'll turn it over to Justin to walk through our 2025 reserves and the capital program highlights. JK, over to you.