I would now like to turn the conference over to Brian Bagnell. Please go ahead. Thank you, Jenny, and good morning, everybody. I'm excited to welcome you to Advantage's 2024 Investor Day, which includes the release of our 2025 budget and updated three-year plan. Before we get started, I'd like to refer you to the advisories on forward-looking statements that are contained in the news release and our Investor Day presentation, as well as the advisories contained in Advantage's MD&A and Annual Information Form, which are available on SEDAR and on our website. We expect our presentation today to last about an hour and a half, with contributions from each of the members of Advantage's executive team, along with an update from Entropy, with the full agenda covered on slide three. After we've concluded our presentation, we'll pass it back to the operator for questions. Though if you've joined our webcast, you can also submit questions to the portal, which we'll answer in turn. With that, I'll turn it over to Mike Belenkie, Advantage's CEO, and Craig Blackwood, Advantage's CFO, to take you through the first segments of our presentation. Mike, please go ahead. Thank you, Brian, and thanks to everyone for joining us today. I have the privilege of giving you an update today together with the rest of the team from Advantage and Entropy, and to really look to chart the path for 2025 through to 2027, and the detailed budget and what to expect over the coming year, so the opening comments here, we'll start with a bit of history. We'll walk through our corporate strategy, and then we'll go into our three-year plan and the budget, and then I'll pass it off to our technical team, Darren Tisdale, Geoff Keyser, and Neil Bokenfohr, to talk about our portfolio and how we continue to improve things technically and economically. We'll move through how we navigate volatility with John Quaife and Brian Bagnell, and then we'll pass it over to our recently appointed CEO of Entropy, Sanjay Bishnoi, together with Chris Hooper, to give you an update on Entropy, and then we'll wrap it up and be prepared to take questions. So let's jump into the opening remarks and then lead into strategy. Page six is where we'll get going. We wanted to just make sure that any of our newer investors understand our background, because where we're going is in part made possible by, is mostly made possible by where we've come from. So our first principle is Advantage, and this is our mission statement. We don't typically talk externally about our mission statement, but it's to convert energy to shareholder wealth by delivering exceptional performance. So really, this is about shareholder wealth and how we do that. And of course, starting with high-quality assets and then executing with operational excellence, exceptional operational performance, while we're managing our financial situation prudently. And then, of course, we've added the additional pillar of carbon capture and storage to ensure sustainability, which really is a unique business model made possible by external investments that supplements and is a natural hedge for our energy business. So to understand, again, how we got to where we are today, it's important to think back on page seven that we have 23 years of history as a company. Now, we've passed through many iterations or many, many business models during that time, and the modern Advantage really began sometime around 2013, even though our assets at Glacier were acquired in 2007. By becoming a pure-play producer in 2013 with Montney, and then walking through several stages of growth, including major investments in infrastructure and very forward-looking investments in land, the team set the entire company up for long-term success, and we have several members of that team that were here as much as 20 years ago, including Craig Blackwood, Neil Bokenfohr, myself having only joined in 2018. Glacier Gas Plant was expanded to 400 million a day in 2018 and then 425 million a day in 2023. Important to note that through COVID and coming out of COVID, Entropy was created, our share buyback program was initiated, and we hit our all-time high in production very recently. So this is a long-term building process, and what we've been able to build together as a team is really on the backs of very difficult major infrastructure and land investments that were made early on that would be very difficult to replicate. And what that looks like is on page eight. It starts with the resource, our world-class resource base. These assets are focused in the heart of the Montney, but thanks to acquisitions of 90 sections last year in the BC, this year in the BC Montney and last year, we now span the full resource spectrum from delineation phase for assets like Hitachi all the way through exploitation and development phases like Glacier. Without these land blocks, we would never be able to deliver the unique capital efficiencies that we're able to show you today. Of course, together with great resource, you require great facilities to keep your economics at a high level. So the value of these facilities is around CAD 1 billion. With them, we have better cost control, strategic optionality, and a structural advantage over our competitors. Notice that we show the partially completed Progress Gas Plant here. If you look carefully on the Progress photo, all the dots on the lower left side are piles that have been driven that are awaiting receipt of brand new equipment that'll be the foundation of the Progress Gas Plant. That gas plant we'll talk about in a bit, but basically, because of our acquisition last year, we were able to defer the remaining CAD 35 million of spending on that gas plant site by one year, reducing our total capital and increasing our free cash flow. And one more thing. On the bottom right corner, we'd like to introduce you to our brand new, brand new to us Northeast BC Gas Plant, which is in close proximity to Conroy. This establishes our Conroy asset as development ready, and it'll help to minimize the major infrastructure spending required to grow that asset from zero to over 15,000 BOEs per day. More to come on that later, especially, and we want to just highlight the timing of that is not within the three-year plan, but that asset with that, the land assets of 53 sections together with, sorry, 57 sections with this 100 MMcf/d gas plant are a coveted asset. More to come. And then on top of our infrastructure and the resources comes Entropy. Advantage owns 73% with an applied valuation of over CAD 300 million. This is quite the unique complement to our business. We own and control Entropy. It's arguably the world's leading post-combustion CCS developer and technology owner. And we have the only operating gas-fired CCS facility in the world, with the next phase of Glacier Phase 2 expected to be on stream in the second quarter of 2026. As Glacier Phase 2 comes online, it will be the first and only gas turbine CCS project in the world, which is a critical advancement in low-carbon baseload power. As we all know, low-carbon baseload power has become of elevated prominence with various changing dynamics in the macro. And we're lucky to have our Entropy team, including Sanjay Bishnoi here today, to get to know you better and to give you some updates on this business as well. And with that, I'll pass it to Craig to talk through some financial foundations and get us going into the three-year plan. Thank you, Mike. And good morning, everyone. Advantage continues to have a relatively simple capital structure. Our enterprise value is just over CAD 2 billion, 70% of which is equity with 167 million shares outstanding. We've actually reduced our shares outstanding by approximately 38 million in the last three years. The other 30% of our capital structure is debt, primarily bank debt on a CAD 650 million revolving facility. And we have about CAD 170 million currently available on that facility, or 26%. We have a small amount of five-year term debt in the form of convertible debentures with a 5% coupon and a conversion price currently about 65% premium on our current trading. Just moving on to environmental safety and stewardship, I'd like to talk about this just a little bit. It's another foundation of our business, and we believe that you can't have a successful business unless you have respect for the environment, your people, and your stakeholders. Of course, emissions get lots of attention, and our emissions benchmark among the best of our peers. We believe that's quite the achievement when you realize our strategy of owning and operating our infrastructure. As you know, many peers may not own their infrastructure and therefore may not report all associated emissions with processing their production. We remain very focused on emissions reduction. You can see that as we've continued to grow, our emissions intensity has been decreasing through initiatives in the field and implementation of Entropy's carbon capture technology. And beyond emissions, we continue to invest in abandoning and reclaiming sites in excess of regulatory requirements. We donate to charities. We invest in people and the communities in which we live and operate. Before we can really talk about the next three years, it's really essential to recognize our achievements are built on the foundation of our 23-year history of resilience, innovation, disciplined execution. Over the more than two decades, we've demonstrated our ability to adapt to a dynamic industry, leverage our core values to evolve and thrive. This foundation of experience and expertise has directly contributed to the transformative successes we've seen over the last three years. We've increased total production by 52% and liquids production by 168%, a testament to our operational and technical team. Our ability to innovate and maximize productivity has enabled us to significantly increase well productivity and expand Tier 1 inventory, ensuring the longevity of our operations and value creation in our business. Through a commitment to disciplined capital allocation shareholder returns, we've repurchased approximately 20% of our outstanding shares during this period. That results in that 52% increase in total production actually becoming a 74% increase on a per-share basis. We've leveraged decades of strategic insight, and we execute a highly accredited and synergistic acquisition of Charlie Lake assets, which positions us for even greater returns and value creation in the years ahead. In BC, our acquisition of 90 sections of premium Montney assets and the recently acquired 100 million a day gas plant builds on our history of resource development and future value creation. And finally, through the talented individuals that are always looking for ways to create value, we created Entropy, secured third-party investment and commitments, negotiated first in the world carbon credit offtake agreement, and achieved FID at the Glacier Phase 2. With this, we look forward to the next three years. We're excited for the next three years, and we expect the same performance of ourselves for all of our stakeholders. With that, I'd like to throw it back to Mike. Thank you, Craig. So before we jump into the numbers on the three-year plan, it is important to understand how we think about corporate strategy and really how we think about value, value of our equity in particular. We have become, through all the analysis of where our value moves, there is one key correlation that works best to predict the outcome of our growth, and that is AFF per share. This is essentially cash flow per share, adjusted funds flow per share growth. So the correlation is highest as we grow our AFF per share. And of course, AFF per share is a proxy for net asset value per share. If you apply a higher cost of capital, which of course, when our share price is trading in value territory like it is today, we would expect a NAV 20, net asset value at a 20% discount rate to be representative of something that aligns with AFF per share as a proxy. So as we think about how do we grow value for shareholders, our goal is to maximize that AFF per share growth. And we do this in part by growing our production organically. We cap that growth at 10% per year for a few reasons. We'll talk about that on the next slide. We make sure that our operational performance is absolutely spotless. You can tell our cost structure is high, our productivity is high. We are focused deeply on cost controls. Of course, as we throw off free cash flow when our balance sheet is exactly where we want it to be, we're focused on the buyback to compound that growth. Slide 15 is where we jump into the continuum of growth and how to think about growth in an optimized framework. This is a key slide, at least conceptually, and it's important to note that this is just for Advantage. We don't think that all companies would say their assets would set themselves up to have a similar outlook on where the optimal growth is, but certainly for Advantage, this is an important representation. Given the characterization of our assets is we have huge amounts of high-quality inventory that right now has been pushed out 20 years of Tier One, 60 years of total inventory. Moving inventory earlier by growing is an important consideration. We have large amounts of infrastructure, including unutilized infrastructure, which sets us up for capital-efficient growth. We have excellent economics at most points of the cycle. And of course, we have the ability to market these molecules of resource in great ways. But if you go with too low growth, which in some way, some people may think you end up with higher free cash flow, that's a temporary outcome where the free cash flow becomes stagnant. If you have too high growth, you end up with several problems, or you may end up with several problems the more you exceed that 10%, including not being able to fund the program when the market pricing is low, steeper corporate declines, higher annual infrastructure spending, and intensified gas marketing challenges. Of course, getting natural gas outside of AECO is important in many points of the cycle. So where we focus in is between 5%-10%, typically towards the 10% end of that range, which allows us to maximize our free cash flow. It allows us to compound our growth via buybacks. And very importantly, we can grow at about 10% per year, fully funded by cash flow when prices are at the bottom decile of the cycle. This is a really important concept, which basically every year we can grow at about 10% without using debt to do so. That's only made possible by the fact that we have high-quality resource, low-cost controlled infrastructure, and lots and lots of inventory. Okay. So with that in mind, we move on to slide 16, which shows three years backwards and three years forwards. You'll note total production grows very steadily through all those years on the backs of that exact same principle, fully funded growth at all points of the cycle, including the weakest years. You'll note a slight extra bump in 2024. That's as a result of the Charlie Lake acquisition we closed in June. Of course, as you look into the future three years, 2025, 2026, and 2027, similar amounts of growth with a minor impact on 2026 of a major gas plant turnaround. We'll talk more about that as well. Similar growth, similar cost, exceptional ability to do so, especially in light of the amount of liquids growth, which of course is more expensive on a pound-for-pound basis. Page 17 shows the capacity for that growth. This dominant infrastructure position is what allows us to grow steadily with small bites of infrastructure investment. You can see on the graph on the lower left side that we have space to grow into our capacity and move some of that production around depending on whether we think that liquids are most profitable in the near future or whether it's gas that's most profitable in the near future. And again, a dominant infrastructure position across all the assets. So an incredible amount of flexibility. Okay. And then as we move into the next slide, excuse me, slide 18, there's graphs on the right side here that are essentially showing productivity, which is higher productivity further to the right. This is a log normal distribution where you order your wells from worst to best. And in nature, you tend to get a straight line on this logarithmic scale. What matters most on well performance is not your best wells, the wells that show up as the headline wells, best wells of the month, or anything like that. What matters most is what your P50 is, and as you can see in Glacier, on Glacier in the greater Glacier area, our wells are the top sample set, the P50 that significantly exceeds our peers. On the Wembley Oil Prospect, where we're not actually the best, we are at top decile for the Montney Oil play. These outcomes are the result of technology and innovation, and these are technologies that in many cases are developed in-house and applied to new regions and new assets. Okay, so these outcomes are key to our incredibly efficient capital production growth, and that's the fundamental kind of value generator, which allows us to deliver that per share value growth. And on page 19, we start to address one of the other pillars of our corporate strategy, which is cost focus. Advantage is well known to have a very low cost structure. And we've compared ourselves to all of our peers in the area. And you can see when it comes to capital efficiency as well as PDP, we're best in the basin. And when it comes to PDP recycled ratio, we're amongst the best in the basin, noting that reserves can bump up and down from time to time. So again, made possible by our infrastructure and our resource quality. And then last on corporate strategy, our share buybacks. While we saw our share buybacks slowing coming into 2024, I think that there was a shift in thinking, which is during the low parts of the cycle, including when gas prices were as low as CAD 0.05 during the third quarter, we use the share buybacks as a shock absorber. It's a very powerful tool for companies that are our size and exposed to volatile commodities. When prices are strong, we throw off a lot of free cash flow. When prices are weak, we just simply focus on organic growth. Well, in this case, when prices were weak, we were able to actually acquire assets, which juiced our per share production and vastly exceeded our 10% growth targets, which again, our first and best priority is always to grow production top line to deliver per share value. You can see the impact of our buyback for the three years we're focused on, 2022, 2024. You go from 10% CAGR production growth without the buyback to 18% with the buyback. Okay. That will remain a key focus for us, but of course, we always want to make sure that we don't compromise our balance sheet along the way. And so there'll be a blend of our application of free cash in the coming year or so to make sure that we optimize those two delivering and buybacks. So now we'll move into the actual 2025 budget and the three-year plan. So without reading through all the items on the table on page 22, it's notable that our capital spending of CAD 270-300 is lower than we had originally articulated to the market. This was made possible by some creative thinking by the team, where we cut CAD 35 million expense that was unnecessary. And that was that Progress Gas Plant construction, where essentially we were to complete that plant by second quarter of 2025. Thanks to the new infrastructure that we acquired, we were able to move that CAD 35 million into 2026. So that's a lower capital number. And that lower capital number does not impact our total production outlook, which is midpoint 81 and a half thousand BOE per day. Important to note that we are expecting some minor divestitures of about 500 BOE per day to be announced or to be completed right around the end of this year here right now. Okay. Liquids cut is now up to about 16%, and our expenses are for the most part unchanged. On 23, we now show a breakdown of our expected capital allocation asset by asset on the left side. We've been doing this now for a few years, but the added element to this chart is where the Charlie Lake wells come in, both Charlie Lake and non-operated elements. And as you can see, there is a material spending in the Charlie Lake as well as Wembley, which represents a significant amount of liquids development. Obviously, capital efficiencies on a dollar per BOE basis are always a little more expensive for liquids, but not on a cash flow term basis. They have comparable IRRs. We'll talk a bit about that as well. And we show our three-year growth range. 2026, you can see, is modestly impacted by a 17-day turnaround at the Glacier Gas Plant where 425 million cubic feet per day of capacity comes offline for a full plant turnaround in 2026. I think that the most important slide, at least as we think about value and where we're going, where the value is expected to increase for Advantage shareholders, is in our free cash flow growth and our Adjusted Funds Flow growth. You can note top line here, free cash flow at the strip pricing that we cite is expected to exceed CAD 500 million over the next three years. Again, our market cap is only CAD 1.5 billion. This is an exceptional time, in part because of production growth, in part because of our acquisition this past summer, and in part because strip pricing is set up very well for our assets. So it's one of these moments in time where you can look forward and see cash flow per share growth increasing by almost 70% this year before returning to a more typical sort of 16%-18% range in the more normalized price environments of 2026 and 2027. Okay. We show a breakdown on slide 25 of what the area-by-area growth looks like. And of course, most of the growth is happening at Glacier with back-end loaded growth at Valhalla and Progress. Charlie Lake and Wembley basically stay flat through the period of time. I think an important slide here, 2026. This is a slide that shows the economics, half-cycle economics, including drill complete, equipment tie-in of each one of the wells in our three-year plan. Before we actually drill a pad, we run each pad on updated pricing to ensure that we meet our threshold returns. You can see there's not a single well in the program at strip pricing today that's below 40% IRR, with the exception of one retention drill. This constantly changes. We have this. It's a very sophisticated data management system as well as the inputs that are very carefully assembled by the technical team. This is where the efficiency comes from. No waste of money, highly efficient, and focused on making sure free cash flow is maximized. Again, slide 27, there's an incredible amount of detail in this slide embedded in some simple graphs. For those of you that are interested in understanding what may happen as pricing moves, we show that on the tornado chart on the left side. A remarkable slide on the right side, though. Our program of $285 million is fully funded on that lowest gray diagonal line, which shows we can deliver $285 million of cash flow to fund that at $55 WTI and $1 AECO, or conversely, $40 WTI and $1.50 AECO. So the program is fully funded and deeply in the money at current strip price. And you can see the 2025 strip cash flow as well. Okay. And then lastly, before I pass it off to the technical team to talk about the assets, we do have our budget, which is almost entirely based on organic program delivery. We do not include inorganic enhancements. And these enhancements include what we would say is an expected outcome of about $15 million here to close around the end of the year. That's that 500 BOEs per day of going out back production. That is expected to come in within weeks. In fact, one got done today, one got done on Friday. So that's on the way. We have CAD 35 million. We've already talked about the Progress deferral. So that is accounted for in the budget, but of course, helped us with our free cash flow in the coming year. And then we had talked about other non-core dispositions, including the BC Montney or non-operated infrastructure. Important to note that with the BC Montney now becoming development-ready at Conroy in particular, with our new Conroy gas plants, or if we were to call it the Conroy gas plants, we are going to be very careful about decisions around that divestiture. If the market is weak or if there's below a very reasonable, very well-established value on that asset, we would not plan to sell that. That is not necessarily a sale. That is just an opportunistic consideration, and then non-operated infrastructure monetization, we do intend to sell down some amounts of non-op infrastructure once we no longer need it, which we expect to happen sort of starting mid-year, so that'd be an adder for the season that is not currently budgeted for, and I think I mentioned this. We mentioned this in our press release this morning. With every unbudgeted cash flow enhancement, we may allocate some portion of those divestitures to buyback, especially if our share price remains disconnected from fundamentals, so a very exciting program. I'd say that I want to congratulate the whole team on assembling a budget and a three-year plan, which will deliver remarkable capital efficiencies, unusually powerful cash flow growth, and CAD 500 million of free cash flow with the three-year program. These are each in their own right major accomplishments and required a whole lot of fantastic work. So congratulations to the team with that. Went on ahead to the team to talk about the continuous portfolio improvement. And over to you, Darren. Thanks, Mike. And I'd like to take the opportunity to detail the high-quality inventory backstopping this three-year budget that Mike's laid out, the three-year plan. Start with this slide. The ring on the right on this slide shows the current balance of production, with essentially two-thirds of our production coming from the Glacier asset. But this reflects the quality and the maturity of the Glacier asset at this time. This asset has been able to deliver in a way that's kept our 425 million a day facility essentially full through the last year. What I find really exciting about this slide is the smaller production coming out of the other assets and the large inventory backstopping those, and this is where we're going to see our growth in the coming years out of these other assets, including Valhalla and Wembley, the Charlie Lake, and Progress. Overall, this gives us a ton of flexibility to drill prolific gas wells at Glacier and balance them with some of these other liquids rich opportunities in the other assets. This slide captures our internal view of the relative development maturity of each core area, which you can see here as kind of low data information in early-stage assets in the bottom left, migrating up to the highest quality development rated assets in the top right. What we're currently able to do is drive gas and liquids production to meet the corporate targets from our established Glacier and Wembley and Charlie Lake liquids rich assets, which allows the selective allocation of capital to drilling and infrastructure spends to bring these other assets, including Conroy, Progress, and Hitachi, up this curve in certainty and in value. This inventory ring summarizes all of our currently identified inventory locations on all of our active development assets. The outer ring breaks the inventory down into booked locations or locations that are verified by third-party reserve auditors and unbooked inventory or locations where we have potential yet to be validated. The inner ring highlights our internal view of identified Tier One inventory locations or locations that we're comfortable budgeting and drilling immediately. All of our Montney assets share a common definition for Tier One inventory. And this is any location that has high-quality reservoir identified through mapping and geotechnical work within two miles from an existing Tier One producer. The definition for the Charlie Lake is slightly different. We have all of our Tier One locations are defined as a location that's within one mile of an existing producer and maps to having over four million barrels of OIP per section or per square mile. You can see the inner location. We've got sufficient Tier One inventory on this ring for 10 to 20 years of drilling with no additional Tier One being required. Just like to quickly highlight the geology through the Advantage core area. This is a schematic of the Triassic resource fairway present in the greater Grand Prairie area. What you can see here is a continuum of deposition from deep water, fine silts, and sands in the Montney that we've been working for decades, transitioning up through shallower sections into the restricted nearshore reservoirs developed in the Charlie Lake. Across our assets, we have a very significant section of Montney. It's anywhere between 200-300 meters of section overlain by the lower Charlie Lake, Braeburn, and what we call the Valhalla members. What this has done is set up an additional bench of development in most of our assets in the area where we can layer on liquids rich Charlie Lake drilling in areas where we're already drilling liquids rich Montney and gas wells or liquids rich and gas rich Montney wells. So if you think back to our inventory ranking, we had that interior division of Tier One inventory. This is an example of how we take our inventory and over time we are able to prove and identify more Tier One. I've taken the D1 bench in the Montney at Glacier as a good example. The log on the left shows where it sits in relation to the other benches of development. This is at the base of our Montney stack in Glacier. The pane on the left shows the previous view of Tier One inventory with the associated D1 drilling in 2020. At the time, we were focused on the western margin of Glacier with some early attempted delineation drilling on the eastern parts of the block. Mapping showed excellent reservoir quality across the asset, particularly in the northeast, despite some modest early results. In 2022, we stepped out in this northeastern portion of Glacier and proved that that reservoir with modern drilling techniques, modern geo-steering techniques, and increased completion intensity was able to deliver results comparable or even better than the wells to the west that we previously drilled. Most recently, in 2024, we stepped out to the southwest of the Glacier asset and did the same thing with a new pad testing two D1 locations and delivering very comparable results. Methodically, over the entire asset, we continue to define and deliver more Tier One inventory. It's my expectation that with the reservoir quality mapped across Glacier, the entire asset will prove to be of Tier One quality. This translates across all of our assets and all of our benches as shown by this bar chart of the three core assets that we've been developing lately: Glacier, Valhalla, and Wembley. In each of these areas in 2020, we had an established Tier One inventory. Through additional drilling over the last four years, which did include consuming some Tier One inventory, we have dramatically increased our overall Tier One inventory across all of these assets. I'd like to take a moment to step through each of the areas and some of the benches to highlight how this evolution has taken place in our core development benches currently. I'll start with the upper Montney, which is shown on the log on the left at the top of our stack. As you can see here, excuse me, the porosity and the reservoir quality in the upper Montney is excellent. This was the original development bench in the Glacier area due to this outstanding reservoir quality, and even in legacy wells, this delivered outstanding results. Even with this early success, though, we have been able to drive improvements in overall production and IPs. And we have increased the tier one inventory count across most of Glacier, with almost the entire asset now being tier one. Moving down one bench into the D4, this is the most widespread of our identified reservoir, and it exists on all of our land blocks in Alberta. Recent drilling campaigns in Glacier with optimized geological targeting and increased completion intensity have expanded the tier one inventory across this asset significantly, stepping out from core drilling locations in the extreme west edge across more of the land block. The Valhalla delineation campaign has also defined tier one inventory across almost the entire block, with room still to grow that as well. Our most recent successful step-out well in northern Wembley, building on offsetting operators' success in the D4, has also established a very significant inventory of tier one liquids rich Montney wells in the Wembley area. The D2 and the D3, the next two assets in the stack, have not seen the same kind of activity over this last few years, given our focus on our foundation upper D4, D1, but their inventory counts are included in the appendix for your reference. As per our earlier example of the tier promotion, the D1 has been a very successful tier one inventory asset. There's high quality D1 reservoir identified across Glacier and Progress, and that's where drilling is focused in the most recent years. Methodical step-out drilling at Glacier with optimized geological targeting and increased completion intensity and modern completion designs has expanded the D1 inventory to cover most of the Glacier asset at this point. Success on the southern part of the Progress block has also set up for inventory for the future 421 facility. Now moving on to the new Charlie Lake asset we acquired this summer, I would like to draw your attention to the Charlie Lake log on the left of the slide. This is a much thinner section of overall reservoir, and what we have here represents about 40-45 meters of section. In our area, we are focused on the lower Charlie Lake, which is the section below the Coplin unconformity identified at the top of the type log, and we break it out into two target horizons: the Braeburn and what we call the Valhalla members. On the map in the center of the slide, you can see a brown dashed line across the east side of the map. This represents the updip edge of the Braeburn formation where the Coplin unconformity erodes it away to zero meters. What we acquired was a concentrated land base in the heart of an established lower Charlie Lake fairway. The predecessor company had drilled over 75 wells spread out across this land, delineating the entire land block, and these are the black wells highlighted in the center across these lands. This early delineation drilling has defined our current Tier One inventory shown in green across the area and has also allowed us to focus our initial 10-well program into some of the most successful areas. We've utilized previously acquired locations and high-graded them to some of the best areas to help initiate our first 10-well program across the area. Seven of these initial 10 wells are targeting the Braeburn formation. Our first two-well pad was handed over to production with the pump jacks started over this last weekend. We look forward to updating you on this program and its completions early next year. We also have a number of non-operated wells that we've participated in across this fairway. This allows us to learn and experience other operators, Charlie Lake operations in the area. Also provides some modest cost delineation on edges of our land base where we won't be active in the near term. The second bench of development that we've been looking at in the Charlie Lake is what we call the Valhalla member, which is a deeper target located below the Braeburn member. 10 wells were previously drilled by the predecessor operator, establishing an initial fairway shown through the center of the map. The black wells are the existing wells, with the green wells again being our identified Tier One inventory count. Three of our first 10 wells are targeting the Valhalla member, including a follow-up to our extremely successful 4 of 18 wells drilled in the southwest corner of the fairway. Further technical work is underway to assess the potential for this zone existing on other portions of the Charlie Lake lands that we hold in this area. I'd just like to finish with this slide highlighting in 2023, we were responsible for delivering 12 of the 15 top gas wells by IP90 in the Montney. And I look forward to updating this one following the close of 2024. And I'd like to hand this over to my associate, Geoff Keyser, to review the detail around the economics of our inventory. Great. Thanks, Darren. So the slide we're looking at, this is the type curve roster of our generic type curves for a handful of our Tier One well inventory, which is the building block of our three-year plan. We have a large range of investment opportunities between high recovery gas wells and short payout oil wells, which are highlighted on the screen. These wells and the economics we're looking at are run on a May 2025 on-stream date. This creates very little arbitrage between our Tier One locations on strip pricing on a go-forward basis. So with our deep well inventory of Tier One locations, this allows us to steward capital into the best investment opportunities within the portfolio, creating the framework for the three-year plan. This slide shows the trailing economic results from our plan. The previous slide was the go-forward forecast, but this is the trailing information from 2021. The top graph shows our short payout track record, which trends our capital investments and debt-free cash flow in the short term. The bottom graph shows the netback per well as well as the capital per well. This also highlights Advantage's consistent, repeatable capital delivery of wells. Combine that with a short payout and higher RRR, our wells are delivered on a repeatable fashion. This creates exceptional capital efficiencies throughout our development program. For the next slide, I'll turn it over to Neil Bokenfohr. Thanks, Geoff. Good morning, everybody. On this slide, what we wanted to do is highlight some of the successes that we've achieved through the Charlie Lake acquisition. When we looked at the acquisition, we're looking to drive opportunities that were both creative and synergistic. And an example on the financial side of that accretion down in the bottom left-hand corner for Q3, we had a two-times NOI impact relative to the production that was brought in. So that's clearly driving some net back accretion. In terms of the land base on the right-hand side, there's obvious synergies between the overlap of the previous Montney assets and the Charlie Lake lands that we brought in. In addition to the land, we also acquired oil batteries that we can grow our production into, and we got access to additional gas processing that allows us to rationalize and improve processing options down the road. In terms of capital and cost synergies, we've realized a fair number already in 2024, and we'll look to continue that synergies through 2025 and beyond. Like mentioned previously, that it provides the opportunity to allocate capital between liquids and gas. We have a higher liquid content now, so we're able to be flexible and drill our wells, drill development wells that are capital efficient and low-risk opportunities. In terms of some actual dollar amounts that we've been able to realize, we've looked at both continuous opportunities, short-term, long-term, and we've also looked at how do we drive additional revenues. In terms of continuous savings, we immediately identified approximately CAD 10 million of opportunity that were spread out between gas and emulsion processing options to our lowest cost opportunity. We looked at power optimization, rental buyouts, labor. All of those, plus additional ones, drove up to CAD 10 million of annual savings. On the revenue side, we looked at what high H2S wells were currently shut in, and with our access to infrastructure, we were able to reactivate some of those and drive CAD 8 million of extra revenue during the first 12 months. In terms of one-time synergies that are still to come, we've identified close to CAD 5 million, and that's split between early termination or early contract termination, processing flexibility, and elimination of redundant capital infrastructure that either has pipelines in place already or is related to the wonderful gas processing complex that we now control. A couple of examples on the synergies that we have here up on the top right-hand side, the plot is showing basically immediately after acquiring the assets, we started to direct gas to our lowest cost processing option, which during the summer with low commodity prices was the Glacier Gas Plant. We now have flexibility to divert gas to a number of different egress points depending on capacity available and commodity price. In terms of production that we brought back on with the infrastructure that we acquired and our own that we previously held, H2S was a limitation for the prior operator. We were able to take advantage of our infrastructure and return high H2S wells back on production, basically capturing 300-400 barrels a day of oil. In terms of 2025 and beyond, in terms of infrastructure synergies, Mike referenced that we've deferred the construction of the Progress Phase 1 Gas Plant. That allowed us to move $35 million out of 2025 into 2026, increasing our free cash flow in 2025. It has also allowed us to push out Phase 2 construction farther out into the future, deferring another $100 million of capital. With the synergies that the infrastructure provides, on the right-hand side, you can see a plot of the oil batteries and gas plants. From key oil batteries, we have the ability to direct gas to up to three different gas processing options through Valhalla. Once Phase 1 is constructed, we have the option to move gas either to Glacier or to the new Progress 421 Gas Plant. With all that infrastructure, it will provide us the opportunity to monetize and rationalize non-core infrastructure through 2025 and into 2026. Another opportunity that we'll be able to realize is lower overall emissions corporately. With the combination of the two infrastructures and the ultimate construction of the 421 Gas Plant, it provides concentration and the opportunity to lower overall emissions. With that, I'll turn it over to John and Brian to talk about managing volatility. Perfect. Thank you, Neil. From a risk management perspective, we target 30%-50% hedge levels to smooth volatility and adjusted funds flows. This supports free cash flow generation, which is being directed near-term to reduce net debt into the target range of CAD 450 million. We diversify our gas markets, physically delivering to Empress, Dawn, Chicago, Emerson, and AECO. We have a comprehensive Enterprise Risk Management Framework, to assess and mitigate risks while identifying business opportunities. When gas prices are low, we shut in gas and turn wells back on when prices recover. This maximizes our adjusted funds flow and free cash flow, which is priority over our production growth. Owning and controlling the majority of our infrastructure allows us to utilize this tactical response. Okay. Thanks, John. So turning to hedging here and diversification, hedging strategy is an important component of Advantage's overall risk management program. And we have two main tenets to our hedging strategy. The first is that we want to have a base layer of hedging to help reduce the volatility around our adjusted funds flow. Before the acquisition, we viewed that base level to be about 20% over the next 12-18 months, but we've since increased that to 30%. I'll note that we're currently about 37% hedged on our natural gas volumes through next winter and about 34% hedged on our crude oil and condensate volumes for calendar 2025, all at levels that are well above current market. The second tenet is our fundamental overlay. Bringing our hedging from the bottom end of our target range to the top end depends on our level of confidence around supply-demand balances, particularly for Western Canadian natural gas. Looking ahead into 2025 and 2026, we model that the Western Canadian market will enter a period of relative undersupply that will last for at least 18 months. AECO basis, which is trading currently at historically wide levels right out the forward curve, should begin to tighten. That view's supported in part, of course, by LNG Canada, which is expected to begin commercial operations sometime in 2025. But that's not the only reason. Intra-Alberta demand has some near-term support from oil sands growth, along with a full year of gas-fired power. And the medium-term outlook continues to look brighter through a combination of data centers, petrochemicals, and the next wave of smaller LNG projects. That same fundamental overlay that helps guide our hedging decisions also helps guide our diversification strategy. Spreads between AECO and downstream markets like Dawn and Chicago are at historically wide levels, which also makes for a historically poor time to enter the new long-term downstream commitments. At the same time, we're comfortable with a slightly larger floating AECO and Empress position into 2026 as regional market balances improve. That said, our significant Empress position gives us the ability to move quickly and layer in diversification to those key markets as spreads contract, and we'll watch closely for those opportunities as the year unfolds, and with that, that concludes our formal presentation material for Advantage. I'd like to take this opportunity to formally introduce Entropy's new CEO, Sanjay Bishnoi, along with their CFO, Chris Hooper, who are here to provide an update on Entropy's business and some of the exciting opportunities ahead. But first, we'll take just a couple of minutes as a break from our formal slides to show you a video that brings to life some of the great progress that Entropy has made. Great. Well, good morning, everybody. This is Sanjay Bishnoi. And I think that video was a really good visual introduction to Entropy. Although I've likely had a chance to meet many of you, both Chris and I are the newest executive additions to an already highly qualified team at Entropy. So we thought we'd give you all some highlights on our backgrounds that are particularly relevant for the Entropy story as we continue on our path to developing a standalone team and a standalone company. Myself, I have over 25 years of energy experience. Most relevantly, I was a co-founder and the CFO of a highly successful, high-growth midstream company in the Permian Basin called Caprock Midstream. I've had a very long technical background in carbon capture. I actually have my PhD in chemical engineering and did my dissertation in carbon capture solvent technologies. And I have both public and private capital markets experience as CFO of Caprock Midstream, Enerflex, and Parex Resources. I'm going to turn it over to Chris to introduce himself and then to also give you a little bit of an overview of what Entropy accomplished in the last year or so. Chris? Thank you, Sanjay. Very quickly, on my background, 25 years of experience primarily in private equity and infrastructure investment management. It's my pleasure to be able to provide a one-year look back on all that was accomplished at Entropy. Behind the scenes, there's been a lot going on, and we've been actively advancing the business. We closed out 2024 with a transaction bringing Canada Growth Fund on as an investor and, more importantly, providing revenue certainty for up to one million tons per annum of carbon credits. The deal eliminates the significant risk of government policy change on carbon pricing and enables us to redouble our focus on Canadian projects. In July, we reached a major milestone achieving a final investment decision on the Glacier Phase 2 project, including an investment in decarbonized power from a natural gas-fired turbine with CCS. We also entered into a partnership with Methanex to conduct a pre-FEED at the company's Medicine Hat methanol production facility. In addition, we entered into an agreement to jointly develop a data center, including decarbonized natural gas power generation with CCS. Finally, we took significant steps to build out our management team in 2024, including hiring Adam Bedard to lead our U.S. efforts and, of course, Sanjay Bishnoi as CEO. And with that, I'll pass back to Sanjay to share the rest of the Entropy story. Thanks, Chris. As you can all see, it's been a very productive year at Entropy. Sitting here today, our North Star and ultimate vision is to build North America's premier infrastructure company focused on carbon capture and low-carbon power. We've built a team that has full-scope capabilities in both of these regards. As we sit today, we have a full in-house dedicated team to design, build, own, operate, maintain, and sequester carbon and build a CCS and low-carbon infrastructure business. Through our deal with Brookfield and Canada Growth Fund, we have access to capital and offtake. We have raised over $500 million to fund the business from those two well-capitalized sponsors. We have up to 1 million tons per annum in guaranteed price offtake for 15 years from the Canada Growth Fund. On the lower left of this chart is the most important aspect of the company for me. There are many people that are talking about CCS's potential and Entropy is doing. We have been operating our Phase 1 facility at Glacier for over two years now, and we are achieving capture rates of approximately 90+%. Earlier this year, on the lower right of this chart, we were excited to take the next step in our evolution and FID Phase 2 of the Glacier CCS project. Phase 2 will be the first gas turbine in the world operating commercially at scale to generate power, capture, and sequester CO2 from its exhaust. Backed by the incremental capital cost from our capital investment from Brookfield and CGF, the plant will be on-stream by Q2 2026. The 15 megawatts of power generated will be sold to Advantage under a 15-year PPA and will help increase the reliability of power at the Glacier gas plant while significantly reducing emissions. A good segue to the next page. Page 62 of the main deck goes into a little more detail on Glacier Phase 2 carbon capture. This plant is under construction now. On-site work will start in the spring and summer of 2025 and will be online by Q2 2026, aligned with the scheduled turnaround of the Glacier Gas Plant. It will capture approximately 160,000 tons per annum of CO2 and will be 100% self-powered. All process and sequestration power will be self-generated by the turbine, and all heat needed to regenerate the solvent will be captured from waste heat. On the right-hand side of this chart, you can see that Phase 2 will have dramatic effects on the emissions at Glacier, reducing the approximately 250,000 tons per annum of emissions by 86%. So Glacier is demonstrating that a gas plant's emissions can be 86% mitigated at no capital or operating cost to the E&P company with known technology when you partner with Entropy. A good topic of conversations with some of your other investment management teams, several of which we were already talking to. Well, a picture is worth a thousand words. And here you can see the Advantage Glacier site in the yellow and the Phase 2 expansion on Entropy's Glacier CCS project. It's a standalone design designed to minimize interference with gas plant's operations. And as you can see, it not only generates power to provide to our host and increase power and operational reliability at the gas plant and captures 86% of the emissions, truly unique and revolutionary. There's a lot to discuss these days about providing baseload power at low emissions. And this next chart demonstrates, excuse me, this next chart demonstrates that there are lots of ways to generate baseload power and lots of ways to generate low-carbon intensity power. But we believe that natural gas with CCS is the best way to produce baseload reliable power at low-carbon intensity. At Glacier, we will be at 60 kilograms of CO2 per megawatt hour, as low as solar and wind with firming. And that solution is only available 15%-35% of the time, so it's not really baseload. We're way better than coal or straight natural gas. You'll notice that nuclear is not on this page. However, we are excited about nuclear, realizing that it will take a long time to get to market. And natural gas with CCS is available today. So a very important solution if you're looking for baseload power at low-carbon intensity. On the next chart, we've started de-risking the technology, and we're operating reliably. So we're at a point where we are ready to scale the business and excited about our growth prospects. As previously mentioned, we are very well sponsored by Brookfield and CGF with legacy ownership from Advantage. We have a dedicated board of independent investors and a dedicated executive team and staff. We are looking at projects in both Canada and the U.S. and across a wide variety of industries and applications. And finally, our project funnel continues to look good with two operating projects, an exciting turbine project that has been FIDed, and currently four projects in FEED. I wanted to conclude with a few comments about growing momentum in CCS and data centers. The latter subject has been in the news a lot. Every day, we hear about new projects that are moving forward to generate more computing power needed for AI and other applications. These projects are all very power-intensive and emissions-intensive. With hyperscalers being sensitive to both baseload power and emissions, this presents an opportunity for CCS and, by extension, for Entropy. On the carbon capture side, there has been a lot of announcements and increased interest in the space. So I thought I'd leave you with some data from Bloomberg New Energy Finance showing over 400 million tons per annum of CCS projects that have been announced. Even if only 25% of those move forward and we're only a fraction of that market, this is a very large opportunity for Entropy. So it's a good space to be a world market leader. We've created a standalone entity, and we are very growth-oriented at the company. And with that, I will turn it back over to Mike for concluding remarks. Thank you, Sanjay. And thanks to the whole team for your contributions. We happen to be a little bit ahead of schedule, which is great news. I'll offer a few summary remarks. First off, the plan ahead is bright. We have continued cash flow per share growth within our focus and our expectations for this year for this coming year versus 2024, or over 60% year-over-year growth for cash flow per share. I think, as importantly, our three-year plan features over $500 million of free cash flow at strip. And it's important to remind you that that's $500 million of free cash flow on a market cap of $1.5 billion. We have no exploration in our plan. We have no major infrastructure projects in the three-year plan aside from completion of one that's mostly already done. And to highlight examples of our continuous efforts to do more constantly, last week, we closed purchase of our Northeast BC 100 million per day gas plant at no material cost. Yesterday, we closed one of our small divestitures. We have a few more we expect to close within weeks. And this week, we're in the process of flowing back a new Glacier pad, our first 2-well trail leg pad, and our partners are flowing back a 4-well trail leg pad, all of which have encouraging results. So in some cases, only hours of production. So with all this, it does look like a very strong upcoming three-year plan. We look forward to, most importantly, executing this plan, delivering on our promises, and maintaining that consistent focus of cash flow per share, low-cost structure, and only deploying capital into high-value projects. So with that, I'd like to pass it back to Brian. I think we'll be considering opening the floor for questions. Brian, back to you. Thank you, Mike and the team. And Jenny, we're ready to go to the phone lines if there are any questions there. And we'll follow that up with any questions on the webcast. Thank you. Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you have a question, please press star, one on your touch-tone phone. Questions will be taken in the order received. If you wish to cancel your request, please press star, two. If you are using a speakerphone, please lift the handset before making your selection. Once again, that is star, one if you wish to ask a question. Okay. Well, we'll go to the webcast here. We do have one question, and I'll pass the floor to Sanjay Bishnoi. Yeah, thanks, Brian. So the question is, how much power do you anticipate Phase 2 generating? And can you speak towards levelized cost of supply of power being produced in Phase 2 and how that might compare back to solar or wind? I guess I'd start by saying the turbine in Phase 2 will generate 15 megawatts of power. That is a combination predominantly that will be sold to Advantage. The price of that PPA we have disclosed as CAD 85 per megawatt hour, so a very competitive price on that ultra-low carbon power that we're selling back to Advantage. I would say that the comparison back to solar and wind is really an apples-to-oranges comparison because our power that we're generating is baseload. And the solar and wind numbers that might be floating around are actually intermittent sources of power. So I think it's not really a direct comparison. Okay. Thank you, Sanjay. We'll go to our second question here, and I'll pass it to Mike Belenkie. Sure. Thank you, James, for the question. The question is, can you elaborate any further on non-operated infrastructure monetization and any reason for the time in being second half? Yeah, that's a simple one. We do have now a smattering of different smaller capacity sort of positions. So really, what we have is a level we have to levelized our capacity to match where our production grows and where that's happening. So when we talk about potentially selling down some of this non-operated infrastructure, we have to make sure we do that while we have other options available to us. And of course, you'll note that we have some options coming online, CSP in particular in the first half. And then tying any of our production into the other infrastructure first will allow us to then divest of infra at the right price. Hopefully, that answers your question there, Jamie, and feel free to ask follow-ups. Okay? Now, I'll roll right into the next question, which is from Aaron Bilkoski. How do you think about 10% growth in context of basin supply demand growth? If you find the basins oversupplied, you pump the brakes. Let me answer that first. We think about this as being stable production growth that is non-cyclical. This is not pro-cyclical growth where we're feeding the cycle of oversupply where prices are crushed, followed by undersupply where prices are spiking. What we're doing is growing at 10% per year in a way where, because of our low-cost structure, both capital efficiency and our cash efficiency, cash operating cost efficiency, we make money at low prices through the cycle, not just when prices are in the upper half of the cycle. So what we're looking at now, Aaron, is simply not playing a role in the cyclicality of pricing and making sure that our profitability is integral for the call it four out of five years where prices are low. While we are small enough that we're not going to move the market, we don't want to actually be playing a role in this kind of arms race where prices are high and growth surges. Okay? So hopefully, that makes sense. Our returns are based on low prices, that sort of baseline value. And our IRRs are driven by that throughout. Okay? So hopefully, that makes sense in the first part. On our debt target, you say you're targeting CAD 450 million in debt. Is the plan to direct free cash flow to debt until that target is reached, then incremental free cash flow to the NCIB? That's a good question, and I think it's well posed. We do believe in delevering as being our most important priority at a time where we are throwing off a lot of free cash flow. However, when we first set that target of being entirely dedicated to delevering, our share price was at a different place. Our valuation was a different place. We see the current share price as a fantastic opportunity to start layering in some NCIBs. And so when I refer to, in some of my earlier comments, I refer to the way we think about free cash flow. We'll take the free cash flow from our organic program and dedicate that to delevering. But when we do have a sale or some unbudgeted cash flow enhancement, free cash flow enhancement, we'll take a portion of that potentially and put that to work in a tactical sense on the NCIB. So we may see NCIB at some nominal level reactivated in the near future, especially given that we're in the process of doing some of these smaller non-core property divestitures. So we'll see that rolling a bit earlier, and particularly driven by the fact that this is a countercyclical opportunity to buy back our shares. Okay? Now, I might roll into the next question, which is from Jamie. The completion of the Progress facility in 2026, contingent on gas pricing being at an acceptable range. If so, can you discuss a price point where you would choose not to proceed? So again, Jamie, this is. I made comments just in my last answer. Similarly, we are seeing growth as important to be done steadily in a non-price-sensitive way. We have to be prepared to play the long-term pricing of the market. We may at any time change our plan subtly to optimize IRRs, which essentially has the output of maximizing free cash flow. But finishing the Progress Gas Plant in 2026 is really a part of our full rate of return design. It's part of our capital plan design where we have this optimized free cash flow number. We can recalculate our plan, defer again if there was some reason to. But the deferral of the Progress Gas Plant in 2026 wasn't really driven by low gas prices. It was opportunistic in that we have enough capacity from the acquired assets, from the acquired infrastructure from our acquisition in June, that it was no longer necessary. In any circumstance, there was no reason to complete the Progress facility this year, this coming spring. So it's part of our growth plan. The only circumstance where we would not do that in 2026 is if we had a better use of capital that didn't involve that expansion. Okay. Wow, we got lots of questions rolling in here. I'll keep going. Any updates on Rockies LNG? Actually, maybe I'll throw that to you. Sure. And this is from Chris MacCulloch, Desjardins, and thank you for the question. We have no material update to give you today. We continue to be encouraged by the developments that we're seeing, and we'll certainly share those with the market or Rockies will in due course. But at this moment, there's nothing material to disclose. So we have the next question from Mike Appleby at Arbiter, and I'll pass it to Sanjay. Yeah. Thanks, Brian. The question is, can we describe the performance of Entropy Phase 1 relative to expectations? We're very happy with the performance of Entropy Phase 1. I'd say this is a prime example of you can design and you can theorize about things. But when you start running things, you learn a lot of good things about how to most effectively run an asset. As I mentioned, I've got a long history in this field, and I think we've actually learned a lot from an operational perspective. We are currently capturing over 90% of the carbon that is entering the capture column in Phase 1. And so much so that I would say that the performance in Phase 1 has allowed us to convince our outside investors, Brookfield and CGF, to FID Phase 2. Regarding the 10% IRR, there's a question around an IRR target. I'll turn that over to Mike. But again, before doing that, I would just point out that all of the data that we've seen to date, again, this has been through third-party advisors with our investors. They've reviewed the performance, and we've been able to FID Phase 2 at an IRR that is acceptable to an infrastructure fund. Yeah. And I can go back. So that question is partly unfair for Sanjay because he wasn't here when we developed the $50 per ton sort of break-even model. So that is an older number. I think it's safe to say that the expectations for the 10% rate of return, i.e., the break-even carbon price, is $50 per ton on a 2021 dollar of the day real price. And of course, the only thing that's really changed, what I will say, is that the technology has not changed. The technology is not our technology that has not increased in price. In fact, we've identified a few tools to reduce the total price on a relative basis per pound. What has changed is simply industrial inflation. And if you were to take an industrial inflation number over the last three years, I would sort of assume that you get about the same dollar per ton break-even price. So for reference sake, it's worth noting that we think that industrial inflation has been as much as 40% over those three years. Hopefully, that helps answer that more detail. I can throw this next one back to Sanjay here, another Entropy question. Yeah. Thanks, Mike. So the question is, can we elaborate on further potential projects that are advancing in the queue? And I'd say, as mentioned in the discussion, we've got four projects that are in FEED. We've publicly announced, I think, two of those. And we're working with Methanex. We're working with California Resources Corporation in California. We're working with a Western Canadian oil and gas producer. And then we're also working with a data center developer here in the province of Alberta. I would expect that we would complete all of those FEEDs in 2025. And we're hoping that we advance a portion of those projects to FID in the 2025, 2026 timeframe. Thanks, Sanjay. Thanks. Jenny, we may have a line. We may have a question on the phone line. So I'll pass it back to you for a break here. Yes. We have a question from Michael Harvey from RBC. Your line is now open. Yeah. Sure. Good morning. So this has been covered a little bit, maybe for Sanjay or Mike. Just any more financial metrics you can provide for Glacier Phase 1, which is on stream now? Just wondering if you can give us any more color on, I guess, just how much revenue that project is generating. I know it's complicated because you're reducing op costs, etc. But just maybe in simple terms, for instance, like the year-to-date figure in millions of dollars you've generated from the credits and offsets to operating costs, just kind of looking to put some dollars and cents on it. Yeah. I'm actually going to. This is Sanjay. I'm going to actually ask Chris Hooper to give you a little bit of color, maybe just on overall revenue, including all of our different streams. Chris, if you don't mind. Sure. Absolutely. Thank you. Entropy generates revenue in a number of ways, including storing carbon that is captured at the Glacier facility from Phase 1 A and 1 B. There's also a waste heat component where there is an emission savings for Advantage that is revenue generation as well. In rough terms, those revenue lines add up to low single-digit millions per year. So, in 2024, we will be roughly $4 million of revenue. The operating costs associated with that would be roughly $2.5 million. So, is NOI positive? Obviously, those are small-scale projects. Glacier Phase 2 will add significantly to the top line numbers as well as the OpEx number, and will make Entropy significantly cash flow positive. But where we are today, we are generating positive NOI. Okay. That's great. So maybe 1.5 million NOI. Gotcha. Thanks. Okay. Thank you. We'll go back to the webcast here. We have a few more questions. One from Jackson Buckle at AFT Capital. Yeah. I'd be happy to take that. Thanks for your question, Jackson. The question is, in light of Paramount's asset sale, is there any interest for management in monetizing some of the assets that went away? Also, what portion of the sale proceeds would be directed towards share buybacks versus debt reduction? Okay, so two questions. First question is, I mean, I think that as a management team, we try to be dispassionate about value, and really, our ultimate goal, again, is to maximize cash flow per shareholders or net output per shareholders, so that's the goal and the driving principle. If someone were to come along and offer us an overpriced sort of intrinsic value offer for an asset, we have to consider that. Important to note that our assets do tend to grow in value and grow in cash flow, so we have to make sure that any offer today for an asset that might be more valuable next year needs to balance out mathematically based on our cost equity, so we think very dispassionately about these assets and it's our job to simply maximize value for shareholders. And then the second part of the question, in terms of proportion of sale proceeds, we're going to try to avoid being very specific about what proportion we would be. It will not be the majority. So, of course, it's going to be partly driven by two things. What is our outlook on share pricing, i.e., how quickly do we see delivering happening, and how confident are we that this is a done deal, that our delivery target is reached? And secondly, how underpriced are our shares? So there's a balance of priorities. Obviously, if we have a steeply discounted share price, we want to be more aggressive on our buybacks. If we're concerned about share pricing and our ability to deliver on schedule, we're more compelled to put the money more predominantly towards delivering. Hopefully, that's enough detail. We probably don't want to tip our cards too much on our trading plans. I guess you could put it that way. Okay. Thanks, Mike. Next direct question from Chris at Desjardins. What ending are you in with Glacier well improvements? How much harder can you push production rates and efficiencies? Maybe I'll do a quick. I'll start with a quick answer, and I'll pass it to Darren. So quick answer. Thanks, Chris, for the question. Realistically, we're probably in the fourth inning on Glacier. We have not seen any sort of degradation at all in well quality and in resource quality. Our wells continue to be as good as we'd hoped or better. You'll note there's a trend. We continue to increase our type curve, and the wells that keep coming on continue to beat the type curves. So with that, maybe I'll pass it to Darren and the technical team to address at what point you get to diminishing returns on increasing. Yeah. I agree with you, Mike, on your characterization of where we're at with the current completion evolution. I think there's room to improve there. Certainly, certain benches have started to kind of roll over, but we do have additional benches and additional areas in Glacier where we haven't drilled new wells. So that's where I would look to kind of pushing development and improvements in Glacier, particularly in the D2 and the D3 benches. We haven't drilled for a couple of years there. So that's where I would see us pushing kind of new well improvements and new results in the coming years. Thanks, Darren. Okay. Thank you. We'll move to one, I think this is an important one because it's maybe not that well understood, but walk us through the net equity ownership, net of Brookfield and Canada Growth Fund financing and back and rights to equity. Mike, I'm not sure if you want to take that one. Yeah. So this one's not, it's actually complicated in some ways and simple in some ways. I think it's important to note that, first of all, Advantage owns over 25 million shares of Entropy, and those are common shares. So most recent financing was done at a $12.75 per share value. That equates to just over $300 million of value. The moving parts in this, though, the complexity are twofold. Brookfield and CGF are investing via what it looks like an equity line of credit. So we consistently draw down that equity line of credit, which increases their ownership. And so as we draw more, we will see our working interest fall, not our value, but our working interest will fall as the company grows. And then the extra complexity is that these are convertible ventures. Now, these are equity-like in most ways where they have a fixed conversion price. But because they are a convertible debenture, they have a coupon of 8%. I think that's public information from some of our filings. So you can't necessarily take our common equity to be simply a face value of the most recent raise or some escalation based on our advancements in business. Hopefully, that helps to explain it. Most importantly, if you want to oversimplify 25 million shares and establish what you think the common equity value is from that 12.75 anchor. Thank you, Mike. I think maybe time for one more question here. We've been pretty encouraged by everything we've been seeing, and this one is an important one, I think. Can you talk about the Conroy facility acquisition a little bit further? Is there additional spending required to bring it into service? And when could Conroy production feasibly be part of the Advantage profile? Yeah. Great. And I'll start with that as well. Conroy facility is, we haven't named it yet, and we could call it Conroy facility. It's a little further west. It's only a short pipeline away from the pipeline network that came with the plant. So this is really quite an incredible opportunity. We're very lucky to have this opportunity, especially given the timing of the asset acquisition last year. There is some additional spending required to tie Conroy into this gas plant. Reasonably, we have a rough estimate of $25 million depending on the size of the pipeline and depending on the application of compression in the field. So basically, the asset sits kind of 10 kilometers away from the tail end of the pipeline network that we now own. So a tie-in to that pipeline network and then some reactivation costs just to basically deem operable this plant. It's a modern plant. It's well-designed. It does have 100 million a day of capacity. It's sour gas handling for liquids. Perfect fit for us, and really, what does it do to our feasibility of—or when does that come into our actual development planning? Well, it's not in our three-year plan. And to go back to one of the questions about long-term AECO pricing and supply-demand balance, we don't really have a strong viewpoint on what 2028 gas pricing is going to look like at AECO or in Western Canada. So prior to us being really specific about developing that asset, we intend to sit, watch, and gather information on supply-demand fundamentals, on LNG Canada Phase 2, on Cedar, on the Pacific Woodfibre Project, sorry, Woodfibre project, sorry, as well as some of the other major developments in the basin, which include the Dow pipeline and power generation uptake. So as these moving parts kind of settle out in the coming couple of years, we'll give you a better feel for how important it is for us to develop that asset. But as it stands right now, it will be an incredibly efficient asset to develop. It's de-risked. It's development level. And the moment we start putting money to work drilling, we have facilities, 100 million to say, of space to grow into. So we are excited about it, and we just have to make sure that we do it at the right time. Okay? There's probably enough time to just answer one last question on Progress. And I think it's important to note this question is really a clarification question. At Progress, can you please give a bit of color on what 2025 activity looks like on both the ENC and the abstraction side? So we do have the scatter plots showing IRRs versus time, and that's found on page 26 of the slide deck. And you'll see that there is no drilling at Progress in the money within 2026 and 2027. But those drills will start to happen at Progress starting in 2027 and will result in some growth at that point. And again, part of the reason for that is because we have no urgency on drilling those lands, and the prospects that are currently lower risk, higher rate of return fall earlier in the life of the asset. Throw it back to you if you'd like to wrap up here, Brian. That's great. Great Q&A session. Thank you, everybody, for tuning in to our investor day. Great conversation. And if I didn't get to any questions or if you have any follow-ups with us, please reach out to me or the team, and we'll get back to you. Again, thanks, everybody. And that wraps up our session today. Thanks, everybody. Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.