Thank you for standing by. This is the conference operator. Welcome to the Baytex Energy Corp. Fourth Quarter and Full Year 2021 Financial and Operating Results Call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Brian Ector, Vice President, Capital Markets. Please go ahead. Thank you, Ariel. Good morning, ladies and gentlemen, and thank you for joining us to discuss our fourth quarter and full year 2021 financial and operating results. Today, I'm joined by Ed LaFehr, our President and Chief Executive Officer, Rod Gray, Executive VP and Chief Financial Officer, and Chad Lundberg, our Chief Operating and Sustainability Officer. While listening, please keep in mind that some of our remarks will contain forward-looking statements within the meaning of applicable securities laws. I refer you to the advisories regarding forward-looking statements, oil and gas information, and non-GAAP financial and capital management measures in yesterday's press release. On the call today, we will also be discussing the evaluation of our reserves at year-end 2021. These evaluations have been prepared in accordance with Canadian disclosure standards, which are not comparable in all respects to United States or other foreign disclosure standards. Our remarks regarding reserves are also forward-looking statements. All dollar amounts referenced in our remarks are in Canadian dollars unless otherwise specified. With that, I would now like to turn the call over to Ed. Thanks, Brian, and good morning, everyone. I'd like to welcome everybody to our year-end 2021 conference call. This past year, we witnessed a remarkable turnaround for the oil and gas industry as economies recovered from the COVID-19 pandemic and energy prices surged. During this period of renewed optimism, we stayed true to our priorities of maintaining capital discipline, maximizing free cash flow, and reducing net debt. I'm also incredibly excited to announce the next step in our shareholder return framework. Before discussing our year-end results, I'd like to take a moment to comment on the most important asset in our organization, our people. Over the last several years, our team has proven to be resilient and focused and totally committed to generating value for our shareholders. Operationally, we have delivered volumes to market in a safe and efficient manner and executed our programs to benefit all of our stakeholders. We are grateful to all of our employees and contractors for their commitment and perseverance to operating safely and reliably. In 2021, we generated production of just over 80,000 BOEs per day, above the high end of our annual guidance, and delivered record free cash flow of CAD 421 million, including CAD 137 million for the fourth quarter. We significantly strengthened our business as we allocated 100% of our free cash flow to debt repayment, reducing net debt by 24% to CAD 1.4 billion. Exploration and development expenditures totaled CAD 313 million, in line with our annual guidance. We continued to advance our exciting new Clearwater play in northwest Alberta, now with four of the five highest initial rate wells drilled to date in the play. We delivered adjusted funds flow of CAD 215 million or CAD 0.38 per basic share in the fourth quarter of 2021, and CAD 746 million or CAD 1.32 per basic share for the full year. During 2021, we identified indicators of impairment reversal for our oil and gas properties due to the increase in forecasted commodity prices. As a result, we reported an impairment of CAD 400 million in the fourth quarter and CAD 1.5 billion for the full year of 2021 as the estimated recoverable amounts exceeded the carrying value of our oil and gas properties. This contributed to net income of CAD 563 million in Q4 and CAD 1.6 billion for the full year. With respect to year-end reserves, our proved developed producing reserves increased 7% to 129 million BOEs, with a resulting finding and development cost, including changes in future development costs, of CAD 8.20 per BOE. This led to a very strong PDP recycle ratio of 4.5x based on the 2021 operating netback of CAD 36.52 per BOE. Our net asset value at year-end 2021, discounted at 10% before tax is estimated to be CAD 6.67 per share. This is based on the estimated reserves value, plus a value for undeveloped acreage, net of long-term debt and working capital. In 2021, we highlighted our Peavine lands in northwest Alberta, where we are targeting the Spirit River Formation, a Clearwater Formation equivalent. We executed two strategic agreements with the Peavine Métis Settlement that covers 80 sections of our land directly to the south of our existing Seal operations base. We hold another 45 sections of land within the Clearwater potential, giving us a total of 125 sections of prospective land in the play. This play aligns strongly with our core competencies in heavy oil exploration and multi-lateral development, and our appraisal program yielded exceptional results, with production increasing from zero at the beginning of 2021 to over 3,000 barrels a day in January. Our two eight-lateral multi-lateral wells drilled in the fourth quarter and offsetting our highest initial rate well generated 30-day initial production rates of 921 barrels per day and 815 barrels per day, respectively. With the performance of these two wells, our Peavine development has now yielded four of the top five initial rate Clearwater wells drilled to date across the entire play. In addition, our eight-lateral appraisal well drilled on our northern acreage generated a very economic initial production rate of approximately 120 barrels per day, consistent with our expectations. This well was drilled in an area of thinner pay and lower permeability and confirmed our regional mapping for the area while delivering a rate comparable to the greater Clearwater trend. On our Seal legacy lands, we drilled a successful exploration well in late 2021 with a 30-day initial production rate of 147 barrels per day, and we have a follow-up well scheduled for second half 2022. At Peavine Clearwater, our first quarter 2022 drilling program is underway with two rigs running. We have already drilled six of 10 planned Clearwater wells in Q1, and we expect to bring these wells on production March through April. As part of this program, we have successfully executed our first three extended reach horizontal multi-lateral wells on our Peavine lands, which are utilized to provide appropriate setbacks to residents and environmentally sensitive areas. In aggregate, we expect to bring 18 wells on stream this year. With continued success, we believe the play ultimately holds the potential for over 200 drilling locations that could support production increasing to over 10,000 barrels per day. The Clearwater generates strong economics with the ability to grow organically while enhancing our free cash flow profile. For 2022, with continued operating momentum and current commodity prices, we expect to generate over CAD 550 million of free cash flow and reach our initial CAD 1.2 billion net debt target during the second quarter. This allows us to move to the next phase of our return of capital framework, which Rod will now elaborate on. Thanks, Ed, and good morning, everyone. With our focus on generating free cash flow and driving our debt levels lower, we made considerable progress during 2021. At December 31st, our net debt, which includes our credit facilities, long-term notes and working capital totaled CAD 1.4 billion, down CAD 400 million from CAD 1.8 billion one year ago. As Ed mentioned, at current commodity prices, we expect to generate over CAD 550 million of free cash flow in 2022 and hit our previously established net debt target of CAD 1.2 billion during the second quarter. This is a significant milestone for us. As we reach this debt level, we have reduced our net debt by approximately CAD 1.1 billion over the past 3.5 years. With CAD 500 million of liquidity, our balance sheet is arguably the strongest as it has been in the last eight years. As a result, we are very pleased to announce a return of capital framework, which includes allocating approximately 25% of our free cash flow to share buybacks commencing in the second quarter. At current prices, we expect to repurchase shares representing approximately CAD 125 million-CAD 150 million of value this year. This share repurchase program is subject to approval from the Toronto Stock Exchange, and we will seek all of the necessary approvals over the next couple of months. The remainder of our free cash flow will continue to be allocated to debt reduction until we achieve a net debt level of CAD 800 million, representing an expected net debt to EBITDA ratio of approximately 1x using a $55 WTI price. We feel this will provide us with ultimate flexibility to run our business through the commodity price cycles and generate meaningful returns for all stakeholders. At current prices, we expect to achieve this net debt level by mid-2023, at which point we will consider steps to further enhance shareholder returns. Turning to risk management, we maintain a consistent approach utilizing various financial derivative contracts and crude-by-rail to reduce the volatility in our adjusted funds flow. For 2022, we have entered hedges on approximately 41% of our net crude oil exposure, utilizing a combination of swaps at $53.50 per barrel and a three-way option structure that provides price protection at $58 per barrel with upside participation to approximately $67.50 per barrel. We also have hedges in place on our Canadian light and heavy oil differential exposure. Full details of our hedge program can be found in our year-end financial statements and are available on our website. With that, I'll turn the call back to Ed. Thanks, Rod. We're very excited to be in this position today, and I would like to reiterate that we remain intensely focused on capital discipline while generating substantial free cash flow and maintaining strong financial flexibility. Commencing during the second quarter, providing a direct return to our shareholders. For 2022, we continue to forecast exploration and development expenditures of CAD 400 million-CAD 450 million with production of 80,000-83,000 BOEs per day. We have now completed year one of a five-year plan that demonstrates our financial and operational sustainability. Going forward, our base plan at $65 WTI will see us invest approximately 50% of our annual adjusted funds flow during the plan period, generating CAD 2.1 billion of cumulative free cash flow and growing production to approximately 90,000 BOEs per day, reflecting a 2%-4% annual production growth rate. Under constant $75 per barrel and $85 per barrel WTI pricing scenarios, our expected cumulative free cash flow increases to approximately $2.8 billion and $3.4 billion, respectively. Our business is strong and we look forward to executing our plans for the ongoing benefit of all stakeholders. With that, I will ask the operator to please open the call for questions. Thank you. We will now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. To join the question queue, please press star then one now. Our first question comes from Dennis Fong of CIBC World Markets. Please go ahead. Hi, good morning, and thanks for taking my questions. I guess the first one here is just related to outstanding leverage, your current term notes and so forth. I think the way to think about it would be the June timeframe makes sense for you to take out kinda this next tranche of notes. Just wanted to think about the following tranche and kind of what your plans are for that, whether it be refi, or something along those lines, obviously, given the amount of free cash flow that you're generating. Thanks. Sure. Good morning, Dennis. It's Rod talking. Yes, good question relative to the debt. We do have CAD 200 million remaining outstanding on the 2024 bonds. Those are at 5.625%, and they actually drop down to being callable at par in June of this year. We would anticipate taking those out once they actually drop down to the call price. When you look at the 2027 notes, which bear interest at 8.75%, the first callable date on those notes is actually April 1, 2023, and it would be our intention to probably refinance those notes at a much better rate at that time. That's the current plan, but we'll watch markets as they go. Great. Thanks. My second question is a little bit more on the operations side. Obviously, congrats on the strong well results in the Peavine area. How should we be thinking about the infrastructure in the region? Are there incremental steps as you obviously generate like additional strong well results? How should we be thinking about kind of the next levels of facilities and so forth as you continue growing in that asset, if there are any? Yeah. Well, the beauty of this play is it's right in and around our operations base at Harmon Valley and Seal, so it's our legacy area today producing about 15,000 barrels a day. We have the team in place. We have infrastructure in place. We have a central battery. We're trucking all of the Peavine barrels into up at Seal, and we're egressing those barrels through our 90 km operated pipeline to Nipisi, where we intersect with the Plains terminal. So we're in good shape from an infrastructure standpoint. When you do look at our capital, as we've outlined in the IR deck, we have put CAD 35 million in there to drill 18 wells. There is some road extension, pad builds, small things we have to do inside the settlement in order to extend and, you know, build our leases and get going. In Q1, there's a big chunk of that that drives the rest of the year, where we've added in Q4, actually, we added three pads, extended a road, and it's some minor stuff like that. Overall everything's coming along. That area to the south, by the way, I don't know if you caught the importance of it, but we're drilling and have actually completed six of 10 wells in Q1 that's down in that area where we have expanded our infrastructure. Those are extended reach wells going a mile and three quarters to 2 mi on 4 legs. It's a different construct due to what we want to see for the full field development down in that area. We're very excited. It's the best reservoir we've seen. As I said, we've got six wells down, three of them there, three of them in a different location, very exciting areas, the core, the central part of the play. We're going to egress those barrels and operate those barrels much in the same way we've done all the rest of it, where it's being operated by our Peace River legacy team that knows multi-lateral drilling and operations better than anybody in the business. You know, we're sitting in a very strong position with respect to infrastructure and the costs associated with that are in that CAD 35 million we budgeted for the area this year. Did that answer your question, Dennis? Definitely it did. I appreciate the color, and I'll turn it back. Okay. This concludes the question and answer session. I would like to turn the conference back over to Mr. Ector for any closing remarks. All right. Thanks, Ariel. Thanks, everyone, for participating in our year-end conference call today. Have a great day. This concludes today's conference call. You may disconnect your line. Thank you for participating, and have a pleasant day.