Good afternoon, ladies and gentlemen. I'm Pentti Karkkainen, the Chair of the Board of NuVista Energy, and it's my pleasure to welcome you to NuVista's 2023 annual meeting of shareholders. This year's meeting will be held in a hybrid format to allow shareholders to attend and participate at the meeting in person or through live audio webcast. It's my pleasure to tell those that are joining us on the audio webcast that we have a full house here in Calgary, and I thank you all for attending. We hope that by hosting this meeting in a hybrid format, the majority of our shareholders will be able to attend and participate. The Lumi platform allows registered shareholders or duly appointed proxy holders to vote and to submit questions to the moderator. If you have a question, simply click on the messaging icon and type your question in the box at the bottom of the messaging screen, then click the send button. Questions should be of interest to all shareholders and be relevant to the business of the meeting. When asking a question, please include your name and whether or not you're a shareholder or a proxy holder. I encourage you to submit your questions early. They will be put in the queue and addressed at the appropriate time during the meeting. For those shareholders attending in person, there will be a question and answer period following the presentation portion of this meeting. We look forward to getting your feedback and answering your questions, and thank you for participating at today's meeting. Your support of NuVista Energy. With me today are Jonathan Wright, President and Chief Executive Officer, and Ivan Condic, Vice President of Finance and Chief Financial Officer. Following the formal portion of our meeting, Jonathan will make some brief remarks. I have asked Ivan to act as Secretary of the meeting and representatives of Odyssey Trust Company to act as our Scrutineers. For meeting efficiency, I have also asked certain shareholders to move and second motions proposed at this meeting. This is not intended to limit discussions or to suggest that other shareholders and proxy holders are not able to move or second motions. Before beginning the meeting, I would like to acknowledge the Indigenous Peoples of all the lands that we are on today. I would like to acknowledge the importance of the lands which we each call home. We do this to reaffirm our commitment and responsibility in improving relationships with Canada's indigenous peoples, and to improving our understanding of local indigenous peoples and their cultures. From coast to coast to coast, we acknowledge the ancestral and unceded territory of all indigenous peoples that call this land home. On behalf of the board, I would like to express our sincere thanks to the NuVista management team, our employees, and our contractors for their extraordinary efforts and performance in 2022. This past year, NuVista was able to achieve many new records, including record production and adjusted funds flow. NuVista was also able to successfully execute on its value-adding growth strategy, reduce its net debt, and return capital to shareholders. The company had an excellent year of delivering against our ESG goals and responded proactively to elevated injury rates with many new people entering the contract workforce. NuVista is well-positioned to continue to deliver long-term sustainable growth in a manner consistent with our core values and mission. I would also like to recognize my colleagues on the board, many of whom are here or are joining us virtually, for your stewardship and sound counsel in helping guide NuVista through what has been an ever-changing landscape. I'd like to specifically acknowledge and thank our departing director, Sheldon Steeves, for his contributions to the board over the past 10 years. Sheldon will be retiring from the board as of close of this meeting today. Thank you, Sheldon, and best wishes. As we say goodbye to Sheldon, we welcome Mary Ellen Lutey, who is standing for election as a director at today's meeting of shareholders. I and the balance of the board look forward to working with Mary-Ellen. On behalf of the NuVista board of management, I would also like to thank you, our shareholders, for your continued support and confidence in NuVista Energy. With that, we will now move on to the formal part of the proceedings. In accordance with our bylaws, I will chair today's meeting. I will chair today's meeting. I now call the meeting to order. I have received confirmation from Odyssey Trust Company as to the mailing of the meeting materials. I direct that this confirmation, together with copies of the documents mailed to shareholders, be kept by the secretary with the minutes of this meeting. Business may be transacted at this meeting if two or more persons are present, holding or representing by proxy, not less than 25% of the shares entitled to vote at the meeting. The scrutineers report has now been received, and it shows that there is a quorum of shareholders present at the meeting. I now declare that the meeting is regularly called and properly constituted for the transaction of business. We will conduct each vote by way of in-person ballot or by way of vote cast on the Lumi platform and those submitted by proxy. I understand that the scrutineers have tabulated all the votes received prior to voting cutoff. Thank you to our shareholders who have voted in advance. If you have previously voted, you do not need to vote again. By voting again, you will revoke any previous vote made prior to the voting cutoff. We will now open the online voting for all of the resolutions. If you are attending virtually, you should see voting choices displayed on screen. If you are attending the meeting in person, you should have completed your ballot when you entered the meeting. If you have not yet submitted your ballot, please provide it to the scrutineers now. Participants, particulars of the votes cast on all matters may be obtained from the secretary after the meeting. I direct that the scrutineers report on all matters to be annexed to the minutes of this meeting as a schedule. We will now commence with the business of the meeting. The agenda is as set forth in the notice of meeting being the presentation of financial statements, fixing the number of directors to be elected, the election of directors, the appointment of auditors, and the advisory vote on NuVista's approach to executive compensation. Let's begin with the first item of business. The consolidated financial statements of NuVista for the year ended December 31st, 2022. Management's discussion and analysis and the auditor's report thereon have been provided to shareholders. They are available on our website, on NuVista's SEDAR page, and on the Lumi dashboard page. No action is required by shareholders on this item. Next item of business is to fix the number of directors. Mr. Chair, my name is Carrie Walker. I am a shareholder. I move the number of directors to be elected at this meeting be fixed at nine members. Mr. Chair, my name is Tanya Dickinson. I'm a shareholder. I second the motion. Thank you, Carrie. Thank you, Tanya. Ivan, is there any discussion or questions submitted from any registered shareholder or proxy holder on that motion? Mr. Chair, there are no questions on that motion. In accordance with NuVista's advance notice bylaw, the only individuals entitled to be nominated as directors at this meeting are the persons named as nominees in NuVista's information circular. Therefore, as directed by the board and in accordance with the information circular, Ronald J. Eckhardt, K.L. Holzhauser, Pentti Karkkainen, Mary Ellen Lutey, Keith A. MacPhail, Ronald J. Poelzer, Deborah S. Stein, Jonathan A. Wright, and Grant A. Zawalsky are nominated as directors of NuVista to hold office until the next annual election of directors or until their successors are elected or appointed, subject to the provisions of the Business Corporations Act of Alberta and the bylaws of NuVista. On behalf of the company and its shareholders, I'd like to thank all the directors for their commitment to NuVista. The next item of business is the appointment of auditors. Mr. Chair, I am Kelly Fisher. I'm a shareholder, and I move that KPMG LLP be appointed auditors of NuVista until the next annual meeting or until their successors appointed and that their remuneration as such be fixed by the board of directors. Mr. Chair, my name is Hung Nguyen. I'm a shareholder, and I second the motion. Thank you, Kelly and Hung. Ivan, is there any discussion or questions submitted from any registered shareholder or proxy holder on that motion? Mr. Chair, there are no questions on that motion. The next item of business is to approve a non-binding advisory resolution concerning NuVista's approach to executive compensation. Mr. Chair, I am Carrie Walker. I'm a shareholder, and I move that the executive compensation advisory resolution on page 29 of the information circular of NuVista dated March 20, 2023 be approved. Mr. Chair, I'm Ryan Thompson. I am a shareholder, and I second the motion. Thank you, Carrie. Thank you, Ryan. Ivan, is there any discussion or questions submitted from any registered shareholder or proxy holder? Mr. Chair, there are no questions on that motion. Voting has now been enabled for all previous motions, if a shareholder has not voted yet, please do so now. I will pause briefly to allow final voting. Voting is now closed. I will pause for 30 seconds to receive voting confirmation from the scrutineers. I have been advised by the scrutineers that all resolutions have been approved by more than the requisite majority and that those nominated have been duly elected as the directors of NuVista Energy Ltd. I declare the motions carried and the nominees for the board of directors elected. Final voting results will be published on SEDAR following the meeting. Ivan, are there any additional questions submitted on the formal business of the meeting? Mr. Chair, there are no questions on the formal business of the meeting. The Chair would entertain a motion to terminate the meeting. Mr. Chair, I'm Tanya Dickinson. I am a shareholder, and I move that this meeting be terminated. Mr. Chair, I am Ryan Thompson. I am a shareholder. I second the motion. The meeting operator is activating a poll to vote on the termination of the meeting. For those attending the meeting in person, please signify by raising their right hand. The motion to terminate the meeting has been carried. I therefore declare this meeting terminated and invite our President and CEO, Jonathan Wright, to deliver his remarks. Thank you. Thanks, Pentti. Good afternoon, everybody. Thank you for coming. Great to be here. Great to do it in person after so many years. We're just doing it, you know, virtually. Not a lot of fun doing that. Yeah, I just wanna say Pentti was right when he said what a great year 2022 was. I just wanna say all the staff that are here and all the ones out in Grande Prairie, you really knocked it out of the park. Like, we're gonna keep doing it. We're lucky to have tremendous assets and the kind of results you put in last year, as I'm gonna summarize here on your behalf, feels great to be up here and be able to talk about it. I'm gonna start with a quick update just on the wildfires. Obviously, it's a very present situation. I'm happy to say that our operations have restarted in the Grande Prairie area, and our able field staff are on top of things monitoring. We have to be careful because the winds and the weather and the rain could turn again to hot and windy in the wrong direction. You know, we'll make some announcements publicly once things are stabilized and we're, you know, fully back rocking and rolling. As of last night, we started up successfully, and I'm sure there'll be a few wobbles on the way back up, but that's great news. We're not aware of any damage. Of course, most importantly, we're not aware of any injuries, and we're keeping all of our staff and the public out of harm's way. That's just a quick update on the wildfire situation. I wanna turn quickly to quarterly results next. We put out our press release. It would have gone out just a few minutes ago at 3:00 P.M., and so you'll have a chance to peruse that later. I'll just hit a couple of highlights before I go to the actual corporate presentation, which we have a shortened version of for you today. First of all, we produced just about exactly what we thought. We were gonna produce about 71,200 BOEs per day. Of course, that includes a previously announced 1,500 BOEs a day of downtime that we had prior to wildfires in Q1 as a result of unplanned third-party outages at three different facilities. The underlying production in the wells are doing tremendously. That was just some temporary downtime. That's a great start to the year. In terms of adjusted funds flow, we actually had a, you know, very good adjusted funds flow given the slightly reduced production, and that came in about CAD 207 and a half million of adjusted funds flow. I'll talk a little bit about why that was stronger than you might have expected. We had positive free adjusted funds flow after capital spending of about CAD 28 million, and we had a very successful capital expenditure program. We invested CAD 196 million in wells and facilities. Actually 12 gross wells and a completion of 17. 12 were drilled, 17 were completed in our condensate-rich Wapiti Montney play. At the same time, we also received cash proceeds of about CAD 26 million for the sale of a non-operated underutilized compressor station in the area. We're reinvesting half of those proceeds into an ongoing expansion at our Elmworth facility, which will recreate that same throughput capacity and more for our continuing debottlenecking and expansion. We're basically taking non-operated underutilized production into operated lower operating costs, higher utilization production. A nice, a nice little trade that our team was able to put together there. That's how the net capital expenditures ended up as they did at the... What was the number? You know what? I'm gonna show my age here. $169 million. Okay. In terms of commodity prices, I think we all know it was a very highly fluctuating quarter, especially with natural gas prices coming down. Because we're connected to Malin, California, the benefits of our gas diversity and sales really shine through at times like this. Sometimes it's Chicago in the winter, this time it was California in the winter, and we had tremendously good natural gas prices there because of the shortage they had and the cold winter that they had. As a result, we averaged natural gas price for Q1 was $7.02 in MCF, which is 62% better than the monthly average AECO price. That's only 11% of our gas goes to California. Just another tremendous showcasing of the strength of that natural gas diversity, and that's what underpinned our cash flows being so strong. We exited the quarter with $66 million in cash deposits and 0 drawn on our $440 million credit facility. We improved our financial flexibility, we're really pleased to say that we moved to a reserve-based lending facility now that's a 3-year lending facility. Sorry, we moved from our reserve-based lending facility, which is a 2-year to a 3-year covenant-based facility. This is just another trapping of a larger company, which we are becoming. We have stronger cash flows and much more stable and much more cushion. I wanna thank CIBC and all of our banking syndicate for working with us to get us there. It's another excellent milestone in our continued growth. That's a $450 million facility with $300 million accordion feature on top of that. Very, very flexible and undrawn financial position. We did repurchase and subsequently canceled another 1.1 million shares in the company as part of our buyback program with our free cash flow. As a result, we're now over 91% finished on our annual NCIB. Adding more value per share, on the upper, the top line, as well as the denominator of that equation. Operations I'll cover when we go through some of the slides. I'll just say quickly that we didn't change our guidance. Our guidance is still intact for the year. You'll see when I go through the presentation, there is a still continued a bit of pressure on inflation. We're watching that, no reason to change anything at this point. Of course, from a production point of view, things are looking really good for the year. We just have to sort of get through this wildfire situation and understand if there's any major impact there. We do expect that to be short-term. As you already heard, we're back up and running and hopefully can stay there, but that's gonna be up to Mother Nature and not up to us. I'm going to now go through the corporate presentation. We've done a shortened version here for you today, then I'm just gonna walk through a couple of additional comments I'd like to make afterwards. We'll jump right into that. You can see here on the slide in front of you there, 75,000 BOEs a day and growing once we get everything back up to full here post wildfires. You can see the numbers before you there. Really pleased to see that most of these numbers are going upwards and to the right, except for the share count, which is going downwards to the right. This is all the correct directions you wanna see for these things. I won't reiterate the numbers you can read for yourself there, extremely pleased to be in the position we are in. You can see there that NCIB, we've already returned CAD 192 million to shareholders. You know, last year we grew 30%. We paid down CAD 300 million of debt, and we bought back a whole ton of shares at the same time. This is something that I find rare when I look back at my entire career. It's not something you see very often and something we're very happy with. I do wanna remind you, we're talking about forward-looking information, so please take the advisories into account as we always need to do. Just a quick word on inventory. We're very fortunate to have a deep and high-quality inventory. To give you an idea, obviously, there's a lot to digest here, so it's best digested at home with a coffee in your hand and a presentation in your hand. You know, the punchline is we've got 4 different zones. That's why we show the map 4 different times. Up to 4 layers being drilled. For example, at Pipestone North, we drill all the layers. We drill 3 of them and frack into 4 of them. It's from the bottom up. The blue on the left is our land base, and if it's light blue, that's Contingent Resource. If it's dark blue, that's 2P reserves or 1P or production. Same thing on the red. The light color red is Contingent resource, and the dark color is booked reserves. Onwards up through the zones to the top zone, which is the D zone on the far right. Where it's yellow, it's just NuVista land that we haven't actually booked any reserves or Contingent resource on yet. The punchline is in the bottom right, which is 1,400 wells, and we've only drilled 300 of them. We've been in here for more than a decade now. We have highly repeatable, high value results, and we have about 1,100 more wells to go in our Contingent resource and in our 2P reserves. In order to prosecute this plan, which grew us 30% last year and 20% this year, we're drilling 40-50 wells per year, and that drops to between 30 and 40 wells a year once we flatten out at our 100,000 BOE per day plateau. A very long, deep of inventory of wells to choose from as we go forward. This is the value of those reserves. This just shows you our 2022 year-end reserves report. I won't go through all of the numbers here, but just to summarize, you can see we grew our PDP reserves, our producing reserves, 17%. That's over 30% debt adjusted and per share because of the shares we were buying back and paying down debt. On the right-hand side, recycle ratios of 2 are very good. 5 is unheard of in my book, so fantastic results. That's your netback divided by your F&D. It's the value of what we're finding divided by the cost to find it. You wanna be way over 1.5 or 2, and I've never seen numbers like that. Congratulations to the team. 45% increase in PDP and 2P NPV. In case you're squinting, trying to do the parallax there on the CAD 30 a share, it's CAD 28 a share 2P NAV, is what you're seeing there, for our 2P reserves. Of course, that ignores all of our Contingent resource. Again, lots of room to run, lots of value attached to that room. The 2023 budget is kinda summarized here. I'll just flash it up for a moment there. When we first started the budget, we had CAD 400 million of free cash flow planned. Now we're spending about the same amount, we got about CAD 300 million planned because commodity prices do move around. It's tremendous to have this flexibility that we do have. We're unfussed, we haven't changed our capital program, and we can keep driving on. We have that flexibility with free cash flow moves up and down, so we just buy more and less shares. Typically, when commodity prices are lower, the share price is a bit lower, so you're buying them back a little bit more cheaply than anyway. You can see the rest of the numbers there. I'll just leave you to digest that. I've already covered some of these. I did wanna quickly show the offsets 'cause these are somewhat eye-watering numbers if you really stare at them. On the left-hand side, that's Pipestone North and South, our flagship properties we acquired in 2018. As you can see, we're in a very orderly manner, just drilling pad beside a new pad, beside an existing pad with known production, with offset competition, with known production. That's why we're getting such highly repeatable results and continuing to drive our costs down. We're not getting surprises, but of course, there are variations. The rock does vary a little bit and the costs vary per pad. You can see that on the right-hand side. High repeatability, but that range you're seeing at $85 oil and $4 gas. These are payouts, so we're looking backwards, so that's pretty close to what pricing was last year. We just flattened the pricing at $85 and $4, so it's apples to apples for all those pads. This is not a highlight reel. This is every single pad we have drilled in Pipestone since inception. Each of those pads rounding off is like $50 million. It's a six or seven well pad on average. What this is telling you is we invest $50 million for each one of those green bars, and we get back one and a half to three times that much money in the first 12 months of production. I've never seen numbers like that in my career. This is how we're able to deliver 30% growth and buy back a bunch of shares at the same time as pay down CAD 300 million. Our southern properties. We've been drilling in here for 12... I think our first well was 13 years ago. Started very slow. We were in learning mode. Now we're in absolute steady development mode. You can see we're drilling all over in Elmworth, Gold Creek and Bilbo. You can see on the radio buttons there where we've been drilling and the ongoing results that go with that. Continuing to have great results there as well. In this case, we're now refilling facilities that we allowed to decline a bit during the original pandemic era. After that, our massive spending increase was first in Pipestone, our brand new area. Now we've leveled out, and we're spending also for regrowth in the Wapiti area and getting some great results. You can see really good results. Not quite as good as Pipestone, because it's a little cheaper to drill, and Mother Nature is a little kinder up at Pipestone, but still tremendously in that sort of 1.5+ times your money back in the first 12 months is what that graph is telling you. The Lower Montney, you can see tremendous results from that Lower Montney pad. Sorry, it's a pad into two layers, and that's the Lower Montney well, which is, you know, the new zone, so the relevant one. We're really pleased. As you can see, we're off to a great start with the orange colored line there, above type curve and the green one just under type curve. Of course, both of those are 25% above type curve for condensate gas ratio, which is where the real money is in these wells. This is a tremendous result, and we're not surprised. We have some good wells up at Pipestone North and at Bilbo in the Lower Montney. We had a pretty good hunch it was gonna work here from our geological analysis. Paramount has been drilling directly to our east. I see we've got some Paramount colleagues here today. They've got great results with all those blue-colored wells off to the east of us. We had a number of data points from ourselves and from competitors, that we were able to use and go in here with confidence. That's about 100 of those 1,100 wells or 700 in Contingent resource, about 100 of them here that are making their way now into reserves. The whole continuum from not booked to Contingent to 2P to 1P and on to production. It's very exciting, and pleased to see that continuing to grow our future. In the interest of time, I won't spend too much on the cost slide. Short story, we've been bringing our costs down structurally since 2012 by drilling faster, fracking better, and just ingenuity and basically understanding the play better and repeatability and the great efforts of all the people out in the field and in the room here today, actually. Now inflation, yes, is kicking in a bit. We're doing really well continuing with the underlying reductions. We're mitigating inflation, but we can't completely avoid it. That's why you see the curves tip up a little bit again to the right. A little bit of pressure on this year's budget, but so far no reason to change it, and we will monitor that through to August. Why? Well, because we're also seeing quite a bit of moderation. You know, we have seen steel inventories and sand inventories sort of come back. The very cost of the fuel that we sell, which we make money from, that's the fuel we burn in order to move trucks and move frack and rigs and all those things. The fuel we use at our plants. That very fuel is now a lot cheaper as well because natural gas has come down. There are several elements of our capital and operating costs that are back on the way down, others that are stabilizing, others we're still watching. It's we'll say more about that in August once we see a little bit more water under the bridge. This is that growth plan, which you're very familiar with if you've been with us for a while as a shareholder, and I think most of you have, looking around the room. As you can see, it grows us to a capacity of about 105,000 BOEs per day. This is all facilities that we've already contracted for, including all the downstream molecules to market, creates a grade molecules, as we always call it. Capacity of 105 probably means run rates in the range of 100, right? You never run right on the pin. That's our current growth plan. It's a measured growth plan. This year, 20% growth and then tapering because we're gonna keep with our sort of 3 rate strategy here. Very happy to be having cushion in every direction, both on our balance sheet, but also in terms of lots of cushion on the contracts. Room to grow, lots of room over and above minimum volume commitments as well. This is what happens to the cash flow when you put it all together. On the right-hand side, you know, spending in that CAD 450 million range this year. You can see for forward years, we've put a bit of a white fuzzy up there to CAD 475 million or CAD 500 million, just assuming all of our previous forward estimates might need a little bit of inflation in there. We'll do our plan for 2024 in November and announce it once we have a better lock on next year's prices. Basically no real changes there. On the left-hand side, the thing that's changed, of course, is prices are a little bit lower than the last time I would have spoken to investors about this. We ran this one, as you can see here, at $75.03 for this year and then $85.04 in the out years. We have a sensitivity, so you can look at what if it's more or less than that. Bottom line is the left-hand track there, that's free cash flow net of capital. As you can see, the free cash flow per share cumulatively getting to CAD 9 a share very quickly there. Obviously, prices will do what they're gonna do. We'll continue adding value as long as the economics of wells are not threatened, prices would have to be well below anything we've seen this year in order for that. That's our best way to fight the supply chain and retain our high-quality field crews and staff and rigs is having a steady program. Quick one on the balance sheet. Ivan would cane me if I didn't say something good about the balance sheet directly. There's the slide. Yeah, it's tremendous to have very low, like nothing drawn and very low net debt because we do have those outstanding senior notes. The numbers pretty much speak for themselves, you know, kind of 0.2 times net debt to cash flow kinda levels. Our, our target on that, of course, is to be, you know, sort of under $200 million-ish, as a maximum at any time. That number could even be a bit bigger now because we're bigger as a company. The way it was picked was, if we have another pandemic pricing, $45 oil and $2 gas, NYMEX, for a whole year, we have enough production now that that would still keep us under 1 times net debt cash flow in that disaster scenario, which is a very comfortable place to be if our debt is sort of under originally $200 million. Now that calculation, because we've grown, would mean, it's okay to be under $300 million. 200 is our, is our soft ceiling target, and obviously already nicely below that, with lots of good stuff in front of us. I did LINN California, and Kevin Asmundse n is probably in the room here somewhere. Does a great job with Todd managing this business for us. We are very diversified. All those colors are the 5 points of North America we always talk about. We're talking about a little bit of gas haze in AECO, and most of it goes out, and that's to Chicago, Dawn, Ontario, to the US Gulf Coast, and to Malin, California, on the border of Oregon. Great place to be last winter, as I was mentioning. Of course, on the oil side, we're quite bullish on the future of oil. I'll talk a bit about that in my after presentation remarks here. That's why we haven't been hedging. 2 reasons, prices have been volatile and low. Maybe 3 reasons. We have a lot of flexibility, so we don't need it from a risk protection point of view. The backwardation cost has been very high to lock anything in. No reason to lock that in. On the gas side, we've been opportunistic with some pretty good trades there. As you can see here, we're only about a third exposed to gas there, sort of hedged on gas in the ranges you can see there with collars CAD 4 by about CAD 7. Through the following years there... Gotta get my glasses. I've got a micro on here. Through to 2025, it turns into swaps, as you can see, at a pretty favorable price. That's taking away our AECO exposure. All good moves and we continue to deliver to all the points. Who knows who will have that cold winter and hot summer, but we'll be connected to it. A quick word about ESG. To most people, ESG means GHG. You know, we've really done well. I'm not gonna go through all these numbers. In fact, there's a 40-page report on the internet for those that are very interested. you know, I'll just say it's an important part of our business to just continue to get better and reduce our emissions per BOE as we continue to grow. This team has done a fantastic job doing that, both on the greenhouse gas emission side and also on the methane side. We're down more than 60% on both since about 2012, and we've got more projects executing to continue that into the future. The next big one for us is the cogen project at Wembley. so very pleased to be to be able to continue to do our part there and stay ahead of the regulations as well, of course. That's the end of the actual formal presentation. I just wanted to make a couple of remarks, and I'm calling this a quick walk down memory lane for NuVista. We did a little bit of this last night at Sheldon's farewell dinner. We're sure gonna miss having Sheldon on the board, but certainly welcome Mary Ellen. Great to have you on the board and getting to know you. It's funny 'cause Sheldon was on the board a decade and you know, I've been with the company 13 years, and 12 and a half actually, and the company's been in the Montney for 13. The company was in the Montney, but we had 1 well, and we had a lot to learn, a long ways to go, and we had a lot of questions. At that time, we were about a 20,000 BOE per day company, and we had this huge Montney position, and it seemed that the odds, looking back now, you might have said the odds were against us. In fact, I had a couple investors say that to me. Here's a couple of stats for you. Wells were costing CAD 13 million each in a total capital budget of CAD 160 million. When one well doesn't work, Jonathan doesn't sleep. That's, that's kind of the place we were at. They were taking two months just to drill the well, not to complete it, not to do a pipeline, just to drill the well. Would the condensate flow through the tight rock? Could we get our costs down enough to make it economic? Would the play be as big as we thought? Would we be able to sell our non-core assets in order to fund the launch into the Montney? Those were all some pretty big questions discussed by our leadership team, our staff, and our board, through the many meetings. I'm very pleased to say the answer was, of course, yes. We've done it, and it feels really good, and we've done it as a team. At the time that Sheldon joined us, I looked it up, and we had a press release, which, so about a decade ago, where we had put out... We had learned enough from drilling that we told the world we think the contingent resource, not the reserves, but the contingent resource, less certain than reserves, should be in the range of about 200 million BOEs on our property, maybe more. Our year-end 2022 reserves that I just showed you, reserves, much more certain than contingent resource, was over 600 million BOEs today. Of course, the contingent resource dwarfs that today. Awesome job and an awesome outcome. But of course, it was done one carefully risked, analyzed step at a time, and we all did it together. Feels really good, and I hope you all feel very good about it as well. By last year, our well costs had dropped in half despite 13 years of inflation. 2022, the year-end book reserves I just gave you, 600 million BOEs, were booked. You know, I'll say this company and our board have always taken very seriously any promises that we make to shareholders. I'm very pleased to say that due to the team here and in Grande Prairie and the steady leadership of our board who are here today, we have done just that. That is of primary importance to us. I would like to take a moment to thank all of our staff here today, to thank our leadership team who worked so hard to try and keep things between the pipes as well. Of course, our board, who have always been supportive but not afraid to ask tough questions either. That is much appreciated. The integrity and the leadership have carried us to this point in our journey. I'd also like to thank all the shareholders that stuck with us. Some of you have been here right from the start, and some are new. All are welcome, by the way. Just saying. We appreciate that. I also. It's a real pleasure to see our legal and our banking community here. I noticed all of you that came, and I do appreciate that support. We often say it really does take a village, and that is really true at NuVista. We need the support of our community of vendors, contractors, partners out in the field and particularly here in the business community. Thank you for being here. More importantly, thank you for being there through the years. Despite the many peaks and valleys and challenges in our industry, at NuVista, and for our industry in general, we all know we've had a big macro challenge coming at us in an even bigger way over the last decade, and that's called climate change. It is real, and NuVista has certainly done our part to make sure that anthropogenic impacts are minimized. I mentioned that we've had a 60% reduction in emissions intensity since 2012. That's how you do it. I do wanna say, the climate change is not an emergency, despite what our industry detractors might tell you. It is not an emergency. It is an important issue for the world to deal with. You cannot turn off what you're using every day until you have logically and carefully built up the replacement alternatives that you need to build up. I know the detractors of our industry will probably never believe that, but they don't have to believe us. We have physics and economics on our side, and we're going to see that prevail over time. If you're not sure what I'm saying is true, you need only look as far as Germany or the UK or California to see what happens when you get energy policy dead wrong. Unfortunately, citizens there are learning all about what it takes, and all about what we take for granted. In most parts of the developed world, energy availability, energy affordability, and energy reliability. Even as our detractors criticize our product, they demand more of it inexorably. When a family's energy bill goes from CAD 200 a month to CAD 2,000 a month, or when the lights black out, and this is happening in the places I mentioned, there will be change. There will be change of attitudes, and balance will reenter the energy dialogue. This is not theoretical. This is physics and economics. When you put this all together, I firmly believe it adds up to the best setup in our industry that I've ever seen in my 34-year career. This is really true. Never before have I been able to look ahead 10 or 15 years and know actually just about exactly where every well is going to go in 10 or 15 years. That is a luxury we've never had in this exploring industry. While the opposition to our industry is leading to chronic underinvestment in growth, which means undersupply, and while demand for our product continues to grow, and therefore we have a supply-demand imbalance, which is unfortunate for consumers and needs to end, but very fortunate for oil and gas companies who continue to deliver the product that is needed. As we grow our company and reduce our emissions, I believe this mismatch is going to lead to an energy super cycle. I'm very bullish about it, but we're not dependent upon it. We have the resilience to just keep producing and growing as we watch things unfold. With our bulletproof balance sheet, the other thing is we do have the strength to withstand the great volatility that we seem to be having and probably are gonna continue to have for all the same reasons that I've summarized. I think you could tell I have a fierce pride in my life's work and in your life's work, the energy business. It's very important, and it's needed by the industry. It's needed by the world. Energy has improved the world. It has improved lives, it's saved lives, and it's lifted lives from poverty. 80% of the world's energy today, still today, comes from oil, gas, and coal. There is nothing but growth for natural gas as it is needed, along with the intermittent renewables, solar and wind and others, to back out coal, which means significantly less emissions as we deliver what the world badly needs. I just wanna thank you all one more time for being part of NuVista's ride. The ride's been a lot more fun lately, I will admit. We will continue to grow while delivering significant value to the energy-hungry world and to our shareholders. Thank you all for coming. Have a great night. We're happy to answer any questions if anybody has any. There's one. Fire away, please. Bill Malott, Shareholder. Welcome, Bill. I'm gonna say that in the recent history here, we've had threats to the industry over financing. Various groups, quite influential ones, to defund the banks who fund the industry and other sources of capital. Given that, in my opinion, that I was wondering why it's so important for the company to buy back shares. We're not reducing the financing already acquired and also given that for the last federal budget seems to be attacking or preparing, let's say preparing for increase in capital gains and taxes and benefits of dividends. That perhaps the shareholders should be getting dividends first out of this excess cash flow. The federal government rules. Yeah. I recognize that's obvious for financing, but if you're gonna use cash as something terrible. Thanks for the question, Bill. Were you able to hear that down that end? No. The question was about, in a world that's defunding financing for oil and gas, because of the threats to our industry, why are we buying back shares when we could be perhaps looking at debt and certainly looking at dividends. I think that captures it. Yeah, thanks. Yeah, no, it's a great question and the board here knows we talk about this pretty much every board meeting. It's definitely on the radar screen. I guess there's a couple of things there. First of all, we were doing all debt reduction, while our debt was at elevated levels because of the pandemic, so that's a risk decision, and I think it was the right one. We weren't buying back any shares until we knew that we had our debt at very, very comfortable levels. Then we stepped into it slowly just to remind everybody, we kinda went to 50% of free cash going to debt reduction and 50% towards buying back up shares after the debt was below target number 1. Then we got below bulletproof target number 2, and that's when we elevated it to 75% after a good discussion with the Board. Obviously, that's a Board decision, not a Leadership Team decision. So that's kind of the starting point, how we got there. So we are still reducing debt. We're just doing it more slowly than we were before because we're at such comfortable levels. On the dividend, you know, it's a fair question, and I think that day might come. The way we think about that is, currently our shares are trading at a very low level compared to our 2P NAV. I think you saw from the presentation, even if you ignore our Contingent Resources, the kind of confidence that we have in our 2P NAV. We have a lot of confidence in our contingent. We have very high confidence in our 2P NAV. As long as we're trading well below that level, even at the prices that we're at now, that to us says that there's much more value to buy a share, and it's a permanent improvement to the metrics per share. If we go to a dividend at some point in the future. There is a bit of a link there. The other thing is it's also a very flexible thing. Dividends don't tend to serve very well for companies that are in a high growth mode. Now, we've taken a very measured approach to our growth plan. 30% last year was because we were running our 3 rigs and playing catch up after the no spending pandemic period. This year, the same 3 rigs is giving us about a 20% growth rate, and next year a 10% growth rate. As we taper that growth, as we move to a covenant-based facility, as we become close to a 100,000 BOE per day company very soon here, those are all trappings of a larger company and a dividend, once we finish paying down debt, which there isn't much further to go, you're not gonna go below 0. It's certainly something that has been in our dialogue and will be in our dialogue, but I don't think it's likely to be, you know, an immediate thing for the reasons stated around the trading value versus 2P NAV. Any other questions? Going, going. Okay, great. Well, thank you again, everybody. I look forward to seeing you, some of you long before next year. Otherwise, next year. Take care.