Good day, and thank you for standing by. Welcome to the Peyto's fourth quarter 2025 financial results conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I'll now hand the conference over to your first speaker today, JP Lachance, President and CEO. Please go ahead. Thanks, Marvin. Good morning, folks, and thanks for joining Peyto's fourth quarter and full year 2025 conference call. Before we begin, I'd like to remind everybody that all statements made by the company during this call are subject to the same forward-looking disclaimer and advisory set forth in the company's news release issued yesterday. Here in the room with me, I have Riley Frame, our Chief Operating Officer, Tavis Carlson, our CFO, Lee Curran, our VP of Drilling and Completions, Todd Burdick, our VP of Production, Michael Collens, our VP of Marketing, Derick Czember, our VP of Land and Business Development, Crissy Rafoss, our VP of Finance, and Mike Rees, our VP of Geoscience. Before we discuss the quarter, on behalf of the management group, as always, I'd like to thank the entire Peyto team, both the folks in the field and in the office, for their contributions to yet another strong year. To be clear, they're the people that make Peyto what it is. If I could sum up what the team accomplished in 2025 in one sentence, I'd say the company responsibly invested shareholder capital in 2025, which grew the business while returning a healthy dividend to shareholders and paying down a significant chunk of debt. Getting into the specifics, the company spent CAD 475 million, which grew annual production and PDP reserves by 7% or 4% per share, and PDP reserves value by 2% per share. That's despite the lower price ticks that were used by the evaluators, who paid dividends of CAD 265 million or CAD 1.32 per share and reduced net debt by CAD 171 million or 13%. That's a pretty big accomplishment considering AECO prices averaged CAD 1.76 per GJ last year. Let's start with the fourth quarter. We kept five rigs running through the quarter and right up until the Christmas break, then shut down to give those folks some time off to be with family during the holidays and recharge. We drilled some great wells in late Q3 and throughout Q4 as our program focused more on the Notikewin and the Falher, which tend to be the most productive zones in our portfolio. Naturally, production ramped up in December, which averaged 145,000 BOEs per day. It's timed nicely for the increase in gas prices at both AECO and our multiple downstream markets. We spent CAD 142 million in the quarter, bringing our total up to CAD 475 million for the year, which landed in the middle of our capital guidance range and matched well with our exit production of 145,000 BOEs per day. This equates to an exit capital efficiency of CAD 10,000 per BOE. Essentially, we delivered on what we said we were gonna do at the beginning of the year. If we dive into operations a little more, we spent 81% of that 475 on drilling 82 gross or 78.4 net wells with, you know. While most of the rest of that capital was spent on facilities and strategic pipelines, including a big field compressor in our core Sundance property. The mixture of wells we drilled last year are essentially delivering the same average productive outcomes as 2024 at the same cost, which doesn't sound like much, but if you go back a couple of years, that's a 25% improvement year-over-year and a function of our acquisition of the Repsol assets that we purchased in late 2023. Some of the new plays we drilled last year include follow-ups to Bluesky, Viking, and a prolific Falher channel we discovered a couple of years ago. Of course, we drilled a lot of Notikewin, a lot of great Notikewin wells too. Importantly, we continue to expand our drilling inventory by finding and developing new ideas that were not previously on our reserve books. In fact, 34 of the 82 wells we drilled last year were not recognized, and that's simply because the Deep Basin is endowed with a great stack of opportunities that we continue to unlock in and around our 1.1 million net acres of land. On the production operations side, as always, our efforts continued on reducing costs and optimizing our vast 1.5 Bcf a day of gas processing capacity and gathering infrastructure. In areas where we haven't been as active, drilling, like Brazeau, we had, I think we just had one rig running there most of last year. We've been looking at to bring third-party production into the, into the plant to increase throughput and improve field netbacks. For that, we built an important pipeline in Q1 of 2025 and are actively seeking more opportunities like that. Turning to Q4 financials, the end-of-year ramp-up in corporate production resulted in a fourth quarter average of 140,800 BOE per day. That's up 6% over the same period last year or 3% per share. That drove funds from operations up quarter-over-quarter by 23% to CAD 245 million. To get there, we received all-in revenues of CAD 4.71 per Mcfe, and after subtracting cash costs of CAD 1.23 per Mcfe, resulted in a cash netback of CAD 3.47 per Mcfe before we include performance-based compensation and cash taxes. That's a 16% improvement over Q4 of 2024. We also generated one of the highest quarterly earnings in our history at just under CAD 126 million or CAD 0.61 per diluted share. Of course, both our hedging and marketing diversification played a role, a big role as AECO monthly gas sold at CAD 2.22 for the quarter, or about 2.55 at Mcf when you factor in our heat content. Our hedge gains added CAD 0.76 per Mcf, and our diversification to other markets added another CAD 0.70 per Mcf of value to our realized gas price. Clearly, our marketing efforts played an important role in the quarter. Looking at the full year, we generated CAD 860 million in funds from operations, an increase of 21% over 2024, which more than funded the capital program and dividend, as I mentioned at the beginning. Total cash costs, excluding cash taxes, averaged CAD 1.29 per Mcfe, and if you remove royalties of CAD 0.16 to get what Peyto controls, it equates to CAD 1.13 per Mcfe, and that's an CAD 0.11 improvement over 2024. I think as you may recall that, in the January 26th monthly report, we set ourselves a goal to reduce controllable costs further by another CAD 0.10 in 2026. As we reported, these low cash costs and strong revenues for the year generated a field-level netback of CAD 3.61 at Mcfe or an all-in cash netback of CAD 2.93 per Mcfe when you include cash taxes, G&A, and interest expense. Our reserve additions last year were one of the strongest in our 27 year history and essentially a repeat of 2024. If you haven't already, I encourage you to read the March monthly letter, where we highlight some features from that reserves release that was issued on February 19th. Essentially strong well performance, improving capital spending by the entire Peyto team drove PDP FD&A costs down to CAD 0.94/Mcfe. That's the lowest in the Canadian oil and gas producers. When you combine our industry-leading low cash costs and high netbacks, it yields an after-tax cash netback recycled ratio of 3.1x. Essentially meaning we turned CAD 1 into CAD 3, and that's pretty good for a natural gas producer last year. As we've always emphasized, margins matter most, and last year, Peyto put up an impressive 72% annual operating margin and a 31% annual profit margin. Of course, these margins generate the profits to sustain dividends, to return to shareholders, grow the company, and protect our balance sheet. Turning to marketing. We continue to reap the benefits of our marketing diversification and hedging program. We've added a table in the press release to show what the two programs have achieved relative to AECO pricing over the last eight quarters. For the full year 2025, that premium to AECO on a volume average basis is about 88% or CAD 1.80 per Mcf over AECO prices. Looking forward at our hedge book, it secured a total of CAD 880 million in revenues for 2026 and another CAD 355 million for 2027. As it stands currently, you can expect us to continue our systematic hedging over the next six gas seasons and stay within the guardrails of our policy. As we've always said, we hope our hedges are out of the money when we get there, because that means that we're seeing better natural gas prices. In this case, it would be over CAD 4/Mcf in 2026 or CAD F3.50/Mcf in 2027. The gas that we have left forward in for 2026 is pointed at U.S. price markets, which allowed us to capture a premium on the daily market this past winter and continues to trade above AECO when, even after you factor in the cost to get there. Okay, that was a lot of numbers and about the past, but to be clear, we think, you know, demonstrating the past execution is an indicator to future performance. Why don't we turn to the future. Looking forward to our plans for 2026, it's already been quite a volatile market for commodities, fueled by weather and of course, world events. Our plan remains to spend CAD 450 million-CAD 500 million, drilling 70-80 net wells, the same as last year and the same as the year before. We expect to use four to five rigs to accomplish this. We'll slow down for breakup and then start up after the wet season. Current plan will be to run four rigs for most of the summer with an option to ramp back up to five later in the year, depending on prices. Remember, we are well protected through the summer with about 70% of our gas volumes fixed at prices just under CAD 4 with very little exposure to spot AECO. Rest of our production is pointed to downstream markets, so we'll be watching them closely. At this point, we project a four rig program after breakup gets us pretty close to the midpoint of capital guidance, and we can adjust from there depending on where the business environment goes. We remain constructive on natural gas with the continued LNG build out in Canada and the U.S. and increased demand from local markets like power for data centers. Clearly, recent world events remind us the need for energy, and we, you know, we believe Canada can play an important role in providing a reliable, secure, and affordable supply of oil and gas to these global markets. To that end, we continue to advocate for egress and local demand projects so that Canadian oil and gas can support the global demand for energy and our Canadian economy. In the meantime, we expect commodities will be volatile, but thanks to our prudent business strategy to keep the cost that we control as low as possible while protecting the revenues with our commodity marketing strategy, we expect to continue to deliver stable long-term returns to our shareholders and increase the value of the company. I imagine there's a few questions. Maybe Marvin, I'll open up the phone lines, if there's some questions in the queue we can get to. Thank you. At this time, we'll conduct a question and answer session. As a reminder to ask a question, you'll need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Travis Wood of National Bank Financial. Your line is now open. Yeah. Good morning. JP, I think earlier in the year you mentioned some ability to tie in and build a small pipeline to tie in some third-party gas. I think that was into the Brazeau plan. You reiterated that with year-end. In the same breath, you kind of flagged ample spare capacity close to 40% of spare capacity across the kind of corporate processing plants. Do you think there's an opportunity to continue to expand to run third-party processing across other parts of the portfolio? Or how are you thinking about that from a kind of another revenue stream? Yeah. Maybe I'll get Todd to elaborate further on that. Generally speaking, of course, we have a lot of space in our plants and so. Getting utilization up is a key to you know, reducing overall costs or increasing income in this case, if we were to add third parties to it. You know, in the areas that we operate, we're pretty much the dominant operator in a lot of the places where we own facilities. Just bringing in third parties, they either have their own facilities or we're just not active in the areas that we operate. To the extent that we have opportunities like that, and a good example was the Brazeau area, where we've added some volumes there last year, and we'll continue to search for more. I think in total, Todd, if I'm not wrong, we have about 20 million or so of third-party gas going through some of our facilities, and then there's some gas that comes in naturally with partner gas as well to our facilities. Do you wanna elaborate further on our plans to look at new opportunities there? Yeah, sure. Our JV group has been very active, you know, really over the last couple of years working on some of these deals. They obviously got the one into Brazeau, and they're looking to get some more in there. You know, when you ask about getting gas into plants that have capacity, we have a pretty robust drilling program this year, development program, so that's going to likely fill up or keep full some of our gas plants in the Sundance area. We're gonna build. We've got some pipeline projects that will allow us to effectively protect our base, but move gas into the Old Man North area, Nose Hill, move free gas up in the Swanson area for new development. Things will, as the year goes on, get a little tight in some of the areas in Sundance, but obviously, you know, the Edson plant, the JV group is working to get some gas into there. Brazeau, as I mentioned. You know, they're always mindful in talking to us as far as where we're gonna have capacity on where they should be focusing their efforts. I think they'll continue to do that, as this year unfolds. Okay, thanks, Todd. Yeah. Okay. Thanks for that color. Last question, just in terms of the reserve report, you had flagged 34 locations. In terms of percentage, I don't think that's too different in terms of what wasn't captured in this year's reserve report, versus past years. Could you talk about the formations or fields within those 34 locations that were pushed into possibly next year's numbers? Yeah. To be clear, what we were highlighting there is the fact that we don't just drill the wells that are on our reserve books, that we have other opportunities that we can drill and will drill throughout any given year. I think historically, that's been around 32% of the well count has been, at least over the last 10 years, on new lands. That was my point earlier in my opening remarks, is that we continue to chase things. Maybe I'll get Mike Rees to elaborate a little bit more around, you know, why is that or what, you know, what are we seeing, and maybe a little more color on that, if you'd like. Mike, maybe you can- Yeah. You bet, JP. I mean, a broader question might be, you know, just why don't we just drill our booked locations? Where does this unbooked inventory come from? I would say just, you know, one of Peyto's guiding principles here is to constantly high-grade our drilling inventory and our drill schedule to maximize returns. Ultimately, we're driven by economics. Unbooked locations present the opportunity to optimize spending mix and allow us to be nimble in reacting to things like changing market conditions. To drill down a little bit more on where these unbooked locations come from, I guess the first point I'd make is we can't book all of our potential locations, nor can any other oil and gas entity. We have to follow, you know, strict rules with our reserves evaluators around what locations can be classified as booked. Typically, those that are not getting booked would be viewed as perhaps a little bit more risky, may not have nearby analogs for that particular play, for instance. You know, we do continue to refine our geological mapping as new data becomes available, which can lead to identifying previously unknown trends. I would point to what JP's already mentioned a little bit earlier. Back in 2024, we drilled, tested a new channel trend in the Falher right in the heart of Sundance, where we drilled many wells before. That initial test was quite successful, and we've been very aggressive in following that up since. You know, another point is that we continue to add every year to our land position through land sales and deals with other companies. You know, those lands, obviously, we believe are prospective, they have locations on them. Otherwise, we wouldn't have done those deals or picked those lands up. That wouldn't have been reflected on prior years' books. You know, we also watch closely what our competitors are doing in and near our core areas. Perhaps they may unlock a new zone that we can then capitalize on our own lands. Again, that's something that wouldn't be reflected on our prior years' books. Yeah, I mean, we're willing to test new zones when and where it makes sense. I guess the final point, but an important point that I would make is that you know the evolution of drilling and completion technology coupled with Peyto's leading cost structure can make previously marginal zones more competitive for capital within Peyto and also ultimately make some of those zones in some of the areas quite economic. That's I know I like to lead his team. I guess all of this taken together really demonstrates that, you know, we don't rest on our laurels, and we're always driving to maximize shareholder value, regardless of whether locations are soaked or on book. Okay. You know that. Thanks, Mike. One follow-up just to that question. Would of those 34 locations, for competitive reasons, this can just be a yes or no, but unless you wanna provide more color. Any new formations that weren't part of the active 2025 program within those 34 in terms of maybe not new zones within the stack, but new, more formations more broadly? I think the short answer to that is we drilled these 34 wells that we drilled last year were across all the formations that we typically have and all species, in fact. It wasn't just one particular species. You know, we see value in assets as small as new plays within zones. Yeah, we won't elaborate on details 'cause they might be follow-ups in program for 2026. Nope. Fair, fair enough. Okay. I'll turn it back. Really appreciate the color, guys. You're welcome. Thank you. Thank you. One moment for our next question. Our next question comes on line of Chris Thompson of Canadian Imperial Bank of Commerce, your line is now open. Good morning. Thanks for taking my question. If you want me to start with your capital plans, JP, you talked about the option to ramp later in the year to a fifth rig depending on pricing. Could you elaborate on sort of what price signal you'd be looking for, to do that? Yeah. I mean, that's a loaded question in a way because we're looking at the futures too, not just, you know, one price. I think, you know, for us, it's gonna be where we see prices, but also, you know, where's the business environment in general as far as costs too. For example, if, you know, if oil prices were to stay high, for example, and gas prices were to continue to fall away, now you've got maybe potential increase in your supply costs or your cost of services, right? Because the activity ramps up just the same. It's a combination of several things. That's why I mentioned the word business environment, not necessarily just price. If, you know, for us, price, we'd like to see prices at least where they are. I think, you know, a slight improvement, of course, to go to the high end of our guidance would. I think we'd wanna see prices increase from here. If prices were to fall further, then we'd likely guide towards the lower end of our guidance. Simple as that. Okay. Got it. I guess, yeah, on the low-end side of the discussion, you know, I mean, some of your gas peers have indicated a bit of caution around growth and capital spending given the forward strip. You know, recognize you guys are well hedged for 2026, but there's still, you know, I guess there's still other considerations you might take. How are you thinking about, you know, activity levels and a downside type of growth rate? Well, activity levels would obviously drop. We would moderate the four rigs that we have that we would continue to run and to go to the low end of our guidance. I think, of our capital guidance, I don't see us spending less than CAD 450 based on the fact that we have a strong position, not only for 2026, but also even into 2027. I don't see us changing the plan that much. We'll cautiously watch it. We'll react to prices this summer if, to the extent that we have anything exposed to AECO and we don't like the price, then we will moderate production, and we'll regulate production accordingly. I think our capital plans will remain in that range, CAD 450-CAD 500. Okay. Sure. Then maybe just question for Michael Collens on the gas markets here. We've seen LNG prices move a lot higher given the conflict in the Middle East, but North American markets have really yet to respond. Just wondering if we can get your views on how these markets might evolve through the summer, especially if the conflict is protracted. Sorry, Chris, to clarify, you're talking about gas or oil prices? On the gas side. We can provide a view of that. I mean, to us, we're sort of agnostic around price because we have 70% of our prices that are hedged for the summer. I mean, maybe Mike, if you wanna provide some color around how you see things going forward here. Sure. Thanks for the question, Chris. When we look at opportunities to add to the diversification or even to the hedge book for that matter, you can appreciate that there's a lot of discipline that goes into that decision-making and tenor that would be required to put that position on. When we're evaluating opportunities, whether it's LNG or other diversification opportunities, it's got a long time horizon, and it has to be accretive to not only our position, but also to what alternative markets can get us. Does the LNG market look attractive today to have those deals on? Sure. But most deals that we're evaluating in that space have a start date of 2027 or 2028 or even later if they're project related. you know, we have a much longer time horizon in how we evaluate decisions for the business. I hope that answers your question. you know, there's always opportunities that come even as far as the cold shot in the wintertime, that we just experienced. If you would've asked the question three months ago, would you like to have some of that on right now? Sure. you know, we're constantly evaluating opportunities. What does that risk profile look like five, 10, maybe even 15 years down the road? Got it. Yeah. Okay. Fair enough. I mean, you know, like, where the Peyto model really shines is being able to layer in some of these price dislocations that happen when they happen. You know, I was probing at sort of are you starting to see some of those opportunities just given, you know, the move we've seen in global benchmarks. Like, from what I could tell, the forward strip hasn't really improved for NYMEX and that much. You know, question is like when do those opportunities start really showing up on Peyto's hedge book, if at all? Sure. Like I said, there's a lot of discipline that goes into the decision-making to make sure that we're adding good deals that prop the book up higher than where we're currently at. There's a lot of unknowns in the LNG space as well. Sure, there's a lot of excitement around the short-term price bump, obviously what's happening with global events. If you consider that the price of oil might well spur more drilling in liquids-rich areas like Permian, then you can appreciate that maybe the curve in NYMEX might not have a lot of upside to it as it relates to that LNG spike and the price of crude in the short term. You know, like I said, we're constantly exploring the opportunities. We're constantly looking for prudent risk that would benefit the book and not just in the next 12 months, but how do we layer these on five, 10, 15 years. There's a lot of work that goes into it, and I'm sure you can appreciate how we built the book up to this point. It's taken quite a bit of time, and we're starting to bear the fruits from that past five years. Yeah, sure. It might provide some excitement in the short term, but we have to really see it play out in the long term to have it make sense and put it on. Yeah. No, fair enough. Then, I'll just one more follow-up for me, just on domestic markets, like specifically the AECO market. You know, what do you guys see from a supply-demand picture, kind of going forward here? Like, data centers have been obviously very topical. Do you think that's a real opportunity that's going to help us see some strength in the AECO market? Because like, you know, LNG hasn't really done that just yet, and hopefully it will. You know, what other demand catalysts could be beneficial for the Alberta market? Well, clearly, I think, Chris, we see the, you know, the power demand being a catalyst in the future. You know, the timing of that, there's some projects that are already underway, and there are other projects that will come later. You know, we feel like we're in the right place for that. I don't. In the longer term, again, this is like Mike said, we're looking out past. You know, longer term, we think we're in the right space here, that there will be some certainly some incremental demand that comes from power generation requirements for data centers or whatever, what have you. You know, oil prices go up, there's increased demand for gas, you know, for oil sands. There's lots of places where we can see potential for gas prices to go up as LNG projects get approved, and we get reconnected with the market. We're still very positive on the AECO market. It's just, you know, we have to manage these short-term prices, and we think we do that very well. Okay. Thanks, Chris. Right back. Thank you. One moment for our next question. Again, as a reminder, to ask a question, you will need to press star one one on your telephone. Our next question comes from the line of Michael Harvey of RBC. Your line is now open. Yeah, sure. Good morning, everybody. I just had a question as it relates to your views on M&A. You've obviously had some very good results from the Repsol deal. There's probably gonna be more assets available in the Deep Basin. I guess just a couple things. Maybe you just walk us through just quickly your process on evaluating the strategic fit of things you might add, just kind of basic stuff in terms of how Peyto thinks about it. You know, the Repsol deal was pretty much hand in glove in terms of the map sheet, but just wondering how you would think about adding other assets in addition to the hand-in-glove stuff that kinda might be non-core, or is it basically just a kind of looking for interlocking fit on everything? Just any broad thoughts. Appreciate it. Thanks. Yeah, thanks for the question, Mike. You know, when we approach M&A, we've always approached it the same way, whether they're big or small opportunities. Repsol was a bigger one, obviously. You know, we're always looking for own and control. If we look at the attributes of any kind of deal that we're gonna consider one, it's gonna have the right attributes for us, and those attributes includes things like owning control in the infrastructure or having the ability to move it into our own. It may not necessarily be its own infrastructure. As long as it has its own infrastructure in some way or we can operate that way. We wanna see some, you know, some synergies with respect to an ability to, you know, ideally reduce the cost structure of the assets so that we can add value that way, so there may not be priced into the value of those assets. So I'm talking about, you know, reducing operating costs and things like that, not just synergies like G&A reductions. I'm talking about, you know, real synergies with respect to costs on the operating side of the business. It has to have, you know, a quantity of upside that's, you know, suitable to the production, if we're buying production that it has. So quality and quantity are important, and that quality and quantity should be able to compete with what we have today, right? The other element is important, I mean, egress capabilities, right? That ability to be able to get whatever we might wanna grow into the market. Obviously to sell it and to be able to grow it from there. Like, we're not looking at opportunities to just for the sake of opportunities to get bigger. We don't wanna pollute the business. We've been fairly consistent on this. Obviously, Repsol was a good, really good fit and so to the extent that there are other opportunities like that out there, and they don't have to necessarily be just in and around us, they can be beyond that too, we'll continue to look for plays that have the attributes that we prefer. We had a really good success with Repsol. If we're gonna do another one like that, and Peyto is not known to be a, you know, an acquirer per se, so it's gotta have the same sort of value upside in the way we're gonna look at it. We'll be careful, and we'll be picky, and we'll find the right opportunity. We have a team dedicated to this. Derick's team is dedicated to looking for opportunities, and so we'll continue to do that. Got it. On the staffing front, how big do you think Peyto could get in terms of adding production volume, acreage, et cetera, and still maintain the kind of industry-leading cost structure? Is there a size you think about, or do you just think you could kind of scale up effectively under any production scenario? That's a good question. Did you read the monthly report that we came out last year? It would probably. We talked a bit about that, right? I think I actually we actually put a plot out that sort of projected where we think we could get to and still maintain sort of under a magic number that was put out there. You know, it's important, culture and the size of the organization is really important to us. That is a factor when we think about, you know, growing and it's something on all of our minds, the people around this table understand that. I think it was Peter Drucker that said, you know, "Culture eats strategy for breakfast," right? I think that's in. On our minds as far as getting bigger for the sake of getting bigger, another good reason. Just because it might make sense, you know, there may be some value in being a bigger organization for cost of capital or for debt, loan, you know, being investment grade to allow us to get a lower cost for our debt. Although, you know, right now it's pretty low already. It's almost in the industry, so, especially for our size. Size, you know, I don't know, like, there is magical numbers out there, but maintaining a flat sort of structure and having people that are accountable and empowered to do their job is really important. That's what we talked about. If you wanna thumb back through some of the monthly reports. It's suggested, I think that, you know, if you think the magic number is 150 people, well, we're a long way from that right now at just under 100 folks in the office here, if you include the consulting staff. You know, there's lots of room for us to grow, but we have to remain disciplined in that, and this team in here understands that we need to continue to maintain the culture that we have, where we're focused on costs and managing our business without doing anything extra that we don't need to do. We got lots of room to grow. You know, we're only 100 people here at the high end, so. Good. Got it. Appreciate those thoughtful answers. Thanks, JP. Thank you. I'm showing no further questions at this time. I'll now turn it back to JP for closing remarks. Okay, thanks very much, Marvin. I just wanna remind folks that our AGM is coming up, and that AGM is scheduled for May, I think it's May 21st. It's gonna be in our office or in our building here on Plus 15 level in Calgary. It's an in-person meeting. Also, I wanna remind folks, which I referenced the monthly report a few times there in this call and talk and discussion point. We write this report to give folks a sense of, you know, relevance. We write about some topics that's relevant to our business, and it provides an update of our monthly production and our capital spending, based on the field estimates. These monthly updates of our operations not only demonstrates our transparency, but it also provides some confidence that we have real-time accuracy of our numbers. There should be no surprises when we get to the quarter end. If you wanna subscribe to that, you can go on our website. It's under the Investors tab, and I encourage you to do that, so. Okay, well, thanks folks for tuning in. See you next quarter. Thank you for your participation in today's conference. This is the end of the program. You may now disconnect.