Good morning, and welcome to the Pipestone Energy Corp Q4 2022 financial results, 2023 guidance and shareholder returns update conference call. At this time, all participants are in a listen only mode. Later, we will conduct a question and answer session and instructions will follow at that time. As a reminder, this call is being recorded. I would now like to introduce your host for today's conference, Dan van Kessel, Vice President, Corporate Development. You may begin. Thanks. Good morning, everyone, and thank you very much for joining the call. With me, I have Paul Wanklyn, President and Chief Executive Officer, Dustin Hoffman, Chief Operating Officer, and Craig Nieboer, Chief Financial Officer. On today's call, Paul will start by providing an update to Pipestone's 2023 guidance. Craig will follow with an overview of our Q4 2022 financial results, and Dustin will provide an update on Pipestone's operations. I will provide a brief update on the Canadian condensate market. I will now hand the call over to Craig Nieboer, Chief Financial Officer for Pipestone Energy, to provide the disclaimer and some comments relating to upcoming financial disclosure. Thanks, Dan. Listeners should be advised that some of our remarks today will contain forward-looking statements within the meaning of applicable security laws. I refer you to our advisories regarding forward-looking statements, non-GAAP financial measurements and capital management measures in today's press release and in our Q4 2022 MD&A. All dollar amounts referenced in our remarks today are in Canadian dollars unless otherwise specified. I would like to pass it over to Paul Wanklyn, President and Chief Executive Officer, who will provide an update on Pipestone's strategic progress. Good morning. I'm very pleased to announce our record Q4 2022 production results of 33,816 BOEs a day and record full year production results of 31,090 BOEs per day, which was in line with our previously announced 2022 production guidance of 31,000-33,000 BOEs per day. When Pipestone as a public entity was formed in January 2019, we articulated a clear business plan to investors. The plan was to organically grow the business quickly and efficiently to a meaningful production plateau such as that the company could generate significant free cash flow. Since January 2019, Pipestone has grown its production from 1,500 BOEs per day to 33,816 in the fourth quarter of 2022. This represents more than a 20-fold increase with an annual average production growth CAGR from 2019 to 2022 of 87%. Our 2023 production guidance of 34,000-36,000 BOEs per day and capital spending guidance of CAD 245 million-CAD 265 million remains consistent as previously announced in November 2022. As a result of the reduction in commodity prices in recent months, Pipestone's 2023 guidance and 2024 outlook pricing have been moderated using a US $80 WTI and $3 AECO price deck, resulting in a reduction of the company's projected cash flow and free cash flow. After-tax cash flow guidance for 2023 has been reduced from a midpoint of CAD 450 million in our previous guidance to a midpoint of CAD 340 million in today's updated guidance, which results in free cash flow of CAD 85 million at the midpoint, down from our previous guidance free cash flow midpoint of CAD 150 million. As we approach our run rate net debt target of CAD 100 million in 2023, we remain committed to return the majority of our free cash flow back to investors. In that light, and as previously announced, the company's inaugural CAD 0.03 per common share quarterly dividend will be paid on March 31, 2023. The quarterly base dividend represents approximately CAD 32 million out of our 2023 forecasted free cash flow. We believe our current share price does not reflect the fair value of Pipestone, of the Pipestone asset. As such, in addition to the base quarterly dividend, Pipestone expects to allocate a substantial portion of its future free cash flow to share buybacks. With respect to our previously announced intention to launch a substantial issuer bid, Pipestone expects to provide an update to investors in the near term. I'll now hand it over to Craig to provide an overview of our Q4 2022 financial results. Thanks, Paul. You know, as a result of the record production volumes achieved in 2022 and the improved commodity price environment, Pipestone achieved record annual revenue in 2022 of CAD 723.8 million and began its transition from being a high growth but consumer of capital to a more moderated growth profile and a generator of free cash flow. In 2022, Pipestone realized CAD 137.2 million of free cash flow and initiated shareholder returns commitment by buying back 8,649,000 shares under its inaugural NCIB for CAD 39.3 million. Pipestone has also significantly de-levered its balance sheet in 2022 and exit 2022 with net debt of CAD 117.4 million, which represents a material 35% reduction from a September 30th, 2022 net debt balance of CAD 180.2 million. The company's net debt to annualized trailing quarter adjusted funds flow from operations ratio at December 31st, 2022 is 0.3 times, which demonstrates the strength of Pipestone's current financial position. Specific to the fourth quarter results, Pipestone generated revenue of CAD 185.4 million, which represents a CAD 48.1 million or 25% increase from Q4 2021 revenue of CAD 137.3 million, and a CAD 11 million or 6% sequential increase from Q3 2022 revenue. Adjusted free funds flow from operations during the fourth quarter were CAD 99.7 million or CAD 0.36 per share basic and diluted, representing an increase of 69% from its Q4 2021 adjusted funds flow from operations of CAD 58.9 million, and a CAD 13.2 million or 15% sequential increase from Q3 2022 adjusted funds flow from operations of CAD 86.5 million. After CAD 29.6 million in capital expenditures in Q4, this results in record quarterly free cash flow of CAD 70.1 million or CAD 0.25 per fully diluted common share. From a returns perspective, the company continued to generate strong returns on invested capital, with Q4 2022 annualized ROCE and CROIC of 28% and 33.8% respectively, as compared to Q4 2021 annualized ROCE and CROIC of 26.1% and 28% respectively. I'll now hand it over to Dustin to provide an operations update. Thanks, Craig. Operations have been going very well, as evidenced by the 34% growth in proved producing reserves in our recent 2022 year-end reserves release, with the associated finding and development cost at CAD 10.16 per BOE, demonstrating our strong capital efficiency. Production volumes have also been very good for the first two months of 2023, averaging 34,500 BOEs per day. In late February, Pipestone began drilling on its 11 and 9 eastern delineation pad, with the first of two new wells now rig released and the second well currently drilling. These wells are the first wells drilled south of the Wapiti River and are the easternmost wells drilled on the asset since 2018. The first well on this pad was drilled to a total depth in approximately 13 days, with the entire 4,400 meter lateral section drilled in a single bit run. Completions are set to begin immediately after rig release of the second well, followed by extended flow tests. Pipestone plans to build and install a new gathering pipeline this summer to tie the 11-9 pad into our existing 12-14 battery. On the recently completed six-well pad at 11-5, flow back operations began in late February. After seven days of flow back, the average rate of all six wells is meeting type curve expectations at approximately 3.6 million cubic feet per day of raw gas and 480 barrels per day of condensate, equating to a condensate gas ratio of 133 barrels per million cubic feet. Completion operations have also begun on four wells recently drilled at the 2-31 pad, with a second set of four wells at the 2-25 pad slated to commence shortly thereafter. By April 2023, Pipestone will have increased its producing well count by 14 since the start of the year. I'll now hand it over to Dan for an update on the Canadian condensate market over the past quarter. Thanks, Dustin. Over the past quarter, we have witnessed among the strongest ever pricing periods for Edmonton condensate relative to WTI. Over the course of Q1, 2023, Edmonton condensate has traded between a $3 and $6 per barrel premium to WTI, with premium pricing persisting on a forward physical basis at least into April of this year. Since 2019, in situ oil sands production has grown by between 200,000 and 250,000 barrels per day, increasing the demand for condensate by more than 50,000 barrels per day. While Western Canadian condensate production has continued to grow, the rate of growth has slowed meaningfully, resulting in increased reliance on imports from the United States, which supports strong relative pricing. Pipestone has increased its condensate production from virtually nothing in 2019 to approximately 10,000 barrels per day currently, allowing us to capitalize on the improving market dynamic for condensates in Western Canada. I'll now turn it over to Paul to conclude the call. Thanks, Dan. Thanks, everyone, for listening today. With that, I'll turn it over to the operator for Q&A. Thank you. If you would like to ask a question, please press star 11 on your telephone. One moment while we compile the Q&A roster. Our first question will be coming from Luke Davis of RBC. Your line is open. Hey, thanks. Good morning, guys. I think it's pretty clear the stock isn't reflecting fundamental value. You know, buybacks likely make a lot of sense in terms of just an outlet for your free cash. I know you'll be providing an update specific to this at a later date. Can you just speak to your current thinking on the NCIB versus an S-SIB? I'm just curious what, you know, benefits an SIB would have, and whether the thinking is just that you expect to maximize your NCIB allotment, and wanna do more than that or is there something else at play there? Hey, Luke, it's Craig. Yeah, I mean, those are good questions. I mean, our disclosures are up to date. At this time, we still intend to launch an SIB in 2023. We have said we're gonna give an update, as you indicated, in the near term. That's our initial plan as it stands today for buying back shares. I think the ability to purchase a large volume in a short period of time is the main driver to that today. As you noted, we have an NCIB in place that is at this stage untapped, which we can also utilize in 2023 as cash flow allows. Those are both on the table. At this stage, the substantial issuer bid is our first course. Okay, that's helpful. Thanks. Thank you. One moment while we prepare for the next question. Our next question will be coming from Josef Schachter of Schachter Energy Research. Please go ahead. Good morning, everyone. Congratulations on a good year. I'm puzzled, of course, as a shareholder and also someone who's watched the progress. Can you hear me? Yeah, we can hear you now, Josef Schachter. You know, you guys have done a great job. The, you know, the, you know, pay down debt, increased volumes, Canadian dollar helps a lot. A number of comments that I've heard where people say, you know, why they see it as cheap, one of them would be the technical revisions. You know, you had, for the PDP side a, you know, small technical revision, but on the Proved side, 26 million barrels, and when you go to Probable, another 38, total of 65 million barrels. Can you walk me through what's going on there? Is there something where the type curves aren't coming through? Is this something that you see as problematic going forward? Hey, Josef Schachter, this is Dustin. I'll take this one. you know, I think back in November, we talked about this a little bit. As we've delineated our land base to the east, we've kind of re-binned our type curves and that was reflected in the year-end reserve results, specifically on the 2P numbers. you know, what we've done is essentially increased our future well count or our undrilled well count into what we call our VRGC1 type curve, which is in our corporate deck. Still a very robust type curve, just moderately less liquids than some of the type curves we had booked last year. really it's just a re-binning, but the overall type curve econ in this asset is extremely robust. Okay. You did have, you know, CAD 33 million from extension, so it's not all bad, but that one is a bit of a surprise in the numbers. Going on the second issue is the preferred with all the convertible coming at you, is there still an overhang or is that something of a perception from the preferred conversion? Josef Schachter, this is Craig Nieboer, I'll take that one. The preferred conversion was basically our two largest shareholders held all those shares through various entities that they're associated with, either directly or indirectly. That's Riverstone, which owns 38% of our stock post conversion of our common stock. A firm, GMT, out of the United States through several different entities that owns another sort of 17%-18%. You know, those entities hold the stock. They're long-term holders. They're representatives everyone knows on our board. They believe in the story. You know, when you use the word overhang, whatever the overhang has been with that tightly held float is the same one that exists. It, I don't think, was exasperated by the conversion of the prep shares. None of the holders of the prep shares are changing their position today on the long-term viability of the company. Okay. You haven't activated the NCIB. Is it because you had to wait for these results to come out and now you can start activating it? It's a technical issue under securities laws, Josef, that because we've announced the intention of the SIB, until we've completed the SIB, we're actually not allowed to utilize our in-place NCIB. The NCIB is in place and can be utilized later in the year, but we first have to deal with the substantial issue we've been under securities laws. Okay. Lastly, stock trades at one and a half times cash flow. A lot of your peers are in the two to three times cash flow. I know there's concern about the price of natural gas and a lot of the stocks have been pulled back. Can you kind of enlighten me if there's anything else that seems to be bothering it? You know, it's almost like you wanna go out there and say, "This is a table pounding buy," and you're just wondering, what are you missing? Yeah, I think there's probably still some hangover from, you know, a modest shift in strategy in the fall where we went to a more exaggerated or elevated shareholder return strategy versus the 25%-30% growth we've been seeing over the previous few years. You know, compounded at 87% since the start. There's probably still some trailing, I guess, uncertainty about that. Can't really offer a lot more than that. I'm not sure if we trade at 1.5x cash flow. I think we're, you know, we're guiding to CAD 300 million ±. Yeah. 3. Yeah. At current pricing, we would be trading in and around 2.7, 2.8 times on our updated guidance, that we posted this morning. Yeah. Yeah. You know, if you're willing to assume this, these commodity prices of $3 AECO are gonna be $5, you know. You plug in, you know, an $85 or $90, which is what I've got, you end up with, you know, a lot more cash flow, which gets that ratio. Yeah, for sure. There's a lot of torque here. You know, I think the other thing that we're really pleased obviously with is, you know, de-leveraging the balance sheet, you know, puts us in position to really capitalize on that future cash flow that could be coming at higher prices. Yeah, the business is strong. We're, you know, we're active in the field. Everything on our front is going according to plan. Wish I. Are there any- Yeah, uncertain. One last for me, if I can sneak it in. Are there any issues with facilities, where you're bringing on new gas? Is there any delays that might happen, to meet your production profiles that you've got in your outlook year? I'll take that one, Josef. I mean, you know, we've got two months in the bag now at 34,500 and, you know, already inside the range of the guidance for full year. We're feeling pretty comfortable that, you know, 2023 should be in good shape. As I also mentioned, we're gonna have 14 new wells here brought on production by the end of April. Shouldn't be any reason you shouldn't see us meeting that guidance. Super. Well, guys, congratulations on what you can control. you know, it's a very, very attractive situation as an investor and, you know, hopefully with the SIB and the dividends and more dividend allocation going forward, the market will be more rational. Thanks very much for taking my questions. Thanks, Josef. Thanks for listening in. Thank you. As a reminder, if you would like to ask a question, please press Star one one on your telephone. One moment, please. At this time, there are no more questions in the queue, and I would like to turn the call back over to Paul Wanklyn for the closing remarks. Please go ahead. Well, again, thank you all for dialing in this morning and listening to the call and look forward to our next update in a couple of months. Thank you all. Thank you for joining today's conference call. This is the conclusion. Thank you all for joining, and have a great day. You may now disconnect.