Good morning, and welcome, welcome to the Pipestone Energy Corp Q2 2023 Financial and Operational Results 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. If anyone should require operator assistance, please press Star, then 0 key on your touchtone telephone. As a reminder, this call may be recorded. I would now like to introduce your host for today's conference, Dan van Kessel, Vice President of Corporate Development. You may begin. Thank you. Good morning, everyone. Thank you very much for joining the call. With me, I have Dustin Hoffman, Chief Operating Officer and Interim President and CEO, as well as Craig Nieboer, Chief Financial Officer. On today's call, Dustin will start by providing an update to Pipestone's operations. Craig will follow with an overview of our Q2 2023 financial results. I will follow with an update of the recently announced transaction with Strathcona Resources. I will now hand the call over to Craig Nieboer, Chief Financial Officer for Pipestone Energy, to provide the disclaimer and some opening comments. Thanks, Dan. Listeners should be advised that some of our remarks today will contain forward-looking statements within the meaning of applicable security. I refer you to our advisories regarding forward-looking statements, non-GAAP financial measures, capital management measures in today's press release, and in our Q2 2023 MD&A. All dollar amounts referenced in our remarks today are in Canadian dollars, unless otherwise specified. I will now hand it over to Dustin Hoffman, Chief Operating Officer and Interim President and CEO. Good morning, everyone. Thanks for taking the time this morning to join our Q2 call. During the quarter, Pipestone delivered average quarterly production of 33,143 BOEs per day, representing an 8% increase over Q2 2022, production of 30,770 BOEs per day. Along with many of our neighboring Montney peers, our May 2023 production was negatively impacted by wildfires. The cumulative production impact was approximately 11,000 BOEs per day in the month of May 2023, which equated to a negative production impact of approximately 3,700 BOEs per day for the second quarter of 2023. We would like to again give our sincere thanks to all our staff, third-party infrastructure partners, local fire authorities, and all those involved for their efforts in managing the May 2023 wildfire situation. Following the wildfires, we are pleased to announce that Pipestone was able to ramp up production and set a new corporate monthly record of 37,327 BOEs per day for June 2023. After a very active first quarter, Pipestone continued execution on its front-loaded capital program for 2023 in order to gain operational efficiencies and accelerate free cash flow generation in the back half of this year. In the six months ended June 30, 2023, a significant portion of the full-year capital budget was utilized to drill 16 of 27 planned wells, complete 17 of 23 planned wells, while also investing in various infrastructure projects. During the second quarter, the company drilled and rig released 1 well from the existing fourteen of fourteen pad site south of the Wapiti River, 5 additional wells on the second phase of operations at the fourteen and nineteen pad, and 1 delineation well at our northernmost pad at fifteen and thirty-four, for a total of 7 wells. Completions in Q2 included 2 southeastern delineation wells at the eleven and nine pad, and 1 well on the fourteen of fourteen pad for a total of 3 on the quarter. We are also active in Q2, investing in production equipment and facilities, which included the equipping and tie-in of the fourteen of fourteen pad and the kickoff of the pipeline construction, connecting the eleven and nine delineation pad to Pipestone's twelve and fourteen battery site. Approximately CAD 45 million of this year's capital program is being spent on delineation activities, which includes four step-out wells drilled and completed, in addition to significant northern and southern extensions of our gathering system. In June 2023, Pipestone brought the delineation well, drilled off the fourteen of fourteen pad, on production. This well was drilled with a short lateral length of approximately 1,900 meters and has delivered an IP60 of 1.6 million cubic feet per day of raw gas and 394 barrels per day of condensate, equating to a CTR of 241 barrels per million cubic feet. We expect future adjacent wells to scale linearly to Pipestone's typical well length of greater than 3,200 meters. The two new wells, drilled and completed earlier this year off the 11 and 9 pad, will begin flow back operations into the 12 and 14 battery once the new gathering pipeline is complete in September 2023. Flow back operations on the 15 and 34 delineation pad have just commenced, with meaningful production results expected over the next few months. We firmly believe that we are on track to meet our objectives for 2023 in delivering continued efficient production growth and unlocking the value of this asset through high-impact delineation. I will now hand it over to Craig to provide an overview of our Q2 financial results. Thanks, Dustin. As Dustin mentioned, for efficiency reasons, we front-loaded our capital expenditures in 2023. ... which has also de-risked the company's ability to deliver on its annual production guidance, which we are reaffirming today to achieve between 34,000 and 36,000 million a day for 2023. Capital expenditures in the second quarter totaled CAD 64.8 million, and total capital investment in the six months ended Q2 is CAD 170.5 million, excluding capitalized G&A, representing 67% of the full year budget of CAD 255 million at the midpoint of guidance. The company delivered adjusted funds flow from operations in quarter of CAD 53.4 million, representing an increase of CAD 57 million, or 52% from its Q2 2022 adjusted funds flow from operations of CAD 110.4 million, mainly due to year-over-year weaker realized commodity prices. Pipestone successfully renewed its reserve-based loan in Q2, with a CAD 280 million borrowing base and availability capacity maintained, providing ample liquidity and optionality for the business. The maturity date of the RBL was extended to May 2025. The company entered into the second quarter of 2023 with a net net debt balance of CAD 172.4 million and has drawn CAD 138.3 million on its CAD 280 million RBL. RBL. Pipestone's ratio of net debt to annualized trailing quarter, quarter adjusted funds flow from operations at June 30th was 0.8 times, which demonstrates the continued strength of the company's financial position. With the majority of the 2022 capital program behind us, we expect the Pipestone business will de-lever into the back half of the year. Pipestone executing on its enhanced shareholder return framework with the payment of its second CAD 0.03 per common share quarterly dividend on June 30th. The quarterly dividend represents the cornerstone of the company's strategy to return capital to shareholders. The company has also declared a third quarterly dividend of CAD 0.03 per common share, which will be payable on September 29th to common shareholders of record on closing business on September 15th, 2023. The base dividend represents an annualized yield of approximately 4.7% based on yesterday's market close of CAD 2.53 per share. I'll now hand it over to Dan to provide an update on the recently announced transaction with Strathcona Resources. Thanks, Craig. As outlined in our August 1st press release, Pipestone has announced that we have entered into a definitive agreement with Strathcona Resources, whereby Strathcona Resources will acquire all of the issued and outstanding common shares of Pipestone for 100% share consideration. Pursuant to the transaction, Strathcona Resources and Pipestone will be amalgamated and will continue as Strathcona Resources Ltd.. Upon completion of the transaction, existing Pipestone shareholders will receive approximately 9.05% of the equity in the pro forma entity on a fully diluted basis, equating to an exchange ratio of 0.067967 shares per Pipestone share. The company has called a special meeting of holders of common shares of Pipestone to be held on September 27th, 2023, to approve the transaction. The record date for the meeting is set as August 25th, 2023. The board of directors of Pipestone has approved the transaction. It will recommend that shareholders vote in favor of the transaction at the meeting. Pipestone has also retained Kingsdale Advisors as its strategic shareholder advisor and proxy solicitation agent in connection with the meeting. Details regarding Kingsdale's contact information can be found in today's press release. I'll now hand it back over to Dustin Hoffman to conclude the call. Thanks, Dan. The Pipestone board and management team view the transaction with Strathcona as being in the best interests of Pipestone shareholders. This all-share combination provides Pipestone shareholders with a meaningful ownership stake in what will be the fifth-largest liquids producer in Canada. The pro forma company will be a large, low decline rate, oil-weighted producer with more than 35 years of highly economic development inventory and significant tax shelter to optimize future growth. The three core areas of the company will include Cold Lake Thermal, Lloydminster Heavy Oil, and Montney. Each will have meaningful scale and inventory, and in aggregate, a balance of heavy oil, condensate, NGLs, and natural gas production. The pro forma company will be strongly positioned against other large oil-weighted Canadian producers on production growth rate, netback, reserve life, and free cash flow generation. This transaction is a good piece of business that will drive increased long-term value for Pipestone shareholders. Thanks, everyone, for listening today. With that, I'll turn it over to the operator for Q&A. Thank you. Ladies and gentlemen, if you have a question at this time, please press star one one on your touchtone telephone. If your question has been answered or you wish to remove yourself from the queue, please press the pound key. One moment while we compile our questions. Our first question is from Luke Davis with RBC. Please proceed. Hey, good morning, guys. Wondering if you can provide some expectations just around those longer lateral delineation wells that you outlined. Maybe just some parameters around costs, expected rates in terms of how you model that stuff. Then just curious if, you know, this improves your efficiencies more broadly and, and how much inventory that, that might add to the portfolio, or whether or not this is more just, you know, targeting specific areas where it makes sense. Yeah, I'll take that on, Luke, and get Dan to, to fill in the blanks. You know, I mean, longer laterals it's been a, a priority for us for sure, right? We've seen one-for-one production scaling on lateral lengths, well in, well past 3,000 meters. You know, when, when we look at the fourteen of fourteen delineation well, we, we intentionally drilled that lateral short. It's 1,900 meters. It was a key well for us from a land retention perspective. When you scale that well up to a full 3,000 or 3,200 meter lateral, it's, it's a material well, and, and definitely is, I would classify as exceeding our type curve expectations today. It is a key well for us, because it's really the first well south of the river that was completed with a, you know, call it a new completion scope, with high intensity XLE design that we typically employ north of the river. It's definitely scaling on a per lateral meter basis relative to the legacy wells in that area. We're pretty excited about it for sure. Yeah, just, just to put a finer point on some of the numbers. If you were, if you were to scale that linearly to the 3,200 meter or 2-mile lateral that we typically utilize on the asset, that's gonna be just under 700 barrels a day in terms of an IP30. The cost structure that we see in that area on a DC&T basis, would be in, in and around $7.5 million-$7.8 million for that same 3,200 meter lateral. Overall, we think those economics will be extremely attractive in this part of the asset. That's, that's helpful. Thanks. Maybe just one more from me. Just curious on the transaction. I'm not sure if you can share much background here at this point, but wondering if, you know, there were other alternatives that you might have looked at? You know, what management's thinking behind it was, why you think it's sort of the best alternative for Pipestone at this point? Maybe I'll take this first stab, Luke, and then Dan can fill in the blanks, thanks again. You know, this was an extensive process that we went through. You know, we, we really keyed on some key factors when we thought about what to do go forward. This particular transaction, you know, really provides Pipestone shareholders with very, very strong long-term fundamentals, right? The reserves contribution is this material. The inventory depth of this pro forma company is best in class, right? The, the sustainable long-term production growth that this provides, just made a ton of sense for us to, to transact on. Yeah. Yeah, and maybe just to add to that. Yeah, again, again, we've had other alternatives on the table. We view this as the best alternative that, that was on the table and, and was available to be actioned on. We think our job as a board and management is to optimize the, the relative risk-adjusted returns we can generate versus our peer group. In order to be able to do that, we needed to broaden from being a single-asset entity. In our minds, having the opportunity to do an all-share transaction, which allows investors to continue to be exposed to what we think are improving long-term fundamentals for Canadian oil and gas, this is the best transaction that's able to deliver on that. We think it's gonna be incredibly competitive from a long-term per share, liquids production growth per share, free cash flow generation per share, and ultimately, we think that leads to best-in-class shareholder returns. Appreciate the detail. Thanks very much, guys. Thanks. At this time, I'm showing no further questions. Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.