Thank you for standing by. This is the conference operator. Welcome to the Source Energy Services fourth quarter 2023 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press Star, then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing Star and zero. I would now like to turn the conference over to Scott Melbourn, CEO. Mr. Melbourn, please proceed. Thank you, operator. Good morning, and welcome to Source Energy Services fourth quarter and year-end 2023 conference call. My name is Scott Melbourn, and I am CEO of Source. I'm joined today by Derren Newell, our CFO. This morning, we will provide a brief overview of the quarter and the year, which will immediately be followed by a question and answer period. Before I get started, I would like to refer everyone to the financial statements and the MD&A that were posted to SEDAR and the company's website last night and remind you of the advisory on forward-looking information found in our MD&A and press release. On this call, Source's numbers are in Canadian dollars and metric tons, and we will refer to adjusted gross margin, adjusted EBITDA, and free cash flow, which are non-IFRS measures, as described in our MD&A. Except for the items just mentioned, our financial information is prepared in accordance with IFRS. Volumetrically, Source delivered the best fourth quarter in the history of the company, with total sales volumes of 819,000 tons. Along with the record volume, Source also delivered strong gross margin performance, which led to adjusted EBITDA being more than four times higher than last year's fourth quarter. The strong fourth quarter performance contributed to Source achieving the best annual financial performance in the history of the company, with record revenue, adjusted EBITDA, and free cash flow performance. Source's strong operational performance has translated into meaningful balance sheet repair. The principal of our debt outstanding was reduced by CAD 26.7 million from December 31, 2022, including repurchasing CAD 15.4 million of senior secured notes during the year and another CAD 2 million after year-end. Our working capital surplus at the end of the year was 45.4 million. Additional highlights from the fourth quarter and the year include sand revenue of CAD 124.3 million, a CAD 54 million increase from the fourth quarter of 2022. On a per ton basis, sand revenue increased 22% from the prior year. For the full year, we realized sand sales volume of just over 3.1 million tons and sand revenue of CAD 460.2 million, an increase of CAD 119 million or 35% from 2022. Total revenue for the quarter was CAD 154.4 million, a CAD 67 million increase from the fourth quarter of 2022. On a full year basis, we generated total revenue of CAD 569.7 million, CAD 154 million increase or 37% from 2022. Wellsite Solutions' strong performance in the fourth quarter was due to an increase in Sahara utilization in both Canada and the US, and 115% increase in volume trucks for the quarter compared to last year. For 2023, Source achieved utilization of 80% across the 9 units of Sahara fleet, compared to 75% utilization for 2022. Gross margin for the fourth quarter was CAD 27.7 million, and adjusted gross margin was CAD 36.4 million, representing increases of 161% and 131% when compared to the fourth quarter of last year. For the year, Source realized gross margins of CAD 109.4 million and adjusted gross margins of CAD 135.2 million, representing increases of 88% and 71%, respectively. Net income for the quarter was CAD 153 million, compared to a loss of CAD 12.2 million last year, as the impairment realized on property, plant, and equipment in 2019 and 2020 was reversed, along with the recording of deferred tax assets, which was also written off. Adjusted EBITDA, which is not affected by these items, improved CAD 21.9 million to CAD 28.3 million for the quarter. For the full year, net income was CAD 167.3 million due to strong operating results and the items I just mentioned. While full year Adjusted EBITDA was CAD 99.1 million, a CAD 37.6 million increase from 2022. Free cash flow for the fourth quarter was CAD 9.3 million, an increase of CAD 27.8 million compared to last year. Improved operating results and lower financing expenses were the principal reasons for the improvement. Finance expense were lower in the fourth quarter of 2023, as the August 2022 interest payment on the senior secured notes was delayed until the new ABL facility was closed in the fourth quarter of 2022. Capital expenditures in the fourth quarter of 2023 were higher due to expenditure on terminal expansion activities, overburden removal, and costs to rebuild a conveyor that malfunctioned earlier in the year, which is fully recoverable from insurance proceeds. For 2023, free cash flow was CAD 37.3 million, an increase of CAD 33.5 million from the prior year, as improved operating performance was partly offset by increased lease costs due to a full year of the Peace River lease, incremental rail car costs on the renewal of leases, and the impact of a weaker Canadian dollar on U.S. denominated leases. In the fourth year, we executed an additional contract with a customer to build the 11th Sahara unit, which will also be used in the state of Alaska. As with the 10th Sahara unit, the customer will be fully funding the build of the unit. We also executed a new sand and logistics contract with a major Montney E&P company. As we continue to generate additional free cash flow, free cash flow, we remain focused on reducing overall debt levels to ensure we have an appropriate amount of leverage in the business. We are confident that we will achieve our debt target of funded debt to Adjusted EBITDA of 1.5 times or less by early to mid-2024. With that, I will turn it over to Derren to provide a brief overview of our financial results. Thanks, Scott. Sand revenue for the fourth quarter of 2023 was CAD 124.2 million, an increase of 77% over the fourth quarter of 2022. The increase was due to a 253,000 metric ton, or 45% increase in sales volumes, and a 22% increase in average realized sand price. While sand revenue realized from mine gate sales lowered the average realized sand price in the quarter by CAD 13.02 per metric ton, it did have a favorable impact on cost of sales and gross margins by improving production efficiencies and yields. Sales volumes were above last year due to customer operational delays in Q2 2023 that moved volumes to the fourth quarter and otherwise strong fourth quarter activity. As Scott already mentioned, for the full year, we realized sales volumes of 3.1 million, and sand revenue increased 35% from 2022. Wellsite Solutions revenue for the fourth quarter of 2023 was CAD 29.4 million, an increase of CAD 13.2 million, or 82% compared to the fourth quarter of 2022. Last Mile Solutions trucking volumes increased 115% compared to Q4 2022, as the prior year was impacted by certain customers' operational delays and permitting challenges. Sahara revenue was up 27% compared to Q4 2022, primarily due to an 11% increase in days the Canadian Sahara fleet were utilized and a 17% increase in Sahara US revenues. Terminal services for Q4 2023 were CAD 0.8 million, a decrease of CAD 0.2 million compared to the fourth quarter of 2022. The reduction is due to the customer ending a storage arrangement with Source and the loss of rental income from the sale of the Berthold facility earlier this year. Cost of sales, excluding depreciation, increased to CAD 46.3 million compared to the fourth quarter of 2022. This increase was due to higher sales volumes, higher trucking costs for the additional volume moved to the wellsite, and higher rail transportation costs. Offsetting these increases were fewer third-party sand purchases in the quarter and operational efficiencies. The weaker Canadian dollar on our U.S. denominated costs also increased our cost CAD 0.68 per metric ton compared to the same period last year. On a full year basis, cost of sales was impacted by the weaker Canadian dollar, increased volumes trucked to the wellsite, higher rail transportation costs, and terminal mix changes year-over-year. These increases were partially offset by lower production costs at all facilities and less third-party sand purchases. The weaker Canadian dollar on our US denominated costs increased our cost by CAD 2.84 per metric ton compared to the same period last year. Gross margin increased by CAD 17.1 million compared to the fourth quarter of 2022. Excluding gross margins from mine gate sales, adjusted gross margin was CAD 47.45 per metric ton, compared to CAD 30.15 per metric ton last year. The increase in gross margins arose from improved spot pricing, contract renewals, and the impacts of production efficiencies. Despite a weaker Canadian dollar during the fourth quarter, our adjusted gross margin was not impacted by foreign exchange, as the impact on cost of sales was fully mitigated by a positive impact on US denominated revenue realized in the quarter. In 2024, we remain in a naturally balanced FX position. We will continue to monitor our exposures and actively manage, if required. For the year, our gross margin increased by CAD 51.3 million, or 88% compared to 2022. Excluding gross margin from mine gate sales, adjusted gross margin was $46.07 per metric ton, compared to $29.80 per metric ton in 2022. As lower production costs and good pricing overwhelmed the impact of terminal sales mix and higher rail transportation costs. Improved Wellsite Solution result also led to improvements in adjusted gross margins compared to 2022. Again, the weakening of the Canadian dollar relative to 2022, which negatively impacted cost of sales, was fully mitigated by the increase in US-denominated revenues. Total operating and admin expenses in the quarter decreased CAD 0.6 million to CAD 8.4 million. Operating expenses decreased by CAD 0.7 million from the fourth quarter of 2022, primarily due to lower repairs and maintenance, especially at the Peace River facility, and lower incentive compensation costs due to the timing of their recognition made in 2022. These decreases were partially offset by higher royalty costs, as more sand was sold and higher insurance costs. G&A expenses increased CAD 0.1 million in the fourth quarter compared to the same period in 2022, primarily due to higher IT-related costs and incentive compensation expense in 2023 compared to 2022. On a full-year basis, operating expenses increased by CAD 2.8 million compared to 2022, primarily due to higher selling costs related to the higher royalty costs and people and variable incentive compensation costs. These increases were offset by a reduction in repairs and maintenance and equipment costs, as discussed above. General and admin costs increased CAD 3.9 million due to higher salaries and variable incentive compensation compared to last year. Finance expenses were CAD 9.1 million for the fourth quarter, an increase of 0.3 million in the same period last year. The increase was due to higher accretion expense, that was partly offset by lower interest incurred on the senior secured notes, due to the impact of repurchases that occurred during the third and fourth quarter, and lower interest incurred for lease obligations compared to the fourth quarter of last year. For the year, finance expense increased CAD 3.2 million compared to 2022, mainly due to an increase in accretion expense. Higher accretion expenses were partly offset by a CAD 1 million-dollar reduction in interest on the ABL facility, because of lower overall draws during the year and lower interest incurred on the notes due to repurchases. Interest on the notes was also reduced because the February 2023 interest payment was made in cash at a rate of 10.5%, whereas the February 2022 payment was paid in kind at a rate of 12.5%. Higher interest for outstanding lease costs resulting from the full year addition of the Peace River facility also contributed to the increase in finance expense for 2023. At year-end because of continued strong industry activity, significant improvements in Source's financial results and an improved business outlook, Source carried out an assessment of its recoverable value of its operations. The assessment resulted in a reversal of CAD 128.6 million of impairment losses previously realized in property, plant and equipment in 2019 and 2020. This is further described in Note 7 in the financial statements. As part of its work, Source also reversed the valuation allowance related to its deferred tax assets, resulting in a recovery of CAD 18.3 million. For the year, capital expenditures net of proceeds on disposal was CAD 13 million, a decrease of 0.2 million compared to 2022. Higher capital expenditures for the existing terminal expansion activity, that Scott previously noted, as well as higher overburden removal costs for mining operations, were more than offset by lower expenditures for the Peace River facility and proceeds from the sale of excess property, plant and equipment, including Purple Springs, which I previously mentioned. Capital expenditures incurred for the rebuild of the equipment and malfunction and construction costs related to building Source's tenth and eleventh Sahara units were fully recovered during the year. On December thirty-first, the principal outstanding of our notes was CAD 149.7 million, and Source had CAD 15.2 million drawn under its ABL facility, leaving CAD 17.3 million of available liquidity. After the fourth quarter, Source has purchased an additional CAD 2 million at face value of its notes, and currently, the face value outstanding is CAD 147.7 million. For the year-end December 31, 2023, a mandatory redemption of CAD 4.5 million arising from the cash sweep is payable by March 30, reducing the outstanding note balance further. Source will continue to remain focused on lowering its leverage over the coming quarters as it works to achieving its debt target, Scott described earlier. Source's ABL facility remained current, even though its maturity was extended to 4 months prior to the note's maturity in March 2025 during the quarter. ... With the improved metrics, we are confident on executing our long-term plans for the balance sheet. And with that, I'll turn it back to you, Scott, to wrap up. Thanks, Darren. If you look ahead, we continue to believe industry activity levels will favorably impact frac sand supply and demand fundamentals in WCSB. In 2024, we expect this trend to continue as our E&P customers continue to see value in our leading service offerings and logistics capabilities. We believe the strong Canadian industry fundamentals, coupled with Source capabilities, will continue to support market share gains and strong financial results for 2024 and beyond. In the longer term, we believe the increased demand for natural gas, driven by power generation facilities, increased natural gas pipeline export capabilities, and LNG exports will drive incremental demand for Source services. We see the completion of Coastal GasLink pipeline as a positive step forward in LNG Canada becoming a reality in late 2024 and into 2025. We've also seen positive momentum on Woodfibre LNG and other proposed LNG projects, which has the potential to drive additional demand for our products and services. We continue to focus on enhancing our industry-leading frac sand logistics chain, and we believe we have unique opportunities in front of us to grow, grow the company and further our competitive advantage without impacting the balance sheet goals. In addition to growth in our core markets, we will continue to explore opportunities to diversify and expand our service offerings and to further, further utilize our existing Western Canadian terminals. Thank you for your time this morning. That concludes the formal portion of our call. We'll now ask the operator to open the lines for questions. We will now begin the question-and-answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We'll pause for a moment as callers join the queue. The first question comes from Nick Corcoran of Acumen Capital. Please go ahead. Good morning, and congrats on the strong quarter. Good morning, Nick. Just the first question from me, revenue per metric ton was really strong in the quarter. Can you maybe give some indication what drove this and what factor higher spot price might it be? Yeah, I, you know, I think, you know, obviously, we've seen, you know, pricing kind of increase over, you know, throughout the, the balance of the year from 2023. And so, you know, we're, we're obviously, you know, pleased with where pricing is at, at in the market, and we're pleased with where pricing was at in, in, Q4. You know, as we kind of look forward, you know, we expect, the, the spot market to stay fairly stable into 2024. And, you know, we, we, we've seen a few players, and I would say they're probably more fringe players, moving price to chase volume, but for the most part, the, the spot price has, has stayed fairly stable. So looking forward, we expect, you know, sort of similar pricing into 2024 and with maybe a slight uptick. Was there anything you note in the quarter between kind of the contract pricing and spot pricing that you realized? There wasn't, there really wasn't a ton, Nick, that that was driven a big change between those two. It's got that they've both been relatively stable, and we've been pretty happy with the overall performance. That's helpful. And then maybe switching gears to the revaluation of the assets. Were there any specific assets that drove the valuation? No, I mean, this is a lovely accounting exercise that you get to do. To do this, you need to look at sort of the overall view of the company and compare it to your net value of the assets. And then you take that, in this case, write-up and apply it across all assets, in accordance with how they were originally written down. So there was no particular assets that were the driver. It was more the overall business performance. Good. And then maybe thinking about the first quarter, where we mostly went through, how are activity levels compared to the fourth quarter? Yeah, I think, you know, as everybody in Western Canada experienced, it was a slower start to the first quarter. That was just driven by the extreme cold weather that hit us at the very beginning of January. So, you know, post sort of that week or week and a half period, activity levels have been strong. You know, we've witnessed some very very high activity levels as expected, and we expect that to continue through the balance of Q1 and into Q2. So, you know, we're pleasantly or we're pleased with the activity levels and what we've seen for the beginning of Q1. Okay, then maybe one last question from me. I know in the past you've given guidance. I'm just wondering, other than your, the debt target that you mentioned, are there, is there any guidance you want to put out at this time? ... You know, at this time, you know, we're not, we're not gonna provide specific guidance. You know, we'll, we'll kind of point to, we do expect this year to, to see a little bit of growth, in 2024 over what we saw in 2023. You know, given how the beginning of the year has, has shaped up, we still expect that to transpire. However, you know, it's very early in the year, and so there's lots of moving pieces. And so, you know, we'll stay close to it and keep everyone updated with what we see in the market, but that's how we kind of see the market transpiring at the moment. Thanks for talking to me. I'll pass along. Thanks, Nick. Once again, if you have a question, please press star then one. The next question comes from Josef Schachter of Schachter Energy Research. Please go ahead. Good morning, Scott. Good morning, Derren, and thanks for taking my questions. With the big upside, you know, if we get more of these LNG projects approved and, more activity picks up in, north, you know, Northeast BC, Northwest Alberta, do you need to, to build more infrastructure? You mentioned, you know, the Peace River asset, you know, build there. Would you need to put some, facilities in Northeast BC over time? And, how big of a, a price tag would that be, to build out, to take, strong market share, as, more drilling occurs to, to fill the potentially new LNG facilities? Yeah, excellent question, Josef. Like, you know, I think the very short answer to your question is, yes, we would look to build out more infrastructure in Northeast BC. And, you know, that infrastructure probably comes in the way of unit train facilities and receipt facilities for both our Peace River sand and our Northern White Sand. You know, in terms of the price tag of where we think we would need to land to sort of build out what the ultimate solution would be for Northeast BC, that's a little bit tougher to put a tag on it. You know, just broad brush, you know, these facilities are big unit train facilities, are probably CAD 20 million-CAD 30 million to construct one of them, to construct them properly. So they're fairly high price tag. But you know, given our footprint in Northeast BC, we have a facility in Chetwynd, which we have the ability to expand out, for obviously a much slower, lower price tag. Like we mentioned, you know, in the prepared remarks, we're looking at some unique ways of growing and, you know, which would include growing our logistics capability in Northeast BC without impacting our balance sheet as much. So, you know, I think we'll have more to say on, on, you know, both potential expansions and unique ways to grow in, in the next couple of months. But, you know, that's kind of how we view the area. So, short, and just to summarize, short answer is yes, we would need to build additional infrastructure, you know, if we saw, you know, an additional growth in, in LNG, and LNG-related activity. And we think we're in an excellent position to be able to grow with our existing footprint, and, you know, with some other unique deals that we're looking at, so. Okay. Second one, this is probably for Derren. The bonds mature next year, March of 2025. You know, are you looking to do another, you know, high yield bond? You know, with the stock having such fabulous performance in 2023, early 2024, is a convertible debt something that you might want to consider for part of it, at lower interest cost, of course? How do you see refinancing that piece of debt? And would an equity component, like a convert, make sense as part of that? So trying to get my debt down to that. I mean, first and foremost, we think by getting our debt down to the target levels that we talked about in the prepared remarks, that opens up the largest number of options for us to be able to explore the refinancing. Beyond that, Josef, we're keeping all of our options open at the moment and, you know, would consider every and all options that would be available at the time, you know, we get down to our targeted debt level. But, you know, we're not ruling one in or one out at the moment. Okay. Well, that's it for me. Thanks very much, and, congratulations on the good year. Thanks, Josef. This concludes the question and answer session. I would like to turn the conference back over to Scott Melbourn for any closing remarks. Thank you everyone for joining our conference call. If you have any follow-on questions, please feel free to reach out to myself or Derren. Thanks, and have a great day. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.