Good morning. My name is Sergio, and I will be your conference operator today. At this time, I would like to welcome everyone to the Topaz Energy Corp third quarter 2025 results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press the star, followed by the number two. Thank you. I will now turn the call over to Mr. Scott Kirker. You may begin your conference. Thank you, Sergio, and welcome everyone to our discussion of Topaz Energy Corp's results as of September 30, 2025. The three and nine months ended September 30, 2025, and 2024. My name is Scott Kirker, and I'm the general counsel for Topaz. Before we get started, I refer you to the advisories on forward-looking statements contained in the news release, as well as the advisories contained in the Topaz annual information form and its MD&A available on SEDAR and on the Topaz website. I also draw your attention to the material factors and assumptions in those advisories. I am here with Marty Staples, Topaz President, Chief Executive Officer, and Cheree Stephenson, Vice President, Finance, and Chief Financial Officer. They will start by speaking to some of the highlights of the last quarter and of the year so far. After their remarks, there will be open questions. Marty, Cheree, please go ahead. Thanks, Scott. Good morning, everyone. Topaz had a strong third quarter marked by royalty production growth, infrastructure processing revenue growth, and record Clearwater royalty production volumes. Topaz's third quarter royalty production was 21,600 BOE per day and increased 15% from the prior year. Q3 2025 royalty production included record heavy oil production of 3,4 00 bbl per day, 17% higher natural gas royalty production, and an 11% increase in total oil and liquids royalty production over the prior year. Topaz generated total third quarter revenue of CAD 76.4 million, 49% from crude and heavy oil royalties, 20% from natural gas and NGL royalties, and 31% from our infrastructure portfolio, with total processing revenue and other income of CAD 24.2 million, which increased 16% over the prior year. Topaz's infrastructure assets generated a 99% average daily utilization in the quarter. We estimate that operators invested between CAD 500 million and CAD 600 million of development capital across our acreage in Q3, with total operator spending across our royalty lands year to date between CAD 2 billion -CAD 2.1 billion. During the quarter, drilling activity on our acreage remained strong as 161 gross wells, 6.3 net, were drilled, and 12 gross wells were reactivated, with 52% of the drilling activity coming from the Montney and Clearwater operating areas. During Q3, 184 total gross wells were brought on production, and as of September 30th, 94 gross wells were drilled but not yet completed, which represents approximately 58% of the Q3 2025 new wells drilled. Based on operator drilling plans, we expect that the current 27-31 active drilling rigs on our royalty acreage will be maintained through the fourth quarter of 2025. Topaz generated third quarter total revenue of CAD 76.4 million and cash flow of CAD 74.8 million, or CAD 0.49 per share, and free cash flow of CAD 73 million, or CAD 0.47 per share, both of which increased 7% per share over the prior year. Our Q3 2025 free cash flow margin of 95% also increased from 88% last year due to lower operating costs, a 24% reduction to our effective borrowing rate under the company's credit facility, and a CAD 8.7 million hedging gain realized during the quarter. Topaz's third quarter realized a hedging gain of CAD 8.7 million includes a CAD 7.1 million gain on natural gas-based financial derivative contracts, which represents a 144% premium to Topaz's third quarter realized gas price. For the fourth quarter of 2025, approximately 30% of Topaz's natural gas growth production is hedged at a weighted average fixed price of CAD 3.06 per MCF, and approximately 30% of oil and total liquids growth production is hedged at a weighted average floor price of CAD 97.64 per barrel. Topaz distributed CAD 52.3 million in quarterly dividends, CAD 0.34 per share, during Q3, which represents a 5.4% trailing annualized dividend yield to the third quarter average share price. During the quarter, Topaz completed its previously announced Northeast BC Montney tuck-in royalty acquisition from Tourmaline for CAD 71.7 million. This acquisition provides a new royalty interest on approximately 134,000 gross acres, of which over 65% is undeveloped, and includes 410 future tier-one Montney drilling locations. This acquisition fully aligns Topaz to each of Tourmaline's future growth projects under their multi-year Northeast BC Montney build-out plan. We have reconfirmed our 2025 guidance estimate ranges and expect to exit 2025 with net debt between CAD 500 million and CAD 510 million, or net debt to EBITDA of 1.5 times, while generating a payout ratio at the lower end of the 60%-90% long-term targeted range, which provides financial flexibility for acquisition growth. At this time, we're pleased to answer any questions. Back to you, Sergio. Still online, Sergio? Sorry, I was speaking on mute. Thank you, ladies and gentlemen. We'll now begin the question-and-answer session. Should you have a question, please press the star, followed by the number one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star, followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Josef Schachter from Schachter Energy Research. Please go ahead. Good morning, Scott, Marty, and Cheree. My normal question: can you talk about what the M&A landscape looks like right now, and especially with E&P companies being stretched with these low commodity prices? Is there more opportunity now in the infrastructure area, either for facilities that are in great shape, and then you could be a partner there, or in projects that are in the pipeline that, once they're completed, then you can be in the deals at that point? Yeah, good morning, Josef. We continue to see a lot of opportunity inside the M&A landscape. In Western Canada right now, there's a significant amount of assets for sale. We just saw a couple of those close over the last month that have been publicly announced, and we always continue to look for ways to participate, but don't feel like we need to participate in every single opportunity that's available, and so we'll be interested to see where we fit in some of these potential acquisitions. We have kept our payout at the lower end of the ratio, and that's by design. We want to use our excess free cash flow if it's available first, and as you saw us do kind of in the latter part of the quarter, we did use some debt to facilitate a deal with Tourmaline for CAD 71.7 million, so we'll continue to be interested, and if there's something that fits, we'll try to be reactive to that, and then from a royalty infrastructure weighted opportunity set, I think there's opportunities on both sides, and we've proven that over the year. The start of the year, we did a deal with Logan Energy where it was a royalty infrastructure hybrid deal, and we completed a deal just recently that was a pure royalty deal, so we'll look to be kind of opportunistic on both sides of that. Okay. Some of my clients have asked me if you're going to. How does a royalty structure work with an NCIB? Is that something that if you saw the stock was trading below what you consider your fair value, would that be somewhere where you could allocate capital? Hi, Josef. Yes. So we've definitely looked at an NCIB, and we definitely like the thought of it. There's definitely good reason or rationale to reinvest back into our own portfolio, I should say. But. With liquidity and Tourmaline shareholdings, we had sort of pinpointed that as something we would do. Once Tourmaline sold down a bit further. So at this time, we've decided to stick with the dividend strategy and not confuse that messaging, but it's definitely something that we continue to evaluate for future as the liquidity continues to improve. Super. Thanks very much. That's it for me. Thanks, Josef. Thank you. As a reminder, if you wish to ask a question, simply press star one. There are no further questions at this time. You can proceed. Great. Thanks, everyone. Look forward to talking to you in Q4. Have a great day. Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect.