Yes. Good morning, everyone, and thank you for joining us today.

On the call with me is Paul Slack, our Interim CFO; and Todd McBride, our Manager of Investor Relations. For those that don't know Paul, he's been with our organization for the past 6 years as our Controller and has been in the industry for 30 years.

So before we get started, please be advised that certain statements on this call are considered as forward-looking information, and we caution the listener to review the advisory on forward-looking statements in the news release and MD&A found on our website. So in the first quarter of this year, we achieved production of 15,533 BOE a day with a liquids weighting of 65%.

The oil and gas portion of our portfolio contributed 90% of our total revenue as our liquids-focused strategy continues to drive our business and will be the key in this current elevated oil price environment. As we outlined in our conference call in March, our Q1 production reflects lower drilling activities in the latter half of 2025 when oil prices were sitting below $60 a barrel WTI.

We did have some seasonal impact of the winter storm that swept through the Southern U.S. in late January and resulted in approximately 300 barrels a day of production downtime in January or, in the quarter, is about 100 BOE a day on average.

Activity levels in the first quarter were focused on our oil-weighted assets in both Canada and the U.S. We saw continued strong activity levels in our heavy oil plays, the Clearwater and Mannville, in addition to very active programs in the Viking and Southeast Saskatchewan Light Oil with new drilling in these 2 light oil plays contributing over 225 barrels a day as we exited Q1.

On the U.S. side, drilling was focused in the Permian and continues to be led by some of our top operators in ExxonMobil, Occidental, and Diamondback.

Activity in the Eagle Ford tends to be a bit more seasonal, and we see permitting and drilling activity just being initiated by ConocoPhillips, and production associated with this field activity will start to show up in the back half of this year. In this current oil price environment, where we have a $100 a barrel oil this morning and balance of year strip pricing in the mid- to upper 80s a barrel, we are starting to see licensing activity pick up in the Clearwater, Southeast Saskatchewan, Viking, as well as some of our liquids-rich gassier areas in certain parts of the Deep Basin and West Central Alberta Glauconite.

We would expect to see drilling activity in these areas after spring breakup and this activity would contribute to our 2026 exit volumes. Looking ahead in the U.S., permitting and drilling activity has not seen a significant uptick yet.

However, we are seeing all available frac spreads and service rigs activated to focus on bringing forward wells that have already been drilled and are awaiting completion. Given the volatility in the oil price and no clear direction yet on the duration of its price strength, operators are still developing their capital deployment strategies.

All these tailwinds are positive for the industry, and we expect the incremental production adds from any additional activity would show up in the latter half of 2026 and into 2027. Therefore, we are reiterating our 2026 production guidance at this time of 15,500 to 16,300 BOE a day annual production.

In the quarter, we generated $59 million of funds from operations or $0.36 per share at oil price of $72 a barrel WTI in the first quarter. With this funds flow, we paid $44 million in dividends to our shareholders, and we invested $19 million in oil-focused mineral title lands in undeveloped drilling areas in the core of the Permian Basin.

These lands are in early stages of development with mineral title lands held in perpetuity and are in areas that have significant undeveloped resource. Our net debt settled a little higher as a result of these investments this quarter.

Our North American portfolio remains very well balanced with 55% of our production coming out of Canada and 45% out of the U.S. The U.S.

represents a slightly smaller share of production, but it does deliver a disproportionately higher revenue component accounting for 51% of our total revenue this quarter. This is driven by the premium pricing and higher liquids weighting that we have in our U.S.

assets. In the first quarter, U.S.

royalty volumes realized a 31% pricing premium compared to our Canadian production. Beyond the quality of the strong market access of our U.S.

oil, our U.S. natural gas also received a 58% premium over Canadian gas price due to the proximity to the U.S.

Gulf Coast LNG facilities and significantly more egress options than we have in Canada. So as we think through our capital allocation priorities in this current price environment, after a monthly dividend, we look to be -- have a bit of a balance of debt repayment along with strategic acquisitions that enhance our portfolio.

We continue to see high-quality opportunities to acquire this undeveloped mineral title lands in the core of the Permian, and our focus has been on these types of deals. In the first quarter of this year, we invested $19 million in what we call these ground game style deals, adding over 200 drilling locations to our inventory under premier operators, ExxonMobil, Diamondback, Occidental, ConocoPhillips and Double Eagle.

Lastly, through our NCIB, we have the option of share buybacks. So this year marks our 30th year as a public company.

And over the past 30 years, our production has grown at a 4% compounded annual growth rate, and we've maintained a monthly dividend throughout. Our portfolio offers investors exposure to the premier oil and natural gas basins across North America, including our growing heavy oil segment in Northern Alberta, a lighter oil plays in Southeast Saskatchewan, and exposure to Gulf Coast pricing with our Eagle Ford assets and our growing light oil and natural gas production from the Permian.

We invite you all to join us at our Annual General Meeting at 3:00 p.m. Calgary Time this afternoon.

It will be held at the Eighth Avenue Place Conference Centre and at Suite 400,525 8th Ave Southwest, Calgary. More details, including a link to the webcast of our AGM can be found on our website at freeholdroyalties.com.

So with that, we're pleased to take any questions.

I just had a question with respect to the U.S. drilling activity in the quarter.

It looked like it was down considerably year-on-year. Can you just talk about some of the nuances there and how you think that unfolds over the balance of the year?

Yes. Jamie, I think that's really more a reflection of trailing $60 WTI coming out of the last quarter and that plays into the first quarter of this year.

Going forward, we are seeing an increase in permitting activity. And U.S.

is a little bit different than Canada. And if you think of that, onstream time typically taking 12 to 18 months to go from permitting to drilling a pad.

And so, what we are seeing is U.S. guys probably taking a little bit more time to decide how they're going to place their capital in this environment, because that drilling isn't going to capture $100 oil price that we see today.

So they want to make sure that as they ramp up their programs, they're happy with what really is going to become 2027 pricing will impact those volumes. So in Canada, you will see a little bit of quicker ramp-up.

There's quicker cycle times. But in the U.S., I think we're just starting to see that activity ramp-up as a little bit more confidence in what late year pricing looks like and going into next year.

Excellent. Well, thanks, everyone, for joining today.

And like I say, if you can make it over to the AGM this afternoon, we'd love to see you there. And thanks, and have a good day.

Take care.