Operator: Good day. Welcome to the Cavvy Energy Q2 26 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press 1-1 on your telephone. You will then hear an automated message advising your hand has been raised. To withdraw your question, please press 1-1 again. Please be advised that today's conference is being recorded. It is now my pleasure to introduce vice president corporate finance, Dallas McConnell.

Dallas McConnell: Thanks, Andrew, and good morning to everyone. I would like to welcome you to Cavvy Energy's Second Quarter 26 Conference Call. With me today are President and Chief Executive officer, Darcy Reding chief financial officer, Adam Gray chief operating officer, John Emery; and Chief Commercial-- sorry, Chief Commercial Officer, Paul Kunkel. Darcy and Adam will begin today with a review of our operating and financial results, and certain other company developments. Following their prepared remarks, we will turn the call back to the conference coordinator for questions over the phone, and then I will facilitate questions over the webcast. Before Darcy begins, I would like to remind you that our remarks today will include forward looking statements, that are subject to important risks and uncertainties. For more information on these risks and uncertainties, please see the reports filed by Cavvy with the Canadian securities regulators on SEDARplus.ca. With that, I will now turn the call over to our president and CEO, Darcy Reding, who will provide more detail on our performance in the quarter along with recent developments.

Darcy Reding: Thank you, Dallas. We appreciate everyone's interest in Cavvy Energy. We are pleased to speak today to our second quarter financial and operating results a quarter where we have made material progress on our corporate objectives while validating that our corporate strategy remains appropriate for delivering shareholder value. I would like to take a moment to remind everyone of the 3 differentiating aspects of our business. First, our upstream assets. This long life low decline production provides a reliable reserve space, requiring relatively small amounts of capital to sustain. Although our upstream hydrocarbon production is approximately 80% natural gas weighted, our 20% stream of hydrocarbon liquids provides meaningful cash flow and has offset the low natural gas prices in Western Canada over most of the past several years. Our upstream assets come with an extensive inventory of impactful drilling upside, providing opportunities for meaningful growth under appropriate commodity price cycles and economic conditions. Second, our midstream business. With our ownership in 3 high liquids recovery gas plants, with capacity to accommodate both sweet and sour customer production, We have grown both the volume and, more importantly, the revenue derived from processing other operators' volumes. These midstream revenues are largely protected from commodity price swings, providing a measure of cash flow certainty through volatile markets. Thirdly, and arguably, most importantly, through the first half of 2020 Cavvy's sulfur production once considered a byproduct of sour natural gas processing, is significant in both volume and its lucrative impact on cash flow. Sulfur pricing continued its historic run through the second quarter, and the value of our position as a material Canadian sulfur producer is clearly visible in our results. Adam and I will elaborate on the positive impacts of our sulfur business, later in this discussion. We believe Cavvy's midstream business and exposure to the sulfur market provide unique opportunities for shareholders and differentiate us from our competitors, reinforcing the benefits of our diversified revenue streams. These differentiators supplement our upstream hydrocarbon business, which in and of itself includes over 300 identified drilling opportunities primarily within the conventional reservoirs of the Canadian Foothills region. Cavvy's share ownership continues to benefit from the supportive ownership of our largest institutional shareholder. Aimco's ownership remains unchanged from the previous quarter at 44%, with another 13% owned by other known institutions. Shareholders and insiders, leaving 43% of our shares owned by others to provide investor liquidity. We are very pleased with our share price performance. We believe in our commitment to operational excellence, risk management, and our relentless focus on debt reduction. These efforts, along with our work to communicate and execute a clear forward looking strategy, have resonated well with our investors. Recognizing our excellent results over the first half of the year, we increased our 2026 guidance. Which Adam will provide greater detail on later in our presentation. So far this year, we have benefited from strong sulfur price, recently exceeding $1 thousand US per metric ton. Largely driven by the ongoing tensions in The Middle East. The continuing success of our midstream business means we now expect well in excess of $40 million in revenue generated from third party processing and other services during the year. Our strong cash flow has created an opportunity to repay up to $75 million of long term debt in 2026, already significantly bettering our original guidance and providing a runway to achieve our revised debt guidance of $75 million to $85 million by year end. Debt reduction was and remains a key focus in 2026. We believe that by delivering on our revised debt and other guidance, we will continue to build credibility and earn additional trust from our investors. We believe this will help to expand our trading multiples to levels at least comparable with and ultimately exceeding our competitors. As I have spoken about in previous quarterly results calls, we are proud of the Cavvy team's accomplishments thus far. We have successfully repositioned the company as an important Canadian up upstream and midstream energy company. We are now expanding our focus to include the transition into the second phase of our corporate strategy. Phase 2 spotlights value accretive growth opportunities while maintaining our achievements of the past. While phase 2 of our strategy emphasizes growth, we will not lose our focus on our core business. Low Western Canadian natural gas prices have kept our sweet dry gas in Northeast British Columbia shut in due to poor economics Since Q1. In addition, our West Central Alberta dry sour gas that is contractually dedicated to a third party owned facility until the end of 2027, has also remained shut in continuously for over 2 years due to the gas plant owner's high flow through processing fees and poor production economics. These shut in assets represent additional opportunities within our base business, and we continue to work hard to extract shareholder value from them. While the assets in British Columbia simply need better gas pricing to justify reactivation, The run up in sulfur pricing has enhanced the economics for producing our West Central Alberta shut in volumes. While operational and commercial hurdles remain, Cavvy is working diligently to resolve these challenges. We are optimistic there is a path to successfully resuming production from this area but Cavvy is unable to provide any commit commitments to that outcome or when it may occur. The primary objectives for phase 2 include successfully developing our drilling and other organic opportunities, executing accretive M&A and utilizing our significant infrastructure ownership to create partnerships for power generation, data center construction, or other industrial businesses that can bolt on to our core business. These opportunities will attract more of our attention going forward. In summary, I am confident that Cavvy has several compelling catalysts that will continue to provide value growth opportunities for our shareholders and our team is excited to showcase them in due course. Moving now to the highlights of our second quarter financial and operating results. As previously mentioned, we are extremely pleased. Net operating income generated in the quarter was near $50 million with the $43 million of pre-royalty sulfur revenue which is inclusive of our 2026 sulfur hedging arrangement substantially contributing. Our Q2 production of approximately 21.5 thousand BOE per day and 984 metric tons per day of sulfur, was inclusive of the scheduled downtime at Waterton that was factored into our original guidance. Necessitated by TC Energy's scheduled maintenance act activity on the sales gas pipeline system. Adam will provide additional information on our Waterton gas plant operations in a few moments. The growth in our midstream business continued in the quarter, with nearly 152 million cubic feet per day of third party raw gas volumes processed. Delivering 26% revenue growth versus the same quarter in 2025. What I consider the primary highlight of many highlights in the quarter we were successful in reducing our total debt by nearly $40 million. A new quarterly record. As a result, our total debt at the end of the second quarter is $87 million bettering our original guidance significantly and providing the basis for our revised total debt guidance of $75 million to $85 million. As our second quarter and first half results clearly show, the unprecedented run up in the global sulfur price has contributed materially to Cavvy's success. I would like to spend a moment on this topic given its obvious importance. importance, rather, to our business. As of the end of Q2, Cavvy is halfway through the 1 year sulfur pricing agreement applicable to calendar year 2026. This contract provides the company with the means to sell 1/3 of its sulfur production at Vancouver FOB pricing. As we have elaborated on in past communications, Cavvy entered an arrangement in 2022 whereby our sulfur marketer is entitled to the physical purchase of all of our sulfur at Vancouver FOB pricing. This arrangement is anticipated to remain in place until the end of calendar 29, assuming the conditions for a 1-year extension are met in 2028. Revenue from sulfur sales has obviously contributed significantly to the company's success this year. In Cavvy's July 31 news release, we provided information on our new 2027 sulfur agreement with our marketer. Cavvy will sell 200 thousand metric tons or approximately 50% of our anticipated 2027 sulfur production at a fixed price of $525 U.S. per metric ton. Any sales above 200 thousand metric tons prorated monthly will remain exposed to Vancouver FOB pricing. Under this arrangement, Cavvy has locked in over $100 million of 2027 net revenue after deductions and after royalties providing significant cash flow certainty at a time when our remaining natural gas hedges will completely roll off as of May 31, 2027. Additional revenues in 2027 will be derived from the remaining sulfur production sold at spot price our hydrocarbon sales and, of course, our midstream services business. We are pleased that the agreed upon fixed price for half of our 2027 sulfur production it exceeds the trailing Vancouver FOB price at any time in recent history up until the start of the Middle East conflict. in Q1 26. The spot Vancouver FOB price has increased to above $1 thousand US per metric ton during the conflict. We are aware of reports of demand destruction at current spot prices from our market research. Significant restriction of sulfur movement from Middle East sources has disrupted global sulfur markets. Similar to many other commodities. The 2027 agreement was negotiated over the course of several months and although we are uncertain how long the current spike in sulfur price will last, but we are pleased with our ability to lock in a portion of our sulfur at a price that provides cash flow certainty and helps deliver our 2027 and longer-term corporate objectives. Additional sulfur volumes above the commercial commitment of this 2027 agreement remain exposed to the Vancouver FOB spot price providing an opportunity to meaningfully participate in the market if sulfur pricing maintains its historic run. I would like to now give the floor to Adam Gray, chief financial officer to provide details on our second quarter results and insights into our revised guidance.

Joseph Adam Gray: Thank you, Darcy. I will begin this morning with some specifics on our quarterly operational and financial results. Then get into debt retirement, our 2026 refinancing plan, and finish with commentary on our guidance revisions. Turning now to our operating results for the quarter. As Darcy mentioned, we produced just under 21.5 thousand BOE per day. With production weighted approximately 80% to natural gas and 20% to liquids. And produced 984 tons per day of sulfur. The quarter was impacted as we expected by 24 days of downtime at Waterton. The Waterton team utilized this downtime to complete several projects, which we anticipate will defer the next major turnaround from 2028 to 2029 and shorten its duration. Unfortunately, after a successful restart, on July 19, a low-pressure acid gas knockout vessel critical to sulfur recovery, developed a crack, which obligated us to immediately take the Waterton gas plant back down for a secondary repair. While not a complex vessel, our obligation to obtain regulator approval for the repair means this outage is expected to last approximately 4 weeks. While not a particularly expensive fix, the unexpected outage will have a modest impact on our expected Q3 results. On the midstream side, third party processing continued to perform very well during Q2 We grew third party volumes by 27% and revenues by 26% compared to Q2 of last year. And in total, we processed 152 million cubic feet of day a day of raw gas during the quarter, This is down approximately 3% from Q1 of this year, sorry, due to maintenance work we conducted at the Moose Mountain Compressor Station which feeds gas into our Jumping Pound facility, and also due to some Caroline reliability issues as we approached the turnaround. We were pleased to sign a gas handling agreement extension with 1 of our key customers during the quarter who flows into both Caroline and Jumping Pound through to mid-year 2027, adding over 10% to our annualized processing fee revenue. Operating costs were stable during the quarter at $43.7 million or $22.32 per Cavvy owned BOE, with some impact from higher nonoperating processing fees carbon costs, and maintenance costs during the quarter. Despite the Waterton downtime, the quarter again demonstrated the value of Cavvy's diversified operating model with the combination of strong sulfur pricing and disciplined balance sheet management resulting in another quarter of substantial cash flow. Net operating income totaled just under $50 million, up 87% from the second quarter of 2025, while funds flow from operations came in at just under $42 million, up 189% year over year. Operating netback, which is the per BOE metric, which is most important to our business because it encompasses all our revenue streams, was a record $25.38 per BOE, more than double the level achieved last year. Realized hedge adjusted pricing for the quarter came in at $2.81 per GJ for gas, versus an average market price of $1.52 per GJ. We realized a $102.86 CAD per barrel for condensate versus an average market price of $129.70 CAD per barrel? And CAD 478 per ton for sulfur. Versus an average market price of CAD 877 per ton. On a quick note on these quoted sulfur prices, They reflect the net price we received after transportation and handling deductions. They also reflect a 1-month pricing lag because under the terms of our agreement, we are paid based on the prior month average Vancouver FOB price So in periods of rapid price escalation, there is a delay in our realized price results. This reverses in periods of price decline. As expected, royalty expense was substantially higher during the quarter at $8.2 million or $4.18 per BOE, primarily due to higher sulfur and liquids pricing. I will remind investors that we pay Crown sulfur royalties on the basis of actual realized Cavvy sulfur price. At a rate of 16.67%. I will make a brief comment here on our tax pools, which we have not discussed much historically. But as our strategy becomes established and cash flows continue to strengthen, we will become more important. At the end of the quarter, we held approximately $542 million of aggregate tax pools which translate to a future tax asset on our balance sheet of just under $80 million These pools are expected to provide meaningful multiyear tax shelter as cash flows continue to strengthen. Turning now to debt reduction. As Darcy mentioned, we are very pleased that we were able to repay over $39 million of senior debt during Q2. Exceeding our previous quarterly record repayment established in Q1 Total debt repaid so far in the year is $76.5 million leaving our remaining principal at $86.8 million We have achieved more debt reduction now than contemplated in our original full year guidance. On both strong business results and the receipt of our second half sulfur prepayment on June 29, allowing us to make a substantial payment on June 30. The prepayment structure built into our 2026 and 2027 sulfur price agreements is a valuable balance sheet management tool allowing us to retire debt earlier and save debt service costs. I will speak further on our debt retirement guidance on the next slide, but wanted to discuss debt maturities because I expect this will be an area of investor interest. Our current outlook suggests we have a realistic path to repay our existing facilities as they mature in 2027. That is a materially different position versus where this company stood just a couple of years ago. Existing debt matures in 2 tranches, The first totaling $39 million matures in March 2027 and has no repayment penalty. And the second totaling $48 million matures in September 2027 and has full economic make whole provisions. While repaying our existing facilities as they become due is an option, management's objective is to optimize the balance sheet. So we continue to pursue a refinancing initiative that I expect to advance during the fall. Our goal remains unchanged. Which are to lower the cost of debt, increase credit flexibility, and increase liquidity capacity all towards a capital structure that appropriately reflects the strength and diversification of Cavvy's business. The 2027 sulfur pricing agreement recently announced which Darcy previously discussed, was an important milestone in advancing those conversations as we seek to balance de-risking 2027 cash flow with maintaining market pricing exposure for our products. I will note that the timing and quantum of the 2027 sulfur prepayments are particularly impactful. Okay. I will now turn to revised guidance. As I believe was widely expected, we have increased 2026 net operating income guidance to a revised range of $170 million to $180 million, up approximately 30% from $125 million to $140 million previously. At the same time, we have reduced the upper range of our hydrocarbon and sulfur production guidance modestly to reflect the unexpected downtime in Waterton as I discussed. 2 important takeaways from rising cash flow expectations with lower production expectations are that revenue diversity diversification is increasingly impactful and also the importance of facility reliability on all of our revenue streams. Reliability is a key performance metric for this business, and is embedded in our corporate and personal performance targets. Turning to capital. We have increased our capital guidance by approximately $17 million from a range of $35 million to $40 million to a revised range of $52 million to $57 million This increase comes from several initiatives, which I will unpack a bit. First, we have increased our allocation of capital to our ongoing field and facility optimization program by a further $7 million. This program is in its third year and continues to fund very high IRR projects across a range of initiatives targeting increased production or third party revenues, lower operating expense, and increased facility reliability. We have been positively surprised by the idea generation from our teams and believe opportunities of this type which achieve IRRs north of 100%, remain plentiful. Secondly, we have increased capital maintenance guidance by $6 million primarily to reflect an increase in the plan scope and slightly higher expected costs that are currently underway major Caroline turnaround, and also for the capital maintenance completed during the June Waterton outage. Finally, we have added a further $4 million in diverse expenditures across a range of other capital needs and opportunities. I want to highlight that a meaningful portion of this capital increase represents productive capital that generates attractive returns. Given our current cash flow outlook, I am comfortable slightly taking our foot off the debt repayment gas pedal in order to fund these opportunities from internally generated cash flow. To that end, you will note that our retire debt retirement guidance has also been revised with total debt now expected to end the year at $75 million to $85 million, down 32% from our original guidance. I expect debt retirement to slow meaningfully during the second half of 2026 but then aggressively reaccelerate in the first quarter of 2027. I will conclude with a few comments on hedging and our outlook. For the remainder of 2026, we have approximately 66.7 thousand GJ per day of natural gas hedged at an average fixed price of $3.40 per GJ and approximately 1.48 thousand barrels per day of condensate hedged with an average floor price of approximately $85.71 CAD per barrel. Overall, about 53% of our midpoint hydrocarbon production guidance remains hedged. AECO is clearly not trading at prices supportive of adding any additional hedges. But as discussed, we now have 200 thousand tons of sulfur production hedged for 2027 at $525 per ton adding material cash flow support for next year. We believe this transaction exemplifies our broader philosophy around risk management, which is to protect meaningful cash flow when opportunities exist to do so while also maintaining exposure to the upside. Looking forward, both of the Waterton repair and Caroline turnaround are currently ongoing. And the Cavvy team will be very pleased when both these activities are successfully behind us and these facilities return to production. Based on what we know today, we expect Waterton to come back online mid next week, and Caroline operations to re resume on schedule in early September. Overall, we are extremely pleased with the progress made this year with record cash flow, record debt reduction, improved guidance, a strengthened balance sheet, and continuing to invest in reliability and future growth. Thank you for your time today. I will turn the call back to Dallas for your questions.

Dallas McConnell: Thanks, Adam and Darcy. I am going to ask the operator, Andrew, if he has any questions on the telephone side of the conference.

Operator: Certainly. And we do have a question. Our question comes from the line of Adam Gill with Vinton Financial.

Adam Gill: Hey. Good morning, gentlemen. 2 questions for me. First off, on the Ram River facility, is there is been some scuttle out there of potentially starting up. Heck, I even saw a job posting for the facility Is there any kind of timeline that you can set for potentially the Ram River facility coming back online and you guys producing into it.

Darcy Reding: Good morning, Adam. Thanks for the call. Darcy here. The short answer is as I did address that in the scripted comments that I had. There is no specific timeline or expectation around when or even if those volumes come on stream. Obviously, we are not responsible for anything that may come out of a third party with respect to the plans there. And so while we are aware of likely many of the things that you are aware of, in terms of communication that is sort of out there, that is that is not coming from us, and we just cannot comment on what a another party does.

Adam Gill: Okay. Fair enough. Second question is just on turnarounds. Obviously, this year, a major turnaround at Caroline, a turnaround at Waterton. As you kind of plan for 2027, what should we expect for turnaround activity?

Joseph Adam Gray: Adam, it is Adam here. For 2027, at the moment, we have a planned turnaround at our Jumping Pound facility. We expect that to happen in the third quarter. Although we have not worked the specifics on scope or cost and exact timing of that yet. that is the only event we are aware of at this time.

Adam Gill: Okay. Thanks for taking my questions, guys.

Darcy Reding: Thanks, Adam.

Operator: Thanks. And I am showing no further questions on the phone lines.

Dallas McConnell: Thank you. We have several questions on the webcast. So what I will do is I will read the question and then direct it to 1 of my colleagues to answer each of these questions. So the first can you expand on the type of projects that you are executing with the $6.8 million of optimization capital. Facility debottleneck, production restart, field compression, etcetera, and the kind of returns that you anticipate from these projects.

John Emery: I am John Emery, COO. Yeah. You have actually listed a good percentage of the projects that we have got on the books. A lot of them are facility debottlenecks and also resizing of equipment for fuel gas savings, ESG savings, The returns are typically fairly strong. I hate to give a number off the top of my head, but certainly well worth pursuing and in light of our debt situation and much better than servicing debt. So yeah, we have got a number of projects on the books. Some of them are short term returns, and some of them are bigger projects that are going to last for 2 to 3 years. So lots of good things on the horizon for us.

Joseph Adam Gray: We have an internal hurdle rate of around 100% IRR on these. There are some projects that are a little lower if they are a longer term project, but our average return is well north of 100% so far.

Dallas McConnell: Okay. Next, this has been touched on, but I think I think there is an angle here. With respect to Cavvy's optimal capital structure, do you intend to repay all debt outstanding likely by the second half of 2027, or do you intend to refinance some of your outstanding debt and maintain a certain level of debt on the balance sheet. If so, can you please opine on the level of debt that you intend to maintain?

Joseph Adam Gray: Yeah. that is a good question. Debt is a very useful tool in every business, and we, of course, intend to use it in the future. What I would like to do is see more flexibility in our debt So moving into some kind of a revolver or, similar instrument where we can draw the debt when either turnarounds or opportunities to invest present themselves and then repay it at other times. I would like to get rid of the amortizing and subordinated debt and move into a more flexible structure. But certainly, debt will continue to be a tool that we use Great. And I will maybe just jump in and answer another question. That I see further down on debt, which is expected rates. As a reminder, we pay SOFR plus 6 and 3 quarters on our term debt, and 13% fixed on our current sub debt. I expect rates we will be moving into to be well south of 10%. Depending on the structure that is probably as far as I would take that.

Dallas McConnell: Great. On the unplanned downtime at Waterton following the turnaround, can you tell us whether the event was linked to the maintenance scope or was it an independent event? And is this remediation a permanent fix or a temporary workaround? Leading to future vessel replacement? Should we model incremental downtime in half 2 and into 2027?

John Emery: John Emery, COO. I will answer the last question first. We expect that the repairs that are taking place right now currently will you know, at least last until the next turnaround schedule for 2029. We will be making some decisions on whether we want to replace that vessel over the over the course of the next few months This was a follow on from a repair that we did on that vessel. We had some cracking show up after we put the vessel back in service that needed to be addressed. And we have done that successfully now. So we are just in the final phases. We have completely hydrotested and that vessel will be back in service.

Dallas McConnell: Thanks, John. The next 1 is related to our Central Alberta shut in production. Production. We have touched on it mostly, but there is an additional question here as well. Does the revised guidance range that we are publishing assume any restoration component of that Central Alberta production, or is it upside to that range?

Joseph Adam Gray: Yeah. There is no contemplation of a restart in our guidance revision.

Dallas McConnell: On the sulfur hedge, it was executed quite early in the restock season. And a bit farther from the start of the contract than last year. Was that timing opportunistic? Or driven by covenant counterparty requirements? And is 200 thousand tons the target hedge ratio for 2027? Paul.

Paul Kunkel: Paul Kunkel, chief commercial officer. I believe the answer to that would be more that we had spent, as Darcy had said in his comments, a number of months in the market trying to get the best price for a fixed price arrangement for 2027. It was not necessarily driven, by any counterparty or covenant requirements. It was more a state of the market. I think we have a long term belief that, current pricing is either at or near on the top of the market. And based on that, we thought that it was appropriate to enter an agreement during the timing. On the inventory side of things, I see there is a question there regards to inventory. We definitely have the opportunity to put volumes to ground if we feel that is the right thing to do from a marketing perspective. We have plenty of opportunity to do that. On the hedge ratio side, at 200 thousand tons, that is roughly 50% of production. And that is right on target for our hedge ratio.

Dallas McConnell: Thanks, Paul. Next question. As you enter 2027 in an excellent balance sheet position, can you talk about priorities for deploying free cash flow such as acquiring sour plant connected production? Organic growth, optimization, or shareholder returns. Darcy?

Darcy Reding: Yeah. that is a great question. We are obviously in a enviable situation where our cash flow expectations have improved a lot going forward. We do expect to have a substantial increase to free cash available to us and that will give us some options around capital deployment As stated, our strategic plan is to enter into and embrace the second phase of our corporate strategy, which is really focused on growth. And, obviously, in our business, the growth will come from organic development, M&A activity, and expansion of our third party processing business, fee revenue business. Those are the priorities that we have got. Certainly, in the shorter term here until we get our debt situation in a better place, we are still focused throughout 2026 on debt reduction. 2027, though, will open a whole plethora of new opportunities around that strategic, planning, if you will.

Dallas McConnell: Thanks, Darcy. On the Aimco side, have they been engaging any more than usual in recent months given the outperformance?

Joseph Adam Gray: Hi. it is Adam here. We have a great relationship with Aimco. We engage with them as I believe our board does on a regular basis. I do not think there is been a change in engagement, but I would expect they are fairly pleased with the share price performance, but yeah, the relationship is positive.

Dallas McConnell: Thank you. Are there any plans to spin off part of the business into a stand alone midstream entity, which tends to garner a higher multiple.

Darcy Reding: Short answer, Darcy here. The short answer on that is no plans. Although we are always open to look at opportunistic options that are available to us. Obviously, we are, an upstream producer of hydrocarbon. And to the degree that we can own and control, the infrastructure that our production feeds into, there is economic and value benefit associated with that. If we were to spin off obviously, we would now be producing into a third party facility in that scenario. That can challenge things like go forward organic development economics because, now you are you are faced with paying a fee as opposed to an operating cost. on your processing. So, again, in summary, I would say no plans. But we are always looking at options and opportunities.

Dallas McConnell: Thanks, Darcy. that is it for questions. Just want to thank everyone for your time today as well as the excellent engagement and set of questions. Those are a really good discussion. We very much appreciate your interest in Cavvy. If you have further questions, please call us at 403-261-5.9 thousand or email us at investors@cavvyenergy.com. Thanks again. We look forward to speaking to you soon. I will now turn it back over to the operator to end the call.

Operator: Ladies and gentlemen, thank you for participating. This does conclude today's program, and you may now disconnect. And we will hang up the call. Thank you.