Another slug of raw gas processing is coming to the Grande Prairie fairway, with Advantage, Kelt, and NuVista holding the majority of the service. This processing will allow Kelt to produce their Wembley wells unrestricted, and provide some growth headroom at Pipestone for NuVista.

Despite lower headline IP rates, extremely strong results from Gold Creek PnP wells continue to prove our reservoir quality thesis. Soon under the operatorship of Whitecap, we think that the market's initial take on Veren's assets (i.e. a negative one) was wrong, and this will slowly be reflected as we expect Whitecap to consistently execute throughout the pro forma company's Montney and Duvernay portfolio.

Logan's first modern Simonette Duvernay well was a success, producing 26,400Bbls of crude oil in the first month, for a calendar day rate of ~850Bbls/d, and a producing day rate of ~940Bbls/d. This is a very positive first results that we think derisks most of their near-term inventory. They don't have follow ups planned right now; though have a completion at Ante Creek planned for this summer. We see payouts in ~1 year at US$70/Bbl WTI under Logan's current cost structure, with the ability to improve that to 10-11 months with an optimized capital cost. Notably, these wells produce into their existing Montney infrastructure footprint.

Paramount has officially moved Sinclair forward with a gas plant at Sinclair. Recall they have also secured NGTL meter space that would allow this asset to produce by 2027. They intend to construct this facility in 2026; and we estimate the processing capacity for Phase 1 at 400-500MMcf/d. Ultimately, we view this as extremely positive as we believe that Paramount is in the midst of building the lowest cost gas asset in the WCSB, and certainly extremely competitive with the best assets in the United States.

We're now providing high-confidence 500,000Bbl oil EUR estimates for Spartan's first full-length Duvernay pad. The two wells on this pad have produced ~100,000Bbls of oil, and ~85,000Bbls of oil respectively, through ~4 months on stream. These results are similar to Baytex's unbounded wells on-stream in 2024, in the same Duvernay phase window. We think that Spartan has slightly higher quality geology, and a better spacing approach.

Despite lower headline IP rates, extremely strong results from Gold Creek PnP wells continue to prove our reservoir quality thesis. Soon under the operatorship of Whitecap, we think that the market's initial take on Veren's assets (i.e. a negative one) was wrong, and this will slowly be reflected as we expect Whitecap to consistently execute throughout the pro forma company's Montney and Duvernay portfolio.

Logan's first modern Simonette Duvernay well was a success, producing 26,400Bbls of crude oil in the first month, for a calendar day rate of ~850Bbls/d, and a producing day rate of ~940Bbls/d. This is a very positive first results that we think derisks most of their near-term inventory. They don't have follow ups planned right now; though have a completion at Ante Creek planned for this summer. We see payouts in ~1 year at US$70/Bbl WTI under Logan's current cost structure, with the ability to improve that to 10-11 months with an optimized capital cost. Notably, these wells produce into their existing Montney infrastructure footprint.

We're now providing high-confidence 500,000Bbl oil EUR estimates for Spartan's first full-length Duvernay pad. The two wells on this pad have produced ~100,000Bbls of oil, and ~85,000Bbls of oil respectively, through ~4 months on stream. These results are similar to Baytex's unbounded wells on-stream in 2024, in the same Duvernay phase window. We think that Spartan has slightly higher quality geology, and a better spacing approach.

Paramount has officially moved Sinclair forward with a gas plant at Sinclair. Recall they have also secured NGTL meter space that would allow this asset to produce by 2027. They intend to construct this facility in 2026; and we estimate the processing capacity for Phase 1 at 400-500MMcf/d. Ultimately, we view this as extremely positive as we believe that Paramount is in the midst of building the lowest cost gas asset in the WCSB, and certainly extremely competitive with the best assets in the United States.