PrairieSky Royalty Ltd. (PREKF) Q1 2024 Earnings Call Transcript

PrairieSky Royalty Ltd. (PREKF) Q1 2024 Earnings Call Transcript

PrairieSky Royalty Ltd. (OTCPK:PREKF) Q1 2024 Earnings Conference Call April 23, 2024 8:30 AM ET

Company Participants

Andrew Phillips – President & Chief Executive Officer
Pam Kazeil – Chief Financial Officer

Conference Call Participants

Patrick O’Rourke – ATB Capital Markets
Jeremy McCrea – BMO


Ladies and gentlemen, thank you for standing by. Welcome to PrairieSky Royalty announces their First Quarter 2024 Financial Results. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would like now to turn the conference over to Andrew Phillips, President and Chief Executive Officer. Please go ahead.

Andrew Phillips

Thank you very much operator and good morning, everyone. Thank you for dialing into the PrairieSky Q1 2024 conference call. On the call from PrairieSky Pam Kazeil, Dan Bertram, Mike Murphy and myself, Andrew Phillips.

Before we begin, there are certain forward-looking information in my commentary today, so I would ask investors to review the forward-looking statements qualified in our press release and MD&A. First quarter of 2024, saw PrairieSky received 13,142 barrels of royalty oil volumes, a record for the company. Natural gas and NGL volumes remained steady. 50 new leases with 42 counterparties marked another strong quarter for leasing and generated $4.2 million in bonus revenue. Two notable developments took place over the first quarter. Firstly, our largest royalty payer added 2 new polymer and water floods and commercialized and went to development of a secondary recovery in its 2 core areas. The significance of this from a royalty owner is a potential doubling of the recoverable oil per section had no additional capital for our business. These are now in the money call options.

Secondly, new discoveries in a variety of

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