Operator

Good day, and thank you for standing by. Welcome to Petrus Resources First Quarter 2026 Results Conference Call. [Operator Instructions] Today's conference is being recorded. I will now hand the conference over to your speaker host, Matt Skanderup, Chief Operating Officer. Please go ahead, sir.

Matt Skanderup
Chief Operating Officer

Good morning, and welcome to the Petrus Resources Q1 2026 Conference Call. I am Matt Skanderup. I am the COO here at Petrus. Ken Gray, our CEO, is not available this morning for our call. I am joined by our CFO, Matthew Wong; and our VP, Corporate and Commercial Development, Lindsay Hatcher. We've just released Q1 2026 quarter results, and this quarter has been an interesting start to the new year, to say the least.

We have seen and continue to see dramatic volatility in the oil market and inflationary pressures due to rising energy prices have suddenly started to make an impact on people's lives no matter where you live. The effect that the current conflict in the Middle East is having on the supply of oil is frankly the most disruptive we have seen in recent history.

We are at a point where the demand for oil is simply more than the supply that can be produced, transported and used across the globe. To date, strategic reserves and cautionary measures taken by governing bodies across the world have helped to lessen the shock of the drastically reduced supply and time will only tell how quickly this balance comes back into place. Despite everything that's happening across the globe here at Petrus, we have