Good afternoon, ladies and gentlemen. Welcome to the 2026 annual meeting of the shareholders of Trican Well Service Ltd. My name is Tom Alford, and I am the Chair of the Board of Trican. We are holding a virtual-only meeting this year to support broader shareholder participation. Our intention is to make the meeting more accessible and convenient, ensuring that as many shareholders as possible are able to attend, engage, and exercise their rights regardless of location. I would like to introduce the Directors and executive of Trican who are participating in the meeting. Trudy Curran, Director. Michael McNulty, Director. Stuart O'Connor, Director. Debra Stein, Director. Tom Coolan, Director. Brad Fedora, President, Chief Executive Officer, and Director. Todd Thue, President, Fracturing. Scott Matson, Chief Financial Officer, and Chika Onwuekwe, Vice President, Legal, General Counsel and Corporate Secretary.
For convenience, today's meeting will focus solely on the formal business required for the annual meeting. The 2026 annual meeting of shareholders of Trican will now come to order. I will preside as chair of the meeting. Chika Onwuekwe will act as secretary of the meeting, and representatives of Broadridge Financial Solutions, Inc. will act as scrutineers. The notice of meeting, management proxy circular, and related materials were sent to shareholders of record on March 31, 2026, and to the directors and auditors of Trican. Broadridge Financial Solutions, Inc. has confirmed proper mailing of these materials. I would ask that the secretary file the declaration of mailing with the minutes of this meeting. The scrutineers have provided their preliminary report on attendance, and based on the total number of shares represented, I am advised that we have a quorum present at this meeting.
Accordingly, I declare that the meeting is regularly called and constituted for the transaction of business. I remind our logged in guests that only registered shareholders and duly appointed proxy holders are permitted to participate in the formal part of the meeting and to vote. All items to be voted on today must be passed by a simple majority of votes cast in person or by proxy at the meeting. At this time, any registered shareholders or proxy holders who are logged in and who have not already voted or submitted a proxy and wish to vote their shares may do so now by clicking on the Vote Now button on our screen. You must click Submit for your vote to be counted.
If you have already voted or submitted by proxy, and you do not wish to change your vote, you do not need to vote using the polls, as your vote already will have been counted. After the formal meeting and management presentation, there will be an opportunity for shareholders and proxy holders to ask general questions not directly related to the formal business of the meeting. I will now proceed with the matters under consideration at this meeting. The first item of business is to receive the financial statements of Trican for the year ended December 31st, 2025. A copy of the financial statements, including the report of auditors, has been mailed to each registered shareholder of Trican and to each beneficial shareholder who requested them. There are extra copies of these documents available to shareholders upon request.
Please note that we have asked certain shareholders and proxy holders to move and second routine matters of business. The next item of business is the election of directors of Trican. A brief biography of each management nominee is contained in the management proxy circular dated March 31st, 2026, and delivered to the shareholders in connection with this meeting. May I please ask for someone to move and second the motion for the election of Thomas Alford, Thomas Coolen, Bradley Fedora, Trudy Curran, Michael McNulty, Stuart O'Connor, and Deborah S. Stein as directors of Trican.
Mr. Chair, I move that the seven nominees be elected as directors of Trican to hold office until the next annual meeting or until their successors are elected or appointed.
I second the motion.
I have received the preliminary voting results of the vote on the election of directors, and I am pleased to announce that each of the management nominees received a majority of votes cast to be elected, the particulars of which will be posted on SEDAR+ following this meeting and no later than the next business day after this meeting. The next item of business is the appointment of auditors. May I please ask for someone to move and someone to second the motion regarding the appointment of KPMG LLP as auditor of Trican until the next annual meeting of shareholders, and that the directors of Trican be authorized to fix their remuneration as such.
So moved.
I second the motion.
Based on the preliminary voting results of the scrutineers, KPMG LLP has been appointed as auditor with approximately 97% of the votes cast in favor of the resolution. Accordingly, I declare the resolution to be passed. Final voting results will be posted on SEDAR+ following this meeting and no later than the next business day after this meeting. Final item of business is the advisory vote on Trican's approach to executive compensation. I please ask for someone to move and someone to second the motion that the ordinary resolution approving Trican's approach to executive compensation, as set out in the management proxy circular dated March 31, 2026, be approved on an advisory basis.
Moved. I second the motion.
Is there any discussion of the motion? Based on preliminary voting results of the scrutineers, Trican's approach to executive compensation has been approved with approximately 98% of the votes cast in favor of the resolution. Accordingly, I declare the resolution passed. Final voting results will be posted on SEDAR+ following this meeting and no later than the next business day after the meeting. This concludes the formal business of the meeting. Unless there are any questions from shareholders, may I please ask for someone to move and someone to second the motion that the meeting be terminated.
I move that the meeting be terminated. I second the motion. There is a question we can address this after we wrap up the meeting.
Okay, we will, there is 1 question. We will address the question after this. The motion is carried. I declare the formal part of the meeting terminated. Trican held its earnings call earlier this morning at 10:00 A.M. Mountain Time. You may download the transcript from Trican's website. Okay, there's 1 question. We'll take the question.
There is a question from a shareholder, and I believe they're asking, "Can fracturing be replaced by any other methods?" The answer to that with today's technology is basically no. I think as everybody knows, the rock that both oil and natural gas are coming from is incredibly tight. The porosity and permeability of the rock is very low. As a result, we need to break that rock apart, lower the pressure, expose surface area so that both oil and gas will flow. Right now there are chemical means to stimulate rock, but they're not effective in scale. Fracturing is here to stay for the foreseeable future.
We'll give a minute to see if anything else pops up on the screen.