Q1 2023 Freehold Royalties Ltd Earnings Call Transcript
Good morning, ladies and gentlemen, and welcome to the first quarter results conference call.
I would now like to turn the meeting over to Mr. David Spyker. Please go ahead, Mr. Spyker.
Good morning, and thank you for joining us today. On the call from Freehold are David Hendry, our CFO; and Rob King, our COO. We're off to gig starts for 2023 with operational momentum carrying over from a record year in 2022. Production of 14,724 BOE per day was up 8% over the first quarter of 2022 and in line with our expectations.
The production of 9,822 BOE per day was modestly up over the previous quarter and was the highest quarterly average since Q1 2020. The resiliency of our Canadian production is a testament to the quality of our land as we were only making minor early-stage investments over the past 3 years with our team primarily focused on new developments, leasing and optimization efforts on our Canadian acreage.
Production from our U.S. assets averaged
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