Spartan Delta : May 8, 2025
SDE.TO
Published on 05/09/2025 at 05:15
I N VESTOR P RESENTATION
M ay 8 , 2 0 2 5
Three Pillar Strategy
I I . D EEP BA S IN O PTIMIZATION
I . D UVERNAY D EVELOPMENT
I I I . D EEP BA S IN CONSOLIDATION
LARGE INVENTORY ESTABLISHED
OIL AND CONDENSATE RICH RESOURCE PLAY UNDERUTILIZED INFRASTRUCTURE SUPPORTS GROWTH
LIQUIDS-RICH GAS
FREE FUNDS FLOW GENERATION IMPROVEMENTS IN CAPITAL EFFICIENCY
TECHNICAL EXPERTISE OPERATIONAL AND G&A SYNERGIES
FOUNDATIONAL ASSET PROVIDES M&A SPRINGBOARD
May 8, 2025
Building a Sustainable Energy Company
C A P I TA L I Z AT I O N
SPARTAN DELTA CORP
TSX
SDE
Share Price (1)
$/sh
2.75
Common Shares Outstanding (1)
MM
200
Market Capitalization
$MM
550
Net Debt (2)
$MM
82
Enterprise Value
$MM
632
Management & Board Ownership
%
12%
S PA R TA N D E LTA C O R P.
SDE Gas Plant
Edmonton, Alberta
D E E P B A S I N
$100-110 MM 2025E CAPITAL
~900 NET DRILLING LOCATIONS
LIQUIDS-RICH GAS
D U V E R N AY
$200-215 MM 2025E CAPITAL
>600 NET DRILLING LOCATIONS
OIL AND CONDENSATE GROWTH
A B O U T S PA R TA N D E LTA C O R P.
Calgary, Alberta
Spartan is committed to creating value for its shareholders, focused on sustainability both in operations and financial performance. The Company's culture is centered on generating Free Funds Flow through responsible oil and gas exploration and development. The Company has established a portfolio of high-quality production and development opportunities in the Deep Basin and the Duvernay. Spartan will continue to focus on the execution of the Company's organic drilling program across its portfolio, delivering operational synergies in a respectful and responsible manner to the environment and communities it operates in. The Company is well positioned to continue pursuing optimization in the Deep Basin, participate in the consolidation of the Deep Basin fairway, and continue growing and developing its Duvernay asset.
May 8, 2025
As at closing May 8, 2025 3
As at March 31, 2025
Continuously Generating Shareholder Value
C O R P O R AT E H I G H L I G H T S S I N C E I N C E P T I O N (1)T R A C K R E C O R D O F E X E C U T I N G S T R AT E G Y
$635 MM
E Q U I T Y I S S U E D
$1,788 MM
C U M U L A T I V E
A D J U S T E D F U N D S F L O W
$1,173 MM
6 Refocusing on the Deep Basin and Building a New Core Growth Area in the West Shale Basin Duvernay at a Low Entry Cost.
Monetization of Gold Creek and Karr Montney Declaring $9.60/sh. in
5 Dividends and Distributions.
Creation and Distribution of Logan Energy Corp. at $0.35/sh. to
Spartan Shareholders.
Acceleration of Debt Repayment, Returning the Company to a Clean
4 Balance Sheet Position, Allowing for Inaugural Special Dividend of
$0.50/sh.
Integration of Acquired Assets and Demonstration of the True
3 Productive Potential at Gold Creek and Karr Through Execution of Drilling Program.
2 Dominant Positions Secured in the Oil-Weighted Window of the Montney and the Liquids-Rich Deep Basin.
1 Growth Through Targeted Strategic Acquisitions in a Depressed Market.
C U M U L A T I V E C A P I T A L
E X P E N D I T U R E S ( 3 )
$1,809 MM
D I V I D E N D S A N D D I S T R I B U T I O N S ( 2 )
90,000
Velvet Acquisition Aug 2021
$1.50
$1.33
$1.31
75,000
$1.15
Duvernay Acquisitions
Nov 2023 - Current
$1.25
60,000
Bellatrix
Inception Acquisition Feb 2021
$0.92
$1.03 Montney
Divestiture
May 2023
$0.71
$1.00
Acquisition
45,000 Jun 2020
$0.80
$0.75
30,000
$0.46
$0.49
$0.41
$0.50
$0.28
$0.81 $0.71
$0.37
$0.32
$0.26
$0.29
15,000
$0.23
$0.42
$0.21 $0.18
$0.23
$0.25
$0.00
$0.07
$0.19
$0.32
$0.30
0
$0.04
$0.17 $0.13
$0.24 $0.16 $0.21 $0.14
$0.08
$0.06
$0.00
G R O W T H T I M E L I N E
$10.45/sh.
D I V I D E N D S A N D D I S T R I B U T I O N S ( 2 )
305%
C U M U L A T I V E
R E T U R N O N C A P I T A L E M P L O Y E D ( 4 )
$/sh.
Production (boe/d)
Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25
May 8, 2025
December 19, 2019, to March 31, 2025
Inclusive of $1,748 MM cash proceeds and the $60.6 MM Logan distribution
Cumulative Capital Expenditures Before A&D
ROCE = EBIT/Total Capital Expenditures (including A&D)
Optimizing the Deep Basin and Growing the Duvernay
G U I D A N C E (1)
A C T U A L S F Y 2 0 2 4
G U I D A N C E F Y 2 0 2 5
G U I D A N C E H I G H L I G H T S
70%
I N C R E A S E I N O I L &
C O N D E N S A T E
P R O D U C T I O N ( 2 )
57%
I N C R E A S E I N O P E R A T I N G N E T B A C K ( 2 )
Crude Oil & Condensate
bbls/d
3,297
5,600
Na tura l Gas Liquids (NGLs)
bbls/d
9,209
9,700
Na tura l Gas
MMcf/d
154
148
Average Production
boe/d
38,166
39,000 - 41,000
Opera ting Expenses
$/boe
(5.90)
(6.20)
Transporta tion Expenses
$/boe
(1.54)
(2.11)
Operating Netback, before Hedging
$/boe
11.68
18.39
Settlement on Commodity Derivative Contracts
$/boe
2.43
(0.10)
Operating Netback, after Hedging
$/boe
14.11
18.29
G&A
$/boe
(1.31)
(1.34)
Adjusted Funds Flow
$MM
165
223
Capital Expenditures, before A&D
$MM
162
300 - 325
Year Ended Net Debt (Surplus)
$MM
148
148
WTI
US$/bbl
75.73
72.00
AECO
C$/GJ
1.36
2.20
FX
US$/C$
1.37
1.43
$100-110 MM
2 0 2 5 E D E E P B A S I N C A P I T A L
18
2 0 2 5 E D E E P B A S I N N E T W E L L S
C O M P L E T E D A N D O N S T R E A M
$200-215 MM
2 0 2 5 E D U V E R N A Y C A P I T A L
15
2 0 2 5 E D U V E R N A Y N E T W E L L S
C O M P L E T E D A N D O N - S T R E A M
A D J U S T E D F U N D S F L O W S E N S I T I V I T I E S
May 8, 2025
~$8.0 MM
AECO +/-
$ 0 . 25 / GJ
The financial performance measures are based on the midpoint average production forecast; numbers may not add due to rounding
FY2024 actuals to 2025 guidance, before hedging
~$10 MM
WTI +/-US$ 5 / BBL
~$7.0 MM
FX +/-
$ 0 . 05
5
Disclaimer
Spartan Delta Corp. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 09, 2025 at 01:28 UTC.