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SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF PREVIOUSLY ANNOUNCED ASSET SALE AND PROVIDES ADDITIONAL DETAILS WITH RESPECT TO THE DISTRIBUTION OF CASH PROCEEDS AND SECURITIES OF LOGAN ENERGY CORP. TO SHAREHOLDERS
SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF PREVIOUSLY ANNOUNCED ASSET SALE AND PROVIDES ADDI...
About this update from Spartan Delta Corp
[{"type":"text","content":"\n \n \n \n SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF PREVIOUSLY ANNOUNCED ASSET SALE AND PROVIDES ADDITIONAL DETAILS WITH RESPECT TO THE DISTRIBUTION OF CASH PROCEEDS AND SECURITIES OF LOGAN ENERGY CORP. TO SHAREHOLDERS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 10, 2023\n \n \n /CNW/ -\n \n Spartan Delta Corp.\n \n (\"\n \n Spartan\n \n \" or the \"\n \n Company\n \n \") (TSX: SDE) is pleased to announce that it has completed the sale of its Gold Creek and\n \n Karr Montney\n \n assets to Crescent Point Energy Corp. for cash consideration of\n \n $1.7 billion\n \n (the \"\n \n Asset Sale\n \n \"). Spartan also confirms that, on\n \n June 20, 2023\n \n , the Company will transfer its Simonette,\n \n Pouce Coupe\n \n and\n \n Flatrock\n \n assets (the \"\n \n Logan Assets\n \n \") to Logan Energy Corp. (\"\n \n Logan\n \n \"), a newly formed subsidiary of Spartan, in exchange for common shares (the \"\n \n Logan Shares\n \n \")  and warrants  (the \"\n \n Logan Warrants\n \n \") of Logan (the \"\n \n Spin-Out\n \n \").\n \n \n Spartan will distribute the cash proceeds from the Asset Sale (the \"\n \n Cash Proceeds\n \n \"), and the Logan Shares and Logan Warrants issued pursuant to the Spin-Out, to the eligible holders (the \"\n \n Shareholders\n \n \") of the common shares of Spartan (the \"\n \n Spartan Shares\n \n \" and collectively, the \"\n \n Distribution\n \n \"). The Company has applied to list the Logan Shares on the facilities of the TSX Venture Exchange (the \"\n \n TSXV\n \n \").\n \n \n Spartan will retain and continue to develop its prolific liquids-rich, sustainable production Deep Basin assets, with a focus on returning free funds flow to Shareholders.\n \n \n Logan will be a growth-oriented, pure-play Montney company accelerating value for its shareholders through the organic development potential of its opportunity-ri...