Spartan Delta Corp · TSX:SDE
Spartan Delta — Investor Presentation (February 2026)
24 slides from Spartan Delta's investor presentation, Feb 23, 2026
Slide 1: Spartan Delta Corp. Investor Presentation
SPARTAN DELTA CORP. I N V ESTOR P R ESE NTAT I ON F E BRUARY 2 3 , 2 0 2 6
Slide 2: Spartan Delta's Corporate Strategy
SPARTAN DELTA'S CORPORATE STRATEGY THREE PILLAR PLAN D U V E R N AY DEEP BASIN D U V E R N AY & D E E P B A S I N D E V E LO P M E N T D E V E LO P M E N T C O N S O L I D AT I O N LARGE INVENTORY ESTABLISHED LIQUIDS-RICH GAS TECHNICAL EXPERTISE OIL AND CONDENSATE RICH RESOURCE PLAY FREE FUNDS FLOW
Slide 3: Corporate Summary
CORPORATE SUMMARY BUILDING A SUSTAINABLE ENERGY COMPANY S PA R TA N D E LTA C O R P. C A P I TA L S T R U C T U R E SPARTAN DELTA CORP TSX SDE 50,000-52,000 $410-470 Share Price (1) $/sh 10.23 BOE/D MM Common Shares Outstanding (2) MM 201 2026E PRODUCTION 2026E CAPITAL Edmonton, Alberta Market Capit
Slide 4: Spartan's Strategic Milestones
SPARTAN’S STRATEGIC MILESTONES HISTORY OF GENERATING SIGNIFICANT 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 Growth Through Targeted Strategic Acquisitions in a Depressed $635 MM $1,967 MM $1,456
Slide 5: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS CONSISTENTLY DELIVERING RESULTS WHILE GROWING LIQUIDS PRODUCTION UNAUDITED HIGHLIGHTS Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FOURTH QUARTER 2025 HIGHLIGHTS Crude Oil bbls/d 2,024 2,212 2,485 4,242 7,445 Condensate bbls/d 2,171 1,985 2,056 1,866 2,163 50,065 BOE/D 44% Natural Gas
Slide 6: Q4 2025 Highlights: Transitioning into an Oil-Weighted Growth Company
Q4 2025 HIGHLIGHTS TRANSITIONING INTO AN OIL-WEIGHTED GROWTH COMPANY Q U A R T E R LY P R O D U C T I O N Q U A R T E R LY C R U D E O I L P R O D U C T I O N 60,000 8,000 895% 50,000 30% Production (boe/d) 6,000 40,000 Production (bbl/d) 30,000 4,000 20,000 10,000 2,000 0 Q1 2024 Q2 2024 Q3 2024 Q4
Slide 7: 2026 Guidance
2026 GUIDANCE SIGNIFICANT CRUDE OIL & CONDENSATE GROWTH GUIDANCE G U I D A N C E (1) FY 2025 FY 2026 2 0 2 6 G U I D A N C E H I G H L I G H T S (1) Crude Oi l & Condens a te bbls/d 6,129 10,600 Na tura l Ga s Li qui ds (NGLs ) bbls/d 10,451 12,000 20% 73% Na tura l Ga s MMcf/d 156 170 INCREASE IN I
Slide 8: Duvernay Development
DUVERNAY DEVELOPMENT BUILDING ONE OF THE LARGEST DUVERNAY POSITIONS IN THE BASIN 2023 2024 2 0 2 5 (1) ~130,000 ~250,000 ~457,000 NET ACRES 92% NET ACRES 83% NET ACRES (203 SECTIONS) (391 SECTIONS) (714 SECTIONS) SPARTAN HAS ESTABLISHED ONE OF THE LARGEST POSITIONS IN THE OIL AND CONDENSATE RICH WES
Slide 9: Duvernay Development: Prolific Liquids-Rich Shale Asset
DUVERNAY DEVELOPMENT PROLIFIC LIQUIDS-RICH SHALE ASSET OFFERS SIGNIFICANT SCALABILITY & COMMERCIALITY S PA R TA N S W E S T S H A L E B A S I N D U V E R N AY CARROT CREEK DUVERNAY 14,074 BOE/D >75% ~50,000 BOE/D DECEMBER 2025 AVERAGE 5-YEAR AVERAGE LIQUIDS TARGETED PRODUCTION PRODUCTION PRODUCTION
Slide 10: Duvernay Development: Productive & Repeatable Results
DUVERNAY DEVELOPMENT PRODUCTIVE & REPEATABLE RESULTS FACILITATES SIGNIFICANT GROWTH 5 - Y E A R P R O D U C T I O N TA R G E T 15-29-047-02W5 ▪ To be onstream in Q1 2026 50,000 BOE/D 16-12-044-04W5 ▪ IP30 1,394 BOE/D (82% liquids) ▪ IP365 736 BOE/D (76% liquids) 01-11-044-03W5 13-25-043-04W5 ▪ IP30
Slide 11: Duvernay Development: Increasing Productivity & Reducing Costs
DUVERNAY DEVELOPMENT INCREASING PRODUCTIVITY & REDUCING COSTS O I L A N D C O N D E N S AT E P E R F O R M A N C E S PA R TA N S D R I L L I N G & C O M P L E T I O N C O S T R E D U C T I O N S 900 SDE 2025 800 SDE 2024 700 2020 - 2023 17% 2018 - 2019 600 Pre 2018 Oil Rate (bbl/d) 500 400 300 200 1
Slide 12: Deep Basin Development
DEEP BASIN DEVELOPMENT CONTINUOUSLY BUILDING THE DEEP BASIN 2024 2025 Belly River Cardium Lwr Clrd Shales Viking Notikewin Falher A Falher B Falher D Falher E Wilrich Glauconite Ostracod Ellerslie Fernie Rock Creek Nordegg Shunda Pekisko ~130,000 ~243,000 Banff NET ACRES 87% NET ACRES Nisku (203 SEC
Slide 13: Deep Basin Development: Free Funds Flow
DEEP BASIN DEVELOPMENT FREE FUNDS FLOW WITH SUBSTANTIAL INVENTORY DURATION INTO OWNED I NFRASTRUCTURE S PA R TA N S D E E P B A S I N ~35,000 BOE/D ~31% ~45,000 BOE/D CENOVUS SAND CREEK SDE O’CHIESE NEES-OHPAWAGANU’CK 10-09 ANNUALIZED AVERAGE OWNED • 75 MMcf/d (9.6% WI) • 230 MMcf/d Deep Cut (25% WI
Slide 14: Duvernay & Deep Basin Consolidation
DUVERNAY & DEEP BASIN CONSOLIDATION BASINS POISED FOR CONSOLIDATION D U V E R N AY ( 1 ) D E E P B A S I N (1) CNRL Teine Mancal Vermilion Saturn Broker Vermilion Tourmaline Resourceful Cenovus Spartan Spartan Obsidian PetroChina TAQA Spartan Broker Peyto Paramount Orlen SPARTAN HAS A SUCCESSFUL CON
Slide 15: Hedging Profile
HEDGING PROFILE BALANCE SHEET PROTECTION CURRENT HEDGES HEDGING HIGHLIGHTS AECO 7a WTI GJ/d C$/GJ bbl/d C$/bbl ~11% ~9% GREATER THAN FORWARD GREATER THAN FORWARD Q1 2026 92,500 2.88 5,411 85.09 AECO STRIP P R I C I N G (1) W T I S T R I P P R I C I N G (1) Q2 2026 84,500 2.73 6,100 84.93 Q3 2026 76,
Slide 16: 2025 Reserves
2025 RESERVES STRONG RESERVES GROWTH R ESERVE VOLUMES 2025 RESERVE HIGHLIGHTS 350 +18% 300 145% 89% 81% 250 DUVERNAY PDP DUVERNAY TP DUVERNAY TPP +19% MMBOE 200 INCREASE INCREASE INCREASE 150 100 +9% 50 0 149% 302% 430% 2023 2024 2025 2023 2024 2025 2023 2024 2025 PDP PRODUCTION TP PRODUCTION TPP PR
Slide 17: Management Team & Board of Directors
MANAGEMENT TEAM & BOARD OF DIRECTORS THE SPARTANS MANAGEMENT TEAM Fotis Kalantzis ▪ Chairman, Director and co-founder of Logan Energy; former SVP and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration President, CEO & Director Martin Malek ▪ Former VP of Engineering, Business Developm
Slide 18: Analyst Coverage & Corporate Information
ANALYST COVERAGE & CORPORATE INFORMATION EXECUTIVE OFFICE STOCK EXCHANGE LISTING INSTITUTION: A N A LY S T : Spartan Delta Corp. The TSX Exchange 1400, 350 – 7th Avenue SW Trading Symbol: SDE ATB Capital Markets Patrick O’Rourke Calgary, Alberta T2P 3N9 P: 403 265 8011 I N V E S T O R I N F O R M AT
Slide 19: www.SpartanDeltaCorp.com
www.SpartanDeltaCorp.com 19
Slide 20: Spartan's Historical Performance
SPARTAN’S HISTORICAL PERFORMANCE SPARTAN’S FINANCINGS HAVE SIGNIFICANTLY OUTPERFORMED THE TSX ENE RGY INDEX DECEMBER 2019 MAY 2020 MARCH 2021 AUGUST 2021 Founding Financing: Bellatrix Asset Acquisition: Montney Acquisitions: Velvet Acquisition: $25 million at $1.00 per share $64 million at $2.00 per
Slide 21: Previous Iterations Historical Performance
PREVIOUS ITERATIONS HISTORICAL PERFORMANCE SPARTAN HAS SIGNIFICANTLY OUTPERFORMED THE TSX ENERGY INDEX THRO UGH MULTIPLE ITERATIONS AND CYCLES SPARTAN SPARTAN SPARTAN SPARTAN EXPLORATION OIL ENERGY DELTA January 2010 – May 2011 June 2011 – January 2013 December 2013 – May 2018 December 2019 – June 2
Slide 22: Disclaimer
DISCLAIMER FORW ARD LOOKING STATEM ENTS : other measures (and/or the Canadian government’s response to such tariffs or other measures) adversely affect the Canadian, U.S., and global economies, and by extension the Canadian oil and natural gas industry and the ▪ Certain statements contained within t
Slide 23: Disclaimer
DISCLAIMER OIL AND GAS ADVISORIES : operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this presentation, should not be relied upon for investment or other purposes. ▪ BOE Disclosure. The term barrels of oi
Slide 24: Disclaimer
DISCLAIMER NON-GAAP M EASURES AND RATIOS : property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities. ▪ This presentation contains certain financial measures and ratios, as described below, w
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