Spartan Delta Corp · TSX:SDE
Spartan Delta — Investor Presentation (November 2025)
22 slides from Spartan Delta's investor presentation, Nov 4, 2025
Slide 1: Spartan Delta Corp. Investor Presentation
SPARTAN DELTA CORP. I N V E S TO R P R E S E N TAT I O N November 4, 2025
Slide 2: Spartan Delta Corporate Strategy
SPARTAN DELTA CORPORATE STRATEGY Three Pillar Strategy I . D U V E R N AY D E V E L O P M E N T I I . D E E P B A S I N O P T I M I Z AT I O N I I I . D E E P B A S I N 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 FRE
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 I Z AT I O N 39,000-41,000 BOE/D 2025E PRODUCTION SPARTAN DELTA CORP TSX SDE $300-325 MM 2025E CAPITAL Share Price (1) $/sh 6.30 DEEP BASIN ~130,000 NET ACRES (>200 SECTIONS) Common Shares Outstanding (
Slide 4: Spartan's Strategic Milestones
SPARTAN’S STRATEGIC MILESTONES 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 $1,886 MM $1,358 MM Growth Through Targeted Strategic Acquisitions in a Depressed 1 Marke
Slide 5: 2025 Guidance
2025 GUIDANCE Optimizing the Deep Basin and Growing the Duvernay A CTUALS GUIDANCE G U I D A N C E (1) FY 2024 FY 2025 GUIDANCE HIGHLIGHTS Crude Oi l & Condens a te bbls/d 3,297 5,600 Na tura l Ga s Li qui ds (NGLs ) bbls/d 9,209 9,700 70% 57% Na tura l Ga s MMcf/d 154 148 INCREASE IN OIL & INCREASE
Slide 6: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS Consistently Delivering Results While Growing Liquids Production UNAUDITED HIGHLIGHTS Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 THIRD QUARTER 2025 HIGHLIGHTS Crude Oil bbls/d 1,140 2,024 2,212 2,485 4,242 Condensate bbls/d 1,799 2,171 1,985 2,056 1,866 43,193 BOE/D 39% Natural Gas L
Slide 7: I. Duvernay Development
I. DUVERNAY DEVELOPMENT Prolific Liquids-Rich Shale Asset Offers Significant Scalability and Commerciality W E S T S H A L E B A S I N D U V E R N AY CARROT CREEK DUVERNAY ▪ Spartan has established one of the largest positions in the oil and condensate rich West Shale Basin Duvernay, consolidating f
Slide 8: I. Duvernay Development
I. DUVERNAY DEVELOPMENT Expansive Position Across the Willesden Green & Pembina Fairway 5 - Y E A R P R O D U C T I O N TA R G E T SDE W.I. Lands SDE Operated Duvernay Wells SDE 2025 Drilled SDE 2025 Upcoming Drills 25,000 BOE/D Industry Duvernay Wells Joint Venture Area 15-29-047-02W5 • To be compl
Slide 9: II. Deep Basin Optimization
II. DEEP BASIN OPTIMIZATION Free Funds Flow with Substantial Inventory Duration Into Owned Infrastructure SUMMARY ▪ Spartan’s foundational asset generating Free Funds Flow Belly River ▪ Top quality resource of delineated liquids-rich Cardium, Spirit River, Wilrich, and Viking development Cardium ▪ S
Slide 10: III. Deep Basin Consolidation
III. DEEP BASIN CONSOLIDATION Fairway Poised for Consolidation D E E P B A S I N F A I R W AY ▪ Spartan has a proven consolidation and integration record and a clean balance sheet position ▪ Deep Basin offers scale and operational synergies ▪ Spartan possesses technical expertise in the fairway ▪ Ex
Slide 11: 2025 Hedging Profile
2025 HEDGING PROFILE Balance Sheet and Free Funds Flow Protection 2025 HEDGES HEDGING HIGHLIGHTS AECO 7a WTI ~1% ~16% GJ/d C$/GJ bbl/d C$/bbl GREATER THAN FORWARD GREATER THAN FORWARD Q4 2025 98,880 2.35 3,149 97.77 A E C O S T R I P P R I C I N G (1) W T I S T R I P P R I C I N G (1) 98,880 GJ/d @
Slide 12: 2024 Reserves
2024 RESERVES Based on 2025 Average Forecast Pricing of US$71.58/bbl WTI and C$2.36/MMBtu AECO R ESERVE VOLUMES I M P L I E D N E T P R E S E N T VA L U E P E R S H A R E (1)(2) 300,000 9.00 250,000 7.50 200,000 6.00 $/Share MBOE 150,000 4.50 100,000 3.00 50,000 1.50 0 0.00 PDP TP TPP PDP TP TPP N E
Slide 13: Spartan's Sustainable Development Goals
SPARTAN’S SUSTAINABLE DEVELOPMENT GOALS Spartan is Committed to Meeting the Needs of the Present, While Protecting the Future DOMINANT POSITION IN THE LIQUIDS-RICH DEEP BASIN, YIELDING CONSISTENT ECONOMIC RESULTS INFRASTRUCTURE FOOTPRINT PROVIDES ENHANCED CAPITAL EFFICIENCIES, NETBACKS AND INVESTMEN
Slide 14: www.SpartanDeltaCorp.com
www.SpartanDeltaCorp.com 14
Slide 15: Management Team & Board of Directors
MANAGEMENT TEAM & BOARD OF DIRECTORS 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 Development and Corpo
Slide 16: Spartan's Historical Performance
SPARTAN’S HISTORICAL PERFORMANCE Spartan Delta’s Financings Have Significantly Outperformed the TSX Energy 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 $2.0
Slide 17: Previous Iterations Historical Performance
PREVIOUS ITERATIONS HISTORICAL PERFORMANCE Spartan Has Significantly Outperformed the TSX Energy Index Through 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 20
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: Abbreviations
ABBREVIATIONS A&D Acquisitions and Dispositions mmboe/sec Million barrels of oil equivalent per section AECO Alberta Energy Company "C" Meter Station of the NOVA Pipeline System mmbtu; mmbtu/d Metric million British thermal unit; metric million British thermal unit per day bbl; bbl/d Barrel; barrels
Slide 20: Disclaimer
DISCLAIMER Forward Looking Statements: Company; demand and/or market price for the Company’s products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military ▪ Certain statements contained within this presentat
Slide 21: Disclaimer
DISCLAIMER Oil and Gas Advisories: ▪ "Operating Netback" see "Non-GAAP Measures and Ratios". ▪ "NPV10" is the anticipated net present value of the future net operating income after capital expenditures, ▪ BOE Disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if u
Slide 22: 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, wh
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