Spartan Delta Corp · TSX:SDE
Spartan Delta — Investor Presentation (September 2026)
25 slides from Spartan Delta's investor presentation, Sep 14, 2026
Slide 1: Spartan Delta Corp. Investor Presentation
SPARTAN DELTA CORP. I N V ESTOR P R ESE NTAT I ON SEPTEMBER 14, 2026
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 OIL & LIQUIDS-RICH GAS TECHNICAL EXPERTISE OIL AND CONDENSATE RICH RESOURCE PLAY FREE FUNDS
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 53,500-54,500 $525-575 Share Price (1) $/sh 13.48 BOE/D MM Common Shares Outstanding (2) MM 205 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 $2,141 MM $1,722
Slide 5: Q2 2026 Highlights
Q2 2026 HIGHLIGHTS CONSISTENTLY DELIVERING RESULTS WHILE GROWING LIQUIDS PRODUCTION UNAUDITED HIGHLIGHTS Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 SECOND 2026 HIGHLIGHTS Crude Oil bbls/d 2,485 4,242 7,445 7,007 6,475 Condensate bbls/d 2,056 1,866 2,163 2,085 3,818 52,818 BOE/D 42% Natural Gas Liquids
Slide 6: Q2 2026 Highlights
Q2 2026 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 & C O N D E N S AT E P R O D U C T I O N 60,000 12,000 37% 223% 50,000 10,000 Production (boe/d) Production (bbl/d) 40,000 8,000 30,000 6,000 20,000 4,000 10,000
Slide 7: 2026 Guidance
2026 GUIDANCE SIGNIFICANT CRUDE OIL & CONDENSATE GROWTH A CTUAL 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 12,200 Na tura l Ga s Li qui ds (NGLs ) bbls/d 10,451 12,200 27% 99% Na tura l Ga s MMcf/d 156 178 INCRE
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
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 PRODUCTIO
Slide 10: Duvernay Development
DUVERNAY DEVELOPMENT PRODUCTIVE & REPEATABLE RESULTS FACILITATES SIGNIFICANT GROWTH 05-22-047-02W5 5 - Y E A R P R O D U C T I O N TA R G E T ▪ IP30 630 BOE/D (83% liquids) 16-12-044-04W5 50,000 BOE/D ▪ IP30 1,394 BOE/D (82% liquids) ▪ IP365 736 BOE/D (76% liquids) 13-25-043-04W5 01-11-044-03W5 ▪ IP
Slide 11: Duvernay Development
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 2020 - 2023 17% 700 2018 - 2019 600 Pre 2018 Oil Rate (bbl/d) 500 400 300 200
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
DEEP BASIN DEVELOPMENT FREE FUNDS FLOW WITH SUBSTANTIAL MULTI-ZONE INVENTORY S PA R TA N ’ S D E E P B A S I N ~36,000 BOE/D ~32% ~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) TARGET LIQUIDS INFRASTRUC
Slide 14: Integrated Infrastructure
INTEGRATED INFRASTRUCTURE OWNED & OPERATED INFRASTRUCTURE FOOTPRINT SUPPORTS DEVELOPMENT CENOVUS SAND CREEK SDE O’CHIESE NEES-OHPAWAGANU’CK 10-09 75 MMcf/d (9.6% WI) 230 MMcf/d Deep Cut (25% WI) CENOVUS ALDER S T R AT E G I C B E N E F I T S 75 MMcf/d (20% WI) ▪ Processing Control: eliminates third-
Slide 15: 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 Broker Vermilion Tourmaline Resourceful Cenovus Spartan Spartan Obsidian PetroChina TAQA Spartan Peyto Paramount Orlen SPARTAN HAS A SUCCESSFUL CONSOLIDATION AND
Slide 16: Hedging Profile
HEDGING PROFILE BALANCE SHEET PROTECTION OIL HEDGES N AT U R A L G A S H E D G E S 7,400 bbl/d 88,500 GJ/d 6,850 bbl/d 76,500 GJ/d 4,388 bbl/d 45,750 GJ/d 2,038 bbl/d 7,625 GJ/d Q3 2026 Q4 2026 2027 2028 Q3 2026 Q4 2026 2027 2028 AVERAGE PRICE: AVERAGE PRICE: C$85.66/bbl C$86.32/bbl C$90.05/bbl C$88
Slide 17: 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 18: 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 Senior VP, Exploration and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration President, CEO & Director Martin Malek ▪ Former VP of Engineering
Slide 19: 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 20: www.SpartanDeltaCorp.com
www.SpartanDeltaCorp.com 20
Slide 21: 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 22: 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 23: Disclaimer
DISCLAIMER FORW ARD LOOKING STATEM ENTS : interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of ▪ Certain statements contained w
Slide 24: 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 25: 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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