Spartan Delta Corp · TSX:SDE
Spartan Delta — Investor Presentation (January 2026)
23 slides from Spartan Delta's investor presentation, Jan 5, 2026
Slide 1: Spartan Delta Corp. Investor Presentation
SPARTAN DELTA CORP. I N V ESTOR P R ESE NTAT I ON JANUARY 5 , 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 7.47 BOE/D MM Common Shares Outstanding (2) MM 200 2026E PRODUCTION 2026E CAPITAL Edmonton, Alberta Market Capita
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 $1,886 MM $1,358
Slide 5: 2026 Guidance
2026 GUIDANCE CRUDE OIL & CONDENSATE GROWTH GUIDANCE 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 5,600 10,600 Na tura l Ga s Li qui ds (NGLs ) bbls/d 9,700 12,000 28% 89% Na tura l Ga s MMcf/d 148 170 INCREASE IN INCRE
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: 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 8: 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 13,872 BOE/D >75% >100% DECEMBER 2025 AVERAGE ANNUALIZED AVERAGE LIQUIDS PRODUCTION PRODUCTION PRODUCTION GROWTH RATE P
Slide 9: 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) ▪ IP180 959 BOE/D (76% liquids) 01-11-044-03W5 13-25-043-04W5 ▪ IP30
Slide 10: 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 (mbbl) 500 400 300 200 10
Slide 11: 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 12: Deep Basin Development: Free Funds Flow and Inventory
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 13: 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 14: Hedging Profile
HEDGING PROFILE BALANCE SHEET PROTECTION CURRENT HEDGES HEDGING HIGHLIGHTS AECO 7a WTI GJ/d C$/GJ bbl/d C$/bbl ~12% ~13% GREATER THAN FORWARD GREATER THAN FORWARD Q1 2026 92,500 2.88 2,500 87.95 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 82,000 2.74 2,500 87.68 Q3 2026 74
Slide 15: 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
Slide 16: 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 17: 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 18: www.SpartanDeltaCorp.com
www.SpartanDeltaCorp.com 18
Slide 19: 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 20: 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 21: 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 22: 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
Slide 23: 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