Spartan Delta (SDE) EnerCom Denver – The Energy Investment Conference summary

Strategic growth and asset overview

• Focused exclusively on production and cash flow growth, with no dividends or buybacks, targeting over 62,000 BOE/day by 2027 from just under 53,000 BOE/day in Q2 2024.

• Holds over 550,000 net acres in the Duvernay, making it one of the largest landholders in the play, with significant contiguous expansion in 2024.

• Production mix is shifting rapidly toward higher-value liquids, with oil and condensate output more than doubling year-over-year and a goal of 70%-80% liquids weighting.

• Growth strategy is underpinned by three pillars: Duvernay development, Deep Basin legacy asset, and a transactional approach to asset management.

• Operational flexibility and infrastructure synergies are leveraged by overlapping asset locations in Alberta, enabling cost-effective development.

Duvernay development and technology

• Duvernay production grew from zero in 2023 to over 14,000 BOE/day by December 2025, with ambitions to exceed 50,000 BOE/day by 2030.

• Consistent well results across the acreage, with most wells delivering over 1,000 BOE/day, primarily light oil and condensate.

• Technological advancements in drilling and completions have driven step changes in well performance and cost reductions since 2018.

• Transitioning from delineation to manufacturing-style development, with multi-well pads and water infrastructure investments to further lower costs.

• Ongoing land accumulation and first-mover advantage support continued expansion and resource capture.

Deep Basin asset and infrastructure

• Deep Basin asset serves as a free cash flow engine and has nearly doubled in acreage over 18 months, largely acquired at minimal cost.

• New reserves and highly economic, liquids-rich wells are being developed, benefiting from shared infrastructure with the Duvernay.

• Legacy gas plant and recent infrastructure acquisitions provide ample processing capacity and reduce capital requirements for growth.

• Recent purchase of a 52 million/day gas plant and associated infrastructure for CAD 12.7 million enhances operational flexibility.

• Deep Basin position is also seen as a platform for future consolidation and M&A opportunities.