Spartan Delta (SDE) Investor presentation summary

Strategic vision and growth pillars

• Focused on Duvernay and Deep Basin development, with a three-pillar strategy: Duvernay development, Deep Basin development, and consolidation of both basins.

• Large inventory of oil and condensate-rich resource plays, targeting scalable and consistent results.

• Emphasis on technical expertise, operational synergies, and a strong M&A track record.

Operational and financial performance

• 2026 production guidance of 52,000–54,000 boe/d, with capital expenditures of $475–525 million.

• Q1 2026 average production reached 52,140 boe/d, with 42% liquids; operating netback before hedging rose to $20.56/boe.

• Adjusted funds flow increased 79% year-over-year to $81 million in Q1 2026.

• Net debt at Q1 2026 was $258 million, with a market capitalization of $2.37 billion.

Asset base and development highlights

• Holds ~522,000 net acres in Duvernay and ~243,000 net acres in Deep Basin, with over 1,750 net drilling locations.

• Duvernay asset targets scalable light-oil growth; Deep Basin provides stable free funds flow and liquids-rich gas development.

• 2026 capital allocation: $410 million to Duvernay, $90 million to Deep Basin.

• Duvernay 5-year production target is 50,000 boe/d, using less than 20% of net locations.