Spartan Delta (SDE) Investor presentation summary

Strategic vision and growth pillars

• Focused on a three-pillar plan: Duvernay development, Deep Basin development, and consolidation of both basins for scale and operational synergies.

• Large inventory of oil and condensate-rich resource plays with multi-zone development targets and a history of successful M&A.

Operational and financial highlights

• 2026 production guidance of 50,000–52,000 boe/d with $410–470 million in capital expenditures.

• Market capitalization of $2.05 billion, net debt of $204 million, and enterprise value of $2.26 billion as of February 2026.

• Management and board ownership at 12%.

Asset base and development focus

• Duvernay: ~457,000 net acres, $350 million 2026 capital, >850 net drilling locations, scalable light-oil growth platform.

• Deep Basin: ~243,000 net acres, $90 million 2026 capital, >900 net drilling locations, stable free funds flow and liquids-rich gas.