Spartan Delta (SDE) Investor presentation summary

Strategic focus and growth pillars

• Pursues a three-pillar strategy: Duvernay development, Deep Basin development, and consolidation in both basins, leveraging a large inventory of oil and condensate-rich resource plays for scalable, consistent results.

• Emphasizes oil and liquids-rich gas, multi-zone development, technical expertise, operational synergies, and a strong M&A track record.

Operational and financial highlights

• 2026 production guidance is 53,500–54,500 boe/d, with capital expenditures of $525–575 million.

• Market capitalization stands at $2.3 billion, with an enterprise value of $2.6 billion and net debt of $300 million.

• Management and board ownership is 12%.

Asset base and development

• Holds ~555,000 net acres in Duvernay and ~243,000 net acres in Deep Basin, with over 1,750 net drilling locations combined.

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

• 2026 capital allocation: $460 million to Duvernay, $90 million to Deep Basin.