Spartan Delta (SDE) Investor presentation summary

Corporate strategy and operational focus

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

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

Asset base and production profile

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

• 2026 production guidance is 52,000–54,000 boe/d, with a 25% increase in corporate production and a 96% increase in oil and condensate output versus 2025.

• Q1 2026 average production reached 52,140 boe/d, with 42% liquids and a 59% liquids growth year-over-year.

Financial performance and capital allocation

• 2026 capital program: $410MM for Duvernay, $90MM for Deep Basin, targeting 26 and 14 net wells on-stream, respectively.

• Adjusted funds flow expected to rise from $225MM in 2025 to $380MM in 2026, with capital expenditures of $475–525MM.

• Maintains a strong balance sheet with $700MM in credit facilities and 12% management and board ownership.