Spartan Delta (SDE) Investor presentation summary

Strategic vision and operational focus

• Pursues a three-pillar strategy: Duvernay development, Deep Basin development, and consolidation in both basins, leveraging a large established inventory and technical expertise.

• Focuses on oil and condensate-rich resource plays with scalable, consistent results and multi-zone development targets.

• Emphasizes operational synergies, capital discipline, and a history of successful M&A to drive growth.

Asset base and production profile

• Holds ~457,000 net acres in Duvernay and ~243,000 net acres in Deep Basin, with over 1,750 net drilling locations combined.

• 2026 production guidance is 50,000–52,000 boe/d, with a 44% liquids mix and significant growth in oil and condensate output.

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

Financial performance and capital allocation

• 2026 capital program set at $410–470 million, split between $350 million for Duvernay and $90 million for Deep Basin.

• Adjusted funds flow projected at $331 million for 2026, with net debt expected to rise to $319 million by year-end.

• Maintains strong balance sheet with $450 million in credit facilities and 12% management and board ownership.