Spartan Delta (SDE) Investor presentation summary

Corporate strategy and growth

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

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

• Emphasizes technical expertise, operational synergies, and a strong track record in M&A.

• Has established large inventories in both Duvernay (~555,000 net acres) and Deep Basin (~243,000 net acres).

• Maintains a disciplined approach to capital allocation and responsible development.

Financial and operational highlights

• 2026 production guidance: 53,500–54,500 boe/d, with 45% liquids.

• 2026 capital program: $525–575 million, with $460 million allocated to Duvernay and $90 million to Deep Basin.

• Market capitalization of $2.76 billion, enterprise value of $3.06 billion, and net debt of $300 million as of June 30, 2026.

• Adjusted funds flow expected to reach $400 million in 2026, up from $225 million in 2025.

• Operating netback before hedging projected to rise to $24.47/boe in 2026.

Production and asset development

• Achieved 27% increase in corporate production and 99% increase in oil & condensate production year-over-year.

• Q2 2026 average production: 52,818 boe/d, with 42% liquids.

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

• Deep Basin annualized target production of ~36,000 boe/d, with significant multi-zone inventory and owned infrastructure.

• 2026 capital program includes 26 Duvernay and 12 Deep Basin net wells on-stream.