Spartan Delta (SDE) EnerCom Denver – The Energy Investment Conference summary

Strategic asset overview

• Focused on two core assets: the liquids-rich Duvernay and the gas-weighted Deep Basin, both located in Alberta and geographically close for operational efficiency.

• Assembled over 360,000 net acres in the Duvernay through 12-13 transactions, supporting more than 600 drilling locations and scalable growth.

• Deep Basin serves as the cash flow engine, funding development and offering optionality for gas upside and future consolidation.

• High insider ownership aligns management and shareholder interests, with a simple, low-cost operational model.

Growth and operational performance

• Rapid liquids production growth: oil output increased from under 1,000 to nearly 2,500 bbl/day within a year, with 11 Duvernay wells drilled and 10 more to be completed this year.

• Consistent, repeatable drilling results in the Duvernay, with initial production rates exceeding 1,000 bbl of condensate per well.

• Path to 25,000 BOE/day production from the Duvernay, targeting 70%-80% liquids weighting.

• Deep Basin asset has over 200 booked and 900 identified drilling locations, providing long inventory life and flexible production management.

Value creation and financial highlights

• Raised $635 million in equity and returned $1.8 billion to shareholders via dividends.

• Market capitalization stands at just under $1 billion CAD, with a current production rate of about 40,000 BOE/day.

• History of building and monetizing resource plays, including the successful Montney development and spin-out of Logan Energy.

• Ownership of strategic infrastructure enables rapid response to market changes and supports future growth.