Spartan Delta (SDE) Investor Presentation summary

Corporate strategy and operational focus

• Pursues a three-pillar strategy: Duvernay development, Deep Basin optimization, and Deep Basin consolidation.

• Maintains a large inventory in oil and condensate-rich plays, leveraging underutilized infrastructure for growth.

• Focuses on generating free funds flow and improving capital efficiency through technical expertise and operational synergies.

• Uses foundational assets as a springboard for M&A activity.

Asset base and production profile

• Holds ~365,000 net acres in Duvernay and ~130,000 net acres in the Deep Basin, with over 1,500 net drilling locations.

• 2025 production guidance is 39,000–41,000 boe/d, with $300–325 million in capital expenditures planned.

• Duvernay receives $200–215 million in 2025 capital, targeting 25,000 boe/d over five years.

• Deep Basin receives $100–110 million in 2025 capital, with significant owned infrastructure and 900 net drilling locations.

Financial and operational performance

• Q2 2025 average production was 38,513 boe/d, with 36% liquids; adjusted funds flow rose 29% year-over-year.

• Oil production grew 151% from Q2 2024 to Q2 2025; capital expenditures increased to $84 million in Q2 2025.

• 2025 guidance projects a 70% increase in oil and condensate production and a 57% increase in operating netback.

• Maintains a strong balance sheet with $124 million net debt and 12% management and board ownership.