Spartan Delta Corp · TSX:SDE
Spartan Delta — Investor Presentation (November 2026)
25 slides from Spartan Delta's investor presentation, Nov 3, 2026
Slide 1: Spartan Delta Corp. Investor Presentation
SPARTAN DELTA CORP. INVESTOR PRESENTATION Premier light oil and condensate growth NOVEMBER 2026 · TSX: SDE
Slide 2: Spartan Delta's Corporate Strategy: Three Pillar Plan
SPARTAN DELTA'S CORPORATE STRATEGY Three Pillar Plan DUVERNAY DEEP BASIN D U V E R N AY & D E E P B A S I N DEVELOPMENT D E V E LO P M E N T C O N S O L I D AT I O N LARGE INVENTORY ESTABLISHED OIL & LIQUIDS-RICH GAS TECHNICAL EXPERTISE OIL AND CONDENSATE RICH RESOURCE PLAY FREE FUNDS FLOW GENERATIO
Slide 3: Corporate Summary
CORPORATE SUMMARY Building a Premier Light Oil & Condensate Growth Company S P A R T A N D E LT A C O R P. C A P I TA L S T R U C T U R E SPARTAN DELTA CORP TSX SDE 53,500 - 54,500 $575 - 625 Edmonton, Alberta Share Price (1) $/sh 13.06 BOE/D MM 2026E PRODUCTION 2026E CAPITAL Common Shares Outstandi
Slide 4: Spartan's Strategic Milestones
SPARTAN’S STRATEGIC MILESTONES History of Generating Significant Shareholder Value C O R P O R AT E H I G H L I G H T S S I N C E I N C E P T I O N (1) R E C O R D O F E X E C U T I N G S T R AT E GY $635 MM $2,250 MM $1,902 MM 1 Growth Through Targeted Strategic Acquisitions in a Depressed Market.
Slide 5: Q3 2026 Highlights
Q3 2026 HIGHLIGHTS Consistently Delivering Results While Growing Liquids Production UNAUDITED HIGHLIGHTS Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 THIRD QUARTER 2026 HIGHLIGHTS Crude Oil bbls/d 4,242 7,445 7,007 6,475 9,863 Condensate bbls/d 1,866 2,163 2,085 3,818 2,931 53,448 BOE/D 46% AVERAGE LIQUI
Slide 6: Transitioning into an Oil-Weighted Growth Company
Q3 2026 HIGHLIGHTS Transitioning into an Oil-Weighted Growth Company C O R P O R AT E P R O D U C T I O N C R U D E O I L & C O N D E N S AT E P R O D U C T I O N 60,000 +44% 14,000 +335% 12,794 50,000 12,000 Production (boe/d) Production (bbl/d) 10,000 40,000 8,000 30,000 6,000 20,000 4,000 10,000
Slide 7: 2027 Guidance
2027 GUIDANCE Achieving Record Liquids Production GUIDANCE GUIDANCE G U I D A N C E (1) FY 2026 FY 2027 2 0 2 7 G U I D A N C E H I G H L I G H T S (1) Crude Oil & Condensate bbls/d 12,200 19,000 Natural Gas Liquids (NGLs) bbls/d 12,200 13,000 64,000 BOE/d +19% Natural Gas MMcf/d 178 192 (50% LIQUID
Slide 8: Duvernay Development: Oil & Condensate West Shale Basin
DUVERNAY DEVELOPMENT Oil & Condensate West Shale Basin Duvernay PEMBINA DUVERNAY S PA R TA N ’ S W E S T S H A L E B A S I N D U V E R N AY OIL 14,074 BOE/D >75% 75,000 BOE/D SDE O’CHIESE NEES-OHPAWAGANU’CK 10-09 DECEMBER 2025 AVERAGE YE2030 230 MMcf/d Deep Cut (25% WI) AVERAGE LIQUIDS TARGETED PROD
Slide 9: Growth to 75,000 BOE/d
DUVERNAY DEVELOPMENT Repeatable & Scalable Results Facilitates Growth to 75,000 BOE/d YE2030 75,000 BOE/d NEW TARGET (NOVEMBER 2026) Spartan 2027 (39 Wells) Spartan 2026 (35 Wells) >15 YEARS OF INVENTORY AT 75,000 BOE/d Spartan 2025 (17 Wells) 50,000 BOE/d PREVIOUS TARGET Spartan 2024 (4 wells) (JAN
Slide 10: Duvernay Infrastructure
DUVERNAY INFRASTRUCTURE Building The Infrastructure Platform For 75,000 BOE/d CVE ALDER $156MM 75 MMcf/d (20% WI) 2024-2026 INFRA SPEND CVE SAND CREEK BATTERIES & SATELLITES $62MM 75 MMcf/d (10% WI) PEMBINA PIPELINES & GATHERING $40MM RIMBEY GAS PLANT COMPRESSION & MAJOR FACILITIES $19MM SDE O’CHIES
Slide 11: Increasing Productivity While Reducing Costs
DUVERNAY DEVELOPMENT Increasing Productivity While Reducing Costs O I L A N D C O N D E N S AT E P E R F O R M A N C E DRILLING & COMPLETION COST PER METER 900 SDE 2025 800 SDE 2024 700 2020 - 2023 22% 600 2018 - 2019 Oil rate (bbl/d) Pre 2018 9% 500 400 300 200 100 0 0 20 40 60 80 100 120 140 160 1
Slide 12: Building One of the Largest Duvernay Positions
DUVERNAY DEVELOPMENT Building One of the Largest Duvernay Positions 2023 2024 2 0 2 5 (1) ~130,000 ~250,000 ~457,000 NET ACRES +92% NET ACRES +83% NET ACRES (203 SECTIONS) (391 SECTIONS) (714 SECTIONS) SPARTAN HAS ESTABLISHED ONE OF THE LARGEST POSITIONS IN THE OIL AND CONDENSATE RICH WEST SHALE BAS
Slide 13: Continuously Building the Deep Basin
DEEP BASIN DEVELOPMENT Continuously Building the Deep Basin 2024 2025 Belly River Cardium Lwr Clrd Shales Viking Notikewin Falher A Falher B Falher D Falher E Wilrich Glauconite Ostracod Ellerslie Fernie Rock Creek Nordegg Shunda Pekisko ~130,000 ~243,000 Banff NET ACRES +87% NET ACRES Nisku (203 SE
Slide 14: Deep Basin: Emerging Oil Opportunities
DEEP BASIN DEVELOPMENT Emerging Oil Opportunities with Natural Gas Optionality S PA R TA N ’ S D E E P B A S I N ~36,000 BOE/D ~35% ~45,000 BOE/D ANNUALIZED AVERAGE OWNED CENOVUS SAND CREEK SDE O’CHIESE NEES-OHPAWAGANU’CK 10-09 TARGET LIQUIDS INFRASTRUCTURE 75 MMcf/d (9.6% WI) 230 MMcf/d Deep Cut (2
Slide 15: Basins Poised for Consolidation
DUVERNAY & DEEP BASIN CONSOLIDATION Basins Poised for Consolidation D U V E R N AY (1) D E E P B A S I N (1) CNRL Teine Sinopec Mancal Vermilion Peyto Cenovus Broker Tourmaline Vermilion InPlay Sinopec Resourceful Baytex Sinopec Mancal Obsidian TAQA Peyto PetroChina Avenrock Paramount Orlen SPARTAN
Slide 16: Hedging Profile
HEDGING PROFILE Balance Sheet Protection OIL HEDGES N AT U R A L G A S H E D G E S N AT U R A L G A S B A S I S H E D G E S 7,400 BBL/d 88,424 GJ/d 67,500 GJ/d 4,900 BBL/d 4,529 BBL/d 49,788 GJ/d 4,397 MMBtu/d 2,311 BBL/d 18,730 GJ/d Q4 2026 Q1 2027 2027 2028 Q4 2026 Q1 2027 2027 2028 Q4 2026 Q1 202
Slide 17: 2025 Reserves: Strong Reserves Growth
2025 RESERVES Strong Reserves Growth RESERVE VOLUMES 2025 RESERVE HIGHLIGHTS 350 +18% 300 +145% +89% +81% 250 DUVERNAY DUVERNAY DUVERNAY +19% MMBOE 200 PDP TP TPP 150 INCREASE INCREASE INCREASE 100 +9% 50 149% 302% 430% 0 PDP TP TPP 2023 2024 2025 2023 2024 2025 2023 2024 2025 PRODUCTION PRODUCTION
Slide 18: Management Team & Board of Directors
MANAGEMENT TEAM & BOARD OF DIRECTORS The Spartans MANAGEMENT TEAM Fotis Kalantzis ▪ Chairman, Director and co-founder of Logan Energy; former Senior VP, Exploration and co-founder of Spartan Energy, Spartan Oil and Spartan President, CEO & Director Exploration Martin Malek ▪ Former VP of Engineering
Slide 19: Analyst Coverage & Corporate Information
ANALYST COVERAGE & CORPORATE INFORMATION EXECUTIVE OFFICE STOCK EXCHANGE INSTITUTION: A N A LY S T: LISTING Spartan Delta Corp. 1400, 350 – 7th Avenue SW The TSX Exchange ATB Capital Markets Patrick O’Rourke Calgary, Alberta T2P 3N9 Trading Symbol: SDE P: 403 265 8011 W: www.spartandeltacorp.com I N
Slide 20: www.SpartanDeltaCorp.com
www.SpartanDeltaCorp.com 20
Slide 21: Spartan's Historical Performance
SPARTAN’S HISTORICAL PERFORMANCE Spartan’s Financings Have Significantly Outperformed the TSX Energy Index DECEMBER 2019 MAY 2020 MARCH 2021 AUGUST 2021 Founding Financing: Bellatrix Asset Acquisition: Montney Acquisitions: Velvet Acquisition: $25 million at $1.00 per share $64 million at $2.00 per
Slide 22: Previous Iterations Historical Performance
PREVIOUS ITERATIONS HISTORICAL PERFORMANCE Spartan Has Significantly Outperformed the TSX Energy Index Through Multiple Iterations and Cycles SPARTAN SPARTAN SPARTAN SPARTAN EXPLORATION OIL ENERGY DELTA January 2010 – May 2011 June 2011 – January 2013 December 2013 – May 2018 December 2019 – June 20
Slide 23: Disclaimer: Forward Looking Statements
DISCLAIMER FORWARD LOOKING STATEMENTS: creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions. ▪ Certain statements contained within this press release constitute forward-looking statements within the meaning ▪ Although Spartan believe
Slide 24: Disclaimer: Oil and Gas Advisories
DISCLAIMER OIL AND GAS ADVISORIES: these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare our operations over time. Readers are cautioned that the information provided by these metrics, or ▪ BOE Disclosure. The term barrels of oil equivale
Slide 25: Disclaimer: Non-GAAP Measures and Ratios
DISCLAIMER NON-GAAP MEASURES AND RATIOS: property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities. ▪ This presentation contains certain financial measures and ratios, as described below, whi
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