SPARTAN DELTA CORP. ANNOUNCES THIRD QUARTER 2025 RESULTS AND OPERATIONS UPDATE

CALGARY, AB, Nov. 4, 2025 /CNW/ –  Spartan Delta Corp. (“Spartan” or the “Firm“) (TSX:SDE) is happy to report its unaudited monetary outcomes for the three and 9 months ended September 30, 2025 and up to date operational outcomes.

Chosen monetary and operational info is about out under and ought to be learn together with Spartan’s unaudited interim monetary statements and associated administration’s dialogue and evaluation (“MD&A“) for the three and 9 months ended September 30, 2025, and 2024, that are filed on SEDAR+ at www.sedarplus.ca and can be found on the Firm’s web site at www.spartandeltacorp.com. The highlights reported on this press launch embrace sure non-GAAP monetary measures and ratios which have been recognized utilizing capital letters. The reader is cautioned that these measures might not be straight similar to different issuers; please check with further info beneath the heading “Reader Advisories – Non-GAAP Measures and Ratios”.

OPERATIONS UPDATE

Throughout the third quarter, Spartan delivered robust operational ends in the West Shale Basin Duvernay (the “Duvernay“) and the Deep Basin from a continued deal with disciplined capital allocation, price reductions, and liquids development. Spartan efficiently drilled 6.0 (5.7 web) wells, accomplished 8.0 (7.7 web) wells, and introduced on-stream 10.0 (8.5 wells) in Q3 2025.

Spartan is on the right track to realize or exceed the excessive finish of its 2025 manufacturing steering vary of 39,000 – 41,000 BOE/d and anticipates releasing further particulars relating to its 2026 working funds and steering on or earlier than the discharge of its annual outcomes for 2025. The Firm is well-capitalized to proceed executing on its development technique within the Duvernay because it has elevated its whole credit score capability from $250.0 million to $450.0 million.

DUVERNAY

Within the Duvernay, the Firm centered operations on 100% W.I. wells. Spartan drilled 3.0 (3.0 web) wells, accomplished 4.0 (4.0 web wells), and introduced on-stream 6.0 (4.8 web) wells throughout Q3 2025, wine-racking in each the higher and decrease Duvernay benches which has the potential to considerably enhance recoveries on its acreage.

• 02-22-042-03W5 Pad Manufacturing outcomes from 4.0 (2.8 web) wells have averaged IP30 charges of 1,627 BOE/d and 80% liquids per nicely (920 BBL/d of crude oil, 389 BBL/d of NGLs, and 1.9 MMcf/d of pure gasoline) and IP90 charges of 1,312 BOE/d and 79% liquids per nicely (699 BBL/d of crude oil, 337 BBL/d of NGLs, and 1.7 MMcf/d of pure gasoline).
• 07-15-044-03W5 Pad Preliminary manufacturing outcomes from 4.0 (4.0 web) wells have averaged IP30 charges of 1,482 BOE/d and 85% liquids per nicely (1,038 BBL/d of crude oil, 215 BBL/d of NGLs, and 1.4 MMcf/d of pure gasoline). Two wells on the pad have been introduced on-stream on the finish of Q3 and two have been introduced on-stream originally of This fall.
• 04-20-041-03W5 Pad Spartan is finishing 3.0 (3.0 web) wells and anticipates the wells to be introduced on-stream in late November.
• 03-10-044-04W5 Pad Subsequent to the quarter, Spartan accomplished drilling and commenced completions operations on 1.0 (1.0 web) nicely.

Spartan’s Duvernay asset continues to show itself as one of the crucial compelling rising oil-weighted development alternatives in Western Canada as outcomes exceed inner expectations. Duvernay manufacturing subject estimates averaged 11,330 BOE/d (79% liquids) in October. These outcomes underscore the productiveness, consistency, and scalability of its acreage, prompting the Firm to proceed buying further Duvernay acreage. Subsequent to the third quarter Spartan accomplished an asset swap consolidating its southern acreage, enabling additional environment friendly improvement in 2026. So far, Spartan has established one of many largest Duvernay positions, accumulating greater than 421,000 web acres (658 web sections), a 68% enhance from Q3 2024.

DEEP BASIN

Within the Deep Basin, the Firm efficiently drilled 3.0 (2.7 web) wells and accomplished and introduced on-stream 4.0 (3.7 web) wells throughout Q3 2025.

• 04-21-045-12W5 Preliminary Viking manufacturing outcomes exceeded inner expectations, averaging an IP30 fee of 1,746 BOE/d and 65% liquids (979 BBL/d of crude oil, 160 BBL/d of NGLs, and three.6 MMcf/d of pure gasoline).
• 15-25-044-09W5 & 14-19-044-08W5 Falher manufacturing outcomes averaged IP30 charges of 1,473 BOE/d and 34% liquids per nicely and IP60 charges of 1,348 BOE/d and 33% liquids per nicely.
• 01-03-043-10W5 Wilrich manufacturing outcomes averaged an IP30 fee of 1,358 BOE/d and 28% liquids and IP60 fee of 1,628 BOE/d and 28% liquids. Preliminary manufacturing was restricted as a result of depressed pure gasoline costs in the course of the summer season.
• 08-27-042-10W5 Subsequent to the quarter a Wilrich nicely was drilled, accomplished, and introduced on-stream. Preliminary manufacturing outcomes are exceeding inner expectations.

Spartan’s Deep Basin asset continues to offer strategic publicity to liquids-rich pure gasoline enabling the Firm to seize the contango ahead curve in pure gasoline costs in 2026.

THIRD QUARTER 2025 HIGHLIGHTS

• Spartan reported manufacturing of 43,193 BOE/d (39% liquids) in the course of the third quarter of 2025.
  • Spartan achieved a 17% enhance in manufacturing as in comparison with the third quarter of 2024 and a 12% enhance in manufacturing as in comparison with the second quarter of 2025.
  • Spartan achieved a 272% enhance in crude oil manufacturing as in comparison with the third quarter of 2024 and a 71% enhance as in comparison with the second quarter of 2025.
• The Firm’s operations generated oil and gasoline gross sales of $82.7 million and Adjusted Funds Stream of $50.4 million ($0.25 per share, fundamental and $0.24 per share, diluted) within the third quarter of 2025, a 61% enhance from the third quarter of 2024, and a 5% enhance from the second quarter of 2025, regardless of AECO pure gasoline costs reaching historic lows in September.
• The Firm efficiently executed a capital program of $105.1 million within the third quarter of 2025, of which roughly 80% was spent on drilling, finishing, equipping, and tie-ins.
• Spartan continues to keep up a powerful monetary place with Internet Debt of $178.9 million leading to a 0.9X Internet Debt to Annualized Adjusted Funds Stream ratio.
  • On October 7, 2025, the Firm elevated its whole credit score capability from $250.0 million to $450.0 million.
• To mitigate unstable commodity costs, Spartan has hedged 98,880 GJ/d of its pure gasoline manufacturing at a mean value of $2.35/GJ and has hedged 3,149 bbl/d of its crude oil and condensate manufacturing at a mean value of $97.77/bbl for the fourth quarter of 2025.

The next desk summarizes the Firm’s monetary and working outcomes for the three and 9 months ended September 30, 2025, and September 30, 2024.

CORPORATE STATEMENT

Spartan has develop into conscious of statements made by representatives of Journey Vitality Inc. (“Journey“) on social media and on-line platforms, together with podcasts, in relation to Spartan and its operated Duvernay three way partnership with Journey. Spartan didn’t take part within the creation, and doesn’t approve, of any such statements or content material. Spartan expressly disavows duty for the accuracy of any statements about Spartan made by third events on social media shops and on-line platforms.

ABOUT SPARTAN DELTA CORP.

Spartan is dedicated to creating worth for its shareholders, centered on sustainability in each operations and monetary efficiency. The Firm’s tradition is centered on producing Free Funds Stream by way of accountable oil and gasoline exploration and improvement. The Firm has established a portfolio of high-quality manufacturing and improvement alternatives within the Deep Basin and the Duvernay. Spartan will proceed to deal with the execution of the Firm’s natural drilling program throughout its portfolio, delivering operational synergies in a respectful and accountable method in relation to the atmosphere and communities it operates in. The Firm is nicely positioned to proceed pursuing optimization within the Deep Basin, take part within the consolidation of the Deep Basin fairway, and proceed rising and creating its Duvernay asset.

Spartan’s company presentation, as of November 4, 2025, will be accessed on the Firm’s web site at www.spartandeltacorp.com.

READER ADVISORIES

Non-GAAP Measures and Ratios

This press launch comprises sure monetary measures and ratios which do not need standardized meanings prescribed by Worldwide Monetary Reporting Requirements (“IFRS Accounting Requirements“) or Typically Accepted Accounting Rules (“GAAP“). As these non-GAAP monetary measures and ratios are generally used within the oil and gasoline business, Spartan believes that their inclusion is helpful to traders. The reader is cautioned that these quantities might not be straight similar to measures for different firms the place comparable terminology is used.

The non-GAAP measures and ratios used on this press launch, represented by the capitalized and outlined phrases outlined under, are utilized by Spartan as key measures of monetary efficiency, and should not supposed to signify working earnings nor ought to they be considered as an alternative choice to money supplied by working actions, web earnings or different measures of monetary efficiency calculated in accordance with IFRS Accounting Requirements.

The definitions under ought to be learn together with the “Non-GAAP Measures and Ratios” part of the Firm’s MD&A dated November 4, 2025, which incorporates dialogue of the aim and composition of the required monetary measures and detailed reconciliations to essentially the most straight comparable GAAP monetary measures.

Working Earnings and Working Netback

Working Earnings, a non-GAAP monetary measure, is a helpful supplemental measure that gives a sign of the Firm’s capacity to generate money from subject operations, previous to administrative overhead, financing, and different enterprise bills. “Working Earnings, earlier than hedging” is calculated by Spartan as oil and gasoline gross sales, web of royalties, plus processing and different income and web commodities bought margin, much less working and transportation bills. “Working Earnings, after hedging” is calculated by adjusting Working Earnings for realized good points or losses on by-product monetary devices. The Firm refers to Working Earnings expressed per unit of manufacturing as an “Working Netback” and reviews the Working Netback earlier than and after hedging, each of that are non-GAAP monetary ratios. Spartan considers Working Netback an necessary measure to judge its operational efficiency because it demonstrates its subject degree profitability relative to present commodity costs.

Adjusted Funds Stream and Free Funds Stream

Money supplied by working actions is essentially the most straight comparable measure to Adjusted Funds Stream. “Adjusted Funds Stream” is a non-GAAP monetary measure reconciled to money supplied by working actions by excluding modifications in non-cash working capital, including again transaction prices on acquisitions and tendencies, and deducting the principal portion of lease funds. Spartan makes use of Adjusted Funds Stream as a key efficiency measure within the Firm’s annual monetary forecasts and public steering. Transaction prices, which primarily embrace authorized and monetary advisory charges, regulatory and different bills straight attributable to execution of acquisitions and tendencies, are added again as a result of the Firm’s definition of Free Funds Stream excludes capital expenditures associated to acquisitions and tendencies. For higher readability, incremental overhead bills associated to restructuring following important acquisition or divestitures are included in Spartan’s common and administrative bills. Lease liabilities should not included in Spartan’s definition of Internet Debt subsequently lease funds are deducted within the interval incurred to find out Adjusted Funds Stream.

The Firm refers to Adjusted Funds Stream expressed per unit of manufacturing as an “Adjusted Funds Stream Netback“.

“Free Funds Stream” is a non-GAAP monetary measure calculated by Spartan as Adjusted Funds Stream much less Capital Expenditures earlier than A&D. Spartan believes Free Funds Stream gives a sign of the quantity of funds the Firm has out there for future capital allocation selections comparable to to repay present and long-term debt, reinvest within the enterprise or return capital to shareholders.

Adjusted Funds Stream per share

Adjusted Funds Stream (“AFF“) per share is a non-GAAP monetary ratio utilized by the Firm as a key efficiency indicator. AFF per share is calculated utilizing the identical methodology as web earnings per share (“EPS“), nevertheless the diluted weighted common frequent shares (“WA Shares“) excellent for AFF might differ from the diluted weighted common decided in accordance with IFRS Accounting Requirements for functions of calculating EPS as a result of non-cash objects that impression web earnings solely. The impression of inventory choices and share awards is extra dilutive to AFF than EPS as a result of the variety of shares deemed to be repurchased beneath the treasury inventory technique shouldn’t be adjusted for unrecognized share-based compensation expense as it’s non-cash (see additionally, “Share Capital”).

Capital Expenditures earlier than A&D

“Capital Expenditures earlier than A&D” is a non-GAAP monetary measure utilized by Spartan to measure its capital funding degree in comparison with the Firm’s annual budgeted capital expenditures for its natural drilling program. It consists of capital expenditures on exploration and analysis property and property, plant and gear, earlier than acquisitions and tendencies. The straight comparable GAAP measure to Capital Expenditures earlier than A&D is money utilized in investing actions.

Adjusted Internet Capital A&D

“Adjusted Internet Capital A&D” is a supplemental measure disclosed by Spartan which aggregates the whole amount of money, debt, and share consideration used to accumulate crude oil and pure gasoline property in the course of the interval, web of money proceeds obtained on tendencies. The Firm believes that is helpful info as a result of it’s extra consultant of the whole transaction worth than the money acquisition prices or whole money utilized in investing actions, decided in accordance with IFRS Accounting Requirements. Essentially the most straight comparable GAAP measures are acquisition prices and disposition proceeds included as parts of money utilized in investing actions.

Internet Debt and Adjusted Working Capital

References to “Internet Debt” consists of long-term debt beneath Spartan’s revolving credit score facility, web of Adjusted Working Capital. Internet Debt and Adjusted Working Capital are each non-GAAP monetary measures. “Adjusted Working Capital” is calculated as present property much less present liabilities, excluding by-product monetary instrument property and liabilities, lease liabilities, and present debt (if relevant). The Adjusted Working Capital deficit consists of money and money equivalents, restricted money, accounts receivable, pay as you go bills and deposits, accounts payable and accrued liabilities, dividends payable, and the present portion of decommissioning obligations.

Spartan makes use of Internet Debt as a key efficiency measure to handle the Firm’s focused debt ranges. The Firm believes its presentation of Adjusted Working Capital and Internet Debt are helpful as supplemental measures as a result of lease liabilities and by-product monetary instrument property and liabilities relate to contractual obligations for future manufacturing intervals. Lease funds and money receipts or settlements on by-product monetary devices are included in Spartan’s reported Adjusted Funds Stream within the manufacturing month to which the duty relates.

Internet Debt to Adjusted Funds Stream Ratio

The Firm displays its capital construction utilizing a “Internet Debt to Adjusted Funds Stream Ratio“, which is a non-GAAP monetary ratio calculated because the ratio of the Firm’s Internet Debt to its “Annualized Adjusted Funds Stream“. Annualized Adjusted Funds Stream is calculated by multiplying Adjusted Funds Stream for essentially the most not too long ago accomplished quarter, normalized for important non-recurring objects, by an element of 4.

OTHER MEASUREMENTS

All greenback figures included herein are introduced in Canadian {dollars}, except in any other case famous.

This press launch comprises varied references to the abbreviation “BOE” which implies barrels of oil equal. The place quantities are expressed on a BOE foundation, pure gasoline volumes have been transformed to grease equivalence at six thousand cubic toes (mcf) per barrel (bbl). The time period BOE could also be deceptive, notably if utilized in isolation. A BOE conversion ratio of six thousand cubic toes per barrel is predicated on an vitality equivalency conversion technique primarily relevant on the burner tip and doesn’t signify a price equivalency on the wellhead and is considerably completely different than the worth ratio based mostly on the present value of crude oil and pure gasoline. This conversion issue is an business accepted norm and isn’t based mostly on both vitality content material or present costs.

References to “oil” on this press launch embrace mild crude oil and medium crude oil, mixed. Nationwide Instrument 51-101 – Requirements of Disclosure for Oil and Gasoline Actions (NI 51-101) consists of condensate throughout the product kind of “pure gasoline liquids”. References to “pure gasoline liquids” or “NGLs” embrace pentane, butane, propane, and ethane. References to “gasoline” or “pure gasoline” pertains to typical pure gasoline.

References to “liquids” consists of crude oil, condensate and NGLs.

The Firm has disclosed condensate as mixed with crude oil and/or individually from different pure gasoline liquids on this press launch because the value of condensate as in comparison with different pure gasoline liquids is at the moment considerably increased and the Firm believes that this crude oil and condensate presentation gives a extra correct description of its operations and outcomes.

SHARE CAPITAL

Spartan’s frequent shares are listed on the Toronto Inventory Trade (“TSX“) and commerce beneath the image “SDE”. The quantity weighted common buying and selling value of Spartan’s frequent shares on the TSX was $4.72 for the three months ended September 30, 2025. Spartan’s closing share value was $5.41 on September 30, 2025, in comparison with $3.45 on December 31, 2024.

As of September 30, 2025, there have been 200.5 million frequent shares excellent. There aren’t any most popular shares or particular most popular shares excellent.

The desk under summarizes the weighted common variety of frequent shares excellent (000s) used within the calculation of diluted EPS and diluted AFF per share:

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

Sure statements contained inside this press launch represent forward-looking statements throughout the which means of relevant Canadian securities laws. All statements apart from statements of historic reality could also be forward-looking statements. Ahead-looking statements are sometimes, however not all the time, recognized by way of phrases comparable to “outlook”, “anticipate”, “funds”, “plan”, “endeavor”, “proceed”, “estimate”, “consider”, “count on”, “forecast”, “monitor”, “might”, “will”, “can”, “ready”, “potential”, “goal”, “intend”, “think about”, “focus”, “determine”, “use”, “make the most of”, “handle”, “keep”, “stay”, “outcome”, “domesticate”, “may”, “ought to”, “consider” and comparable expressions (or grammatical variations or negatives thereof). Spartan believes that the expectations mirrored in such forward-looking statements are affordable as of the date hereof, however no assurance will be on condition that such expectations will show to be appropriate and such forward-looking statements shouldn’t be unduly relied upon. With out limitation, this press launch comprises forward-looking statements pertaining to: the marketing strategy, targets, technique of Spartan; continued optimization of its Deep Basin asset, participation within the consolidation of the Deep Basin fairway and advancing and accelerating its Duvernay technique, and expectations in regards to the productiveness, consistency, and scalability of this acreage; the Firm’s drilling technique within the Deep Basin; anticipated drilling and completions within the Duvernay; expectations that the utilization of wine-racking nicely designs will considerably enhance recoveries on the Firm’s acreage; additional reductions to drilling and completion prices as Spartan continues to construct scale; Spartan’s methods to ship robust, repeatable and financial operational efficiency and to generate important shareholder returns; being well-capitalized to proceed executing on its development technique within the Duvernay because it has elevated its whole credit score capability from $250.0 million to $450.0 million; the power of the Firm to realize drilling success in keeping with administration’s expectations; being nicely positioned to reap the benefits of alternatives within the present enterprise atmosphere; danger administration actions, together with hedging; persevering with to pursue fast manufacturing optimization and accountable future development with natural drilling; persevering with to execute on constructing an intensive place within the Duvernay; and the timing of launch of its 2026 working funds and steering.

The forward-looking statements and data are based mostly on sure key expectations and assumptions made by Spartan, together with, however not restricted to, expectations and assumptions in regards to the marketing strategy of Spartan, the timing of and success of future drilling, improvement and completion actions, the expansion alternatives of Spartan’s Duvernay acreage, the efficiency of present wells, the efficiency of recent wells, the provision and efficiency of amenities and pipelines, the geological traits of Spartan’s properties, the profitable utility of drilling, completion and seismic expertise, the Firm’s capacity to safe ample quantities of water, prevailing climate circumstances, prevailing laws affecting the oil and gasoline business, prevailing commodity costs, value volatility, future commodity costs, value differentials and the precise costs obtained for the Firm’s merchandise (together with pursuant to hedging preparations), anticipated fluctuations in international alternate and rates of interest, impression of inflation on prices, royalty regimes and alternate charges, the applying of regulatory and licensing necessities, the provision of capital, labour and providers, the creditworthiness of business companions, common financial circumstances, and the power to supply and full acquisitions.

Though Spartan believes that the expectations and assumptions on which such forward-looking statements and data are based mostly are affordable, undue reliance shouldn’t be positioned on the forward-looking statements and data as a result of Spartan can provide no assurance that they may show to be appropriate. By its nature, such forward-looking info is topic to numerous dangers and uncertainties, which may trigger the precise outcomes and expectations to vary materially from the anticipated outcomes or expectations expressed. These dangers and uncertainties embrace, however should not restricted to, fluctuations and volatility in commodity costs; modifications in business laws and laws (together with, however not restricted to, tax legal guidelines, royalties, and environmental laws); the danger that the U.S. administration (i) maintains tariffs on Canadian items, together with crude oil and pure gasoline, (ii) will increase the speed or scope of beforehand introduced tariffs, or (iii) imposes new tariffs on the import of products from Canada; the danger that the U.S. and/or Canada imposes another type of tax, restriction or prohibition on the import or export of merchandise from one nation to the opposite, together with crude oil and pure gasoline, and that such tariffs or different measures (and/or the Canadian authorities’s response to such tariffs or different measures) adversely have an effect on the Canadian, U.S., and world economies, and by extension the Canadian oil and pure gasoline business and the Firm; demand and/or market value for the Firm’s merchandise and/or in any other case adversely impacts the Firm; modifications within the political panorama each domestically and overseas, wars (together with ongoing navy actions within the Center East and between Russia and Ukraine), hostilities, civil insurrections, international alternate or rates of interest, elevated working and capital prices as a result of inflationary pressures (precise and anticipated), dangers related to the oil and gasoline business on the whole, inventory market and monetary system volatility, impacts of pandemics, the retention of key administration and workers, dangers with respect to unplanned third-party pipeline outages and dangers referring to inclement and extreme climate occasions and pure disasters, together with fireplace, drought, and flooding, together with in respect of security, asset integrity and shutting-in manufacturing.

Please check with Spartan’s MD&A for the interval ended September 30, 2025, and annual info type for the yr ended December 31, 2024, for dialogue of further danger components referring to the Firm, which will be accessed both on Spartan’s web site at www.spartandeltacorp.com or beneath Spartan’s SEDAR+ profile on www.sedarplus.ca. Readers are cautioned to not place undue reliance on this forward-looking info, which is given as of the date hereof, and to not use such forward-looking info for something apart from its supposed goal. Spartan undertakes no obligation to replace publicly or revise any forward-looking info, whether or not on account of new info, future occasions or in any other case, besides as required by regulation

This press launch comprises future-oriented monetary info and monetary outlook info (collectively, “FOFI“) about Spartan’s 2025 steering, together with potential outcomes of operations and manufacturing (together with expectations of attaining or exceeding the excessive finish of its 2025 steering of 39,000-41,000 BOE/d), working prices, natural development, capital effectivity enhancements and parts thereof, all of that are topic to the identical assumptions, danger components, limitations, and {qualifications} as set forth within the above paragraphs. FOFI contained on this doc was authorised by administration as of the date of this doc and was supplied for the aim of offering additional details about Spartan’s future enterprise operations. Spartan and its administration consider that FOFI has been ready on an affordable foundation, reflecting administration’s greatest estimates and judgments, and signify, to the most effective of administration’s information and opinion, the Firm’s anticipated plan of action. Nevertheless, as a result of this info is very subjective, it shouldn’t be relied on as essentially indicative of future outcomes. Spartan disclaims any intention or obligation to replace or revise any FOFI contained on this doc, whether or not on account of new info, future occasions or in any other case, except required pursuant to relevant regulation. Readers are cautioned that the FOFI contained on this doc shouldn’t be used for functions apart from for which it’s disclosed herein. Modifications in forecast commodity costs, variations within the timing of capital expenditures, and variances in common manufacturing estimates can have a major impression on the important thing efficiency measures included in Spartan’s steering. The Firm’s precise outcomes might differ materially from these estimates.

References on this press launch to peak charges, peak gross sales manufacturing, preliminary manufacturing charges, IP30s, IP60s, IP90s, and different short-term manufacturing charges are helpful in confirming the presence of hydrocarbons, nevertheless such charges should not determinative of the charges at which such wells will begin manufacturing and decline thereafter and should not indicative of long-term efficiency or of final restoration. Whereas encouraging, readers are cautioned to not place reliance on such charges in calculating the combination manufacturing of Spartan. The Firm cautions that such outcomes ought to be thought-about preliminary. Peak charges are the very best common each day gross sales manufacturing fee for every nicely excluding clean-up and downtime.

ABBREVIATIONS

SOURCE Spartan Delta Corp.