INVESTOR PRESENTATION Spartan Delta Corp. (SDE: TSXV) November 5, 2020
SPARTAN DELTA CORPORATE STRATEGY Building a Sustainable Energy Company for Global Investors DISCIPLINED CONSOLIDATOR Building towards 100,000 BOE/d WEST CENTRAL ALBERTA Building Critical Mass NEW CORE AREAS Opportunity Driven Stable…
COMPANY OVERVIEW Spartan Delta Corp. Capitalization Spartan Delta Corp. TSX-V SDE Share Price (1) /sh 3.26 Market Capitalization (basic) (1) MM 189.7 Common Shares Outstanding (basic) MM 58.2 Fully Diluted Shares Outstanding MM 77.7…
Q3 2020 HIGHLIGHTS First Full Quarter of Operating Results Post Acquisition Actuals Q3 Crude Oil and Condensate (1) % 5% Natural Gas Liquids (NGLs) (1) % 26% Natural Gas % 69% Average Production boe/d 26,282 Operating expenses /boe…
2021 GUIDANCE Poised to Deliver Organic Growth and Material Free Funds Flow Yield in 2021 Guidance (1) 2021 Est Crude Oil and Condensate (2) % 5% Natural Gas Liquids (NGLs) (2) % 25% Natural Gas % 70% Average Production boe/d 27,000 -…
FUNDS FLOW SENSITIVITIES Peer Leading Free Funds Flow Yield with Torque to Rising AECO Prices 100% of unhedged natural gas production priced at AECO Sustaining Capital Requirement: < 30 million Forecast 2021 Payout Ratio: 66% (1)…
WEST CENTRAL ASSET SUMMARY Asset Quality Drives Top Tier Capital Efficiencies and Sustainable Free Funds Flow Spartan targets liquids rich Spirit River and liquids rich gas and oil Cardium Favourable subsurface properties: Deep…
INFRASTRUCTURE ADVANTAGE Built Out Infrastructure with Deep Cut Liquids Recovery Spartans infrastructure is already built out and significantly increases capital efficiency as no material infrastructure spending is required in the…
2020/21 WINTER DRILLING PROGRAM Spirit River Development Drilling Six wells (net) to be drilled in 20 / 21 winter drilling program targeting Spirit River horizons Five of the six wells are extended reach horizontal (ERH)…
MARKETING & RISK MANAGMENT Acquisition Value Protected with AECO Hedges Commodity Exposure 100% AECO: Spartan is uniquely positioned with 100% exposure to AECO pricing, and no economic burden of transport to underperforming markets…
INDIGENOUS PARTNERSHIP OCHIESE FIRST NATION OChiese First Nation - Partners in Development OChiese First Nation is a joint venture partner in the production of oil and gas resources that reside on OChiese First Nation lands Spartan…
SPARTAN SUSTAINABILITY Environmental, Social & Governance Canada is a world leader with respect to producing sustainable energy responsibly. Environment: Spartan is committed to industry leading environmental practices: Spartan has…
INVESTOR HIGHLIGHTS Platform for Acquisitive Growth and Free Funds Flow Generation Experienced team with a record of efficient capital discipline and value creation through consolidation Sustainable, low decline production base…
Appendix November 5, 2020 14
ANALYST COVERAGE & CONTACT INFORMATION Institution Analyst EXECUTIVE OFFICE STOCK EXCHANGE LISTING Spartan Delta Corp. The TSX Venture Exchange ATB Capital Markets Patrick ORourke Trading Symbol: SDE.V 500, 207 9th Avenue SW (1)…
MANAGEMENT TEAM & BOARD OF DIRECTORS MANAGEMENT TEAM Richard McHardy Former President, CEO and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration Executive Chairman & Director Fotis Kalantzis Former SVP and co-founder…
RECENT TRANSACTION SUMMARY Acquisition of Substantially all Assets of Bellatrix Exploration Ltd. (BXE) from CCAA June 2020 Asset Summary 25,000 boe/d (30% liquids) of Spirit River and Cardium oil and gas production. Drayton Decline…
ACQUISITION RESERVES & INVENTORY Identified and Verified Greater Than 10 Years of Economic Drilling Inventory (1) Reserves Summary Reserve Volumes Reserve Value (BTax) Bellatrix reserves evaluated by InSite Petroleum Gas NGLs Oil…
PEACE RIVER ARCH ASSETS Toe Hold Position in an Attractive Oil Weighted Fairway Located in the prolific Peace River Arch light oil fairway The Charlie Lake is a semi-conventional light oil play delivering top-tier well economics…
SPARTAN ENERGY SPARTAN OIL SPARTAN EXPLORATION Western Canadas Best-in-Class Performer: Proven Low-Cost Operator From 2010 through 2018, Spartan assembled and developed multiple high-quality assets throughout Central & Southern…
THE SPARTAN DOMESTIC ADVANTAGE Domestic Operational Track Record From 2014 to its sale to Vermilion Energy, Spartan Energy Managements ability to acquire and efficiently integrate assets established itself as the lowest cost operator in…
SPARTAN ENERGY 263% Total Return and 33% CAGR December 2013 May 2018 Overview Relative Performance (Indexed to 100) 300 Spartan Energy completed the recapitalization of Alexander Energy Spartan in December 2013 and shortly after…
HISTORICAL EV/DACF MULTIPLE COMPARISON Spartan Energy Corp. vs Premium Light Oil Peers (1) 16.0x Spartan Energy Corp. Light Oil Peer Avg. (2) 14.0x The Spartan management team has historically traded at, or above, the premium…
SPARTAN OIL 268% Total Return and 128% CAGR June 2011 January 2013 Overview Relative Performance (Indexed to 100) 250 Formed through the spin-out of certain Cardium assets and SE Spartan As a public company, Spartan Saskatchewan…
SPARTAN EXPLORATION 573% Total Return and 80% CAGR January 2010 May 2011 Overview Relative Performance (Indexed to 100) 250 Spartan Exploration was formed in Q1-2008 with a view of Spartan targeting tight oil resources plays in…
PRICE DECK DETAILS Budget Pricing All guidance, forecasts and economics are based on the following budget price deck (unless otherwise stated): Q4/20E 2021E 2022E 2023E+ AECO Gas C/GJ 2.75 2.75 2.50 2.25 WTI Oil US/bbl 45.00…
ABBREVIATIONS AECO Alberta Energy Company C Meter Station of the NOVA Pipeline System ARO Asset Retirement Obligations b Basic shares outstanding bbl; bbl/d barrel; barrels per day bcf; bcf/d Billion cubic feet of natural gas;…
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