Spartan Delta Corp. Announces 2026 Guidance and Operations Update
Press Release
Calgary, Alberta – January 5, 2026 – Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is pleased to announce its guidance for 2026 and an operations update following the successful completion of its 2025 drilling program.
2026 BUDGET AND GUIDANCE
Spartan is pleased to provide its financial and operating guidance for 2026 focused on delivering significant light oil and condensate production growth as it accelerates development in the West Shale Basin Duvernay (the “Duvernay”).
For 2026, Spartan intends to deploy a capital program of $410 to $470 million, delivering annualized production of 50,000 to 52,000 BOE/d (44% liquids), a 28% increase in production and an 89% increase in crude oil and condensate production from midpoint 2025 guidance.
Spartan anticipates spending $320 to $360 million on drilling, completion, equipping and tie-ins (“DCET”), bringing 38 net wells on-stream, and is allocating $60 to $80 million of capital to infrastructure, and $30 million to corporate and other.
DUVERNAY
Building off the strong success and momentum of Spartan’s Duvernay results to date, the Company is allocating approximately $350 million of capital at midpoint guidance in 2026, inclusive of DCET, the construction of facilities, gathering, pipelines, and other. Spartan anticipates bringing 24 net wells on-stream and is targeting an annual production growth rate of greater than 100% in the Duvernay.
Spartan’s Duvernay performance underscores the robust productivity, consistency, and scalability of its acreage. These results reinforce that Spartan’s Duvernay asset is one of the most compelling emerging oil-weighted growth opportunities in Western Canada and has advanced the Company’s production target to 50,000 BOE/d in the Duvernay by 2030 while maintaining a strong balance sheet of approximately 1.0x Net Debt to Adjusted Funds Flow Ratio at guidance pricing.
Spartan’s Duvernay field production estimates averaged 13,872 BOE/d (78% liquids) for December 2025, a 174% increase from December 2024. Spartan’s most recent production results are:
⦁ 04-20-041-03W5 Pad Initial production results from 3.0 net wells have averaged IP30 rates of 1,179 BOE/d and 91% liquids per well (1,043 BBL/d of crude oil, 29 BBL/d of NGLs, and 0.6 MMcf/d of natural gas).
Spartan is focused on continuing cost reductions and increasing well productivity through decreased drilling and completion times, consistent frac placements, and optimizing proppant and water usage. These initiatives have reduced Spartan’s drilling and completion costs by more than 17% and increased productivity by 25% since 2024. Spartan is targeting average DCET costs of less than $12.0 million per well in 2026.
To date, Spartan has established one of the largest Duvernay positions, totaling 457,000 net acres (714 sections), an 83% increase from 2024, supporting more than 800 drilling locations. In 2025, Spartan acquired more than 204,000 net acres (319 sections) for approximately $40 million and intends to continue acquiring additional Duvernay acreage in 2026.
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DEEP BASIN
In 2026, Spartan is allocating approximately $90 million of capital at midpoint guidance, inclusive of DCET, infrastructure, and other. Spartan anticipates bringing 14 net wells on-stream to maintain flat production. The Company intends to focus on development in the Belly River, Cardium, Viking, Spirit River, Wilrich, Lower Manville, and Rock Creek formations, and is prepared to expand the capital budget in response to higher natural gas prices.
Based on the success of Spartan’s 2025 Deep Basin program, the Company has strategically accumulated additional acreage and has identified multiple, liquids weighted high-value targets. To date, Spartan has 243,000 net acres (380 sections) in the Deep Basin, an 87% increase since 2024. Spartan intends to commence drilling on its newly acquired Deep Basin acreage in the first half of 2026.
2026 GUIDANCE
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