Spartan Delta Corp. Announces First Quarter 2026 Results, Increased 2026 Guidance, and Increase to Credit Facility
Press Release
Calgary, Alberta – May 5, 2026 – Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is pleased to report its unaudited financial and operating results for the three months ended March 31, 2026, an increase to its 2026 guidance, and an increase in total credit facility capacity.
Selected financial and operational information is set out below and should be read in conjunction with Spartan’s unaudited interim financial statements and related management’s discussion and analysis (“MD&A”) for the three months ended March 31, 2026, and 2025, which are filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s website at www.spartandeltacorp.com. The highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers; please refer to additional information under the heading “Reader Advisories – Non-GAAP Measures and Ratios”.
FIRST QUARTER 2026 FINANCIAL & OPERATIONAL HIGHLIGHTS
⦁ In the first quarter, the Company reported production of 52,140 BOE/d (42% liquids), a 36% increase from the first quarter of 2025.
⦁ Crude oil production increased by 217% and total liquids production increased by 59% compared to the first quarter of 2025.
⦁ Executed a first quarter capital program of $122.4 million, of which approximately 81% was spent on drilling, completing, equipping, and tie-ins.
⦁ In the Duvernay, Spartan drilled 9 (7.8 net) wells, completed 2 (2.0 net) wells, and brought on-stream 3 (3.0 net) wells.
o In the Deep Basin, Spartan drilled 5 (5.0 net) wells and completed and brought on-stream 6 (6.0 net) wells.
⦁ In addition, Spartan continued to strategically expand its Duvernay acreage to approximately 522,000 net acres (815 sections).
⦁ First quarter oil and gas sales totaled $147.1 million, a 61% increase from the first quarter of 2025.
⦁ Generated first quarter adjusted funds flow of $81.4 million ($0.40 per share, basic and $0.39 per share, diluted), a 79% increase from the first quarter of 2025.
⦁ Operating Netback, before hedging, averaged $20.56/BOE during the first quarter of 2026, a 39% increase from the first quarter of 2025.
⦁ Exited the first quarter with Net Debt of $257.5 million, resulting in a conservative Net Debt to Annualized Adjusted Funds Flow Ratio of 0.8x.
⦁ Subsequent to the quarter, the Company increased its total credit capacity from $450.0 million to $700.0 million.
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