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Calgary, Alberta – June 22, 2021 – Spartan Delta Corp. (“Spartan” or the “Company”) (TSXV:SDE) is pleased to announce strategic asset acquisitions in the Gold Creek and Simonette areas. Total consideration for the acquisitions is approximately $10.1 million in cash, subject to certain closing adjustments. In addition, Spartan is also pleased to provide an update on the Company’s operations.
The acquired assets include 33,500 net acres of Montney rights, 100 net Montney locations, 300 BOE/d (51% crude oil, 5% NGLs, and 44% natural gas) of production behind pipe and associated 100% owned and operated facilities.
The acquisitions bring Spartan’s total position in the Alberta Montney fairway to 132,000 net acres, further establishing the Company’s competitive position in the Montney and allowing Spartan to utilize its existing infrastructure footprint to optimize operating margins and enhance capital efficiencies.
Further detail is available in Spartan’s June corporate presentation, which can be accessed on its website
ABOUT SPARTAN DELTA CORP.
Spartan is committed to creating a modern energy company, focused on sustainability both in operations and financial performance. Spartan is focused on building an asset base that will generate sustainable free funds flow and sustainable development. Spartan’s strategy is to identify, acquire and develop diversified assets that can be restructured, optimized and rebranded, financially or operationally, yielding accretion to shareholder value. With excess infrastructure capacity, Spartan is well positioned to continue pursuing immediate production optimization and responsible future growth. Further detail is available in Spartan’s June corporate presentation, which can be accessed on its website at www.spartandeltacorp.com.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
President and Chief Executive Officer
Richard F. McHardy
Spartan Delta Corp.
500, 207 – 9th Avenue SW
Calgary, Alberta T2P 1K3
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