Spartan Delta Corp. announces the completion of the previously announced spin-out transaction and management changes

Press Release

Calgary, Alberta – July 13, 2023 – Spartan Delta Corp. (“Spartan”) (TSX:SDE) is pleased to announce that Logan Energy Corp. (“Logan”) has commenced operations as a new high growth company following the completion of the previously announced transfer by Spartan to Logan of its early stage Montney assets in exchange for common shares (the “Logan Shares”) and warrants (the “Logan Warrants”) of Logan (the “Spin-Out”). In addition, Spartan has completed the distribution of the cash proceeds from the previously announced asset sale, and the Logan Shares and Logan Warrants issued pursuant to the Spin-Out, to the eligible holders of the common shares of Spartan (the “Spartan Shares” and collectively, the “Distribution”).

The Logan Shares have been conditionally approved for listing by the TSX Venture Exchange (the “TSXV”). Trading in respect of the Logan Shares is expected to commence on or about July 18, 2023, under the symbol “LGN”.

Pursuant to the Distribution, eligible Shareholders received:

• $9.50 in cash per Spartan Share;
• 0 Logan Share per Spartan Share; and
• 0 Logan Warrant per Spartan Share, each warrant entitling the holder to acquire one Logan Share at an exercise price of $0.35 per Logan Share at any time on or before July 31, 2023.

Action is required by Shareholders to receive the Distribution. For additional details with respect to eligibility and the process to receive the Distribution, see Spartan’s press release dated May 10, 2023.

Registered holders of Transaction Warrants seeking to exercise are required to contact the Company’s transfer agent, Odyssey Trust Company, for assistance by email at corptrust@odysseytrust.com. If you own Transaction Warrants through a financial intermediary such as a bank, broker, or trust company, and you wish to exercise such warrants, you should contact your financial intermediary.

As previously announced, a special cash dividend of $0.10 per Spartan Share will be payable on July 31, 2023, to eligible holders of Spartan Shares of record at the close of business on July 14, 2023.

MANAGEMENT AND BOARD

Effective July 6, 2023, Richard (“Rick”) McHardy has resigned as Executive Chairman but will continue to serve Spartan as Chairman of the Board. Additionally, Ashley Hohm, Vice President, Finance and Controller, Brendan Paton, Vice President, Engineering, and Craig Martin, Vice President, Operations, have resigned as officers of Spartan and were appointed as officers of Logan. Spartan would like to thank the Logan team for their integral contributions to Spartan’s development and strategy and wishes them success in their future endeavors with Logan.

Logan’s management team is led by Rick McHardy, President and Chief Executive Officer, Brendan Paton, Chief Operating Officer and Vice President, Engineering, Ashley Hohm, Chief Financial Officer and Vice President, Finance, and Craig Martin, Vice President, Operations.

The Logan board of directors will be comprised of Fotis Kalantzis, Chairman, Rick McHardy, Geri Greenall, Reginald Greenslade, Don Archibald, Pat Ward, and Ron Hozjan.

Spartan will continue to be led by Fotis Kalantzis, President and Chief Executive Officer, Geri Greenall, Chief Financial Officer, Thanos Natras, Vice President, Exploration, Randy Berg, Vice President, Land and Stakeholder Relations, and welcomes Martin Malek as Vice President, Engineering. Mr. Malek brings more than 16 years of engineering and business development experience and most recently held the role of Vice President, Engineering, at a publicly traded Canadian oil and gas company.

The Spartan Board of Directors continues to be served by Rick McHardy, Fotis Kalantzis, Reginald Greenslade, Don Archibald, Kevin Overstrom, and Tamara MacDonald.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Fotis Kalantzis

Spartan Delta Corp.

President and Chief Executive Officer

1500, 308 – 4th Avenue SW

Calgary, Alberta, Canada T2P 0H7

Email: ir@spartandeltacorp.com

www.spartandeltacorp.com

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