Spartan Delta Corp. announces Third Quarter 2023 Results
Press Release
Calgary, Alberta – November 7, 2023 – Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is pleased to report its unaudited financial and operating results for the three and nine months ended September 30, 2023.
Selected financial and operational information is set out below and should be read in conjunction with Spartan’s unaudited consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2023 and 2022, 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;
refer to additional information under the heading “Reader Advisories – Non-GAAP Measures and Ratios”.
THIRD QUARTER 2023 HIGHLIGHTS
Spartan successfully closed the previously announced spin-out of its early stage Montney assets (the “Spin-Out”) to Logan Energy Corp. (“Logan”).
The Company reported production of 37,518 BOE/d in the third quarter of 2023. The reduction in production quarter over quarter was a result of the previously announced sale of its Montney assets to Crescent Point Energy Corp. (the “Asset Sale”) and the Spin-Out.
Spartan successfully executed a $27.5 million capital program in the third quarter of 2023, with specific focus placed on continued development across multiple horizons in the Deep Basin. o Spartan drilled 5.0 net wells, completed 4.0 net wells, and brought 6.0 net wells on production.
Adjusted Funds Flow of $63.9 million ($0.37 per share diluted) in the third quarter of 2023.
Free Funds Flow of $36.4 million in the third quarter of 2023.
Spartan continues to have a fortified balance sheet with Net Debt of $64.5 million resulting in a 0.3X Net Debt to Annualized AFF ratio.
OUTLOOK
Spartan, through its foundational Deep Basin asset, continues to offer economic drilling inventory, strategic operated infrastructure, free funds flow generation, and a clean balance sheet. Additionally, Spartan intends to further discuss its 2024 capital program and guidance prior to year-end 2023.
The table below summarizes the Company’s financial and operating results for the three and nine months ended September 30, 2023 and September 30, 2022:
IBF4
