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Spartan Delta Corp.: Third Quarter 2022 and Operations Update

Press Release

Calgary, Alberta – November 8, 2022 – Spartan Delta Corp. (“Spartan” or the “Company”) (TSX:SDE) is pleased to report its unaudited financial and operating results for the three and nine month periods ended September 30, 2022, announce a special dividend, and provide an operations update.

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 and nine months ended September 30, 2022, which are filed on SEDAR at and are available on the Company’s website at 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”.


  • Spartan’s Q3 2022 production averaged 72,134 BOE/d (39% liquids), up 56% compared to 46,282 BOE/d (32% liquids) in Q3 2021, with crude oil production increasing 7% compared to Q2 2022.
  • The Company continues to see strong results from its drilling program with 8 (7.9 net) wells on production during the third quarter, including 5 (4.9 net) Montney wells in Gold Creek West and 3 (3.0 net) wells in the Deep Basin.
  • The Company’s Q3 2022 average selling price was $52.32 per BOE, 52% higher than the average price of $34.31 per BOE realized in Q3 2021.
  • Spartan’s Operating Netback, after hedging, averaged $32.74 per BOE in Q3 2022, up 74% from $18.79 per BOE in Q3 2021.
  • The Company’s operations generated Adjusted Funds Flow of $201 million ($1.15 per share, diluted) in Q3

2022, up 189% from $69 million ($0.43 per share, diluted) in the same quarter of 2021. Free Funds Flow was $124 million after $76 million of Capital Expenditures before A&D during the three months ended September 30, 2022.

  • On August 9, 2022, Spartan closed the corporate acquisition of Bellatrix Exploration Ltd. for a cash purchase price of $6 million. The acquisition materially enhanced the Company’s future tax position and Spartan’s available tax pools are estimated to be in excess of $2.1 billion (~60% non-capital losses) as of September 30, 2022. A deferred income tax asset of $144 million was recognized in connection with the acquisition.
  • Net income increased to $285 million in Q3 2022 ($1.64 per share, diluted), up 125% from $127 million ($0.87 per share, diluted) in Q3 2021.
  • Spartan fully repaid its bank debt during the third quarter and the Company’s credit facility is currently undrawn. As at September 30, 2022, the Company had $43 million of cash on hand and $150 million of long-term debt outstanding on its second lien term facility. Spartan’s quarter-end Net Debt inclusive of working capital was $143 million, approximately 0.2 times its Annualized Adjusted Funds Flow for Q3 2022.


Spartan’s operational and financial results in the first nine months of 2022 materially exceeded corporate forecasts, driven by exceptional execution of the 2022 drilling program and strong commodity tailwinds. With its bank debt fully repaid and a growing cash position, the Company has achieved the target Net Debt to Annualized AFF Ratio of less than 0.5x it set for the commencement of a return of capital strategy.

As a result, Spartan is pleased to announce the Board of Directors have declared a special cash dividend of $0.50 per common share (“Spartan Share”) payable on January 16, 2023, to shareholders of record at the close of business on December 15, 2022 (the “Record Date”). The special dividend is designated as an “eligible dividend” for Canadian income tax purposes. See “Special Dividend Details” for guidance and instructions with respect to eligibility to receive the special dividend.


The Company spent $76 million on exploration and development capital expenditures during the third quarter. In the Montney, Spartan drilled 6.0 (6.0 net) wells at Gold Creek East and brought on-stream 5.0 (4.9 net) wells in Gold Creek West.

  • Gold Creek East 2-34 pad – Phase 2 (5.0 net wells) was drilled and subsequently completed during the month of October. All five wells are currently in the early stages of flowback. The sixth well drilled in the quarter was the first well off 10-1 pad – Phase 2, which consists of four wells that finished drilling in late October and are now awaiting completion.
  • Gold Creek West 7-34 pad – Phase 2 (4.9 net wells) was brought on-stream in July, 2022 and is averaging 1,137 BOE/d per well (667 bbls/d crude oil, 24 bbls/d condensate, 46 bbls/d NGLs and 2.4 mmcf/d natural gas) for the first 60 days of production, a 69% increase over the proved plus probable reserves type curve.
  • In the second quarter of 2022, Spartan highlighted results from the Gold Creek East 5-7 pad – Phase 2 (3.0 net wells), which delivered average production of 1,300 BOE/d per well (652 bbls/d crude oil, 13 bbls/d condensate, 135 bbls/d NGLs and 3.0 mmcf/d natural gas) for the first 90 days of production. This pad represents the most up-dip portion of the oil fairway drilled to date, yet has delivered some of the best results across the field. The results at 5-7 pad, along with the recent well results from Gold Creek West 7-34 pad, demonstrate the potential of the play across the contiguous land base that spans more than three townships.

In the Deep Basin, Spartan drilled 6.0 (5.9 net) wells, of which 3.0 net wells were brought on production in the third quarter, and 2.9 net wells were brought on production in early October.

  • North Brazeau Viking – 1.0 (1.0 net) well located at 100/04-29-045-12W5/2 was Spartan’s first Viking drill which begins to delineate an additional light oil-weighted horizon in the Deep Basin. The success of the 4-29 horizontal adds a significant number of new locations to core inventory across the fairway, which previously consisted exclusively of Spirit River and Cardium.
  • Baptiste Spirit River – 1.0 (0.9 net) well located at 102/02-16-043-09W5 was drilled in Q3 and brought on-stream October 1, 2022. For its first 30 days on production, the well averaged 2,356 BOE/d (314 bbls/d condensate, 608 bbls/d NGLs and 8.6 mmcf/d natural gas). The well is flowing at restricted rates due to temporary facility constraints.
  • Ferrier Spirit River 10-24 pad (2.0 net wells) was brought on production in September. For its first 30 days on production, the pad averaged 1,364 BOE/d per well (37 bbls/d condensate, 294 bbls/d NGLs, and 6.2 mmcf/d natural gas).
  • Baptiste Spirit River 14-03 pad (2.0 net wells) – The first well located at 100/13-15-044-09W5/0 has reached 30 days of production and averaged 1,419 BOE/d (67 bbls/d condensate, 402 bbls/d NGLs and 5.7 mmcf/d natural gas). Initial rates for the second well (100/15-15-044-09W5/0) were limited due to a casing obstruction, but after partial remediation, is now averaging 971 BOE/d (46 bbls/d condensate, 275 bbls/d NGLs and 3.9 mmcf/d natural gas). Both wells are being restricted due to temporary facility constraints.

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