Spartan Delta Corp. announces first quarter 2026 results, increased 2026 guidance, and increase to credit facility

CALGARY, AB, May 5, 2026 /CNW/ – 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.
  • 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.

FINANCIAL & OPERATING HIGHLIGHTS

2026 UPDATED BUDGET AND GUIDANCE

Based on strong oil well performance, Spartan has updated its financial and operating guidance for 2026 to capitalize on the sustained improvement in crude oil prices and accelerate growth in the Duvernay. The updated guidance includes increasing its capital program to $475 – $525 million (previously $410 – $470 million), delivering an increased annualized production of 52,000 – 54,000 BOE/d and 45% liquids (previously 50,000 – 52,000 BOE/d and 44% liquids).

Spartan anticipates allocating $360 – $390 million on drilling, completion, equipping and tie-ins (“DCET“) (previously $320 – $360 million), bringing 40 net wells on-stream (previously 38 net wells), and is allocating $80 – $100 million of capital to accelerate the build out of major infrastructure (previously $60 – $80 million), and $35 million to corporate and other (previously $30 million).

In the Duvernay, 2026 capital at midpoint guidance is increasing to approximately $410 million (previously $350 million), inclusive of DCET, construction of facilities, gathering, pipelines, and other. The Company anticipates bringing 26 net wells on-stream (previously 24 net wells), with the incremental two net wells accelerating Duvernay development and production growth in the fourth quarter of 2026.

In the Deep Basin, 2026 capital at midpoint guidance remains unchanged at $90 million, inclusive of DCET, infrastructure, and other. Spartan is focusing on drilling higher-liquids targets with longer lateral wells to maximize capital efficiencies.

UPDATED 2026 GUIDANCE

OPERATIONS UPDATE

Spartan delivered strong operational results in the first quarter across the Duvernay and the Deep Basin, exceeding internal forecasts.

To support continued development, the Company recently acquired integrated infrastructure, producing assets, and undeveloped acreage in the Duvernay and Deep Basin, including a 52 MMcf/d licensed gas processing plant (100% WI), pipelines, compression facilities, and approximately 800 BOE/d (29% liquids) of low-decline production for total consideration of approximately $25.1 million. The infrastructure assets provide incremental processing capacity, long-term gas egress, and operational synergies, enabling accelerated growth in the Duvernay.

DUVERNAY

The Company continues to advance its growth strategy of 50,000 BOE/d in the Duvernay by delineating and developing its 522,000 net acres (815 sections) accumulated to date. Spartan is currently focused on delineation in Willesden Green and Pembina, development in Gilby, and ongoing infrastructure projects.

WILLESDEN GREEN DUVERNAY

• 01-09-043-06W5 2-Well Pad (100% WI): Spartan drilled and completed its two inaugural Willesden Green wells during the first quarter, executing ahead of schedule and within budget. Production results from the 2 (2.0 net) wells are exceeding internal expectations, despite managed flowback, averaging IP30 rates of approximately 1,930 BOE/d and 59% liquids per well (980 BBL/d of condensate, 160 BBL/d of NGLs, and 4.7 MMcf/d of natural gas).

These results confirm the robust reservoir quality, validating significant additional drilling inventory across the Company’s new Willesden Green development acreage, which is predominately located on Crown land. Spartan anticipates drilling, completing, and bringing on production an additional 3 (3.0 net) wells in 2026 to continue delineating the acreage. In addition, the Company is upgrading recently acquired infrastructure in Willlesden Green and is procuring pipelines to tie-in gas production into Spartan’s operated deep cut gas processing plant.

GILBY DUVERNAY

• 05-12-041-04W5 Pad (100% WI): Spartan is trialing reduced inter-well spacing of 300 meters (historically 400 meters) on half of the 5 (5.0 net) wells currently being drilled, targeting both the upper and lower Duvernay benches. The reduced inter-well spacing has the potential to significantly increase Spartan’s per section recoveries and drilling inventory.
• 13-25-043-04W5 (100% WI): Is an acreage continuation well drilled in the fourth quarter of 2025 and brought on-stream in April 2026 with encouraging initial results.
• 04-20-041-03W5 Pad (96% WI): Following the successful results from the initial 3 (3.0 net) wells, Spartan is currently drilling an additional 5 (4.7 net) wells.
• 06-04-043-03W5 Pad (70% WI): Following the successful results from the initial 3 (2.1 net) wells, Spartan drilled and is currently completing an additional 4 (2.8 net) wells.

In Gilby, Spartan is advancing development supported by integrated infrastructure. The Company recently acquired a gas processing plant, pipelines, and compression facilities in southern Gilby, and is building additional pipelines and compression facilities in central Gilby. Spartan anticipates drilling an additional 7 (5.8 net) wells and completing 8 (6.5 net) wells in 2026 to continue developing the acreage.

PEMBINA DUVERNAY

• 05-22-047-02W5 (100% WI): Spartan’s inaugural completion in Pembina. The DUC was drilled by the previous operator in 2021, with a portion of the lateral drilled out of zone and completed to a lateral length of approximately 2,750 meters (9,000 feet). Production results are averaging an IP30 rate of approximately 630 BOE/d and 83% liquids (470 BBL/d of crude oil, 50 BBL/d of NGLs, and 0.7 MMcf/d of natural gas). Normalizing to 4,200 meters (13,750 feet) of completed lateral length, the well would be expected to deliver an IP30 rate of approximately 960 BOE/d and 83% liquids (720 BBL/d of crude oil, 75 BBL/d of NGLs, and 1.0 MMcf/d of natural gas).

Spartan is encouraged by the initial results from this unoptimized well in Pembina. Future Pembina wells are expected to deliver competitive economics through reduced costs and optimized drilling and completion designs.

DEEP BASIN

In the Deep Basin, Spartan is shifting development to liquids-rich and oil formations with recent successful results in the Rock Creek, and Viking.

• 08-04-046-12W5 (100% WI): Spartan’s inaugural well in the Rock Creek formation. Production results are exceeding internal expectations, averaging an IP90 rate of approximately 1,160 BOE/d and 43% liquids (340 BBL/d of crude oil, 155 BBL/d of NGLs, and 4.0 MMcf/d of natural gas).
• 10-17-045-12W5 (100% WI): Viking production results are exceeding internal expectations, averaging an IP30 rate of approximately 610 BOE/d and 83% liquids (480 BBL/d of crude oil, 25 BBL/d of NGLs, and 0.6 MMcf/d of natural gas).

CREDIT FACILITY

Spartan’s revolving credit facility has increased from $450.0 million to $700.0 million. The increase in credit capacity enhances the Company’s liquidity to execute its accelerated Duvernay development program and pursue additional growth opportunities.

ABOUT SPARTAN DELTA CORP.

Spartan Delta Corp. is a Calgary-based oil and gas company focused on delivering sustainable oil-weighted production growth. The Company has established one of the largest acreage positions in the Duvernay and operates a substantial Deep Basin asset, providing multi-decade inventory depth across its portfolio of assets. Spartan’s Duvernay asset represents a scalable light-oil growth platform, while the Deep Basin provides stable free funds flow and liquids-rich natural gas development optionality. The Company is committed to operational excellence, capital discipline, and responsible development in relation to the environment and communities in which it operates.

Spartan’s corporate presentation, as of May 5, 2026, can be accessed on the Company’s website at www.spartandeltacorp.com.

READER ADVISORIES

Non-GAAP Measures and Ratios

This press release contains certain financial measures and ratios which do not have standardized meanings prescribed by International Financial Reporting Standards (“IFRS Accounting Standards“) or Generally Accepted Accounting Principles (“GAAP“). As these non-GAAP financial measures and ratios are commonly used in the oil and gas industry, Spartan believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.

The non-GAAP measures and ratios used in this press release, represented by the capitalized and defined terms outlined below, are used by Spartan as key measures of financial performance, and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards.

The definitions below should be read in conjunction with the “Non-GAAP Measures and Ratios” section of the Company’s most recent MD&A, which includes discussion of the purpose and composition of the specified financial measures and detailed reconciliations to the most directly comparable GAAP financial measures.

Operating Income, a non-GAAP financial measure, is a useful supplemental measure that provides an indication of the Company’s ability to generate cash from field operations, prior to administrative overhead, financing, and other business expenses. “Operating Income, before hedging” is calculated by Spartan as oil and gas sales, net of royalties, plus processing and other revenue and net commodities purchased margin, less operating and transportation expenses. “Operating Income, after hedging” is calculated by adjusting Operating Income for realized gains or losses on derivative financial instruments. The Company refers to Operating Income expressed per unit of production as an “Operating Netback” and reports the Operating Netback before and after hedging, both of which are non-GAAP financial ratios. Spartan considers Operating Netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices.

Cash provided by operating activities is the most directly comparable measure to Adjusted Funds Flow. “Adjusted Funds Flow” is a non-GAAP financial measure reconciled to cash provided by operating activities by excluding changes in non-cash working capital, adding back transaction costs on acquisitions and dispositions, and deducting the principal portion of lease payments. Spartan utilizes Adjusted Funds Flow as a key performance measure in the Company’s annual financial forecasts and public guidance. Transaction costs, which primarily include legal and financial advisory fees, regulatory and other expenses directly attributable to execution of acquisitions and dispositions, are added back because the Company’s definition of Free Funds Flow excludes capital expenditures related to acquisitions and dispositions. For greater clarity, incremental overhead expenses related to restructuring following significant acquisitions or divestitures are included in Spartan’s general and administrative expenses. Lease liabilities are not included in Spartan’s definition of Net Debt therefore lease payments are deducted in the period incurred to determine Adjusted Funds Flow.

The Company refers to Adjusted Funds Flow expressed per unit of production as an “Adjusted Funds Flow Netback“.

“Free Funds Flow” is a non-GAAP financial measure calculated by Spartan as Adjusted Funds Flow less Capital Expenditures before A&D. Spartan believes Free Funds Flow provides an indication of the amount of funds the Company has available for future capital allocation decisions such as to repay current and long-term debt, reinvest in the business or return capital to shareholders.

Adjusted Funds Flow (“AFF“) per share is a non-GAAP financial ratio used by the Company as a key performance indicator. AFF per share is calculated using the same methodology as net income per share (“EPS“), however the diluted weighted average common shares (“WA Shares“) outstanding for AFF may differ from the diluted weighted average determined in accordance with IFRS Accounting Standards for purposes of calculating EPS due to non-cash items that impact net income only. The impact of stock options and share awards is more dilutive to AFF than EPS because the number of shares deemed to be repurchased under the treasury stock method is not adjusted for unrecognized share-based compensation expense as it is non-cash (see also, “Share Capital”).

“Capital Expenditures before A&D” is a non-GAAP financial measure used by Spartan to measure its capital investment level compared to the Company’s annual budgeted capital expenditures for its organic drilling program. It includes capital expenditures on exploration and evaluation assets and property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to Capital Expenditures before A&D is cash used in investing activities.

“Adjusted Net Capital A&D” is a supplemental measure disclosed by Spartan which aggregates the total amount of cash, debt, and share consideration used to acquire crude oil and natural gas assets during the period, net of cash proceeds received on dispositions. The Company believes this is useful information because it is more representative of the total transaction value than the cash acquisition costs or total cash used in investing activities, determined in accordance with IFRS Accounting Standards. The most directly comparable GAAP measures are acquisition costs and disposition proceeds included as components of cash used in investing activities.

References to “Net Debt” includes long-term debt under Spartan’s revolving credit facility, net of Adjusted Working Capital. Net Debt and Adjusted Working Capital are both non-GAAP financial measures. “Adjusted Working Capital” is calculated as current assets less current liabilities, excluding derivative financial instrument assets and liabilities, lease liabilities, and current debt (if applicable). The Adjusted Working Capital deficit includes cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and deposits, accounts payable and accrued liabilities, dividends payable, and the current portion of decommissioning obligations.

Spartan uses Net Debt as a key performance measure to manage the Company’s targeted debt levels. The Company believes its presentation of Adjusted Working Capital and Net Debt are useful as supplemental measures because lease liabilities and derivative financial instrument assets and liabilities relate to contractual obligations for future production periods. Lease payments and cash receipts or settlements on derivative financial instruments are included in Spartan’s reported Adjusted Funds Flow in the production month to which the obligation relates.

The Company monitors its capital structure using a “Net Debt to Adjusted Funds Flow Ratio“, which is a non-GAAP financial ratio calculated as the ratio of the Company’s Net Debt to its “Annualized Adjusted Funds Flow“. Annualized Adjusted Funds Flow is calculated by multiplying Adjusted Funds Flow for the most recently completed quarter, normalized for significant non-recurring items, by a factor of four.

OTHER MEASUREMENTS

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

This press release contains various references to the abbreviation “BOE” which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices.

References to “oil” in this press release include light crude oil and medium crude oil, combined. National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) includes condensate within the product type of “natural gas liquids”. References to “natural gas liquids” or “NGLs” include pentane, butane, propane, and ethane. References to “gas” or “natural gas” relate to conventional natural gas.

References to “liquids” include crude oil, condensate and NGLs.

The Company has disclosed condensate as combined with crude oil and/or separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results.

ASSUMPTIONS FOR 2026 GUIDANCE

The significant assumptions used in the forecast of Operating Netbacks and Adjusted Funds Flow for 2026 are summarized below. These key performance measures expressed per BOE are based on the calendar year average production guidance for 2026 of approximately 53,000 BOE/d.

Changes in forecast commodity prices, exchange rates, differences in the amount and timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Spartan’s guidance. The Company’s actual results may differ materially from these estimates. Holding all other assumptions constant, a US$5/bbl increase (decrease) in the forecasted average WTI crude oil price for the remainder of 2026 would increase Adjusted Funds Flow by approximately $13 million (decrease by $13 million). An increase (decrease) of CA$0.25/GJ in the forecasted average AECO natural gas price for the remainder of 2026, holding the NYMEX-AECO basis differential and all other assumptions constant, would increase Adjusted Funds Flow by approximately $9 million (decrease by $9 million). Holding U.S. dollar benchmark commodity prices and all other assumptions constant, an increase (decrease) of $0.05 in the US$/CA$ exchange rate for the remainder of 2026 would increase Adjusted Funds Flow by approximately $9 million (decrease by $9 million). Assuming capital expenditures are unchanged, the impact on Free Funds Flow would be equivalent to the increase or decrease in Adjusted Funds Flow. An increase (decrease) in Free Funds Flow will result in an equivalent decrease (increase) in the forecasted Net Debt (Surplus).

SHARE CAPITAL

Spartan’s common shares are listed on the Toronto Stock Exchange (“TSX“) and trade under the symbol “SDE”. The volume weighted average trading price of Spartan’s common shares on the TSX was $10.01 for the three months ended March 31, 2026 ($3.56 per share for the three months ended March 31, 2025). Spartan’s closing share price was $13.00 on March 31, 2026, compared to $3.34 on March 31, 2025.

As of March 31, 2026, there were 202.6 million common shares outstanding (200.0 million as at March 31, 2025). There are no preferred shares or special preferred shares outstanding.

The table below summarizes the weighted average number of common shares outstanding (000s) used in the calculation of diluted EPS and diluted AFF per share:

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “plan”, “endeavor”, “continue”, “estimate”, “evaluate”, “expect”, “forecast”, “monitor”, “may”, “will”, “can”, “able”, “potential”, “target”, “intend”, “consider”, “focus”, “identify”, “use”, “utilize”, “manage”, “maintain”, “remain”, “result”, “cultivate”, “could”, “should”, “believe” and similar expressions (or grammatical variations or negatives thereof). Spartan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to the execution of the Company’s organic drilling program across its portfolio; the pursuit of optimization in the Deep Basin; the participation in consolidation of the Duvernay and Deep Basin fairways; the growth and development of its Duvernay asset; the increase to the Company’s credit facility capacity; the Company’s updated 2026 financial and operating guidance, including anticipated production volumes, capital expenditures, operating costs and related financial performance metrics; the anticipated benefits of recently acquired infrastructure; the anticipated timing of bringing wells on-stream and the expected performance of future wells; and the expected delivery of competitive economics through reduced costs and optimized completion designs.

The forward-looking statements and information are based on certain key expectations and assumptions made by Spartan, including, but not limited to, expectations and assumptions concerning the business plan of Spartan, the timing of and success of future drilling, development and completion activities, the growth opportunities of Spartan’s Duvernay acreage, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Spartan’s properties, the successful application of drilling, completion and seismic technology, the Company’s ability to secure sufficient amounts of water, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company’s products (including pursuant to hedging arrangements), anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions.

Although Spartan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Spartan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations and volatility in commodity prices; changes in industry regulations and legislation (including, but not limited to, tax laws, royalties, and environmental regulations); the risk that the U.S. administration (i) maintains tariffs on Canadian goods, including crude oil and natural gas, (ii) increases the rate or scope of previously announced tariffs, or (iii) imposes new tariffs on the import of goods from Canada; the risk that the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including crude oil and natural gas, and that such tariffs or other measures (and/or the Canadian government’s response to such tariffs or other measures) adversely affect the Canadian, U.S., and global economies, and by extension the Canadian oil and natural gas industry and the Company, including demand and/or market price for the Company’s products and/or otherwise adversely affect the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military actions in the Middle East and between Russia and Ukraine), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement and severe weather events and natural disasters, including fire, drought, and flooding, including in respect of safety, asset integrity and shutting-in production.

Please refer to Spartan’s most recent MD&A and annual information form for discussion of additional risk factors relating to the Company, which can be accessed either on Spartan’s website at www.spartandeltacorp.com or under Spartan’s SEDAR+ profile on www.sedarplus.ca. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI“) about Spartan’s 2026 updated capital program, budget and guidance, including prospective results of operations and production, Operating Netback, before hedging, Adjusted Funds Flow, Adjusted Funds Flow per share, Free Funds Flow, Capital Expenditures, before A&D, Net Debt, operating costs, organic growth, capital efficiency improvements and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Spartan’s future business operations. Spartan and its management believe that FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Spartan disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Spartan’s increased 2026 guidance. The Company’s actual results may differ materially from these estimates.

References in this press release to peak rates, peak sales production, initial production rates, IP30s, IP90s, and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Spartan. The Company cautions that such results should be considered preliminary. Peak rates are the highest average daily sales production rate for each well excluding clean-up and downtime.

ABBREVIATIONS

SOURCE Spartan Delta Corp.

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