Spartan Delta : SEPTEMBER 12, 2023

INVESTOR PRESENTATION

Spartan Delta Corp. (SDE: TSX)

September 12, 2023

SPARTAN DELTA CORPORATE STRATEGY

Building a Sustainable Energy Company

SPARTAN DEEP BASIN

• Material Free Funds Flow generation
• Significant owned and operated strategic infrastructure
• Deep inventory of economic drilling locations across multiple targets

SUSTAINABLE ENERGY COMPANY

• Strong Indigenous partnerships
• Industry leading abandonment, reclamation, and remediation program resulting in a top-decile liability ratio
• Transparent corporate governance structure that is aligned with shareholders

CONSOLIDATING

ALBERTA DEEP BASIN

Deep Basin

Core

ESGROI

LeadershipFocused

DEEP BASIN CONSOLIDATION

• Proven consolidation and integration record with an unleveraged balance sheet position
• High quality rich liquids natural gas assets with established infrastructure that supports attractive half-cycle economics
• Numerous operators in the region are posed for consolidation

SHAREHOLDER RETURN DRIVEN

• Strategic acquisitions supplemented by organic growth
• Returned $10.10/share to shareholders in 2023
• Generated excess shareholder returns; outperforming the TSX Energy Index since inception

ESG LEADERSHIP		ROI

September 12, 2023

2

CORPORATE SUMMARY

Spartan Delta Corp. (SDE:TSX)

Pure Play Deep Basin

• Highly capital efficient asset drives Free Funds Flow generation
• ~64% of gross sales gas production hedged in H2 2023 at $4.54/GJ preserves funds flow and balance sheet in volatile gas markets
• Deep inventory of economic drilling locations (>750 net) across multiple targets including the Spirit River, Cardium, Rock Creek and Viking
• Significant owned and operated strategic infrastructure with capacity well in excess of current development plan
• Attractive netback driven by low operating costs and deep-cut liquid recovery

Capitalization

Spartan Delta Corp.		TSX	SDE
Share Price(1)		$/sh	4.20
Market Capitalization(1)		$MM	727
Common Shares Outstanding(2)		MM	173.2
Net Debt(2)		$MM	97
Tax Pools(3)		$MM	275
Enterprise Value		$MM	824
Management & Board Ownership		%	14%
September 12, 2023	1)	As at closing September 9, 2023
	2)	As at June 30, 2023
	3)	Estimate as at July 7, 2023

DEEP BASIN

Calgary, Alberta

3

SECOND QUARTER 2023 HIGHLIGHTS

Completed Montney Asset Sale in Q2 2023

UNAUDITED HIGHLIGHTS		FY 2021	FY 2022	Q1 2023	Q2 2023
Crude Oil	boe/d	4,697	12,976	15,034	7,489
Condensate	boe/d	1,924	2,328	2,994	2,269
Natural Gas Liquids (NGLs)	boe/d	9,120	12,612	13,202	11,161
Natural Gas	MMcf/d	191.6	271.0	293.8	222.3
Average Production	boe/d	47,674	73,084	80,200	57,972
Operating Netback, before Hedging	$/boe	23.05	37.71	28.53	19.36
Adjusted Funds Flow	$MM	294	826	182	123
Capital Expenditures, before A&D	$MM	189	434	140	96
Free Funds Flow	$MM	105	392	42	28
Diluted Shares Outstanding, Weighted Average	MM	135	177	177	173
AFF per share, diluted	$/sh	2.18	4.66	1.03	0.71
Exit Net Debt (Surplus)	$MM	458	138	139	97

Average production volumes were 57,972 boe/d (17% oil and condensate, 19% NGLs and 64% natural gas) in the second quarter.

Generated $102 million of Operating Income resulting in an average Operating Netback of $19.36/boe before hedging in the second quarter.

Delivered Adjusted Funds Flow of $123 million ($0.71 per share, diluted) and Free Funds Flow of $28 million in the second quarter.

~$96 MM	8.9 Net	$123 MM AFF	$97 MM	57,972 boe/d
CAPEX	Wells(1)	$28 MM FFF	Q2 2023 Net Debt	Q2 2023
Q2 2023	Q2 2023	Q2 2023

September 12, 2023

1)	Q2 2023 net wells completed	4

STRATEGIC MILESTONES OF SPARTAN DELTA CORP.

Continuing to Build Shareholder Value Through Execution of the Business Plan

Execution of Acquisition and Integration Strategy

1 Growth Through Targeted Acquisitions in a Depressed Market

Key Corporate Highlights Since Recapitalization(1)

Debt Adjusted Production Per Share Growth(5)	52%

2

3

4

5

Dominant Positions Secured in the Oil-Weighted Window of the Montney and the Liquids-Rich Deep Basin

Integration of Acquired Assets and Demonstration of the True Productive Potential at Gold Creek and Karr Through Execution of Drilling Program

Acceleration of Debt Repayment, Returning the Company to a Clean Balance Sheet Position, Allowing for Inaugural Special Dividend of $0.50/sh.

Monetization of Gold Creek and Karr Montney, Creation of Logan Energy Corp. and the Refocusing of Spartan Delta Corp. on the Deep Basin

Cumulative Adjusted Funds Flow	$1,458 MM
Total Capex (including A&D)(2)	$1,939 MM
Cumulative Return on Capital Employed(3)	96%
Total Equity Issued(4)	$537 MM

Growth Timeline

Velvet

Acquisition

InceptionAug 2021

Acquisition

Feb 2021

Bellatrix

Acquisition

Jun 2020

Montney

Divestiture

Mar 2023

September 12, 2023

1)	December 19th, 2019 to June 30, 2023	3)	5
2)	Cumulative "Capital Expenditures before A&D" of $877 MM plus "Adjusted Net Capital	ROCE = EBIT/Total Capex (including A&D). See "Non-GAAP Measures"
4)	Gross proceeds before issue costs
	Acquisitions" of $1,062 MM . See "Non-GAAP Measures"
	5)	Includes $9.50 per share cash distribution