SPARTAN DELTA CORP. ANNOUNCES 2025 RESERVES

CALGARY, AB, Feb. 9, 2026 /CNW/ - Spartan Delta Corp. ("Spartan" or the "Company") (TSX: SDE) is pleased to announce the highlights of its year-end independent oil and gas reserves evaluation as of December 31, 2025.

2025 INDEPENDENT RESERVE REPORTS HIGHLIGHTS

• Spartan's proved developed producing ("PDP") reserves increased by 9%, while total proved ("TP") reserves increased by 19%, and total proved plus probable ("TPP") reserves increased by 18% in 2025.
  
  
  • Corporate oil and condensate PDP reserves increased by 56%, TP reserves increased by 70%, and TPP reserves increased by 64% in 2025.
    
    
  • In the Duvernay, total PDP reserves increased by 145%, TP reserves increased by 89%, and TPP reserves increased by 81% in 2025, reflecting the Company's delineation success in the play. The TPP reserves represent only 14% of Spartan's internally identified location inventory, supporting significant future reserves growth.
    
    
  • In the Deep Basin, although Spartan executed only a maintenance capital program, it increased reserves across all reserve categories, growing by 1-3%.
    
    
• Spartan's production replacement for PDP, TP, and TPP is 149%, 302%, and 430%, respectively.
  
  
• Spartan's reserve life index ("RLI") for PDP, TP, and TPP is 4.9, 10.8, and 18.1 years, respectively, highlighting significant duration of inventory.
  
  
• The Company's 2025 before-tax net present value ("NPV") of reserves, discounted at 10 percent, increased by 22% in PDP, 11% in TP, and 15% in TPP, despite lower commodity pricing.

2025 INDEPENDENT RESERVES EVALUATION

Spartan is pleased to provide select highlights from the results of its year-end independent oil and gas reserves evaluation as of December 31, 2025 (the "McDaniel Report"), as prepared by its independent qualified reserves evaluator, McDaniel & Associates Consultants Ltd. ("McDaniel"). The evaluation of Spartan's properties was prepared in accordance with the definitions, standards, and procedures contained in the most recent publication of the Canadian Oil and Gas Evaluation Handbook ("COGEH") and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

The following tables highlight the findings of the McDaniel Report. The McDaniel Report was based on the published average forecast pricing of McDaniel, GLJ Ltd., and Sproule Associates Limited. See "O&G Reader Advisories – Reserves Disclosure" for more information. Additional reserves information as required under NI 51-101 will be included in Spartan's Annual Information Form for the year ended December 31, 2025, which will be filed on or before March 31, 2026, on SEDAR+ at www.sedarplus.ca. The numbers in the tables below may not add due to rounding.

Summary of Reserves Volumes as at December 31, 2025

The Company's reserves volumes and undiscounted Future Development Costs ("FDC") as at December 31, 2025, are summarized in the following table.

SUMMARY OF RESERVE VOLUMES ^(1)	Crude Oil (Mbbls)	NGL ^(2) (Mbbls)	Natural Gas (MMcf)	Combined (MBOE)	FDC ($MM)
Proved developed producing	7,199	24,436	344,737	89,091	15
Proved developed non-producing	-	-	-	-	-
Proved undeveloped	26,660	27,010	326,915	108,156	1,720
Total Proved	33,860	51,446	671,652	197,247	1,735
Probable	23,309	34,817	447,010	132,627	863
Total Proved plus Probable	57,168	86,262	1,118,662	329,875	2,598

(1) Gross working interest reserves before royalty deductions.

(2) Natural gas liquids include condensate volumes.

Net Present Value of Future Net Revenue as at December 31, 2025 (Before-Tax)

The following table summarizes the NPV of the Company's reserves (before-tax) as at December 31, 2025. The reserves value on a $/BOE basis, discounted at 10% per year, is also summarized for each category.

NET PRESENT VALUE BEFORE-TAX	0 %	5 %	10 %	15 %	20 %	Unit Value ^(1)Before Tax Discounted at 10%/Year ($/BOE)
	($MM)	($MM)	($MM)	($MM)	($MM)
Proved developed producing	992	883	766	674	604	9.82
Proved developed non-producing	-	-	-	-	-	-
Proved undeveloped	1,119	707	437	257	134	4.64
Total Proved	2,111	1,590	1,203	932	738	6.98
Probable	2,299	1,339	861	599	443	7.65
Total Proved plus Probable	4,409	2,928	2,065	1,531	1,181	7.25
(1) Unit values are based on net reserves. Net reserves are the Company's working interest reserves after deduction of royalties, plus its royalty interests in reserves.

Forecast Costs

The following table outlines estimated annual FDC required to bring TP and TPP reserves on production per the McDaniel Report: 

FUTURE DEVELOPMENT COSTS	TP Reserves ($MM)	TPP Reserves ($MM)
2026	383	383
2027	447	447
2028	459	459
2029	298	528
2030	131	356
Thereafter	17	425
Total FDC, undiscounted	1,735	2,598
Total FDC, discounted at 10%	1,426	1,952

ABOUT SPARTAN DELTA CORP.

Spartan is committed to creating value for its shareholders, focused on sustainability in both operations and financial performance. The Company has established a portfolio of high-quality production and development opportunities in the Deep Basin and the Duvernay. Spartan will continue to focus on the execution of the Company's organic drilling program across its portfolio, delivering operational synergies in a respectful and responsible manner in relation to the environment and communities it operates in. The Company is well positioned to continue growing and developing its Duvernay asset; to continue the development of liquids-rich natural gas targets and generate free funds flow in the Deep Basin; and participate in the consolidation of the Deep Basin fairway and the West Shale Duvernay.

Spartan's corporate presentation, as of February 9, 2026, can be accessed on the Company's website at www.spartandeltacorp.com.

O&G READER ADVISORIES

Reserves Disclosure

The reserves information and data provided in this press release presents only a portion of the disclosure required under NI 51-101. Spartan's Form 51-101F1 – Statement of Reserves Data and Other Oil and Gas Information dated effective as at December 31, 2025, which includes further disclosure of Spartan's oil and gas reserves and other oil and gas information in accordance with NI 51-101 and COGEH, forming the basis of this press release, will be included in the Company's Annual Information Form for the year ended December 31, 2025, which will be available on or before March 31, 2026 on SEDAR+ at www.sedarplus.ca. 

All reserves values, future net revenue and ancillary information contained in this press release are derived from the McDaniel Report unless otherwise noted. All reserve references in this press release are "company gross reserves". Company gross reserves are the Company's total working interest reserves before the deduction of any royalties payable by the Company. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Spartan's reserves will be attained and variances could be material. All reserves assigned in the McDaniel Report are located in the Province of Alberta and presented on a consolidated basis.

All evaluations and summaries of future net revenue are stated prior to the provision for interest, debt service charges or general and administrative expenses and after deduction of royalties, operating costs, estimated well abandonment and reclamation costs and estimated future capital expenditures. It should not be assumed that the estimates of future net revenues presented represent the fair market value of the reserves. The recovery and reserve estimates of Spartan's oil, NGLs and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual oil, natural gas and NGL reserves may be greater than or less than the estimates provided herein. There are numerous uncertainties inherent in estimating quantities of crude oil, reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth herein are estimates only.

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Proved developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 ("CSA Staff Notice 51-324") and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.

This press release contains metrics commonly used in the oil and natural gas industry which have been prepared by management, such as "RLI" and "reserve replacement". These terms do not have a standardized meaning and may not be comparable to similar measures presented by other companies and therefore should not be used to make such comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare the Company's operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.

The Company calculates its reserve life index or RLI based on reserves volumes, by category, divided by annualized fourth quarter production. Readers are cautioned that the RLI may be misleading, particularly if used in isolation, and may not reflect the actual duration of inventory or life of reserves.

Reserve replacement is the ratio of reserves booked through acquisitions, dispositions, discoveries, infills, extensions, economic factors, technical revisions, and improved recovery to production for the period. The Company calculates reserve replacement, by category, as net reserves additions, being the change in reserves volumes adding back produced reserves, divided by annual production.

Internally identified inventory refers to drilling locations identified by the Company which were not independently verified by McDaniel. Such inventory does not constitute reserves or resources as defined under NI 51-101.

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" and "crude oil" in this press release include light crude oil and medium crude oil, combined. 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" relates to conventional natural gas.

The Company has disclosed condensate as combined with crude oil in this press release in certain instances 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.

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 continued: execution of the Company's organic drilling program across its portfolio, pursuit of optimization in the Deep Basin, participation in the consolidation of the Deep Basin fairway, and growth and development of its Duvernay asset. Statements relating to reserves, RLI, recovery, costs and valuation are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted and that the reserves can be profitably produced in the future.

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; demand and/or market price for the Company's products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad (including geopolitical developments in Venezuela), 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 MD&A for the period ended September 30, 2025, and annual information form for the year ended December 31, 2024, 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. Any financial outlook or future-oriented financial information contained in this press release has been approved by management as of the date hereof, is provided for the purpose of conveying the anticipated effects of the Company's planned activities and strategies and may not be appropriate for other purposes.

ABBREVIATIONS

Mbbls	thousand barrels
MBOE	thousand barrels of oil equivalent
MMcf	million cubic feet
$/BOE	dollars per barrels of oil equivalent
$MM	millions of dollars

SOURCE Spartan Delta Corp.

FOR ADDITIONAL INFORMATION PLEASE CONTACT: Fotis Kalantzis, President and Chief Executive Officer, Spartan Delta Corp., 1400, 350 - 7th Avenue SW, |Calgary, Alberta, Canada T2P 3N9, Email: [email protected], www.spartandeltacorp.com