SPARTAN DELTA CORP. ANNOUNCES THIRD QUARTER 2026 RESULTS, UPDATED 2026 CAPITAL PROGRAM, 2027 GUIDANCE, AND INCREASES DUVERNAY PRODUCTION TARGET

CALGARY, AB, Nov. 3, 2026 /CNW/ -- 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, 2026, an update to its 2026 capital program, its 2027 guidance focused on accelerating light oil and condensate growth, and an increased Duvernay plateau production target of 75,000 BOE/d by year-end 2030.

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, 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".

THIRD QUARTER 2026 FINANCIAL & OPERATIONAL HIGHLIGHTS

• In the third quarter, the Company reported production of 53,448 BOE/d (46% liquids), a 24% increase from the third quarter of 2025.
  • Crude oil production increased by 133%, condensate production increased by 57%, and total liquids production increased by 46% compared to the third quarter of 2025.
  • The Company achieved a record 46% liquids weighting in the third quarter, reflecting the ongoing transition to an oil-weighted producer.
• Third quarter oil and gas sales totaled $202.6 million, a 145% increase from the third quarter of 2025.
• Executed a third quarter capital program of $180.6 million, of which approximately 78% was spent on drilling, completing, equipping, and tie-ins.
  • In the Duvernay, Spartan drilled 10 (8.1 net) wells, completed 14 (12.2 net) wells, and brought on-stream 13 (12.7 net) wells.
  • In the Deep Basin, Spartan drilled 3 (3.0 net) wells and completed and brought on-stream 1 (1.0 net) well.
• Generated third quarter Adjusted Funds Flow of $109.5 million ($0.53 per share, basic and $0.51 per share, diluted), a 117% increase from the third quarter of 2025.
• Operating Netback, before hedging, averaged $27.13/BOE during the third quarter of 2026, a 129% increase from the third quarter of 2025.
• Exited the third quarter with Net Debt of $365.7 million, resulting in Net Debt to Adjusted Funds Flow Ratio of 0.8x.
• Spartan is increasing its Duvernay plateau production target to 75,000 BOE/d by 2030, a 50% increase from the previous target.

FINANCIAL & OPERATING HIGHLIGHTS

	Three months ended September 30			Nine months ended September 30
(CA$ thousands, unless otherwise indicated)	2026	2025	%	2026	2025	%
FINANCIAL HIGHLIGHTS
Oil and gas sales	202,617	82,744	145	533,425	254,989	109
Net income and comprehensive income	4,040	5,331	(24)	32,840	33,693	(3)
$ per share, basic ^(1)	0.02	0.03	(33)	0.16	0.17	(6)
$ per share, diluted ^(1)	0.02	0.03	(33)	0.16	0.17	(6)
Cash provided by operating activities	92,382	53,994	71	294,289	153,889	91
Adjusted Funds Flow ^(2)	109,492	50,365	117	283,447	143,879	97
$ per share, basic ^(1)(2)	0.53	0.25	112	1.39	0.73	90
$ per share, diluted ^(1)(2)	0.51	0.24	113	1.34	0.71	89
Free Funds Flow (deficit) ^(2)	(71,150)	(54,783)	30	(162,652)	(117,552)	38
Cash used in investing activities	140,360	91,822	53	385,347	226,398	70
Capital Expenditures before A&D ^(2)	180,642	105,148	72	446,099	261,431	71
Adjusted Net Capital A&D ^(2)	119	1,051	(89)	27,931	7,071	295
Total assets	1,563,975	1,088,215	44	1,563,975	1,088,215	44
Debt	258,065	107,087	141	258,065	107,087	141
Net Debt ^(2)	365,725	178,874	104	365,725	178,874	104
Shareholders' equity	739,575	608,946	21	739,575	608,946	21
Common shares outstanding, end of period (000s) ^(1)	205,662	200,490	3	205,662	200,490	3
OPERATING HIGHLIGHTS
Average daily production
Crude oil (bbls/d)	9,863	4,242	133	7,792	2,987	161
Condensate (bbls/d) ^(3)	2,931	1,866	57	2,948	1,969	50
NGLs (bbls/d) ^(3)	11,676	10,630	10	12,226	9,854	24
Natural gas (mcf/d)	173,868	158,729	10	179,040	151,316	18
BOE/d	53,448	43,193	24	52,806	40,029	32
Average realized prices, before financial instruments
Crude oil ($/bbl)	121.84	84.14	45	115.69	87.52	32
Condensate ($/bbl) ^(3)	114.94	85.21	35	117.96	90.04	31
NGLs ($/bbl) ^(3)	31.85	23.79	34	30.39	25.94	17
Natural gas ($/mcf)	1.68	0.82	105	1.86	1.58	18
Combined average ($/BOE)	41.21	20.82	98	37.00	23.33	59
Operating Netbacks ($/BOE) ^(2)
Oil and gas sales	41.21	20.82	98	37.00	23.33	59
Processing and other revenue	0.33	0.36	(8)	0.32	0.62	(48)
Net commodities purchased margin	(0.03)	0.08	(138)	0.02	0.06	(67)
Royalties	(5.50)	(2.31)	138	(4.71)	(2.99)	58
Operating expenses	(6.51)	(5.36)	21	(6.29)	(5.92)	6
Transportation expenses	(2.37)	(1.74)	36	(2.08)	(1.74)	20
Operating Netback, before hedging ($/BOE) ^(2)	27.13	11.85	129	24.26	13.36	82
Operating Netback, after hedging ($/BOE) ^(2)	24.56	14.79	66	21.97	15.01	46
Adjusted Funds Flow Netback ($/BOE) ^(2)	22.27	12.67	76	19.66	13.17	49

(1)	Refer to "Share Capital" section of the press release.
(2)	"Adjusted Funds Flow", "Adjusted Funds Flow per share", "Free Funds Flow", "Capital Expenditures before A&D", "Adjusted Net Capital A&D", "Net Debt" and "Operating Netbacks" do not have standardized meanings under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios" section of the press release.
(3)	Condensate is a natural gas liquid as defined by NI 51-101. See "Other Measurements".

2026 UPDATED CAPITAL PROGRAM

To capitalize on strong crude oil and condensate pricing and continue operational momentum into 2027, Spartan is increasing its 2026 capital program to $575 - $625 million (previously $525 – $575 million). The $50 million of incremental fourth quarter capital funds the drilling of 1 (1.0 net) well and the completion of 4 (2.8 net) wells in the Duvernay, the drilling of an additional 3 (2.8 net) oil wells and the completion of 4 (3.8 net) wells in the Deep Basin, and incremental pipeline construction. The Company does not anticipate this incremental capital activity to contribute to production in 2026; therefore, the annual production guidance remains unchanged at 54,000 BOE/d at midpoint.

For the remainder of 2026, Spartan anticipates drilling 7 (6.1 net) wells and completing 7 (5.5 net) wells in the Duvernay and drilling 7 (6.8 net) wells and completing 9 (8.8 net) wells in the Deep Basin. The Company plans to accelerate the operational pace with five rigs in the fourth quarter, three in the Duvernay and two in the Deep Basin, up from four rigs at the start of 2026.

DUVERNAY

In the Duvernay, Spartan drilled 10 (8.1 net) wells, completed 14 (12.2 net) wells, and brought on-stream 13 (12.7 net) wells during the third quarter, with initial production results meeting internal expectations.

In Gilby, Spartan brought on-stream the 14-34 pad, its southernmost pad to date, situated near the reef edge. The 3 (3.0 net) wells averaged IP30 rates of approximately 780 BOE/d and 96% liquids per well, despite production being restricted by managed drawdown conditions and third-party capacity constraints.

With these results, Spartan has completed the delineation of Gilby and is transitioning to full-field development, supported by integrated infrastructure. Since 2024, the Company has brought on-stream 37 (32.8 net) wells in Gilby, averaging IP30 rates of approximately 1,150 BOE/d and 86% liquids per well. These repeatable, commercial results validate the development in Gilby and underpin Spartan's increased Duvernay plateau production target of 75,000 BOE/d. In October, Spartan commissioned its 30 MMcf/d compressor station on time and on budget, with the remainder of its 2026 Gilby infrastructure build-out advancing on schedule.

Willesden Green is transitioning from delineation to development as results to date continue to exceed internal expectations. The initial 2 (2.0 net) wells averaged IP30 of 1,930 BOE/d and 59% liquids per well, IP90 of 1,570 BOE/d and 53% liquids per well, and IP180 of 1,205 BOE/d and 51% liquids per well. Spartan completed an additional 2 (2.0 net) wells in October with initial production results anticipated in mid-November. The supporting infrastructure build-out is advancing on time and on budget, including batteries, satellites, pipelines, and a 50 MMcf/d compressor station that is anticipated to be in-service in the third quarter of 2027.

DEEP BASIN

In the Deep Basin, Spartan drilled 3 (3.0 net) wells and completed and brought on-stream 1 (1.0 net) well during the third quarter. Spartan is prioritizing oil and condensate growth by delineating the multi-zone potential of its newly acquired Deep Basin acreage. Spartan recently brought 3 (3.0 net) oil wells on-stream, 1 (1.0 net) in the Rock Creek and 2 (2.0 net) in the Mannville, with encouraging initial results.

2027 BUDGET AND GUIDANCE

Spartan is pleased to provide its financial and operating guidance for 2027, focused on delivering significant light oil and condensate growth across the Duvernay and Deep Basin. Spartan intends to deploy a capital program of $700 - $750 million, delivering annualized production of 62,000 - 66,000 BOE/d (50% liquids), a 19% increase in production and 56% increase in crude oil and condensate production from midpoint guidance 2026, driving a 54% increase in Adjusted Funds Flow per share at US$80.00/bbl WTI and $2.00/GJ AECO.

Spartan is allocating $500 - $520 million on drilling, completion, equipping and tie-in ("DCET"), $170 - $190 million of capital to continue the build-out of strategic Duvernay infrastructure projects, and $30 - $40 million to corporate, land, seismic, and other.

The 2027 capital program of $725 million at midpoint guidance represents the largest budget in the Company's history and is underpinned by constructive long-term oil and condensate pricing. The Western Canadian Sedimentary Basin is forecasted to be short condensate, with heavy oil production growth expected to increase diluent demand and support premium pricing. Spartan's growing Duvernay and Deep Basin condensate production is positioned to benefit from these strengthening fundamentals.

DUVERNAY

Based on strategic consolidation, successful delineation, and continued strength in well performance, Spartan is increasing its Duvernay plateau production target by 50% to 75,000 BOE/d by 2030 (previously 50,000 BOE/d).

Spartan has established one of the largest Duvernay positions totaling more than 558,000 net acres (872 sections), a 22% increase from 2025. With delineation complete in Gilby and Willesden Green transitioning to development, well results across the Company's acreage continue to demonstrate the productivity, consistency, and scalability that underpins the increased target. Since 2024, Spartan has reduced drilling and completion costs per meter by 29%.

The increased plateau target utilizes less than 25% of Spartan's 900 identified net Duvernay locations at 400-meter spacing and can be sustained for more than fifteen years. In addition, foundational infrastructure projects advancing in 2027, including the Willesden Green pipeline to Spartan's O'Chiese 10-09 gas plant and a 50 MMcf/d compressor station, support growth to 75,000 BOE/d by securing long-term egress and mitigating production curtailments, while structurally lowering transportation and operating costs.

In 2027, Spartan is allocating approximately $625 million of capital at midpoint guidance, inclusive of DCET, and the construction of infrastructure such as compression, batteries, satellites, pipelines, gathering, and water infrastructure. With three rigs, the Company anticipates drilling and bringing on-stream 33 - 37 net wells, delivering an annual production growth rate greater than 65% in the Duvernay.

Spartan's Duvernay asset represents one of the premier light oil and condensate growth platforms in the Western Canadian Sedimentary Basin.

DEEP BASIN

In the Deep Basin, Spartan is advancing the development of oil and condensate targets supported by its established natural gas base. The Company has approximately 325,000 net acres (507 sections) in the Deep Basin, a 34% increase from 2025, and continues to strategically add acreage prospective for oil-weighted targets.

In 2027, Spartan is allocating approximately $100 million of capital at midpoint guidance to the Deep Basin, including DCET and infrastructure. With two rigs, Spartan anticipates drilling and bringing on-stream 13 - 15 net wells, holding annual Deep Basin production flat while growing crude oil and condensate production by more than 50%. The Company expects to maximize capital efficiency while delineating and developing oil prospects by drilling from existing pads and tying into owned and operated infrastructure.

ANNUAL GUIDANCE ^(1)	2026	2027	Variance
	Guidance	Guidance	Amount	%
Average Production (BOE/d)	53,500 - 54,500	62,000 - 66,000	10,000	19
% Liquids	45 %	50 %	5	11
Natural gas (mmcf/d)	178	192	14	8
NGLs (bbls/d)	12,200	13,000	800	7
Crude oil and condensate (bbls/d)	12,200	19,000	6,800	56
Benchmark Average Commodity Prices
WTI crude oil price (US$/bbl)	80.00	80.00	-	-
AECO 7A natural gas price ($/GJ)	1.90	2.00	0.10	5
Average exchange rate (US$/CA$)	1.39	1.39	-	-
Operating Netback, before hedging ($/BOE) ^(2)	24.47	30.08	5.61	23
Adjusted Funds Flow ($MM) ^(2)	400	620	220	55
Adjusted Funds Flow per share ($/sh) ^(2)	1.95	3.01	1.06	54
Capital Expenditures, before A&D ($MM) ^(2)(3)	575 - 625	700 - 750	125	21
Net Debt, end of year ($MM) ^(2)(3)	418	523	105	25

(1)	The financial performance measures included in the Company's guidance are based on the midpoint of the average production forecast.
(2)	"Operating Netback", "Adjusted Funds Flow", "Adjusted Funds Flow per share", "Capital Expenditures, before A&D", and "Net Debt" do not have standardized meanings under IFRS Accounting Standards, see "Reader Advisories – Non-GAAP Measures and Ratios".
(3)	Capital Expenditures, before A&D, and Net Debt, end of year, have increased by $50 million from the previous guidance released on July 29, 2026.

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 November 3, 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 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 and Operating Netback

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.

Adjusted Funds Flow and Free Funds Flow

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 (if applicable), 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 long-term debt, reinvest in the business or return capital to shareholders.

Adjusted Funds Flow per share

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

"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

"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.

Net Debt and Adjusted Working Capital

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, marketable securities, 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.

Net Debt to Adjusted Funds Flow Ratio

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.

Identified inventory refers to drilling locations internally identified by the Company which were not independently verified by Spartan's independent qualified reserves evaluator. Such inventory does not constitute reserves or resources as defined under NI 51-101.

ASSUMPTIONS FOR 2027 GUIDANCE

The significant assumptions used in the forecast of Operating Netbacks and Adjusted Funds Flow for 2027 are summarized below. These key performance measures expressed per BOE are based on the calendar year average production guidance for 2027 of approximately 64,000 BOE/d.

2027 FINANCIAL GUIDANCE ($/BOE)			Guidance
Royalties			(5.83)
Operating expenses			(6.45)
Transportation expenses			(2.35)
General and administrative expenses			(0.98)
Adjusted Funds Flow			26.45

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 2027 would increase Adjusted Funds Flow by approximately $32 million (decrease by $32 million). An increase (decrease) of CA$0.25/GJ in the forecasted average AECO natural gas price for 2027, holding the NYMEX-AECO basis differential and all other assumptions constant, would increase Adjusted Funds Flow by approximately $14 million (decrease by $14 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 2027 would increase Adjusted Funds Flow by approximately $20 million (decrease by $20 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 $12.62 for the three months ended September 30, 2026 ($4.72 per share for the three months ended September 30, 2025). Spartan's closing share price was $12.45 on September 30, 2026, compared to $5.41 on September 30, 2025.

As of September 30, 2026, there were 205.7 million common shares outstanding (200.5 million as at September 30, 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:

	Three months ended September 30			Nine months ended September 30
(000s)	2026	2025	%	2026	2025	%
WA Shares outstanding, basic	205,214	200,303	2	203,578	197,231	3
Dilutive effect of outstanding securities	7,193	4,026	79	6,957	3,155	121
WA Shares, diluted – for EPS	212,407	204,329	4	210,535	200,386	5
Incremental dilution for AFF ^(1)	1,220	3,090	(61)	1,274	2,943	(57)
WA Shares, diluted – for AFF ^(1)	213,627	207,419	3	211,809	203,329	4

(1)	AFF per share does not have a standardized meaning under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios".

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 Company's updated 2026 capital program and guidance, including anticipated capital expenditures, Net Debt at year-end 2026 and the number of wells to be drilled, completed and brought on-stream in the remainder of 2026; the Company's 2027 capital program, budget and guidance, including anticipated production and liquids weighting, the allocation of capital between DCET, infrastructure and corporate, land and other, and forecast Operating Netbacks, Adjusted Funds Flow, Adjusted Funds Flow per share, Capital Expenditures before A&D and Net Debt; the Company's increased Duvernay plateau production target of 75,000 BOE/d by 2030 and the expectation that such production can be sustained for more than fifteen years; the Company's identified net Duvernay drilling locations and its plans to develop them; the anticipated timing, cost and benefits of the Company's infrastructure projects, including the anticipated in-service date of the Willesden Green compressor station, the securing of long-term egress and the mitigation of production curtailments; the number of rigs to be utilized and the number of wells to be drilled, completed and brought on-stream in the remainder of 2026 and in 2027; anticipated production growth in the Duvernay and the maintenance of flat production and growth in crude oil and condensate production in the Deep Basin; the Company's expectations regarding future oil, condensate and natural gas prices and the demand for and pricing of condensate; the Company's intention to continue to acquire acreage; 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 accuracy of the Company's internal estimates of its identified drilling locations and expected well performance and the Company's ability to develop such locations in the manner and on the timelines anticipated, the Company's ability to complete its infrastructure projects on time and on budget and to obtain required regulatory approvals and third-party processing and transportation capacity, the availability of drilling rigs, equipment and oilfield services at the pace contemplated by the Company's capital program, 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, risks relating to the construction, commissioning and operation of the Company's infrastructure projects (including cost overruns, delays and the failure to obtain required regulatory approvals), risks relating to the availability of third-party processing and transportation capacity and egress, the risk that identified drilling locations are not drilled or do not perform as anticipated, the risk that the Company's Duvernay plateau production target is not achieved or is not achieved on the timeline anticipated, the availability of drilling rigs, equipment and oilfield services 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 updated 2026 capital program and guidance and its 2027 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, 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 2026 and 2027 capital programs and 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, IP180s, 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

A&D	acquisitions and dispositions
bbl	barrel
bbls/d	barrels per day
BOE/d	barrels of oil equivalent per day
CA$ or CAD	Canadian dollar
GJ	gigajoule
GJ/d	gigajoule per day
IP	Initial production
mcf	thousand cubic feet
mcf/d	thousand cubic feet per day

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