Mr. Fotis Kalantzis reports

SPARTAN DELTA CORP. ANNOUNCES OPERATIONS UPDATE

Spartan Delta Corp. has provided an operations update on its first half of 2025.

Operations update

Spartan continues to execute on its corporate strategy by significantly growing corporate liquids production as it develops its west shale basin Duvernay asset, while generating free funds flow from its liquid-rich natural gas asset in the Deep basin. In the first half of 2025, the company ran a four-rig capital program, successfully drilling 21.0 (17.1 net) wells, completing 15.0 (11.4 net) wells and bringing on stream 11.0 (8.6 net) wells, targeting oil- and liquids-rich natural gas production. Current field estimates for corporate production are approximately 40,000 barrels of oil equivalent per day (boe/d). The company's portfolio of assets provides shareholders exposure to oil, liquids and natural gas production, and is poised to offer repeatable and economic results, presenting the opportunity to generate significant shareholder returns.

Duvernay

In the first half of 2025, Spartan contracted two rigs and drilled 12.0 (9.6 net) wells, completed 7.0 (4.9 net) wells and brought on stream 3.0 (2.1 net) wells wine-racking in both the upper and lower Duvernay. The company is encouraged by its Duvernay acreage as initial results continue to outperform internal expectations, demonstrating the consistent and repeatable nature of its reservoir. Initial production (IP) on its first seven wells have averaged 1,220 boe/d (87 per cent liquids) and IP180s on its first four wells have averaged 867 boe/d (79 per cent liquids).

Additionally, the company has been approved for the Alberta emerging resource program (ERP), resulting in an advantageous royalty rate structure on its Crown Duvernay acreage. To date, Spartan has accumulated greater than 350,000 net acres (550 net sections) in the Duvernay, a 40-per-cent increase since the fourth quarter of 2024.

Spartan completed and brought on stream 3.0 (2.1 net) wells from a licensed eight-well pad at 06-04-043-03W5:

• 12-26-042-03W5: Spartan completed and brought the well on stream in May at a lateral length of 3,834 metres (m) (12,579 feet). Initial production results are exceeding internal expectations, averaging 30-day peak sales production of approximately 1,228 boe/d and 87 per cent liquids (1,028 barrels per day (bbl/d) of crude oil, 45 bbl/d of NGLs (natural gas liquids) and 900,000 cubic feet per day of natural gas).
• 09-27-042-03W5: Spartan completed and brought the well on stream in May at a lateral length of 3,895 m (12,779 feet). Initial production results are exceeding internal expectations, averaging 30-day peak sales production of approximately 1,315 boe/d and 86 per cent liquids (1,079 bbl/d of crude oil, 51 bbl/d of NGLs and 1.1 million cubic feet per day (mmcf/d) of natural gas).
• 07-27-042-03W5: Spartan completed and brought the well on stream in June at a lateral length of 3,825 m (12,549 feet). Initial production results are exceeding internal expectations, averaging 20-day peak sales production of approximately 1,470 boe/d and 86 per cent liquids (1,202 bbl/d of crude oil, 58 bbl/d of NGLs and 1.3 mmcf/d of natural gas).

Spartan has also drilled and completed 4.0 (2.8 net) wells at the 02-22-042-03W5 pad, which are expected to be on stream in mid-July. Additionally, the company has completed drilling operations on 4.0 (4.0 net) wells at the 07-15-044-03W5 pad, which are expected to be completed and on stream in the third quarter of 2025.

Deep basin

In the first half of 2025, Spartan drilled 9.0 (7.5 net) wells and completed and brought on stream 8.0 (6.5 wells) in the Deep basin that are meeting internal expectations:

• 08-21-045-11W5 and 10-20-043-09W5 -- Spirit River: Initial gross production results averaged IP30 rates of 1,657 boe/d (25 per cent liquids) per well and IP90 rates of 1,254 boe/d (24 per cent liquids) per well.
• 03-07-045-09W5 -- Cardium pad (three wells): Initial gross production results averaged IP30 rates of 482 boe/d (43 per cent liquids) per well and IP90 rates of 566 boe/d (42 per cent liquids) per well.
• 14-08-044-08W5 -- Cardium pad (three wells) brought on production mid-June: While the wells have been on stream for less than 30 days, initial results are encouraging.

In the second half of 2025, Spartan maintains the optionality to increase capital in the Deep basin and accelerate drilling to capture the contango forward curve in natural gas prices.

About Spartan Delta Corp.

Spartan is committed to creating value for its shareholders, focused on sustainability both in operations and financial performance. The company's culture is centered on generating free funds flow through responsible oil and gas exploration and development. 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 in the Deep basin, delivering operational synergies in a respectful and responsible manner to the environment and communities it operates in. The company is well positioned to continue pursuing optimization in the Deep basin, participate in the consolidation of the Deep basin fairway, and continue growing and developing its Duvernay asset by leveraging Spartan's balance sheet and free funds flow.

Spartan's corporate presentation as of July 7, 2025, can be accessed on the company's website.

We seek Safe Harbor.