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INVESTOR PRESENTATION Spartan Delta Corp

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INVESTOR PRESENTATION Spartan Delta Corp INVESTOR PRESENTATION Spartan Delta Corp. (SDE: TSXV) March 26, 2021 SPARTAN DELTA CORPORATE STRATEGY Building a Sustainable Energy Company for Global Investors DISCIPLINED CONSOLIDATOR Building towards >100,000 BOE/d WEST-CENTRAL ALBERTA DEEP BASIN – Liquids-Rich ALBERTA MONTNEY – Oil-Weighted ▪ Low base decline <20% with $4,000/boepd ▪ Well delineated acreage position capital efficiency (1) and IRRs (1) >200% ▪ Drill ready inventory with owned ▪ Drill ready inventory with owned infrastructure infrastructure ▪ Organic growth with top tier Montney ▪ Asset sustaining capital <18% of NOI (1)(2) economics DISCIPLINED CONSOLIDATOR MODERN ENERGY COMPANY SHAREHOLDER RETURN DRIVEN ESG ROI ▪ Strong Indigenous partnerships LEADERSHIP ▪ Strong balance sheet: $100MM undrawn bank line ▪ Gender diverse leadership and workforce ▪ Internally funded organic growth ▪ Developing a strategy & goals for emissions reduction ▪ Forecasting 2021 $38MM Free Funds Flow (1)(2) and $115MM YE Net Surplus (1)(2) ESG LEADERSHIP ROI March 26, 2021 2 1) See “Non-GAAP Measures” in Disclaimers 2) Corporate NOI estimate, based on Spartan Budget Price Deck as defined on slide 36 COMPANY OVERVIEW Spartan Delta Corp. ALBERTA MONTNEY: ▪ Oil-weighted Montney focus Capitalization (as at March 25, 2021) ▪ Additional consolidation opportunities Spartan Delta Corp. TSX-V SDE ▪ Oil and Liquids-Rich Montney drilling upside Share Price (1) $/sh 4.04 Market Capitalization (basic) (1) $MM 460.2 Common Shares Outstanding (basic) MM 113.9 Net Debt (as at Dec 31, 2020) (2) $MM 12.3 Estimated YE 2021 Net Debt (Surplus) (2)(3) $MM (115) Insider Ownership (basic) % 13.5 Dilutive Instruments Warrants, ITM Options and Share Awards (4) MM 21.2 Zero Coupon Convertible Note (maximum issuance) (5) MM 6.5 Dilutive Proceeds $MM 26.3 Fully Diluted Shares Outstanding MM 141.6 WEST-CENTRAL DEEP BASIN: ▪ Cretaceous Oil and Liquids- Rich Gas focus ▪ Additional consolidation opportunities ▪ Spirit River and Cardium drilling upside March 26, 2021 3 1) Share price as at closing on March 25, 2021 4) Excludes ~1.10MM out-of-the-money Options with an exercise price of $4.08/sh 2) See “Non-GAAP Measures” in Disclaimers 5) Assumes maximum issuance at conversion of $7.67/sh 3) See “Forward Looking Statements” in Disclaimers YE 2020 HIGHLIGHTS Optimization of Production and Cost Reductions Generate Material Free Funds Flow in 2020 Actuals Q1 2020 Q2 2020 Q3 2020 Q4 2020 FY 2020 Crude Oil % 10% 1% 1% 1% 1% Low-cost production optimization Current (3) Condensate % - 4% 4% 4% 4% offset declines in H2 Natural Gas Liquids (NGLs) (1) % 7% 25% 26% 26% 26% Natural Gas % 83% 70% 69% 69% 69% Average Production boe/d 251 8,906 26,282 26,010 15,421 Operating Expenses $/boe 22.57 6.96 6.10 5.68 6.11 Transportation $/boe - 1.38 1.34 1.37 1.36 Royalties % 0.4% 6.5% 8.5% 10.5% 9.0% Operating Netback $/boe (4.33) 5.90 8.32 9.59 8.46 18% reduction in OPEX since West- Central Alberta Deep Basin G&A $/boe 37.76 1.48 1.50 1.48 1.64 acquisition (7% reduction Q3 to Q4) Interest $/boe (3.48) 0.23 0.26 0.19 0.21 Adjusted Funds Flow (2) $MM (1.5) 2.8 14.4 16.8 32.5 Capital Expenditure (net of A&D) $MM 0.38 1.0 1.2 14.0 16.8 Well Count # 0 0 0 4 4 Free Funds Flow (2) $MM (1.9) 1.7 13.1 2.8 15.7 Exit Net Debt (Surplus) (2) $MM (21.7) 26.2 14.5 12.3 12.3 March 26, 2021 4 1) See “Oil and Gas Advisories” in Disclaimers 2) See “Non-GAAP Measures” in Disclaimers 3) As of March 24, 2021 WEST-CENTRAL ALBERTA DEEP BASIN LIQUIDS-RICH DEVELOPMENT Free Funds Flow Generating Core Area - Driven by Industry Leading Capital Efficiencies West-Central Alberta Deep Basin Asset Characteristics Tidewater BRC 185 mmscf/d Deep Cut Top Quality Resource: ▪ Top tier, delineated liquids-rich Spirit River and condensate-rich Cardium gas development ▪ Primary targets: Falher, Notikewin and Cardium sands SDE O’Chiese Nees-Ohpawaganu’ck 10-09 ▪ 425 net risked Spirit River and Cardium locations (1) 230mmscf/d Deep Cut (25% WI) CVE Sand Creek Land: 75 mmscf/d (9.6% WI) SDE 5-5 (2) ▪ >54,000 net acres of delineated Spirit River and Cardium land 1,000 bbl/d ▪ Additional consolidation opportunities in the vicinity leveraging off CVE Alder 75 mmscf/d infrastructure advantage (20% WI) SDE 2-10 SDE 13-5 Infrastructure: 20 mmscf/d 74 mmscf/d ▪ Significant owned and operated strategic infrastructure in place to SDE 9-3 SDE 5-3 45 mmscf/d grow production >40,000 boe/d with minimal incremental capital 20 mmscf/d SDE 6-21 40 mmscf/d ▪ Deep-cut gas processing enhances margins on liquids recovery SDE 8-4 20 mmscf/d ▪ Direct tie-in to NGTL with optionality on liquids marketing ▪ Tangible operating cost savings as throughput increases over time OBE Crimson Low Decline Base Production: SDE 4-29 60 mmscf/d 350 bbl/d ▪ Current base decline of 19% Material Free Funds Flow Driven by Low Sustaining Capital: ▪ Sustaining capital of $30 million vs. corporate NOI (3)(4) of $170 million ~$4,000/flowing barrel capital efficiency (1) Spartan Working Interest Gas Plant Spartan Wells Pembina HVP / LVP Third Party Gas Plant Spartan Pipelines Tidewater Pipelines Spartan Compressor Station / Battery NOVA NGTL Keyera Pipelines March 26, 2021 5 1) See “Oil and Gas Advisories” in Disclaimers 4) See “Non-GAAP Measures” in Disclaimers 2) As of December 31, 2020 3) Estimate, based on Spartan Budget Price Deck as defined on slide 36 YE2020 RESERVES HIGHLIGHTS Extended Reach Horizontals (“ERH”) Drives Step Change in F&D and Development Economics YE2020 West-Central Alberta Deep Basin Reserves Highlights: Oil Natural Gas NGL's Total NPV10 (1) ▪ Spartan’s Year-End 2020 Reserves demonstrate the superior Reserves Category (MMbbl) (Bcf) (MMbbl) (MMboe) ($MM) economics of its West-Central Alberta Deep Basin core area: Proved Developed Producing 0.9 277.3 20.2 67.3 375.9 ▪ Recycle Ratio (1) of 2.4x (TP) and 2.9x (TPP) Total Proved 2.6 557.0 39.6 135.0 777.3 Total Proved + Probable 5.0 847.8 60.6 206.9 1,078.1 ▪ F&D (1) of $3.94/boe (TP) and $3.35/boe (TPP) ▪ 99% of the Reserve NPV10 (1) is within the West- Total (MMboe) (1) 250 Central Alberta Deep Basin core area; newly acquired 206.9 Alberta Montney core area to be included in the next 200 reserves update ▪ Reserve plan matches Spartan’s current business plan; modest 150 135.0 capital expenditures to maintain significant free cash flow: 100 ▪ Optimized FDC (1) of $267MM (TP) and $417MM 67.3 (TPP); only 1.9x (TP) and 3.0x (TPP) of Spartan’s (MMboe) Reserves 50 current Adjusted Funds Flow (2) Guidance ($139MM) 0 ▪ Highly economic and achievable development plan delivers PDP TP TPP $620MM of NOI (2) after capital in McDaniel’s 5-year reserves model (1) ▪ 72% of booked and 56% of total inventory are now NPV10 ($MM) $1,200 $1,078 configured as ERH locations $1,000 ▪ Material future reserves growth potential remains unbooked: $777 $800 ▪ Only booked reserves in four main formations (Cardium, Falher A, Falher B, and Notikewin) $600 $376 (1) $400 ▪ Over 425 Spirit River and Cardium locations remain ($MM) NPV10 in inventory (>75% unbooked) $200 ▪ Spartan’s YE2020 Reserves do not include any values $0 attributable to transactions announced in 2021 PDP TP TPP March 26, 2021 6 1) See “Oil and Gas Advisories” in Disclaimers 2) See “Non-GAAP Measures” in Disclaimers WEST-CENTRAL ALBERTA DEEP BASIN 2020 YE RESERVE AUDITOR MODEL McDaniel’s TPP Bookings Generate $620 Million of NOI (2) After Capital Expenditure in First 5 Years TPP Production Forecast YE 2020 TPP NOI (2) Summary (5yr McDaniel’s Forecast) Achievable Development with Steady Production Growth TPP Development Generates Material Net Operating Income at Reserve Auditor Pricing Spartan can show reserve and value growth for the next 5+ years: ▪ 101 Net locations booked (63 PUD, 38 PBUD), TP FDC (1) = $266.5MM, TPP FDC (1) = $417.3MM ▪ Additional 425 locations in inventory with strong economics (>75% unbooked) ▪ Ability to increase capital expenditures and accelerate growth within cash flow March 26, 2021 7 1) See “Oil and Gas Advisories” in Disclaimers 2) See “Non-GAAP Financial Measures” in Disclaimers WEST-CENTRAL ALBERTA DEEP BASIN INVENTORY SUMMARY Robust Inventory with Years of Future Growth at High Rates of Return Updated Inventory: YE2020 Inventory Summary (1) ▪ As at year end 2020, prior to acquisitions announced on February 16, 2021 ▪ Rigorous review of every location within the West-Central Alberta Deep Zone Booked Unbooked Total % ERH Basin inventory Cardium 37 121 158 65% Spirit River (2) 57 211 268 52% ▪ In 2020, Spartan reconfigured its reserves inventory to capture Extended Total Cardium & Spirit River 93 332 425 57% Reach Horizontal (ERH) locations where available Other (6) 8 157 165 53% Total 101 489 590 56% Highly Economic and Efficient Inventory: ▪ Reconfiguring to ERH has made locations more economic. Compared with 1.0-mile locations, 2.0-mile extended reach horizontals: ▪ Require 1.25x more CAPEX Cumulative Distribution of Location IRR (3)(5) ▪ 1.80x higher 1P/2P reserves By Booking Category 100% ▪ Results in 1.7x higher IRR (5) 90% ▪ YE2020 Inventory is now ~56% extended reach 80% ▪ Spartan has identified ~200 net Spirit River and Cardium locations with IRRs 70% (3)(5) exceeding 100% 60% What Drives the Robustness of the Inventory? 50% ▪ High quality, over pressured reservoir with high liquids yield 40% ▪ Infrastructure is built out: full cycle economics require little to no 30% Percentage of Inventory (%) Inventory of Percentage infrastructure capital 20% 5 Year Plan | 13 net wells/yr | Mean IRR = 306% Booked | 93 net wells | Mean IRR = 216% ▪ Deep cut processing enhances liquids recovery
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