Spartan Delta Corp. announced the completion of a strategic acquisition (the "Willesden Green North Acquisition") in West Shale Basin Duvernay (the "Duvernay"), advancing on its stated growth strategy. Total consideration for the Willesden Green North Acquisition is approximately $53.1 million in cash, subject to certain closing adjustments effective March 1, 2024.

The Willesden Green North Acquisition includes approximately 38,000 net acres (59.5 net sections) of Duvernay rights and approximately 1,600 BOE/d (70% liquids) of production and associated infrastructure. Additionally, it includes more than 50 internally estimated net Duvernay locations in the oil and condensate rich fairway. Total consideration for the Willesden Green North Acquisition is approximately $53.1 million or 2.8 times estimated second quarter 2024 annualized net operating income (USD 80/bbl WTI crude oil and $1.75/GJ AECO natural gas).

In 2024, Spartan anticipates drilling and completing a minimum of one horizontal well on the newly acquired acreage. Spartan continues to execute on building an extensive position in the oil and condensate rich fairway within the Duvernay shale play and has identified significant growth opportunities on its acreage. To date, the Company has established one of the largest positions in the Duvernay, accumulating approximately 240,000 net acres (375 net sections) of Duvernay rights and acquiring approximately 2,000 BOE/d of production (68% liquids).

Spartan's delineated Duvernay acreage in the Willesden Green and Pembina core development area supports approximately 300 internally estimated net locations at 400 meter well spacing across approximately 162,000 net acres (253 net sections). Throughout 2024, Spartan anticipates providing additional details on its Duvernay strategy and operating budget as it continues to execute on Duvernay consolidation and begins drilling on its Duvernay acreage. Spartan believes its Duvernay acreage is poised to offer repeatable and economic results presenting the opportunity to generate significant shareholder returns.