INVESTOR PRESENTATION

Spartan Delta Corp. (SDE: TSXV)

January 6, 2021

SPARTAN DELTA CORPORATE STRATEGY

Building a Sustainable Energy Company for Global Investors

DISCIPLINED CONSOLIDATOR

Building towards > 100,000 BOE/d

WEST CENTRAL ALBERTA - Building Critical Mass

NEW CORE AREAS - Opportunity Driven

▪ Stable production base with <20% decline

▪ 10+ years of economic development inventory

▪ Tuck-ins and synergistic mergers

▪ Low ARO exposure

▪ Capitalize on operated infrastructure advantage

▪ Product and geography diversification

DISCIPLINED

CONSOLIDATOR

A MODERN ENERGY COMPANY

  • Strong Indigenous partnerships
  • Gender diverse leadership and workforce
  • Best-in-classgovernance practices

ESG

ROI

SHAREHOLDER RETURN DRIVEN

LEADERSHIP

▪

Internally funded organic growth

▪ Material Free Funds Flow (1) generation

▪ Dividend upon diversification and scale

ESG LEADERSHIP

ROI

January 6, 2021

2

1. See "Non-GAAP Measures" in Disclaimers

COMPANY OVERVIEW

Spartan Delta Corp.

Capitalization

Spartan Delta Corp.

TSX-V

SDE

Share Price (1)

$/sh

3.16

Market Capitalization (basic) (1)

$MM

190.3

Common Shares Outstanding (basic)

MM

60.2

Fully Diluted Shares Outstanding

MM

79.7

Net Debt (as at Sept 30, 2020) (2)

$MM

14.5

LMR (as at Sept 30, 2020)

(x)

5.5

Dilutive Proceeds

$MM

26.3

Insider Ownership (basic)

%

26

2020 Guidance (3)

FY2020E Production

boe/d

15,300

- 15,500

Q4E Production

boe/d

26,000

- 26,200

FY2020E Capital Expenditure

$MM

18

- 21

Q4E Capital Expenditure

$MM

15

- 18

January 6, 2021

Central Alberta

  • Cretaceous Oil and Liquids- Rich Gas Focus
  • Additional consolidation opportunities
  • Spirit River and Cardium drilling upside

3

  1. Share price as at closing on January 5, 2021
  2. See "Non-GAAP Measures" in Disclaimers
  3. See "Forward Looking Statements" and "FOFI" in Disclaimers.

Q3 2020 HIGHLIGHTS

First Full Quarter of Operating Results Post Acquisition

Actuals

Q3

Crude Oil and Condensate (1)

%

5%

Natural Gas Liquids ("NGLs") (1)

%

26%

Natural Gas

%

69%

Average Production

boe/d

26,282

Operating expenses

$/boe

6.10

Transportation

$/boe

1.34

Royalties

%

8.5%

Operating Netback

$/boe

8.32

G&A

$/boe

1.50

Interest

$/boe

0.26

Adjusted Funds Flow (2)

$MM

14.4

Capital Expenditure

$MM

1.2

Well Count

#

0

Free Funds Flow (2)

$MM

13.2

Exit Net Debt (Surplus) (2)

$MM

14.5

January 6, 2021

12% reduction

in OPEX

4

  1. See "Oil and Gas Advisories" in Disclaimers.
  2. See "Non-GAAP Measures" in Disclaimers.

2021 GUIDANCE

Poised to Deliver Organic Growth and Material Free Funds Flow Yield in 2021

Guidance (1)

New 2021 Guidance

Prior 2021 Guidance

Change (%)

Crude Oil and Condensate (2)

%

5%

5%

-

Natural Gas Liquids ("NGLs") (2)

%

25%

25%

-

Natural Gas

%

70%

70%

-

Average Production

boe/d

29,000 - 31,000

27,000

- 29,000

7%

Operating expenses

$/boe

5.10

6.00

(15%)

Transportation

$/boe

1.45

1.45

-

Royalties (2)

%

11%

11%

-

Operating Netback (3)

$/boe

11.05

10.15

9%

G&A

$/boe

1.40

1.50

(7%)

Adjusted Funds Flow (3)

$MM

92.5

66

40%

Capital Expenditure (4)

$MM

43

40

- 43

-

Well Count

#

9

8

- 9

-

Free Funds Flow (3)

$MM

49.5

23

- 26

102%

Exit Net Debt (Surplus)

$MM

(34.5)

(8.5)

306%

January 6, 2021

5

1.

See "Forward Looking Statements" and "FOFI" in Disclaimers.

3.

See "Non-GAAP Measures" in Disclaimers. Metrics based on a budget premise price deck of: C$2.75/GJ AECO gas, US$45/bbl WTI, 1.32USD/CAD FX,

2.

See "Oil and Gas Advisories" in Disclaimers.

US$2/bbl Edm. Condensate Differential (C$56.76/bbl), US$4/bbl Edm. Light Differential(C$54.12/bbl) & US$0.50/gal Conway Propane

4.

Capital Expenditure estimate excludes A&D capital.

FUNDS FLOW SENSITIVITIES

Peer Leading Free Funds Flow Yield with Torque to Rising AECO and WTI Prices

  • 100% of unhedged natural gas production priced at AECO
  • Sustaining Capital Requirement: < $30 million
  • Forecast 2021 Payout Ratio: ~46% (1)
  • Locations on existing pads will be licensed to provide swift optionality for additional wells into stronger pricing
  • Free Funds Flow will be put towards retiring minimal remaining debt and provide flexibility for future acquisitions

2021 Adjusted Funds Flow ($MM) - Price Sensitivity

WTI (US$/bbl)

$40

$45

$50

$55

FX

(US/C$)

1.34

1.32

1.30

1.30

Edm. Oil Diff

(US$/bbl)

$4.00

$4.00

$5.00

$6.00

(2)

Edm. Cond Diff

(US$/bbl)

$2.00

$2.00

$3.00

$4.00

(C$/GJ)

$0.00

$40

$45

$50

$55

$2.25

- $17

- $12

- $8

- $2

$2.00

- $25

- $20

- $16

- $10

Price

$2.50

- $11

- $6

- $2

+ $4

Gas

$2.75

- $5

$92.5

+ $4

+ $9

$3.00

+ $0

+ $5

+ $10

+ $15

AECO

$3.25

+ $8

+ $13

+ $17

+ $22

January 6, 2021

6

  1. See Budget Pricing assumptions on slide 29.
  2. See "Non-GAAP Measures" in Disclaimers.

WEST CENTRAL ASSET SUMMARY

Asset Quality Drives Top Tier Capital Efficiencies and Sustainable Free Funds Flow

  • Spartan targets liquids rich Spirit River and liquids rich gas and oil
    Cardium
  • Favorable subsurface properties:
    • Situated in the over-pressured deep basin fairway
    • Considerably higher liquids yield than most Spirit River assets
  • Multiple stacked targets in the Spirit River provide significant resource development opportunities, including maximizing recoveries and surface pad synergies
  • 10+ years of de-risked, highly economic Spirit River and Cardium locations across 190,000 gross (130,000 net) acres of land in West Central Alberta

Deep Basin

Fairway

Pembina

A 100132304410W500

100013304309W500A'

Brazeau

100030404509W500

Gamma NPHI

DPHI

Gamma NPHI

DPHI

Gamma NPHI

DPHI

Alder Flats

Cardium

Cardium

A

Ferrier

A'

Willesden Green

Falher A

Falher A

Falher B

Falher B

Baptiste

Wilrich

Wilrich

Spartan Lands

O'Chiese First Nation

Spirit River Well

Cardium Well

January 6, 2021

7

INFRASTRUCTURE ADVANTAGE

Built Out Infrastructure with Deep Cut Liquids Recovery

  • Spartan's infrastructure is already built out and significantly increases capital efficiency as no material infrastructure spending is required in the near term
  • Infrastructure footprint includes:
    1. Working interest (WI) in four gas plants (1) (90 mmscf/d capacity) including the Spartan operated 10-09 Deep Cut plant
    2. Six compressor stations with ~219 mmscf/d capacity
    3. Over 550 km of gathering lines
    4. Connections to multiple third party deep cut plants with competitive fees
  • Infrastructure value estimated at $200 MM net to Spartan (2)
  • Ownership provides lower costs and prioritized access
  • Approximately 80% of Spartan's gas is processed at a deep cut gas plant. Having deep cut liquids recovery increased Spartan's average realized price by an estimated $1.45/boe or 9% in Q3 2020 (3)

Spartan Realized Price Split

Q3 Average Realized Price = $16.19/boe

(excl. processing revenue & hedging)

Q3 Revenue Split

NGL Revenue Split

Oil & Cond,

16%

NGLs, 25%

Shallow Cut Recovery,

Deep Cut Recovery,

$2.61/boe, 16%

$1.45/boe, 9%

Gas, 59%

SDE 5-5

1,000 bbl/d

Tidewater BRC

185 mmscf/d Deep Cut

CVE Sand Creek

75 mmscf/d

(9.6% WI)

SDE 2-10

20 mmscf/d

SDE 9-3

45 mmscf/d

SDE 4-29

350 bbl/d

SDE O'Chiese Nees-Ohpawganu'ck10-09

230mmscf/d Deep Cut (25% WI)

CVE Alder

75 mmscf/d

(20% WI)

SDE 13-5

74 mmscf/d

SDE 5-3

20 mmscf/d

SDE 6-21

40 mmscf/d

SDE 8-4

20 mmscf/d

OBE Crimson

60 mmscf/d

Spartan Working Interest Gas Plant

Third Party Gas Plant

Spartan Compressor Station / Battery

January 6, 2021

Spartan Wells

Pembina HVP / LVP

Spartan Pipelines

Tidewater Pipelines

NOVA NGTL

Keyera Pipelines

8

  1. Includes 100% WI gas processing facility in Rycroft
  2. Internally estimated values based on SDE net WI and based on insured, CO&O or historical costs as representations for replacement value
  3. Additional NGL revenue of 9% from deep cut recovery is net of the hypothetical increase in gas revenue in a shallow cut scenario. Calculation assumes -17deg LTS shallow cut with 41.9GJ/e3m3 heating value in shallow recovery scenario.

2020/21 WINTER DRILLING PROGRAM

Spirit River and Cardium Development Drilling

  • Eight wells (net) to be drilled in '20 / '21 winter drilling program targeting Spirit River and Cardium horizons
  • Two well pad drilled, completed, and on production as of mid-December 2020
  • Three well pad in final stages of drilling
  • All wells from existing pads, flowing into Spartan operated infrastructure and are expected to deliver >100% IRR on current strip commodity pricing in less than twelve months
  • Accelerating in the first quarter the drilling of two wells previously scheduled for fall of 2021, including a two-mile well into the Cardium formation

Falher B

1mi. & ERH

Cardium ERH

Notikewin ERH

Spirit River Stack

Falher B 1 mi.

Spartan Working Interest Gas Plant

Spirit River Producers

Pembina HVP / LVP

Third Party Gas Plant

Spartan Pipelines

Tidewater Pipelines

Spartan Compressor Station / Battery

NOVA NGTL

Keyera Pipelines

January 6, 2021

9

1. See Budget Pricing assumptions on slide 29

MARKETING & RISK MANAGMENT

Acquisition Value Protected with AECO Hedges

Commodity Exposure - 100% AECO:

  • Spartan is uniquely positioned with 100% exposure to AECO pricing, and no economic burden of transport to underperforming markets
  • Natural gas production is hedged approximately 33% in 2021

Natural Gas Fundamentals continue to be positive:

  • Natural gas fired power generation continues to grow with July 2020 breaking records
  • Natural gas power generation is the largest component of the North American power stack and will continue to grow as coal is phased out

Current Operating Capacity by Technology

Coal

Wind

Solar

Other

Nuclear

Natural Gas

Source: ARM Energy

  • Alberta gas egress coupled with increasing Western Canadian Sedimentary Basin gas demand paints an attractive story for AECO versus other markets

January 6, 2021

10

INDIGENOUS PARTNERSHIP - O'CHIESE FIRST NATION

O'Chiese First Nation - Partners in Development

  • O'Chiese First Nation is a joint venture partner in the production of oil and gas resources that reside on O'Chiese First Nation lands
  • Spartan has a prosperous relationship with the O'Chiese First Nation based on trust and mutual respect
  • Spartan and the O'Chiese together, have created an industry leading Abandonment & Reclamation Program to protect Indigenous lands for future generations
  • Spartan uses O'Chiese First Nation businesses and business partners to conduct field operations

SDE O'Chiese Nees-Opawganu'ck 230mmscf/d Deep Cut Plant (10-9)

January 6, 2021

11

SPARTAN SUSTAINABILITY

Environmental, Social & Governance

Canada is a world leader with respect to producing sustainable energy responsibly.

Environment:

  • Spartan is committed to industry leading environmental practices:
    • Spartan has ~400 solar panels, with solar power generation at nearly every pad site within our core operating area
    • Spartan will utilize multi-well drilling pads to minimize its environmental footprint
    • Spartan has developed a proactive Abandonment & Reclamation Program with its Indigenous partner, O'Chiese First Nation

Social:

  • Spartan has implemented health and safety COVID-19 protocols into its operations and has had zero incidents as a result
  • Based on the WCB Industry 6300 for 2020, Spartan ranks 1 out of 256 employers in the Large Business Experience Rating (ER) program (1)

Governance:

  • Spartan is significantly aligned with shareholders with 26% Insider Ownership (basic)
  • Diversity - 30% Female in Management Positions & 43% Female Workforce

Spartan Delta wellsite solar power generation

January 6, 2021

12

1. As per the Workers' Compensation Board - Alberta Employer Report Card

INVESTOR HIGHLIGHTS

Platform for Acquisitive Growth and Free Funds Flow Generation

Experienced team with a record of efficient capital discipline and value creation through consolidation

Sustainable, low decline production base (19%) - Sustaining capital payout of <45%

Targeting internally funded organic growth and material free funds flow

Debt free in 2021 on strip pricing

Brand new company with a clean operating platform and minimal ARO overhang

West Central infrastructure footprint provides opportunistic tuck-in consolidation potential

Deep inventory of economic drilling on strip pricing - active drilling program in 2021

January 6, 2021

13

Appendix

January 6, 2021

14

ANALYST COVERAGE & CONTACT INFORMATION

Institution

Analyst

ATB Capital Markets

Patrick O'Rourke

BMO Capital Markets

Ray Kwan

Cormark Securities

Garett Ursu

Desjardins Capital Markets

Chris MacCulloch

Eight Capital

Phil Skolnick

Haywood Capital Markets

Darrell Bishop

National Bank Financial

Dan Payne

Peters & Co. Limited

Dan Grager

Raymond James

Jeremy McCrea

Scotia Capital

Cameron Bean

Stifel - FirstEnergy

Cody Kwong

TD Securities

Dustin Besaw

EXECUTIVE OFFICE

Spartan Delta Corp.

500, 207 - 9th Avenue SW

Calgary, Alberta T2P 1K3

  1. 403 265 8011
  1. www.spartandeltacorp.com

TRANSFER AGENT

Odyssey Trust Inc.

1230 - 300 5th Avenue SW

Calgary, Alberta T2P 3C4

P: 587 885 0960

AUDITORS

PricewaterhouseCoopers LLP

Calgary, Alberta

ENGINEERING CONSULTANTS

McDaniel & Associates Consultants Ltd.

Calgary, Alberta

LEGAL COUNSEL

Stikeman Elliott LLP

Calgary, Alberta

STOCK EXCHANGE LISTING

The TSX Venture Exchange Trading Symbol: SDE.V

INVESTOR INFORMATION

Visit our website

  1. www.spartandeltacorp.com or contact
    Investor Relations
  1. IR@spartandeltacorp.com

CORPORATE CALENDAR

March 12, 2021

Year-end 2020 Results

January 6, 2021

15

MANAGEMENT TEAM & BOARD OF DIRECTORS

MANAGEMENT TEAM

Richard McHardy

Executive Chairman & Director

Fotis Kalantzis

President, CEO & Director

Geri Greenall

CFO

Thanos Natras

VP Exploration

Craig Martin

VP Operations

Randy Berg

VP Land

Mark Hodgson

VP Corporate Development

Brendan Paton

Manager, Engineering

Ashley Hohm

Controller

  • Former President, CEO and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration
  • Former SVP and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration
  • Former CFO and co-founder, Camber Capital Corp., former Portfolio Manager & Chief Compliance Officer, Canoe Financial
  • Former Geoscience Manager, Spartan Energy, former VP Exploration, Arcan Resources
  • Former Manager D&C, Spartan Energy and Spartan Oil
  • Former VP Land, Spartan Energy, former VP Business Development & Land, Renegade Petroleum
  • Former VP Operations, Obsidian Energy, former VP New Ventures & Country Manager, Bankers Petroleum
  • Director, Canoe Point Energy, former Production Engineer, Shell Canada
  • Former VP Finance, Kelt Exploration, former Manager Financial Reporting, Celtic Exploration

BOARD OF DIRECTORS

Donald Archibald

Reg Greenslade

Kevin Overstrom

Tamara MacDonald

  • Former Director of Spartan Energy, Spartan Oil, and Spartan Exploration former: President, Cypress Energy; Chairman & CEO, Cequel Energy; President & CEO, Cyries Energy
  • Former Director of Spartan Energy, Spartan Oil and Spartan Exploration former: Chairman, President & CEO, Big Horn Resources, Enterra Energy, Enterra Energy Trust, JED Oil; President & CEO, Tuscany International Drilling
  • Founder and a principal of KO Capital Advisors former Vice Chairman and Co-Head Energy Investment Banking, GMP FirstEnergy
  • Former SVP, Corporate and Business Development, Crescent Point Energy Director of Southern Energy Corp., and Equinor Canada

January 6, 2021

16

RECENT TRANSACTION SUMMARY

Acquisition of Substantially all Assets of Bellatrix Exploration Ltd. ("BXE") from CCAA - June 2020

Asset Summary

  • ~25,000 boe/d (30% liquids) of Spirit River and Cardium oil and gas production.
  • Decline rate of 19%; low maintenance capital required.(1)
  • Proved reserves of 186 million boe with an inventory of 637 Spirit River and Cardium locations.(2)
  • Extensive infrastructure footprint with replacement value of ~$200 million net to Spartan consisting of:
    >90 mmcf/d of W.I. gas plant capacity
    >200 mmcf/d in W.I. compressor capacity and >550 kms of gas gathering lines
  • Clean asset base with an above average Liability Management Rating ("LMR") in
    Alberta.
  • Includes a successful Indigenous joint venture with the O'Chiese First Nation.

Deal Summary

  • 2.0x NOI(1) acquisition multiple on strip pricing(3) and $4,352/flowing boe.
  • $87.5MM cash and $21.3MM estimated assumed liabilities for all assets through a court monitored restructuring process.
  • This high-quality asset base, which was fatally burdened by its pre-CCAA capital and cost structure will be revitalized under Spartan's management.
  • Restructured over $70 million per year out of the cost base through CCAA and Spartan direct negotiations.
  • Under current commodity prices, the assets generate positive free cash flow and provide tremendous upside to improved prices.

Drayton

Valley

Pembina

Alder Flats

Brazeau

Ferrier

Willesden Green

Baptiste

Deep Basin

BXE Lands

WI Gas Plant

Gas Plant

BXE Comp/Battery

BXE Cardium Wells

BXE Spirit River/Other Wells

Industry Wells (750)

January 6, 2021

17

  1. See 'Non-GAAP Measures' in Disclaimers.
  2. See 'Reserves Disclosure' 'Drilling Locations / Inventory' Disclaimer in Appendix.
  3. As of May 25, 2020.

ACQUISITION RESERVES & INVENTORY

Identified and Verified Greater Than 10 Years of Economic Drilling Inventory

Reserves Summary (1)

Reserve Volumes

Reserve Value (BTax)

▪ Bellatrix reserves evaluated by InSite Petroleum

Gas

NGLs

Oil

Total

Insite Dec 31, 2019

Consultants Ltd. ("InSite") with the Dec 31, 2019

bcf

mbbl

mbbl

mboe

C$ MM NPV10

InSite price deck.

Proved Developed Producing

320

15,523

899

69,831

419

▪ Reserves evaluated prior to the completion of the

Total Proved

842

42,004

3,119

185,536

990

CCAA restructuring and thus certain cost savings

Total Proved + Probable

1,215

60,601

4,956

267,983

1,419

achieved through that process are not captured in

the evaluation.

Inventory Summary (2)

Zone

Cardium (3) Spirit River

Total

Other (4)

Booked

Unbooked

Total

% Crown

140

113

253

69%

156

227

383

58%

296

340

637

62%

2

250

253

61%

  • Spartan has verified over 135 locations which are economic (>60% IRR) at current strip pricing.
  • Spirit River includes Notikewin, Falher A, Falher B, Falher D/E and Wilrich.
  • Inventory ties into a variety of available infrastructure.
  • Main near-term drilling planned for Falher B and Notikewin (Spirit River) and, if oil prices recover, Cardium oil.
  • Best economics at current prices are on Falher B and Notikewin. Sample well economics are shown below, full economics are shown in the appendix.

January 6, 2021

18

  1. See 'Reserves Disclosure' in Appendix.
  2. See 'Drilling Locations / Inventory' Disclaimer in Appendix. All location numbers are net wells, rounded to the nearest whole number.
  1. Inventory represents 1.0-mile laterals in both oil and gas prone areas except for 5.5 net 2.0-mile booked wells.
  2. Includes Belly River, Second White Specs, Viking, Glauconite, Ellerslie/Rock Creek, and Duvernay locations.

PEACE RIVER ARCH ASSETS

Toe Hold Position in an Attractive Oil Weighted Fairway

  • Located in the prolific Peace River Arch light oil fairway
  • The Charlie Lake is a semi-conventional light oil play delivering top-tierwell economics (at US$50/bbl WTI or higher) through horizontal drilling and multi-stagefracturing

Gordondale

▪ Over 24,000 acres (~17,500 net) of Charlie Lake rights

▪ Highly prospective acreage position adjacent to proven trend

▪ 60+ Upper and Lower Charlie Lake unrisked drilling

Valhalla

Rycroft

locations identified at both Rycroft and Gordondale (1)

  • 100% WI Gas Plant with 16 mmcf/d capacity
  • Asset amenable to SPARTAN industry-leading,low-cost operating model and high capital efficiency

Legend (Charlie Lake Rights)

Spartan Delta Corp.

Longshore Resources

Upr CHLK HZ

Upr CHLK Fairway

Tourmaline Oil

Rising Star Resources

Lwr CHLK HZ

Lwr CHLK Fairway

Kelt Exploration

Canadian Natural Resources

CHLK Prod/Inj

Anegada Oil

Held Charlie Lake Rights

Whitecap Resources

Velvet

January 6, 2021

19

1. See 'Reserves Disclosure' 'Drilling Locations / Inventory' Disclaimer in Appendix.

SPARTAN ENERGY - SPARTAN OIL - SPARTAN EXPLORATION

Western Canada's Best-in-Class Performer: Proven Low-Cost Operator

  • From 2010 through 2018, Spartan assembled and developed multiple high-quality assets throughout Central & Southern Alberta and Southeast Saskatchewan
  • Through infill horizontal development drilling and its application of multi-stage frac technology, Spartan unlocked significant resource potential in both light and tight oil plays
  • Developed a deep inventory of highly economic light oil drilling locations and waterflood projects capable of delivering sustainable growth and free cash flow
  • Focused capital on high quality, long life, operated, multi-zone potential with existing infrastructure and capacity
  • Spartan Exploration: grew production from ~400 boe/d to ~2,500 boe/d and sold to Penn West, outperforming the TSX Energy Index by ~90%
  • Spartan Oil: sold to Bonterra for ~$480 million in 2013 after growing production to >4,000 boe/d
  • Spartan Energy: sold to Vermilion Energy for C$1.4 billion in 2018 at a production of level of 23,000 boe/d and independently evaluated P+P reserves of 113.5 MMBoe

January 6, 2021

20

THE SPARTAN DOMESTIC ADVANTAGE

Domestic Operational Track Record

From 2014 to its sale to Vermilion Energy, Spartan Energy established itself as the lowest cost operator in the Southeast Saskatchewan area

  • Average DCET costs for Mississippian wells below area peers at $750k
  • Strong relationships with key service providers are intact and ensure efficiencies through preferential rates and pre-existing

personnel

Mississippian DCET Capex ($000's)(1)

Management's ability to acquire and efficiently integrate assets has been proven through past transaction activity

  • Management steadily reduced operating costs following two separate "acquisition cycles"
  • Spartan Energy completed 11 transactions (asset and corporate) in just under a four-year time frame, more than any other corporation in the basin

Spartan Energy - Operating Costs ($/boe)

$1,200

$1,000

$1,000

$920

$900

$800

$750

$600

$400

$200

$0

$22.00

$20.00

$18.00

$16.00

$14.00

$12.00

$10.00

Acquisition OPEX

Spartan Energy

Company 1

Company 2

Company 3

(1) Peer group includes Vermilion, TORC, and Crescent Point

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014

2015

2016

2017

2018

January 6, 2021

21

SPARTAN ENERGY

263% Total Return and 33% CAGR | December 2013 - May 2018

Overview

  • Spartan Energy completed the recapitalization of Alexander Energy in December 2013 and shortly after acquired Renegade Petroleum in March 2014
  • Over a 4-year period, management grew production from ~650 boe/d to ~22,750 boe/d through an acquisition and development strategy
  • During a period of significant uncertainty in the energy markets, management stewarded capital efficiently and delivered above market shareholder returns

Relative Performance (Indexed to 100)

300

Spartan

250

TSX Energy

Post-recapitalization,

Spartan consistently

outperformed the TSX

Energy Index

200

150

100

50

Dec-13Jun-14Dec-14Jun-15

Dec-15Jun-16

Dec-16Jun-17Dec-17

Production Growth

25,000

150.0

Production (boe/d)

20,000

120.0

Share Per Production

15,000

90.0

).(boe/d/mmsh

10,000

60.0

5,000

30.0

0

0.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2014

2015

2016

2017

2018

Total Production

Production per Share

Cash Flow Growth

$60.0

$0.60

Cash

($mm)

$40.0

$0.40

PerFlow

$20.0

$0.20

CashFlow

.($/mmshShare

)

$0.0

$0.00

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

2014

2015

2016

2017

2018

Cash Flow

Cash Flow per Share

January 6, 2021

22

HISTORICAL EV/DACF MULTIPLE COMPARISON

Spartan Energy Corp. vs Premium Light Oil Peers (1)

Fwd EV/NTM DACF Multiple (x)

16.0x

Spartan Energy Corp.

14.0x

Light Oil Peer Avg. (2)

The Spartan management team has

historically traded at, or above, the premium

light oil company average multiple (1).

12.0x

10.0x

8.0x

6.0x

Light Oil Peer Avg.

4.0x

2.0x

Source: Factset Consensus Estimates (-)

January 6, 2021

23

  1. Light Oil Peer Avg. includes: CPG, ERF, RRX, SGY, TOG, TVE, WCP
  2. Comparable EV/NTM DACF period subject to Factset broker estimate availability (May 9, 2014 to the close of the acquisition of Spartan Energy Corp. by Vermilion Energy Inc. on May 28, 2018)

SPARTAN OIL

268% Total Return and 128% CAGR | June 2011 - January 2013

Overview

  • Formed through the spin-out of certain Cardium assets and SE Saskatchewan assets from Spartan Exploration
  • Spartan continued to consolidate its position in the Pembina Cardium, where it successfully built a large contiguous land position and drilled 80 gross wells with 100% success rate
  • In less than two years, Spartan Oil grew production per share >500% and cash flow per share >1,000%
  • Announced its sale to Bonterra in December 2012 at top decile metrics

Relative Performance (Indexed to 100)

250

Spartan

As a public company, Spartan

TSX Energy

outperformed the TSX Energy

Index by ~130%

200

150

100

50

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Production Growth

5,000

60.0

Production (boe/d)

4,000

48.0

Share Per Production

3,000

36.0

).(boe/d/mmsh

2,000

24.0

1,000

12.0

0

0.0

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2011

2012

Production

Production per Share

January 6, 2021

Cash Flow Growth

$25.0

$0.30

Cash

$20.0

$0.24

($mm)

Per Flow

$15.0

$0.18

Cash Flow

$10.0

$0.12

.($/mmsh Share

$5.0

$0.06

$0.0

$0.00

)

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2011

2012

Cash Flow

Cash Flow per Share

24

SPARTAN EXPLORATION

573% Total Return and 80% CAGR | January 2010 - May 2011

Overview

  • Spartan Exploration was formed in Q1-2008 with a view of targeting tight oil resources plays in western Canada
  • Spartan accumulated Cardium, Bakken and Shaunavon assets throughout 2008 and 2010 followed by a reverse takeover (RTO) recap transaction of a TSX listed shell company
  • From the RTO transaction in Q1-2010 to its sale in Q1-2011, Spartan grew production from ~400 boe/d to ~2,500 boe/d delivering production per share growth of >425% and cash flow per share growth of >650%

Relative Performance (Indexed to 100)

250

Spartan

TSX Energy

As a public company,

200

Spartan outperformed the

TSX Energy Index by ~90%

150

100

50

Jan-10

Apr-10

Jul-10

Oct-10

Jan-11

Apr-11

Production Growth

Cash Flow Growth

3,000

90.0

$14.0

2,500

75.0

SharePer Production

$12.0

Production (boe/d)

2,000

60.0

Cash Flow ($mm)

$10.0

1,500

45.0

$8.0

$6.0

1,000

30.0

$4.0

(boe/d/mmsh).

500

15.0

$2.0

0

0.0

$0.0

Q1

Q2

Q3

Q4

Q1

2010

2011

Production

Production per Share

January 6, 2021

$0.35

Cash

$0.30

$0.25

Flow

$0.20

Per

$0.15

Share

$0.10

).($/mmsh

$0.05

$0.00

Q1

Q2

Q3

Q4

Q1

2010

2011

Cash Flow

Cash Flow per Share

25

DISCLAIMER

Forward Looking Statements. Certain information included in this presentation constitutes forward-looking information under applicable securities legislation. Forward looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this presentation may include, but is not limited to, statements about: corporate strategy, objectives, strengths and focus of Spartan; the intentions of management and Spartan with respect to its growth strategy and business plan; Spartan's expectations regarding its 2020/2021 drilling program, including the location of wells, scheduled drilling dates and the timing of expected pay out from such wells; Spartan's intentions to maintain balance sheet flexibility to allow Spartan to take advantage of future opportunities; Spartan plans to deliver strong operational performance and reduce debt through free funds flow generation; Spartan's production forecasts; Spartan's cost-cutting measures and the results thereof; Spartan's ESG initiatives; Spartan's capital expenditure budget and plans, and its ability to fund capital expenditures through operating activities; Spartan's position to withstand future commodity price volatility and expectations regarding challenging long-term market conditions; the continuation of Spartan's strategic partnerships, and expected benefits therefrom. Statements relating to "reserves" 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 or estimated and that the reserves can be profitably produced in the future.

The forward-looking statements contained in this presentation are based on certain key expectations and assumptions made by Spartan, including expectations and assumptions concerning the performance of Spartan's management team and board, the success of future drilling, development and completion activities, 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, prevailing weather and break-up conditions and access to drilling locations, commodity prices, price volatility, price differentials and the actual prices received for products, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, Spartan's ability to complete planned capital expenditures within budgeted cost estimates, the ability to market oil and gas successfully, Spartan's ability to integrate assets and employees acquired through acquisitions and the creditworthiness of industry partners.

Although Spartan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Spartan can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, stock market volatility, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), incorrect assessment of the value of acquisitions, failure to complete or realize the benefits of acquisitions, constraint in the availability of services, commodity price and exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation (including but not limited to tax laws, royalty regimes and environmental legislation), adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with

respect to exploration or development projects or capital expenditures. Production forecasts are directly impacted by commodity prices and the actual timing of our capital expenditures. Actual results may vary materially from forecasts due to changes in interest rates, oil differentials, exchange rates and the timing of expenditures and production additions. In addition, Spartan cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on Spartan. While the precise impact of the COVID-19 virus on Spartan remains unknown, rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity, and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to Spartan. Please refer to the Spartan's most recent Annual Information Form and MD&A for additional risk factors relating to Spartan, which can be accessed either on Spartan's website at www.spartandeltacorp.com or under the Company's profile on www.sedar.com. 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.

The forward-looking information contained in this presentation is made as of the date hereof and Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this presentation is expressly qualified by this cautionary statement.

FOFI: This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Spartan's prospective results of operations, production, working capital, enterprise value, recycle ratio, payout, operating netback, share price, investment yield, net debt, cash flow, free cash flow, NPV10, IRR, EUR, return of capital, operating costs, cost reductions 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 presentation was approved by management of the date of this presentation and was provided for the purpose of providing further information about Spartan's anticipated future business operations. Spartan disclaims any intention or obligation to update or revise any FOFI contained in this presentation, 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 presentation should not be used for purposes other than for which it is disclosed herein.

Third Party Information: Certain information contained herein has been obtained from published sources prepared by independent industry analysts and third-party sources (including industry publications, surveys and forecasts). While such information is believed to be reliable for the purpose used herein, none of the directors, officers, owners, managers, partners, consultants, shareholders, employees, affiliates or representatives assumes any responsibility for the accuracy of such information. Some of the sources cited in this presentation have not consented to the inclusion of any data from their reports, nor has Spartan sought their consent.

January 6, 2021

26

DISCLAIMER CONT'D

Oil and Gas Advisories

BOE Disclosure.The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this presentation are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

References to "oil" in this presentation include crude oil and condensate. References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "liquids" includes oil and NGLs. References to "gas" relates to natural gas.

National Instrument 51-101- Standards of Disclosure for Oil and Gas Activities includes

condensate within the product type of "natural gas liquids". Spartan has disclosed condensate sales separate from natural gas liquids because the value equivalency of condensate is more closely aligned with crude oil. The Company believes the presentation of condensate as disclosed herein provides a more accurate representation of operations and results therefrom.

Reserves Disclosure.All reserves information in this presentation was prepared by InSite for Bellatrix effective December 31, 2019 using InSite's December 31, 2019 forecast prices and costs in accordance with National Instrument 51-101 - Standards of Disclosure of Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook"). 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 and before the consideration of the Company's royalty interests. It should not be assumed that the present worth of estimated future cash flow of net revenue presented herein represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. The recovery and reserve estimates of Spartan's crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and NGLs reserves may be greater than or less than the estimates provided herein.

Original Oil In Place ("OOIP")is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.

Original Gas In Place ("OGIP")is that quantity of gas that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of gas that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.

Type Curves.- The reservoir engineering and statistical analysis methods utilized is broad and can include various methods of technical decline analyses, and reservoir simulation all of which are generally prescribed and accepted by the COGE Handbook and widely accepted reservoir engineering practices. These type curves were generated internally and validated by our internal qualified reserves evaluator. Such type curves do not necessarily reflect the type curves used by our independent qualified reserves evaluator in estimating our reserves volumes. The type curves

used by InSite for Bellatrix's most recent independent reserves evaluation as of December 31, 2019 may have different estimated ultimate recovery than the type curves upon which the economics presented herein are based; however, this is expected as Insite's estimates are primarily based on only historical results whereas Spartan's Management Internal Forecast type curves utilize historical results and analogous information to provide an estimate of productivity and reserves in the future. Management Internal Forecast curves incorporate the most recent data from actual well results and would only be representative of the specific drilled locations. There is no guarantee that Spartan will achieve the estimated or similar results derived therefrom.

Drilling Locations / Inventory.This presentation discloses drilling inventory in three categories: (a) proved locations; (b) probable locations; and (c) unbooked/potential locations. Proved locations and probable locations are derived from: (a) the reserves evaluation prepared by InSite for Bellatrix effective December 31, 2019; and (b) the reserves evaluation prepared by Sproule Associates Limited for Spartan effective December 31, 2019, both in accordance with NI 51-101 and the COGE Handbook and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on the prospective acreage of the Assets and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Of the 637 identified net drilling locations identified within the Assets (slide 17, 18), 220.6 are net proved locations, 74.9 are net probable locations and 340 are net potential unbooked locations. Vertical locations in the Cardium, Edmonton, McLaren, Rock Creek, along with 2.0 net Rock Creek horizontal locations have been removed from the booked well count due to Spartan having uncertainty of their economic viability. Of the 60+ identified locations on slide 19, 6.0 net are proved locations, 5.0 net are probable locations and 49.0 net are unbooked potential locations. Unbooked locations have been identified by management as an estimation of our multi‐year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled, there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which we actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations being de‐risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir, and therefore, there is more uncertainty whether wells will be drilled in such locations. If these wells are drilled, there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

US Disclaimer. This presentation is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

January 6, 2021

27

DISCLAIMER CONT'D & KEY PERFORMANCE INDICATORS

Non-GAAP Financial Measures and Other Key Performance Indicators

This presentation contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS or Generally Accepted Accounting Principles ("GAAP"). As these non-GAAP financial measures are commonly used in the oil and gas industry, the Company 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 used in this 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.

"Operating Income (Loss)" abbreviated as "NOI" is calculated by deducting operating and transportation expenses from total revenue, after realized gains or losses on commodity price derivative financial instruments. Total revenue is comprised of oil and gas sales, net of royalties, plus processing and other revenue. The Company refers to Operating Income (Loss) expressed per unit of production as an "Operating Netback".

"Funds from Operations" is calculated as cash provided by (used in) operating activities before changes in non-cash working capital.

"Adjusted Funds from Operations" is calculated by adding back transaction costs on acquisitions and settlements of decommissioning obligations to Funds from Operations. Adjusted Funds from Operations can also be calculated by deducting general and administrative and interest expenses (net of interest income) from Operating Income (Loss). Spartan's "Corporate Netback" is equal to Adjusted Funds from Operations expressed per unit of production.

"Adjusted Funds from Operations per Share" is calculated on a consistent basis with net income (loss) per share, using basic and diluted weighted average common shares as determined in accordance with IFRS.

"Funds Flow" is calculated by deducting payments on lease liabilities from Funds from Operations. "Adjusted Funds Flow" is calculated by adding back transaction costs on acquisitions to Funds Flow.

"Net Debt (Surplus)" throughout this presentation, references to "Net Debt" include bank debt, net of Adjusted Working Capital. "Adjusted Working Capital" is calculated as current assets less current liabilities, excluding derivative financial instrument assets and liabilities and lease liabilities. As at September 30, 2020, the Adjusted Working Capital surplus includes cash and cash equivalents, accounts receivable, prepaid expenses and deposits, accounts payable and accrued liabilities and the current portion of decommissioning obligations. Spartan uses "Net Debt" as a measure of the Company's financial position and liquidity, however it is not intended to be viewed as an alternative to other measures calculated in accordance with IFRS.

"Enterprise value" is calculated as the Market Capitalization of the Company plus Net Debt, where "Market Capitalization" is defined as the total number of common shares outstanding multiplied by the price per share at a given point in time.

"Free Funds Flow (FCF)" is calculated as Funds Flow less exploration and development capital expenditures. "Free Funds Flow per Share" is calculated as the Free Funds Flow divided by the number of common shares outstanding divided by the current share price. Other Key

Performance Indicators

Capital Efficiency: Capital efficiency is the amount spent to add an additional barrel a day of production to a company's annual exit production.

EUR: Estimated Ultimate Recovery ("EUR") approximates the quantity of oil or gas that is potentially recoverable or has already been recovered from a reserve or well. EUR is not a defined term within the COGE Handbook and therefore any reference to EUR in this Presentation is not deemed to be reported under the requirements of NI 51-101. Readers are cautioned that there is no certainty that the Company will ultimately recover the estimated quantity of oil or gas from such reserves or wells.

EV/DACF: is the enterprise value divided by the debt adjusted cash flow and is used as a measurement of the value of the company.

Finding and development ("F&D") cost: is the sum of capital expenditures incurred in the period and the change in future development capital ("FDC") required to develop reserves. F&D cost per BOE is determined by dividing current period net reserve additions into the corresponding period's F&D cost. Readers are cautioned that the aggregate of capital expenditures incurred in the year, comprised of exploration and development costs and acquisition costs, and the change in estimated FDC generally will not reflect total FD&A costs related to reserves additions in the year.

IRR: Internal rate of return ("IRR") is the discount rate required to arrive at an NPV equal to zero. Rates of return set forth in this Presentation are for illustrative purposes. There is no guarantee that such rates of return will be achieved in the future.

IP90: The initial production from a well for the first 2,160 hours (90 days) based on operating/producing hours.

NPV10: the anticipated net present value of the future net operating income after capital expenditures, discounted at a rate of 10% (before tax).

Recycle Ratio: is a measure for evaluating the effectiveness of a company's re-investment program. The ratio measures the efficiency of capital investment by comparing the operating netback per BOE to F&D cost per BOE.

Sustaining / Maintenance Capital: is the estimated capital required to bring on new production which offsets the natural decline of the existing production and keeps the year-over-year production flat.

"Proactive Asset Retirement Capital" is the amount required to maintain compliance with regulator mandated asset retirement of the Company's inactive asset base.

Production per common share (PPS): is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with IFRS.

January 6, 2021

28

PRICE DECK DETAILS

Budget Pricing

All guidance, forecasts and economics are based on the following budget price deck (unless otherwise stated):

Q4/20E

2021E

2022E

2023E+

AECO Gas

C$/GJ

$2.75

$2.75

$2.50

$2.25

WTI Oil

US$/bbl

$45.00

$45.00

$45.00

$45.00

Edmonton Cond Differential

US$/bbl

$2.00

$2.00

$2.00

$2.00

Edmonton Condensate

C$/bbl

$56.76

$56.76

$56.76

$56.76

Edmonton Oil Differential

US$/bbl

$4.00

$4.00

$4.00

$4.00

Edmonton Oil

C$/bbl

$54.12

$54.12

$54.12

$54.12

Conway Propane

US$/Gal

$0.50

$0.50

$0.50

$0.50

FX

US$/C$

1.32

1.32

1.32

1.32

Additional Notes on Spartans Average Realized Pricing:

  • Ethane priced on AECO plus approximately C$ 1.20/GJ
  • Propane priced at Conway minus approximately $US 0.29/GAL
  • Butane priced at 45% of WTI minus approximately C$ 3.80/bbl
  • Pentane priced on Edmonton Condensate minus approximately C$3.80/bbl

January 6, 2021

29

ABBREVIATIONS

AECO

Alberta Energy Company "C" Meter Station of the NOVA Pipeline System

ARO

Asset Retirement Obligations

b

Basic shares outstanding

bbl; bbl/d

barrel; barrels per day

bcf; bcf/d

Billion cubic feet of natural gas; billion cubic feet per day of natural gas

boe; boe/d

Barrels of oil equivalent; barrels of oil equivalent per day

BXE

Bellatrix Exploration Ltd.

CCAA

Companies' Creditors Arrangement Act (Canada)

cf/d

cubic feet per day of natural gas

CO&O

Construction, Ownership, and Operating Agreement

DCET

Drill, complete, equip and tie-in capital cost

ESG

Environmental, Social and Governance

EUR

Estimated ultimate recovery (see disclaimers)

EV/DACF

Enterprise value divided by the debt adjusted cash flow (see disclaimers)

F&D

Finding and development cost per barrel of oil equivalent (see disclaimers)

f.d.

Fully diluted shares outstanding

FCF

Free Cash Flow (see disclaimers)

FX

Exchange rate: US Dollars divided by Canadian Dollars

G&A

General and administrative expense

GJ

Gigajoules

IFRS

International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB')

IP90

The average hydrocarbon production rate for the first 90 days of a well's life

IRR

Internal rate of return percentage (see disclaimers)

LMR

Liability Management Rating (Alberta)

M or m

Thousand

MM or mm

Million

NGLs

Natural Gas Liquids

NOI

Net Operating Income (see disclaimers)

NPV10

Net Present Value with a discount rate of 10% (see disclaimers)

PDP

Proved Developed Producing Reserves

SDE

Trading symbol for Spartan Delta Corp. common shares on the TSX Venture Exchange

TP

Total Proved Reserves

TV

Total Value or Total Net Consideration

WTI

West Texas Intermediate Oil Price (US$/bbl)

January 6, 2021

30

Info@SpartanDeltaCorp.com

www.SpartanDeltaCorp.com

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Spartan Delta Corp. published this content on 06 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2021 14:51:00 UTC