Spartan Delta : AUGUST 2, 2023

INVESTOR PRESENTATION

Spartan Delta Corp. (SDE: TSX)

August 2, 2023

CORPORATE SUMMARY

Spartan Delta Corp. (SDE:TSX)

Pure Play Deep Basin

• Highly capital efficient asset drives Free Funds Flow generation
• ~73% of gross sales gas production hedged in H2 2023 at $4.45/GJ preserves funds flow and balance sheet in volatile gas markets
• Deep inventory of economic drilling locations (>750 net) across multiple targets including the Spirit River, Cardium, Rock Creek and Viking
• Significant owned and operated strategic infrastructure with capacity well in excess of current development plan
• Attractive netback driven by low operating costs and deep-cut liquid recovery

Capitalization

Spartan Delta Corp.		TSX	SDE
Share Price(1)		$/sh	4.31
Market Capitalization(1)		$MM	746
Common Shares Outstanding(2)		MM	173.2
Net Debt(2)		$MM	97
Tax Pools(3)		$MM	275
Enterprise Value		$MM	843
Management & Board Ownership		%	14%
August 2, 2023	1)	As at closing August 1, 2023
	2)	As at June 30, 2023
	3)	Estimate as at July 7, 2023

DEEP BASIN

Calgary, Alberta

2

SECOND QUARTER 2023 HIGHLIGHTS

Completed Montney Asset Sale in Q2 2023

UNAUDITED HIGHLIGHTS		FY 2021	FY 2022	Q1 2023	Q2 2023
Crude Oil	boe/d	4,697	12,976	15,034	7,489
Condensate	boe/d	1,924	2,328	2,994	2,269
Natural Gas Liquids (NGLs)	boe/d	9,120	12,612	13,202	11,161
Natural Gas	MMcf/d	191.6	271.0	293.8	222.3
Average Production	boe/d	47,674	73,084	80,200	57,972
Operating Netback, before Hedging	$/boe	23.05	37.71	28.53	19.36
Adjusted Funds Flow	$MM	294	826	182	123
Capital Expenditures, before A&D	$MM	189	434	140	96
Free Funds Flow	$MM	105	392	42	28
Diluted Shares Outstanding, Weighted Average	MM	135	177	177	173
AFF per share, diluted	$/sh	2.18	4.66	1.03	0.71
Exit Net Debt (Surplus)	$MM	458	138	139	97

Average production volumes were 57,972 boe/d (17% oil and condensate, 19% NGLs and 64% natural gas) in the second quarter.

Generated $102 million of Operating Income resulting in an average Operating Netback of $19.36/boe before hedging in the second quarter.

Delivered Adjusted Funds Flow of $123 million ($0.71 per share, diluted) and Free Funds Flow of $28 million in the second quarter.

~$96 MM	8.9 Net	$123 MM AFF	$97 MM	57,972 boe/d
CAPEX	Wells(1)	$28 MM FFF	Q2 2023 Net Debt	Q2 2023
Q2 2023	Q2 2023	Q2 2023

August 2, 2023	1)	Q2 2023 net wells completed	3

STRATEGIC REPOSITIONING PROCESS OUTCOME

Three Outcomes for Shareholders

• Spartan Delta Corp. ("Spartan" or the "Company") is pleased to announce the conclusion of its formal strategic repositioning process which was initiated by its board of directors on November 30, 2022 and has resulted in the following outcomes for its shareholders (the "Spartan Shareholders"):

Assets

I) MONTNEY ASSET SALE	II) SPARTAN DELTA CORP.
TO CRESCENT POINT

Gold Creek		Deep Basin
Karr

1. LOGAN ENERGY CORP. (SPIN-OUT)

Simonette

Pouce Coupe

Flatrock

Flatrock

Pouce Coupe

Gold Creek

Karr

Simonette

Pro Forma Assets

Spartan Delta Corp.

Logan Energy Corp.

Montney Asset Sale

Value

Strategy

$1.7 billion

$9.50 per share sale dividend

Compelling acceleration of value for more mature Montney Development Assets

~39,100 boe/d(1)

PDP Reserves: $812MM NPV10(2)

TP Reserves: $1.3B NPV10(2)

Liquids Rich Gas

Operated Infrastructure

Free Funds Flow

$60.6MM NAV(3) $109MM est. cash position at close

Opportunity Rich

Growth Oriented

Montney

Deep Basin

August 2, 2023	1)	Approximately 39,100 BOE/d full year 2023 comprised of 165 mmcf/d of gas, 9,106 bbl/d of NGLs, 1,745 bbl/d of condensate and 737 bbl/d of oil	4
	2)	As at December 31, 2022 with year-end pricing before tax NPV10; see Reserves Disclosure
	3)	Refer to Management Information Circular for calculation

OUTCOME FOR SPARTAN SHAREHOLDERS

Creation of a New Growth-OrientedPure-Play Montney Company and Spartan Delta Transition

I) MONTNEY ASSET SALE

Eligible Spartan Shareholders received a cash distribution of $9.50 per common share of Spartan

• Spartan shareholders voted to approve a return of capital
• The balance has been distributed to eligible Spartan Shareholders by way of a special dividend
• The special dividend was designated as an "eligible dividend" and the balance was treated as a return of capital by way of a reduction in the stated capital

II) LOGAN ENERGY CORP. ("LOGAN")

Spartan Shareholders received:

• 1.0 common share of Logan (each, a "Logan Share") per Spartan Share
• 1.0 Logan Share purchase warrants (each, a "Transaction Warrant") per Spartan share
• • Each Transaction Warrant entitles holder to acquire 1.0 Logan Share at an exercise price equal to Logan's net asset value of $0.35 per Logan Share on or before July 31, 2023

III) SPARTAN DELTA CORP.

Spartan Shareholders retain equity ownership in Spartan with an immediate return of capital

• Pro forma entity will have ~39,100 boe/d(1) of liquids rich production from its core operating assets in the Alberta Deep Basin
• The Company generates significant sustainable free funds flow from the Deep Basin
• Spartan declared an immediate special cash dividend of $0.10 per share paid on July 31, 2023, to eligible Spartan Shareholders of record on July 14, 2023

August 2, 2023

5

1)	Approximately 39,100 BOE/d full year 2023 comprised of 165 mmcf/d of gas, 9,106 bbl/d of NGLs, 1,745 bbl/d of condensate and 737 bbl/d of oil