Mr. Fotis Kalantzis reports

SPARTAN DELTA CORP. ANNOUNCES THE COMPLETION OF THE PREVIOUSLY ANNOUNCED SPIN-OUT TRANSACTION AND MANAGEMENT CHANGES

Logan Energy Corp. has commenced operations as a new high-growth company following the completion of the previously announced transfer by Spartan Delta Corp. to Logan of its early-stage Montney assets in exchange for common shares and warrants of Logan. In addition, Spartan has completed the distribution of the cash proceeds from the previously announced asset sale, and the Logan shares and Logan warrants issued pursuant to the spinout, to the eligible holders of the common shares of Spartan.

The Logan shares have been conditionally approved for listing by the TSX Venture Exchange. Trading in respect of the Logan shares is expected to commence on or about July 18, 2023, under the symbol LGN.

Pursuant to the distribution, eligible shareholders received:

• $9.50 in cash per Spartan share;
• 1.0 Logan share per Spartan share;
• 1.0 Logan warrant per Spartan share, each warrant entitling the holder to acquire one Logan share at an exercise price of 35 cents per Logan share at any time on or before July 31, 2023.

Action is required by shareholders to receive the distribution. For additional details with respect to eligibility and the process to receive the distribution, see Spartan's press release dated May 10, 2023.

Registered holders of transaction warrants seeking to exercise are required to contact the company's transfer agent, Odyssey Trust Company, for assistance by e-mail at corptrust@odysseytrust.com. If you own transaction warrants through a financial intermediary such as a bank, broker or trust company, and you wish to exercise such warrants, you should contact your financial intermediary.

As previously announced, a special cash dividend of 10 cents per Spartan share will be payable on July 31, 2023, to eligible holders of Spartan shares of record at the close of business on July 14, 2023.

Management and board

Effective July 6, 2023, Richard (Rick) McHardy has resigned as executive chairman but will continue to serve Spartan as chairman of the board. Additionally, Ashley Hohm, vice-president, finance, and controller, Brendan Paton, vice-president, engineering, and Craig Martin, vice-president, operations, have resigned as officers of Spartan and were appointed as officers of Logan. Spartan would like to thank the Logan team for their integral contributions to Spartan's development and strategy, and wishes them success in their future endeavours with Logan.

Logan's management team is led by Rick McHardy, president and chief executive officer, Brendan Paton, chief operating officer and vice-president, engineering, Ashley Hohm, chief financial officer and vice-president, finance, and Mr. Martin.

The Logan board of directors will be composed of Fotis Kalantzis, chairman, Mr. McHardy, Geri Greenall, Reginald Greenslade, Don Archibald, Pat Ward and Ron Hozjan.

Spartan will continue to be led by Fotis Kalantzis, president and chief executive officer, Geri Greenall, chief financial officer, Thanos Natras, vice-president, exploration, and Randy Berg, vice-president, land and stakeholder relations, and welcomes Martin Malek as vice-president, engineering. Mr. Malek brings more than 16 years of engineering and business development experience, and most recently held the role of vice-president, engineering, at a publicly traded Canadian oil and gas company.

The Spartan board of directors continues to be served by Mr. McHardy, Mr. Kalantzis, Mr. Greenslade, Mr. Archibald, Kevin Overstrom and Tamara MacDonald.

About Spartan Delta Corp.

Spartan is committed to creating value for its shareholders, focused on sustainability both in operations and financial performance. Spartan's environmental, social and governance focused culture is centred on generating free funds flow through responsible oil and gas exploration and development. Spartan has established a portfolio of high-quality production and development opportunities in the Deep basin. Spartan will continue to focus on the execution of Spartan'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. Spartan is well positioned to continue pursuing growth with organic drilling, opportunistic acquisitions, and the delivery of free funds flow and periodic special dividends to shareholders.

Spartan's corporate presentation as of July 13, 2023, can be viewed on its website.

Logan's corporate presentation and press release as of July 13, 2023, can be viewed on its website.

We seek Safe Harbor.