Mr. Fotis Kalantzis reports

SPARTAN DELTA CORP. UPSIZES PREVIOUSLY ANNOUNCED EQUITY OFFERING TO $85 MILLION

As a result of excess demand, Spartan Delta Corp. has agreed with the syndicate of underwriters led by National Bank Financial Inc., as lead underwriter and sole bookrunner, to increase the size of its previously announced bought deal equity financing from $50-million to $85-million.

The underwriters have agreed to purchase for resale to the public, on a bought deal basis, a total of 22,252,000 common shares of Spartan at a price of $3.82 per common share for gross proceeds of approximately $85-million. The underwriters will have an option to purchase up to an additional 15 per cent of the common shares issued under the equity offering at a price of $3.82 per common share to cover overallotments and for market stabilization purposes, exercisable, in whole or in part, at any time until 30 days after closing. In all other respects, the terms of the equity offering and use of proceeds therefrom will remain as previously disclosed in the Jan. 13, 2025, press release.

The completion of the equity offering is subject to customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange. The closing of the equity offering is expected to occur on or around Jan. 30, 2025.

About Spartan Delta Corp.

Spartan is committed to creating value for its shareholders, focused on sustainability both in operations and financial performance. The company's culture is centred on generating free funds flow through responsible oil and gas exploration and development. The company has established a portfolio of high-quality production and development opportunities in the Deep basin and the Duvernay. Spartan will continue to focus on the execution of the company's organic drilling program across its portfolio, delivering operational synergies in a respectful and responsible manner to the environment and communities it operates in. The company is well positioned to continue pursuing optimization in the Deep basin, participate in the consolidation of the Deep basin fairway, and continue growing and developing its Duvernay asset.

We seek Safe Harbor.