The Globe and Mail reports in its Thursday, Feb. 12, edition that BMO Capital Markets analyst Jeremy McCrea continues to rank Spartan Delta "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. McCrea gave his share target a $2 boost to $11. Analysts on average target the shares at $9.59. Mr. McCrea says in a note: "Technological advancements have reshaped the economics of the Duvernay, drawing increased investor interest. Spartan Delta stood out in 2025 as one of the market's top performers, up 116 per cent (versus XEG at 14 per cent). With [Tuesday's] update, the company released preliminary reserves highlighting a 9-per-cent PDP reserve increase, a 145-per-cent Duvernay PDP reserve increase, and a reserve life index of 4.9 years. With much of the year in 'build and land acquisition' mode, we expect to see further reserve growth and a recycle ratio that should move higher in the coming years." The Globe reported on April 20, 2024, that Mr. McCrea had reinstated coverage on Spartan Delta with an "outperform" rating and $5.50 share target. It was then worth $3.89. The Globe reported on Jan. 29, 2025, that Ventum Capital's Adam Gill rated Spartan Delta "buy." It was then worth $9.20.