Spartan Delta (SDE.TO and DALXF) Update - June 9

[dan_s]

I have posted our updated profile and my forecast/valuation model for Spartan Delta to the EPG website.

Spartan Delta is a "Gasser" with a 2025 production mix of approximately 62.5% natural gas, 23.5% NGLs and 14% crude oil & condensate.
It is an Aggressive Growth company that is trading at less than 50% of its PV10 Net Asset Value based only on its proved reserves.

If natural gas prices do rebound in Western Canada, the PV10 NAV should be much higher by the end of this year.

Read page 1 of the profile to understand why natural gas prices in Western Canada should increase significantly in 2H 2025.

Other Canadian companies that should get a nice revenue boost from rising natural gas prices are:
Peyto Exploration & Develpment (PEY.TO)
InPlay Oil (IPO.TO)
ROK Resources (ROK.V)
Rubellite Energy (RBY.TO)
Journey Energy (JOY.TO)

Spartan Delta will soon be announcing 7 horizontal well results in their Duvernay Joint Venture with Journey Energy. If these 7 new wells come on strong like the two best wells they completed in the JV late in 2024, it should draw a lot of attention to both companies. Within the JV acreage there are ~200 development drilling locations.

The Spartan Delta profile will be emailed to all EPG members at 10AM CT today.