Overview

* Spartan Delta ( DALXF ) Q3 oil and gas sales rose 37% yr/yr to C$82.7 mln

* The oil and gas operator's adjusted funds flow increased 61% yr/yr, reflecting strong operational performance

* Q3 production rises 17% yr/yr

Outlook

* Spartan Delta ( DALXF ) expects to meet or exceed its 2025 production guidance of 39,000-41,000 BOE/d

* Company plans to release 2026 operating budget with 2025 annual results

* Spartan Delta ( DALXF ) increases credit capacity to C$450 mln from C$250 mln to support growth strategy

Result Drivers

* DUVERNAY OPERATIONS - Spartan's focus on 100% W.I. wells in Duvernay led to promising production rates, exceeding internal expectations

* DEEP BASIN STRATEGY - Strategic exposure to liquids-rich natural gas in Deep Basin enabled capturing the contango forward curve in natural gas prices

* LIQUIDS GROWTH - A focus on liquids resulted in a 272% YoY surge in crude oil production

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Oil & C$82.74

Gas mln

Sales

Q3 Net C$5.33

Income mln

Q3 C$105.14

Adjusted mln

Capex

Q3 Net C$178.87

Debt mln

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Spartan Delta Corp ( DALXF ) is C$6.25, about 0.8% below its November 4 closing price of C$6.30

* The stock recently traded at 8 times the next 12-month earnings vs. a P/E of 7 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)