09:58 AM EST, 01/30/2025 (MT Newswires) -- Spartan Delta ( DALXF ) on Thursday rose about 2% after the company said it raised $97.8 million through its previously announced upsized bought deal equity financing and updated its 2025 outlook to reflect the closing of the offering.

In the offering, the company sold 25.6 million common shares at $3.82 apiece. Spartan will use proceeds from to accelerate the Duvernay development program.

Spartan said based on forecast average commodity pricing of US$72.00/bbl WTI crude oil and $2.20/GJ AECO natural gas, it expects to generate adjusted funds flow of about $223 million in 2025, an increase of 39% compared to its 2024 outlook.

The company expects adjusted funds flow per share to rise 22% in 2025 versus its 2024 outlook.

Spartan also expects net debt to be $148 million in 2025, down 5% compared with its 2024 outlook, on a 91% larger capital program compared to 2024 outlook.

Shares of the company were last seen up $0.06 at $3.89 in early morning trade on the Toronto Stock Exchange.

Price: 3.89, Change: +0.06, Percent Change: +1.57