Natural Gas, ZERO Debt, Surplus And Production Growth Another debt-free natural gas weighted-company is new and unknown Spartan Delta (SDE). Unlike VLE that has exposure to Turkey, SDE has exposure only to Canada.
SDE is natural-gas weighted and is currently producing about 30,000 boepd (70% gas, all sold at AECO prices).
Currently, SDE is debt-free with surplus of CAD$35 million, facts below:
https://www.globenewswire.com/news-release/2021/02/16/2176560/0/en/Spartan-Delta-Corp-Announces-Three-Strategic-Acquisitions-and-80-0-Million-Financing.html
Proforma the latest deals, SDE produces 36,000 boepd while also remaining debt-free with a significant surplus of CAD$54 million by the end of 2021, based on the latest guidance below:
https://www.globenewswire.com/news-release/2021/02/16/2176560/0/en/Spartan-Delta-Corp-Announces-Three-Strategic-Acquisitions-and-80-0-Million-Financing.html
So debt-free SDE has the strongest balance sheet while being the most undervalued Canadian nat gas weighted producer because SDE currently trades at just C$9,000 per boepd and just about 2.4 times its annual cash flow.
Insiders own about about 25%.
SDE's management team has an impeccable pedigree with very high returns from their previous 3 companies, Spartan Exploration, Spartan Oil, Spartan Energy sold to VET. My two cents.