SPARTAN DELTA CORP. ANNOUNCES YEAR-END 2021 RESERVES CALGARY, AB, Feb. 15, 2022 /CNW/ - Spartan Delta Corp. ("Spartan" or the "Company") (TSX: SDE) is pleased to announce certain unaudited financial and operating highlights for the fourth quarter and year-end 2021, updated guidance for 2022, and select highlights of Spartan's independent oil and gas reserves evaluation prepared by McDaniel & Associates Consultants Ltd. as of December 31, 2021 (the "McDaniel Report").
Fotis Kalantzis, President and Chief Executive Officer of Spartan, commented, "We are pleased to report Spartan's 2021 highlights, showcasing efficient and highly economic organic development alongside expanding our operations and opportunity set with almost one billion dollars of targeted acquisitions. We established a significant Montney core area that repositioned the Company with oil weighted production and development opportunities which provide further commodity diversification to the Spartan portfolio, complimenting the Company's liquids-rich natural gas properties in the central Alberta Deep Basin. Both core areas enable our strategy in generating long term sustainable free funds flow and organic growth. Through the effective integration of our people and assets and the successful execution of the Company's Montney and Deep Basin drilling programs, Spartan delivered strong financial and operating results for 2021 which exceeded full year guidance and built an extensive reserve book with over fifteen years of inventory to develop in each of our two core areas."