Spartan Delta Corp T.SDE

Triple 5 Bankruptcy Acquisition

[CarlosDanger69]

Found this on Insolvency Insider, looks like SDE has another acquistion on the hopper. Triple 5 Intercontinental Group is in CCAA and Spartan has made an offer of $37.5 Million to acquire the company. Very low ARO; 10 wells, 2600 BOE/D 80% Gas out of some prolific Spirit River formation horizontal wells. 

Read more about it in the court documents below.
https://www.bdo.ca/en-ca/extranets/calgaryoilandgas/

[TouchDown12]

Thanks for your eyes on this Carlos. I have been swiching my portfolio around to buy more SDE in the last week.... and i think these guys really know what they are doing when it comes to Bankrupt Asset redemptions. The companies go broke - but the land doesn't. I figure it may take a year or two but they could really be a big name in a few years. I am hoping for a 2X. TD12

[black4444]

Thanks for reminding everybody about this potential deal that has been in the works for quite a while. It will be interesrting to see if Westbrick counters. With reference to the recently announced $10.1m Montney acquisition, if my research is correct it looks like Hammerhead was the seller. That's another deal with the Riverstone/HHR/CNOR group.  When does SDE go for the whole

[fauxtomato]

It was definitely Hammerhead's acreage from the AER application: Jun 22, 2021 Application to transfer existing AER licences from the current licensee of record Hammerhead Resources Inc. to Spartan Delta Corp. Application includes 3 Facilities and 5 Pipeline Licence(s). 08-064-25W5M,30-062-26W5M,14-063-26W5M,23-063-26W5M,26-063-26W5M,35-063-26W5M,36-063-26W5M,01-064-26W5M,13-062-27W5M I