SPARTAN DELTA CORP. ANNOUNCES YEAR-END 2025 RESULTS, FILING OF ITS 2025 AIF, AND OPERATIONS UPDATE
Executive Summary
- Spartan Delta Corp. reported a strong 2025 year with production of 42,559 BOE/d (up 12% YoY) and net income of C$70.0 M, exceeding guidance and delivering record oil‑weighted growth in its Duvernay asset.
- Adjusted funds flow rose 37% to C$224.7 M ($1.13 per share basic), while operating netback before hedging improved 28% to $14.94/BOE, reflecting higher oil prices and lower costs.
- The company launched its 2026 capital program (C$359 M budget) with four rigs deployed, targeting a Duvernay production goal of 50,000 BOE/d by 2030.
Key Details
- Production Highlights
- Q4‑2025 average: 50,065 BOE/d (44% liquids), +30% vs Q4‑2024.
- Full‑year 2025 average: 42,559 BOE/d (39% liquids), +12% YoY; exceeded midpoint guidance by 6%.
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Duvernay December 2025 record: 14,074 BOE/d (78% liquids), +178% vs Dec‑2024.
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Financial Highlights
- Oil & gas sales FY 2025: C$385.9 M (+28% YoY).
- Net income FY 2025: C$70.0 M (+104% YoY).
- Adjusted funds flow FY 2025: C$224.7 M ($1.13 per share basic, $1.10 diluted), +37% YoY.
- Free funds flow (deficit) FY 2025: –C$134.6 M.
- Capital expenditures before A&D FY 2025: C$359.3 M (budgeted C$319.6 M for drilling/completions + C$39.7 M land acquisitions).
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Net debt at year‑end: C$203.9 M; net‑debt/annualized AFF ratio = 0.6×.
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Operating Metrics
- Crude oil production FY 2025: 4,111 BOE/d (+235% YoY).
- Liquids (oil + condensate + NGLs) FY 2025: 10,451 BOE/d (+13% YoY).
- Average realized crude price FY 2025: $82.68/bbl (‑14% vs 2024).
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Operating netback before hedging FY 2025: $14.94/BOE (↑28%).
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Duvernay Asset
- Drilled 16 wells (13.6 net), completed 16 (13.9 net), brought on‑stream 14 (11.9 net).
- Average IP30 ≈ 1,400 BOE/d and 1,000 bbl/d oil per well.
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Lateral lengths +19%; productivity +25%; drilling/completion costs –17% vs 2024.
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Deep Basin Asset
- Drilled 19 wells (17.1 net), completed & brought on‑stream 17 (15.6 net).
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Continued stable free cash flow despite natural gas price environment.
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2026 Capital Program
- Four rigs deployed: three in Duvernay, one in Deep Basin.
- Duvernay focus: Willesden Green (1 rig) and Gilby (2 rigs); two 2025 wells to be on‑stream Q1 2026; a 2‑well pad completions slated for Q2 2026.
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Deep Basin activity: Viking well drilled, Rock Creek & Mannville wells on‑stream, Wilrich well drilling underway.
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Guidance / Outlook
- Duvernay production target advanced to 50,000 BOE/d by 2030.
- Company retains flexibility to shift capital between assets based on commodity price movements.
Notable Quotes
“2025 represents a transformational year for Spartan as we decisively transitioned into an oil‑weighted Duvernay growth company… We exceeded our annual guidance and are accelerating the execution of our long‑term strategy.” – Fotis Kalantzis, President & CEO
Materiality Assessment: Material – Positive (significant earnings increase, production growth, and strategic outlook).