SPARTAN DELTA CORP. ANNOUNCES 2025 RESERVES
Executive Summary
- Spartan Delta Corp. released its year‑end independent reserves evaluation for December 31, 2025, showing substantial growth across all reserve categories (e.g., total proved plus probable reserves up 18%).
- Reserve replacement ratios exceeded 100% for all categories (149% PDP, 302% TP, 430% TPP), indicating the company added more reserves than it produced in 2025.
- The before‑tax net present value (NPV) of reserves increased 22% for PDP, 11% for TP and 15% for TPP despite lower commodity pricing.
Key Details
- Reserve Growth Highlights
- Proved developed producing (PDP) reserves ↑ 9%; total proved (TP) ↑ 19%; total proved plus probable (TPP) ↑ 18%.
- Corporate oil & condensate PDP ↑ 56%, TP ↑ 70%, TPP ↑ 64%.
- Duvernay PDP ↑ 145%, TP ↑ 89%, TPP ↑ 81%; TPP reserves represent only 14% of internally identified inventory.
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Deep Basin reserves grew 1‑3% across all categories despite a maintenance‑only capital program.
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Reserve Volumes (December 31, 2025)
- Proved developed producing: 7,199 Mbbls oil, 24,436 Mbbls NGL, 344,737 MMcf gas → 89,091 MBOE; FDC $15 MM.
- Proved undeveloped: 26,660 Mbbls oil, 27,010 Mbbls NGL, 326,915 MMcf gas → 108,156 MBOE; FDC $1,720 MM.
- Total Proved: 33,860 Mbbls oil, 51,446 Mbbls NGL, 671,652 MMcf gas → 197,247 MBOE; total FDC $1,735 MM.
- Probable: 23,309 Mbbls oil, 34,817 Mbbls NGL, 447,010 MMcf gas → 132,627 MBOE; FDC $863 MM.
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Total Proved + Probable (TPP): 57,168 Mbbls oil, 86,262 Mbbls NGL, 1,118,662 MMcf gas → 329,875 MBOE; total FDC $2,598 MM.
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Before‑Tax Net Present Value (NPV) @10% Discount
- PDP: $992 MM (0% discount) to $604 MM (20%); unit value $9.82/BOE.
- Proved undeveloped: $1,119 MM to $134 MM; unit value $4.64/BOE.
- Total Proved: $2,111 MM to $738 MM; unit value $6.98/BOE.
- Probable: $2,299 MM to $443 MM; unit value $7.65/BOE.
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TPP: $4,409 MM to $1,181 MM; unit value $7.25/BOE.
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Reserve Replacement Ratios (2025)
- PDP: 149%
- TP: 302%
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TPP: 430%
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Reserve Life Index (RLI)
- PDP: 4.9 years
- TP: 10.8 years
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TPP: 18.1 years
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Future Development Costs (FDC) – Undiscounted
- TP total $1,735 MM; TPP total $2,598 MM.
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Annual FDC required to bring reserves on production (2026‑2030):
- 2026: $383 MM (TP & TPP)
- 2027: $447 MM
- 2028: $459 MM
- 2029: $298 MM (TP), $528 MM (TPP)
- 2030: $131 MM (TP), $356 MM (TPP)
- Thereafter: $17 MM (TP), $425 MM (TPP).
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Discounted FDC @10%
- TP: $1,426 MM
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TPP: $1,952 MM
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Forward‑Looking Statements – Management expects continued organic drilling in the Duvernay and Deep Basin, optimization of assets, and participation in regional consolidation.
Notable Quotes
- “Spartan’s reserve growth across all categories underscores the success of our delineation strategy in the Duvernay and validates our disciplined capital approach in the Deep Basin,” – Fotis Kalantzis, President & CEO.