Coveo Will Join the Expansion of AgentExchange with MCP Servers, Accelerating AI Adoption for Enterprises
, July 14, 2025 /CNW/ - Coveo (TSX: CVO), the leader in AI-Relevance, delivering best-in-class AI-search and generative experiences that maximize business outcomes at every point-of-experience, today announced the expansion of its partnership with Salesforce and its collaboration with Salesforce for MCP Server on AgentExchange, further enhancing the ability of AI agents to access relevant, accurate, and secure enterprise data through a standardized protocol. Model Context Protocol (MCP) activates AI agents with a wide range of external tools and systems, helping to provide interoperability and centralized governance. With MCP Server, Coveo aims to help customers ground AI agents in their business reality by providing critical retrieval layers that dramatically reduce hallucinations and enable reliable, scalable, and secure outcomes, addressing the challenge of fragmented data and ensuring high-quality inputs for AI agents.
Agentforce is a digital labor platform for enterprises to augment teams with trusted autonomous AI agents in the flow of work. With Salesforce's AgentExchange, a leading AI agent ecosystem for enterprises, customers have access to hundreds of ready-to-use actions, topics, and templates built by partners, and will have access to pre-validated Model Context Protocol (MCP) servers. These servers help customers to quickly create and deploy their digital workforce of AI agents by connecting external tools and data to an MCP-compliant server. For e-commerce businesses, this means AI agents can access real-time product catalogs, inventory data, and customer purchase histories to deliver personalized shopping experiences and accurate product recommendations.
Customers will be able to leverage Coveo's expertise to connect and extend their AI capabilities. The forthcoming Coveo MCP Server on AgentExchange will complement its existing Coveo for Agentforce application on AgentExchange, which provides Agentforce end-users a simplified, intelligent self-service experience, while significantly reducing the time to find information and complete tasks with AI-powered assistance. The expanded partnership reinforces Coveo's commitment to customer success that spans the full breadth of Salesforce opportunities and extends digital labor with Agentforce. For e-commerce retailers, this translates to AI agents that handle customer inquiries about product availability, shipping status, or return policies or AI agents that automate tedious manual merchandising.
"The future of AI lies in modular, scalable, and standards-based systems, and the Model Context Protocol is a critical enabler of this vision," said Patrick Finn, vice president, Alliances at Coveo. "With the upcoming availability of the Coveo MCP Server on AgentExchange, we're empowering enterprises - including ecommerce businesses - to build smarter, more reliable AI agents that are grounded in their unique business data. This expanded partnership with Salesforce underscores our commitment to helping customers unlock the full potential of digital labor with Agentforce, ensuring their AI initiatives are both effective and secure, by providing the essential relevance and secure access to enterprise knowledge that agents need to truly thrive."
"Our partner ecosystem is empowering businesses of all sizes across all industries to participate in the AI agent economy – a multi-trillion dollar market opportunity. We're thrilled that Coveo is expanding with the AgentExchange ecosystem to extend our AI capabilities and help scale digital labor for our customers," said Brian Landsman, CEO of AppExchange and Global Partnerships, Salesforce. "Coveo is at the forefront of grounding GenAI and Agentic AI systems in enterprise knowledge. Agentforce and the expanded AgentExchange provide the enterprise-grade foundation for partners like Coveo to deliver important solutions."
Additional Resources
Salesforce, Agentforce and others are among the trademarks of Salesforce, inc.
About Coveo
Coveo brings superior AI-Relevance to every point-of-experience, transforming how enterprises connect with their customers and employees to maximize business outcomes.
Relevance is about moving from persona to person, the degree to which the enterprise-wide content, products, recommendations, and advice presented to a person online aligns easily with their context, needs, preferences, behavior and intent, setting the competitive experience gold standard. Every person's journey is unique, and only AI can solve the complexity of tailoring experiences across massive, diverse audiences and large volumes and variety of content and products.
Our Coveo AI-Relevance™ Platform enables enterprises to deliver hyper-personalization at every point-of-experience, unifying all their data securely, with the highest level of contextual and prescriptive accuracy while simultaneously optimizing business outcomes.
Coveo brings AI-Relevance to the digital experiences of many of the world's premier and most innovative brands, serving millions of people across billions of interactions.
What we believe is bold: Digital is everywhere, Relevance is not. It's the only way to win in the digital age.
The Coveo AI-Relevance Platform ISO 27001, ISO 27018, and ISO 27017 certified, SOC2 compliant, HIPAA compatible, with a 99.999% SLA available. We are a Salesforce ISV Partner, an SAP EndorsedⓇ App, AWS ISV Accelerate Program member, an Adobe Gold Partner, MACH Alliance member, Optimizely Partner, Shopify Partner, and a Genesys AppFoundryⓇ ISV Partner.Coveo is a trademark of Coveo Solutions Inc.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
a minute ago
- Cision Canada
MCAN FINANCIAL GROUP RELEASES Q2 2025 RESULTS AND DECLARES 41 CENTS CASH DIVIDEND
Core business performing in current environment TORONTO, Aug. 6, 2025 /CNW/ - MCAN Mortgage Corporation d/b/a MCAN Financial Group ("MCAN", the "Company" or "we") (TSX: MKP) reported net income of $20.2 million ($0.51 earnings per share) for the second quarter of 2025, an increase from net income of $19.7 million ($0.52 earnings per share) in the second quarter of 2024. Second quarter 2025 return on average shareholders' equity 1 was 13.19% compared to 13.63% for the same period in the prior year. Our Q2 results were mainly impacted by higher mortgage spread income and higher income from MCAP partially offset by higher provisions for credit losses compared to the same prior year period. For YTD 2025, we reported net income of $36.8 million ($0.94 earnings per share), a decrease from net income of $43.0 million ($1.17 earnings per share) for the same prior year period. Return on average shareholders' equity 1 was 12.10% for YTD 2025 compared to 15.31% for the same prior year period. We reported lower total net income for YTD mainly as a result of higher provisions for credit losses due to the forecasted economic and geopolitical environment. We are committed to a strategy of managing controllable factors to protect our bottom line and capital. We expect to take advantage of opportunities that arise in the current market environment. We believe that we have a quality loan portfolio with conservative loan to value ratios supporting our loans. The Board of Directors declared a third quarter regular cash dividend of $0.41 per share to be paid on September 29, 2025 to shareholders of record as of September 15, 2025. As a mortgage investment corporation, we pay out all of our taxable income to shareholders through dividends. "We recorded quality results for the second quarter of 2025 up 22% from Q1 2025 and 2% from Q2 2024. We continue to leverage our brand and exceptional customer service to take advantage in the marketplace, with record originations in our insured residential lending business while maintaining our spreads. Although we recorded higher provisions for credit losses than the prior year, our credit quality remains resilient as it has since our founding," said Derek Sutherland, CEO of MCAN. "In July 2025, we launched a new uninsured residential mortgage third-party securitization program with one of the major Canadian banks which will add to our securitization income and allow us to grow our uninsured originations. Looking ahead, we are focused on tapping new growth opportunities to drive value for all our stakeholders." HIGHLIGHTS Total assets reached $5.7 billion at June 30, 2025, a net increase of $391 million (7.3%) from December 31, 2024. Non-securitized mortgage portfolio totalled $2.7 billion at June 30, 2025, a net increase of $277 million (11%) from December 31, 2024. Uninsured residential mortgages totalled $1.2 billion at June 30, 2025, a net increase of $53 million (5%) from December 31, 2024. Uninsured residential mortgage originations totalled $231 million for YTD 2025, an increase of $34 million (17%) from YTD 2024. The economic and interest rate environment and its impact on the housing market and borrowers had improved somewhat due to expectations about further interest rate cuts. We had steady uninsured residential mortgage renewal rates with renewals of $245 million for YTD 2025 compared to $259 million for YTD 2024. This business is supported by outstanding service to our brokers, originators and customers. Construction and commercial mortgages totalled $1.2 billion at June 30, 2025, a net increase of $77 million (7%) from December 31, 2024. In 2025, the movement in the construction and commercial portfolios is attributed to new loan advances of $323 million in construction and commercial mortgages, slightly offset by repayments from completing projects. Originations have been steady this year and some extensions of projects due to normal construction delays or normal delays relating to the permitting and zoning process meant that we have not experienced as much run-off in the portfolio as expected. To date, projects continue to progress toward completion. Securitized mortgages totalled $2.4 billion at June 30, 2025, a net increase of $9 million (0.4%) from December 31, 2024. Our insured residential mortgage securitization volumes were $211 million in Q2 2025, an increase of $54 million (34%) from Q2 2024 and $264 million YTD 2025, a decrease of $107 million (29%) from YTD 2024. We use various channels in funding the insured residential mortgage portfolio, in the context of market conditions and net contributions over the life of the mortgages, in order to support our overall business. We have seen better securitization spreads compared to prior year. Beginning in July 2025, we have an agreement with a Canadian Schedule I Chartered bank to participate in an uninsured residential mortgage third-party securitization program sponsored by the bank. Under this agreement, we can sell our uninsured residential mortgages into the program and they remain in the program until maturity. In July 2025, we sold $80.2 million into this program. This is an integral part of our diversification and capital optimization strategy. FINANCIAL UPDATE Net non-securitized mortgage spread income 1 increased by $0.5 million for Q2 2025 from Q2 2024 mainly due to a higher average non-securitized mortgage portfolio balance from mortgage portfolio growth, offset by a reduction in the spread of non-securitized mortgages over term deposit interest and expenses. For YTD 2025, net non-securitized mortgage spread income 1 decreased by $1.2 million from YTD 2024 mainly due to a reduction in the spread of non-securitized mortgages over term deposit interest and expenses partially offset by a higher average non-securitized mortgage portfolio balance from continued originations and renewals. Net securitized mortgage spread income 1 increased by $0.5 million for Q2 2025 from Q2 2024 and increased $1.0 million YTD 2025 from YTD 2024 due to a higher average securitized mortgage portfolio balance and an increase in the spread of securitized mortgages over liabilities. For Q2 2025, we had a provision for credit losses on our non-securitized mortgage portfolio of $2.2 million compared to a provision for credit losses of $1.4 million in Q2 2024. For YTD 2025, we had a provision for credit losses on our non-securitized mortgage portfolio of $5.3 million compared to a provision for credit losses of $0.8 million for 2024. Equity income from MCAP Commercial LP totalled $9.7 million in Q2 2025, an increase of $2.0 million (26%) from $7.7 million in Q2 2024, and totalled $15.3 million for YTD 2025, an increase of $0.4 million (3%) from $14.9 million for YTD 2024. Credit Quality Arrears total mortgage ratio 1 was 2.49% at June 30, 2025 compared to 2.24% at March 31, 2025 and 2.06% at December 31, 2024. The majority of our residential mortgage arrears activity occurs in the 1-30 day category, in which the bulk of arrears are resolved and do not migrate to arrears categories over 30 days. While greater than 30 days arrears has increased in our uninsured residential mortgages, we believe overall that we have a quality uninsured residential mortgage loan portfolio with an average LTV of 64.0% at June 30, 2025 compared to 64.3% at March 31, 2025 and 63.7% at December 31, 2024 based on an industry index of current real estate values. With respect to our construction and commercial loan portfolio, we have a strong track record with our default management processes and asset recovery programs as the need arises. Impaired non-securitized mortgage ratio 1 was 2.34% at June 30, 2025 compared to 2.31% at March 31, 2025 and 2.46% at December 31, 2024. At June 30, 2025, impaired mortgages mainly represent five impaired construction mortgages as well as uninsured residential mortgages where asset recovery programs have been initiated or we expect the loans to be brought current. Impaired total mortgage ratio 1 was 1.25% at June 30, 2025 compared to 1.20% at March 31, 2025 and 1.25% at December 31, 2024. Capital We have a Base Shelf prospectus allowing us to make certain public offerings of debt or equity securities during the period that it is effective, through Prospectus Supplements. Our Base Shelf prospectus and our Prospectus Supplement for our ATM Program expire in September 2025 and we intend to renew both. We have an ATM Program, established pursuant to a Prospectus Supplement to our Base Shelf prospectus, allowing us to issue up to $30 million common shares to the public from time to time at the market prices prevailing at the time of sale. In Q2 2025, we sold 305,700 common shares at a weighted average price of $19.37 for gross proceeds of $5.9 million and net proceeds of $5.6 million including $0.1 million of agent commission paid and $0.2 million of other share issuance costs under the ATM Program. So far in 2025, we sold 366,900 common shares at a weighted average price of $19.19 for gross proceeds of $7.0 million and net proceeds of $6.7 million including $0.1 million of agent commission paid and $0.2 million of other share issuance costs under the ATM Program. At June 30, 2025, we have $13.9 million remaining available to be issued through our ATM Program. The volume and timing of distributions under the ATM Program are determined at MCAN's sole discretion. We issued $2.5 million in new common shares in Q2 2025 compared to $4.4 million in Q2 2024 and $7.0 million YTD 2025 compared to $12.5 million YTD 2024 through the Dividend Reinvestment Plan ("DRIP"). The DRIP participation rate for the 2025 second quarter dividend was 15% compared to 30% for the second quarter of 2024. Income tax assets to capital ratio 3 was 5.42 at June 30, 2025 compared to 5.41 at March 31, 2025 and 5.24 at December 31, 2024. Common Equity Tier 1 ("CET 1") and Tier 1 Capital to risk-weighted assets ratios 2 were 18.90% at June 30, 2025 compared to 19.12% at March 31, 2025 and 19.02% at December 31, 2024. Total Capital to risk-weighted assets ratio 2 was 19.22% at June 30, 2025 compared to 19.43% at March 31, 2025 and 19.28% at December 31, 2024. Leverage ratio 2 was 9.32% at June 30, 2025 compared to 9.64% at March 31, 2025 and 9.72% at December 31, 2024. All of our capital and leverage ratios are within our internal risk appetite and regulatory guidelines. 1 Considered to be a non-GAAP and other financial measure. For further details, refer to the "Non-GAAP and Other Financial Measures" section of this new release. Non-GAAP and other financial measures and ratios used in this document are not defined terms under IFRS and, therefore, may not be comparable to similar terms used by other issuers. 2 These measures have been calculated in accordance with OSFI's Leverage Requirements and Capital Adequacy Requirements guidelines. 3 Tax balances are calculated in accordance with the Tax Act. FURTHER INFORMATION See our complete 2025 Second Quarter Report filed on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at and on the Company's website at For our Outlook, refer to the "Outlook" section of the 2025 Second Quarter Report. MCAN is a public company listed on the Toronto Stock Exchange under the symbol MKP and is a reporting issuer in all provinces and territories in Canada. MCAN also qualifies as a Mortgage Investment Corporation ("MIC") under the Income Tax Act (Canada). MCAN is the largest MIC in Canada and the only federally regulated MIC that issues term deposits eligible for Canada Deposit Insurance Corporation deposit insurance. MCAN's primary objective is to generate a reliable stream of income by investing in a diversified portfolio of Canadian mortgages, including residential mortgages, residential construction, non-residential construction, and commercial loans, as well as other types of securities, loans, and real estate investments. MCAN is Investing in Communities and Homes for Canadians. For how to enroll in the DRIP, please refer to the Management Information Circular dated March 21, 2025 or visit our website at Under the DRIP, dividends paid to shareholders are automatically reinvested in common shares issued out of treasury at the weighted average trading price for the five days preceding such issue less a discount of 2% until further notice from MCAN. NON-GAAP AND OTHER FINANCIAL MEASURES This news release references a number of non-generally accepted accounting principles ("non-GAAP") and other financial measures and ratios to assess our performance such as return on average shareholders' equity, net non-securitized mortgage spread income, net securitized mortgage spread income, impaired non-securitized mortgage ratio, impaired total mortgage ratio, and arrears total mortgage ratio. These measures are not calculated in accordance with International Financial Reporting Standards ("IFRS"), are not defined by IFRS and do not have standardized meanings that would ensure consistency and comparability between companies using these measures. These metrics are considered to be non-GAAP and other financial measures and are incorporated by reference and defined in the "Non-GAAP and Other Financial Measures" section of our 2025 Second Quarter Management's Discussion and Analysis of Operations ("MD&A") available on SEDAR+ at Below are reconciliations for our non-GAAP financial measures included in this news release using the most directly comparable IFRS financial measures. Net N on-securitized Mortgage Spread Income Non-GAAP financial measure that is an indicator of net interest profitability of income-earning assets less cost of funding for our non-securitized mortgage portfolio. It is calculated as the difference between non-securitized mortgage interest and term deposit interest and expenses. Net Securitized Mortgage Spread Income Non-GAAP financial measure that is an indicator of net interest profitability of income-earning securitization assets less cost of securitization liabilities for our securitized mortgage portfolio. It is calculated as the difference between securitized mortgage interest and interest on financial liabilities from securitization. A CAUTION ABOUT FORWARD-LOOKING INFORMATION AND STATEMENTS This news release contains forward-looking information within the meaning of applicable Canadian securities laws. All information contained in this news release, other than statements of current and historical fact, is forward-looking information. All of the forward-looking information in this news release is qualified by this cautionary note. Often, but not always, forward-looking information can be identified by the use of words such as "may," "believe," "will," "anticipate," "expect," "planned," "estimate," "project," "future," and variations of these or similar words or other expressions that are predictions of, or indicate, future events and trends and that do not relate to historical matters. Forward-looking information in this news release includes, among others, statements and assumptions with respect to: the current business environment, economic environment and outlook; possible or assumed future results; our ability to create shareholder value; our business goals and strategy; the potential impact of new regulations and changes to existing regulations as well as any changes in tax legislation; the stability of home prices; the effect of challenging conditions on us; the performance of our investments; factors affecting our competitive position within the housing lending market; international trade, including changes in tariffs, international economic uncertainties, failures of international financial institutions and geopolitical uncertainties and their impact on the Canadian economy; sufficiency of our access to liquidity and capital resources; the timing and effect of interest rate changes on our cash flows; and the declaration and payment of dividends. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information reflects management's current beliefs and is based on information currently available to management. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward-looking information, include, but are not limited to: our ability to successfully implement and realize on our business goals and strategy; government regulation of our business and the cost to us of such regulation; factors and assumptions regarding interest rates, including the effect of Bank of Canada actions already taken; the effect of supply chain issues; the effect of inflation; housing sales and residential mortgage borrowing activities; the effect of household debt service levels; the effect of competition; systems failure or cyber and security breaches; the availability of funding and capital to meet our requirements; investor appetite for securitization products; the value of mortgage originations; the expected spread between interest earned on mortgage portfolios and interest paid on deposits; the relative uncertainty and volatility of real estate markets; acceptance of our products in the marketplace; the stage of the real estate cycle and the maturity phase of the mortgage market; impact on housing demand from changing population demographics and immigration patterns; our ability to forecast future changes to borrower credit and credit scores, loan to value ratios and other forward-looking factors used in assessing expected credit losses and rates of default; availability of key personnel; our operating cost structure; the current tax regime; and operations within, and market conditions relating to, our equity and other investments. External geopolitical conflicts and government and Bank of Canada economic policy have resulted in uncertainty relating to the Company's internal expectations, estimates, projections, assumptions and beliefs, including with respect to the Canadian economy, employment conditions, interest rates, supply chain issues, international trade, inflation, levels of housing activity and household debt service levels. There can be no assurance that such expectations, estimates, projections, assumptions and beliefs will continue to be valid. The impacts that any further or escalating geopolitical conflicts will have on our business is uncertain and difficult to predict. Reliance should not be placed on forward-looking information because it involves known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from anticipated future results expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from those set forth in the forward-looking information include, but are not limited to, the risk that any of the above opinions, estimates or assumptions are inaccurate and the other risks and uncertainties referred to in our Annual Information Form for the year ended December 31, 2024, our MD&A and our other public filings with the applicable Canadian regulatory authorities. Subject to applicable securities law requirements, we undertake no obligation to publicly update or revise any forward-looking information after the date of this news release whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and any forward-looking information. However, any further disclosures made on related subjects in subsequent reports should be consulted. SOURCE MCAN Mortgage Corporation
Cision Canada
31 minutes ago
- Cision Canada
SPARTAN DELTA CORP. ANNOUNCES SECOND QUARTER 2025 RESULTS AND OPERATIONS UPDATE
CALGARY, AB, Aug. 6, 2025 /CNW/ - Spartan Delta Corp. (" Spartan" or the " Company") (TSX: SDE) is pleased to report its unaudited financial and operating results for the three and six months ended June 30, 2025. Selected financial and operational information is set out below and should be read in conjunction with Spartan's unaudited interim financial statements and related management's discussion and analysis (" MD&A") for the three and six months ended June 30, 2025, and 2024, which are filed on SEDAR+ at and are available on the Company's website at The highlights reported in this press release include certain non-GAAP financial measures and ratios which have been identified using capital letters. The reader is cautioned that these measures may not be directly comparable to other issuers; please refer to additional information under the heading "Reader Advisories – Non-GAAP Measures and Ratios". OPERATIONS UPDATE Spartan successfully completed its first half 2025 capital program, highlighting strong execution and operational discipline across its West Shale Basin Duvernay (the " Duvernay") and Deep Basin assets. In H1 2025, Spartan ran a four rig capital program, drilling 21.0 (17.1 net) wells, completing 15.0 (11.4 net) wells, and bringing on-stream 11.0 (8.6 net) wells. During the second quarter, the Company drilled 8.0 (7.3 net) wells, completed 10.0 (7.5 net) wells, and brought on-stream 6.0 (4.7 net) wells. Spartan is on course to meet its 2025 guidance of 40,000 BOE/d and is well-positioned for continued operational momentum entering the second half of 2025. With a strong balance sheet, disciplined capital allocation, significant liquids growth, and a deep inventory of locations, Spartan is committed to delivering significant value for shareholders while maintaining a responsible and sustainable development strategy. In the Duvernay, the Company contracted two rigs and drilled 12.0 (9.6 net) wells, completed 7.0 (4.9 net wells), and brought on-stream 3.0 (2.1 net) wells during H1 2025. In Q2 2025, Spartan drilled 6.0 (5.4 net) wells, completed 7.0 (4.9 net) wells, and brought on-stream 3.0 (2.1 net) wells, wine-racking in both the upper and lower Duvernay benches. The utilization of wine-racking well designs has the potential to significantly increase recoveries on the Company's acreage. 06-04-043-03W5 Pad Initial production results from 3.0 (2.1 net) wells have averaged IP30 rates of 1,261 BOE/d and 86% liquids per well (1,042 BBL/d of crude oil, 49 BBL/d of NGLs, and 1.0 MMcf/d of natural gas). 02-22-042-03W5 Pad Initial results from the Company's most recent 4.0 (2.8 net) wells are encouraging as production rates exceed internal expectations. Current field production estimates for the first 15 days are averaging greater than 1,600 BOE/d with more than 1,300 BBL/d of crude oil and NGLs per well. 07-15-044-03W5 Pad Spartan has commenced completions on 4.0 (4.0 net) wells. 04-20-041-03W5 Pad Spartan has begun drilling operations. In the second half of 2025, the Company anticipates drilling 5.0 (5.0 net) wells, completing 10.0 (10.0 net) wells, and bringing on-stream 14.0 (12.8 net) wells. Spartan's 2025 Duvernay program has benefited from a strong focus on reducing costs. These improvements stem from decreasing drilling and completion times, consistent frac placements, optimizing proppant tonnage, and reducing water usage. The Company is motivated to further reduce drilling and completion costs as it continues to build scale. Spartan's Duvernay results have exceeded internal expectations to date, underscoring the productivity and consistency of its acreage. Current Duvernay field production estimates are greater than 9,000 BOE/d (77% liquids), a 400% increase in production in twelve months. DEEP BASIN In the Deep Basin, the Company drilled 9.0 (7.5 net) wells and completed and brought on-stream 8.0 (6.5 net) wells during H1 2025. In Q2 2025, Spartan drilled 2.0 (1.9 net) wells and completed and brought on-stream 3.0 (2.6 net) wells. 08-21-045-11W5 & 10-20-043-09W5 Initial Spirit River production results averaged IP30 rates of 1,657 BOE/d and 25% liquids per well and IP90 rates of 1,254 BOE/d and 24% liquids per well. 03-07-045-09W5 Pad Initial production results from 3.0 (3.0 net) Cardium wells averaged IP30 rates of 482 BOE/d and 43% liquids per well and IP90 rates of 566 BOE/d and 42% liquids per well. 14-08-044-08W5 Pad Initial production results from 3.0 (3.0 net) Cardium wells are exceeding internal expectations, averaging IP30 rates of 1,203 BOE/d and 40% liquids per well. 15-25-044-09W5 Spirit River well is significantly exceeding internal expectations, with the well onstream for less than 30 days. In the second half of 2025, the Company anticipates drilling 10.0 (9.2 net) wells and completing and bringing on-stream 9.0 (8.2 net) wells, focusing on drilling liquid-rich targets in the Cardium, Spirit River, Rock Creek, Viking, Belly River, and Wilrich formations. The Deep Basin maintains the optionality to increase capital and accelerate drilling to capture the contango forward curve in natural gas prices as the asset benefits from reduced cycle times. SECOND QUARTER 2025 HIGHLIGHTS Spartan reported production of 38,513 BOE/d (36% liquids) during the second quarter of 2025. Spartan achieved a 151% increase in crude oil production as compared to the second quarter of 2024 and a 12% increase as compared to the first quarter of 2025. The Company's operations generated oil and gas sales of $81.0 million and Adjusted Funds Flow of $47.9 million ($0.23 per share, diluted) in the second quarter of 2025, a 29% increase from the second quarter of 2024, and a 5% increase from the first quarter of 2025. The Company successfully executed a capital program of $83.5 million in the second quarter of 2025, of which approximately 85% was spent on drilling, completing, equipping, and tie-ins. In the Duvernay, Spartan drilled 6.0 (5.4 net) wells, completed 7.0 (4.9 net) wells, and brought on-stream 3.0 (2.1 net) wells. In the Deep Basin, Spartan drilled 2.0 (1.9 net) wells and completed and brought on-stream 3.0 (2.6 net) wells. Spartan has accumulated approximately 365,000 net acres (570 net sections) in the Duvernay, a 52% increase from the second quarter of 2024 and a 14% increase from the first quarter of 2025. Spartan continues to maintain a strong statement of financial position with Net Debt of $123.7 million resulting in a 0.7X Net Debt to Annualized Adjusted Funds Flow ratio. Despite volatile commodity prices, Spartan has hedges in place for the remainder of 2025 greater than current strip. As at June 30, 2025, the Company has hedged 91,065 GJ/d of its natural gas production at an average price of $2.25/GJ and has hedged 2,700 bbl/d of its crude oil and condensate production at an average price of $99.75/bbl. The following table summarizes the Company's financial and operating results for the three and six months ended June 30, 2025, and June 30, 2024. (1) Refer to "Share Capital" section of this press release. (2) "Adjusted Funds Flow", "Free Funds Flow", "Capital Expenditures before A&D", "Adjusted Net Capital A&D", "Net Debt" and "Operating Netbacks" do not have standardized meanings under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios" section of this press release. (3) Condensate is a natural gas liquid as defined by NI 51-101. See "Other Measurements". ABOUT SPARTAN DELTA CORP. Spartan is committed to creating value for its shareholders, focused on sustainability in both operations and financial performance. The Company's culture is centered on generating Free Funds Flow through responsible oil and gas exploration and development. The Company has established a portfolio of high-quality production and development opportunities in the Deep Basin and the Duvernay. Spartan will continue to focus on the execution of the Company's organic drilling program across its portfolio, delivering operational synergies in a respectful and responsible manner in relation to the environment and communities it operates in. The Company is well positioned to continue pursuing optimization in the Deep Basin, participate in the consolidation of the Deep Basin fairway, and continue growing and developing its Duvernay asset. Spartan's corporate presentation, as of August 6, 2025, can be accessed on the Company's website at Non-GAAP Measures and Ratios This press release contains certain financial measures and ratios which do not have standardized meanings prescribed by International Financial Reporting Standards (" IFRS Accounting Standards") or Generally Accepted Accounting Principles (" GAAP"). As these non-GAAP financial measures and ratios are commonly used in the oil and gas industry, Spartan believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used. The non-GAAP measures and ratios used in this press release, represented by the capitalized and defined terms outlined below, are used by Spartan as key measures of financial performance, and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards. The definitions below should be read in conjunction with the "Non-GAAP Measures and Ratios" section of the Company's MD&A dated August 6, 2025, which includes discussion of the purpose and composition of the specified financial measures and detailed reconciliations to the most directly comparable GAAP financial measures. Operating Income and Operating Netback Operating Income, a non-GAAP financial measure, is a useful supplemental measure that provides an indication of the Company's ability to generate cash from field operations, prior to administrative overhead, financing, and other business expenses. " Operating Income, before hedging" is calculated by Spartan as oil and gas sales, net of royalties, plus processing and other revenue and net commodities purchased margin, less operating and transportation expenses. " Operating Income, after hedging" is calculated by adjusting Operating Income for realized gains or losses on derivative financial instruments. The Company refers to Operating Income expressed per unit of production as an " Operating Netback" and reports the Operating Netback before and after hedging, both of which are non-GAAP financial ratios. Spartan considers Operating Netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices. Adjusted Funds Flow and Free Funds Flow Cash provided by operating activities is the most directly comparable measure to Adjusted Funds Flow. " Adjusted Funds Flow" is a non-GAAP financial measure reconciled to cash provided by operating activities by excluding changes in non-cash working capital, adding back transaction costs on acquisitions and dispositions, and deducting the principal portion of lease payments. Spartan utilizes Adjusted Funds Flow as a key performance measure in the Company's annual financial forecasts and public guidance. Transaction costs, which primarily include legal and financial advisory fees, regulatory and other expenses directly attributable to execution of acquisitions and dispositions, are added back because the Company's definition of Free Funds Flow excludes capital expenditures related to acquisitions and dispositions. For greater clarity, incremental overhead expenses related to restructuring following significant acquisition or divestitures are included in Spartan's general and administrative expenses. Lease liabilities are not included in Spartan's definition of Net Debt therefore lease payments are deducted in the period incurred to determine Adjusted Funds Flow. The Company refers to Adjusted Funds Flow expressed per unit of production as an " Adjusted Funds Flow Netback". " Free Funds Flow" is a non-GAAP financial measure calculated by Spartan as Adjusted Funds Flow less Capital Expenditures before A&D. Spartan believes Free Funds Flow provides an indication of the amount of funds the Company has available for future capital allocation decisions such as to repay current and long-term debt, reinvest in the business or return capital to shareholders. Adjusted Funds Flow per share Adjusted Funds Flow (" AFF") per share is a non-GAAP financial ratio used by the Company as a key performance indicator. AFF per share is calculated using the same methodology as net income per share (" EPS"), however the diluted weighted average common shares (" WA Shares") outstanding for AFF may differ from the diluted weighted average determined in accordance with IFRS Accounting Standards for purposes of calculating EPS due to non-cash items that impact net income only. The impact of stock options and share awards is more dilutive to AFF than EPS because the number of shares deemed to be repurchased under the treasury stock method is not adjusted for unrecognized share-based compensation expense as it is non-cash (see also, "Share Capital"). Capital Expenditures before A&D " Capital Expenditures before A&D" is a non-GAAP financial measure used by Spartan to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic drilling program. It includes capital expenditures on exploration and evaluation assets and property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to Capital Expenditures before A&D is cash used in investing activities. Adjusted Net Capital A&D " Adjusted Net Capital A&D" is a supplemental measure disclosed by Spartan which aggregates the total amount of cash, debt, and share consideration used to acquire crude oil and natural gas assets during the period, net of cash proceeds received on dispositions. The Company believes this is useful information because it is more representative of the total transaction value than the cash acquisition costs or total cash used in investing activities, determined in accordance with IFRS Accounting Standards. The most directly comparable GAAP measures are acquisition costs and disposition proceeds included as components of cash used in investing activities. Net Debt and Adjusted Working Capital References to " Net Debt" includes long-term debt under Spartan's revolving credit facility, net of Adjusted Working Capital. Net Debt and Adjusted Working Capital are both non-GAAP financial measures. " Adjusted Working Capital" is calculated as current assets less current liabilities, excluding derivative financial instrument assets and liabilities, lease liabilities, and current debt (if applicable). The Adjusted Working Capital deficit includes cash and cash equivalents, restricted cash, accounts receivable, prepaid expenses and deposits, accounts payable and accrued liabilities, dividends payable, and the current portion of decommissioning obligations. Spartan uses Net Debt as a key performance measure to manage the Company's targeted debt levels. The Company believes its presentation of Adjusted Working Capital and Net Debt are useful as supplemental measures because lease liabilities and derivative financial instrument assets and liabilities relate to contractual obligations for future production periods. Lease payments and cash receipts or settlements on derivative financial instruments are included in Spartan's reported Adjusted Funds Flow in the production month to which the obligation relates. Net Debt to Adjusted Funds Flow Ratio The Company monitors its capital structure using a " Net Debt to Adjusted Funds Flow Ratio", which is a non-GAAP financial ratio calculated as the ratio of the Company's Net Debt to its " Annualized Adjusted Funds Flow". Annualized Adjusted Funds Flow is calculated by multiplying Adjusted Funds Flow for the most recently completed quarter, normalized for significant non-recurring items, by a factor of four. OTHER MEASUREMENTS All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. This press release contains various references to the abbreviation " BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. References to "oil" in this press release include light crude oil and medium crude oil, combined. National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "gas" or "natural gas" relates to conventional natural gas. References to "liquids" includes crude oil, condensate and NGLs. The Company has disclosed condensate as combined with crude oil and/or separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this crude oil and condensate presentation provides a more accurate description of its operations and results. SHARE CAPITAL Spartan's common shares are listed on the Toronto Stock Exchange (" TSX") and trade under the symbol "SDE". The volume weighted average trading price of Spartan's common shares on the TSX was $3.12 for the three months ended June 30, 2025. Spartan's closing share price was $3.81 on June 30, 2025, compared to $3.45 on December 31, 2024. As of June 30, 2025, there were 200.1 million common shares outstanding. There are no preferred shares or special preferred shares outstanding. The table below summarizes the weighted average number of common shares outstanding (000s) used in the calculation of diluted EPS and diluted AFF per share: (1) AFF per share does not have a standardized meaning under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios". FORWARD-LOOKING AND CAUTIONARY STATEMENTS Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "outlook", "anticipate", "budget", "plan", "endeavor", "continue", "estimate", "evaluate", "expect", "forecast", "monitor", "may", "will", "can", "able", "potential", "target", "intend", "consider", "focus", "identify", "use", "utilize", "manage", "maintain", "remain", "result", "cultivate", "could", "should", "believe" and similar expressions (or grammatical variations or negatives thereof). Spartan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: the business plan, objectives, strategy of Spartan; continued optimization of its Deep Basin asset, participation in the consolidation of the Deep Basin fairway and advancing and accelerating its Duvernay strategy; the Company's drilling strategy in the Deep Basin; expected drilling and completions in the Duvernay; expectations that the utilization of wine-racking well designs will significantly increase recoveries on the Company's acreage; further reductions to drilling and completion costs as Spartan continues to build scale; Spartan's strategies to deliver strong, repeatable and economic operational performance and to generate significant shareholder returns; the ability of the Company to achieve drilling success consistent with management's expectations; being well positioned to take advantage of opportunities in the current business environment; risk management activities, including hedging; continuing to pursue immediate production optimization and responsible future growth with organic drilling, and continuing to execute on building an extensive position in the Duvernay. The forward-looking statements and information are based on certain key expectations and assumptions made by Spartan, including, but not limited to, expectations and assumptions concerning the business plan of Spartan, the timing of and success of future drilling, development and completion activities, the growth opportunities of Spartan's Duvernay acreage, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Spartan's properties, the successful application of drilling, completion and seismic technology, the Company's ability to secure sufficient amounts of water, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company's products (including pursuant to hedging arrangements), anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions. Although Spartan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Spartan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations and volatility in commodity prices; changes in industry regulations and legislation (including, but not limited to, tax laws, royalties, and environmental regulations); the risk that the U.S. administration (i) maintains tariffs on Canadian goods, including crude oil and natural gas, (ii) increases the rate or scope of previously announced tariffs, or (iii) imposes new tariffs on the import of goods from Canada; the risk that the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including crude oil and natural gas, and that such tariffs or other measures (and/or the Canadian government's response to such tariffs or other measures) adversely affect the Canadian, U.S., and global economies, and by extension the Canadian oil and natural gas industry and the Company; demand and/or market price for the Company's products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military actions in the Middle East and between Russia and Ukraine), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement and severe weather events and natural disasters, including fire, drought, and flooding, including in respect of safety, asset integrity and shutting-in production. Please refer to Spartan's MD&A for the period ended June 30, 2025, and annual information form for the year ended December 31, 2024, for discussion of additional risk factors relating to the Company, which can be accessed either on Spartan's website at or under Spartan's SEDAR+ profile on Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. This press release contains future-oriented financial information and financial outlook information (collectively, " FOFI") about Spartan's 2025 guidance, including prospective results of operations and production (including 2025 guidance of 40,000 BOE/d), operating costs, organic growth, capital efficiency improvements and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Spartan's future business operations. Spartan and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Spartan disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the key performance measures included in Spartan's guidance. The Company's actual results may differ materially from these estimates. References in this press release to peak rates, peak sales production, initial production rates, IP30s, IP90s, test rates, and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Spartan. The Company cautions that such results should be considered preliminary. Peak rates are the highest average daily sales production rate for each well excluding clean-up and downtime. ABBREVIATIONS SOURCE Spartan Delta Corp.
Cision Canada
31 minutes ago
- Cision Canada
Readout - Prime Minister Carney convenes First Ministers' Meeting Français
OTTAWA, ON, Aug. 6, 2025 /CNW/ - Today, the Prime Minister, Mark Carney, met virtually with provincial and territorial premiers to discuss Canada's co-ordinated economic response to ongoing U.S. trade measures. The Prime Minister updated the premiers on the status of trade negotiations with the U.S. He noted that, while Canada continues to negotiate with the United States on our trading relationship, the impacts of tariffs remain present across the Canadian economy. As such, First Ministers discussed concrete actions to support Canadian workers and businesses most impacted by these tariffs across various sectors, including the softwood lumber sector. To this end, the Prime Minister underscored the series of federal measures announced yesterday to help softwood lumber workers and industry remain competitive and seize new opportunities in Canadian and international markets. First Ministers agreed to accelerate efforts to mobilize capital and investment, diversify supply chains, and strengthen domestic production capacity. They were also unanimous in encouraging Canadian businesses to prioritize and leverage Canadian expertise, where possible, to help alleviate the short-term economic impacts of U.S. tariffs, reduce dependence on vulnerable trade flows, and build Canada's long-term economic resilience. The Prime Minister emphasized that the federal government remains determined to secure the best deal for Canadians. First Ministers affirmed their united and steadfast commitment to bolstering Canada's strength at home and building one Canadian economy.
