Government-backed scheme to transition oil and gas workers opens
The pilot will help about 200 current or former workers in Aberdeen and Aberdeenshire with support and funding for training courses, in a move energy minister Michael Shanks said would 'help deliver a fair and prosperous transition'.
Both Governments have pinpointed the north east as being crucial to the planned transition away from fossil fuels, with £900,000 made available by the UK Government and an additional £40,000 from the Scottish Government for the first raft of applicants.
But the Scottish Conservatives criticised the plans as 'frankly embarrassing', claiming the funding was not enough.
'Aberdeen has been the energy capital of Britain for decades and while oil and gas will be with us for decades to come, we are determined to make sure that workers are supported to access the thousands of jobs in industries such as offshore wind and carbon capture,' the energy minister said.
'This funding will help deliver a fair and prosperous transition in the North Sea, unlocking the full potential of renewable energy and reaping the economic benefits from the skills and experiences of Aberdeen's workforce.'
Scottish Tory net zero spokesman Douglas Lumsden said: 'It's frankly embarrassing that Labour and the SNP are boasting about this scheme.
'This support for 200 workers amounts to a drop in the ocean when compared to the projected 400 jobs a fortnight being lost thanks to their decimation of the oil and gas sector.
'Both parties shamefully opposed Rosebank and Cambo (oil fields) and have said they're against North Sea drilling altogether.
'This sector drives £14 billion into our economy and supports 83,000 jobs, but John Swinney and Keir Starmer have sold it down the river.'
But Scottish Secretary Ian Murray described the announcement as 'good news' for the area and the industry, claiming it will 'ensure there is a key role for our offshore workers in delivering our net zero future'.
And Scottish Energy Secretary Gillian Martin said: 'The north east of Scotland has long been a titan in the oil and gas industry and the expertise within our workforce must be at the heart of driving a just transition to new fuels and sustainable energy.
'This new oil and gas transition training fund will support offshore workers to take on roles in the sustainable energy sector and has been designed and developed by the Scottish Government, supported by funding from UK Government's regional skills pilot for Aberdeen and Aberdeenshire, and will be delivered by Skills Development Scotland.
'Through initiatives such as the just transition fund and the energy transition fund, the Scottish Government has already invested £120 million in the north east's transition to net zero to help create green jobs, support innovation, and secure the highly skilled workforce of the future.'
The programme will be run by Skills Development Scotland.
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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. DUVERNAY 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 $99.75/bbl. The following table summarizes the Company's financial and operating results for the three and six months ended June 30, 2025, and June 30, months ended June 30 Six months ended June 30 (CA$ thousands, unless otherwise indicated) 2025 2024 % 2025 2024 % FINANCIAL HIGHLIGHTS Oil and gas sales 81,004 73,451 10 172,245 157,599 9 Net income and comprehensive income 33,531 14,371 133 28,362 25,566 11 $ per share, basic (1) 0.17 0.09 89 0.14 0.15 (7) $ per share, diluted (1) 0.17 0.09 89 0.14 0.15 (7) Cash provided by operating activities 43,627 44,674 (2) 99,895 92,825 8 Adjusted Funds Flow (2) 47,949 37,177 29 93,514 82,850 13 $ per share, basic (1)(2) 0.24 0.22 9 0.48 0.48 - $ per share, diluted (1)(2) 0.23 0.21 10 0.46 0.47 (2) Free Funds Flow (deficit) (2) (35,581) 14,623 nm (62,769) 15,261 nm Cash used in investing activities 84,393 101,377 (17) 134,576 152,513 (12) Capital Expenditures before A&D (2) 83,530 22,554 270 156,283 67,589 131 Adjusted Net Capital A&D (2) 6,067 54,401 (89) 6,020 72,468 (92) Total assets 1,037,524 884,244 17 1,037,524 884,244 17 Debt 66,476 109,040 (39) 66,476 109,040 (39) Net Debt (2) 123,739 132,449 (7) 123,739 132,449 (7) Shareholders' equity 600,077 458,802 31 600,077 458,802 31 Common shares outstanding, end of period (000s) (1) 200,060 173,201 16 200,060 173,201 16 OPERATING HIGHLIGHTS Average daily production Crude oil (bbls/d) 2,485 992 151 2,349 870 170 Condensate (bbls/d) (3) 2,056 2,198 (6) 2,021 2,154 (6) NGLs (bbls/d) (3) 9,304 9,084 2 9,460 9,263 2 Natural gas (mcf/d) 148,010 157,853 (6) 147,549 157,623 (6) BOE/d 38,513 38,583 (0) 38,422 38,558 (0) Average realized prices, before financial instruments Crude oil ($/bbl) 87.33 102.04 (14) 90.63 97.85 (7) Condensate ($/bbl) (3) 86.61 100.29 (14) 92.31 98.23 (6) NGLs ($/bbl) (3) 23.78 29.96 (21) 27.17 30.51 (11) Natural gas ($/mcf) 1.85 1.35 37 2.00 1.82 10 Combined average ($/BOE) 23.11 20.92 10 24.77 22.46 10 Operating Netbacks ($/BOE) (2) Oil and gas sales 23.11 20.92 10 24.77 22.46 10 Processing and other revenue 1.19 0.52 129 0.77 0.48 60 Net commodities purchased margin 0.09 - - 0.04 - - Royalties (2.98) (2.89) 3 (3.38) (3.09) 9 Operating expenses (6.02) (6.38) (6) (6.26) (6.01) 4 Transportation expenses (1.73) (1.50) 15 (1.73) (1.54) 12 Operating Netback, before hedging ($/BOE) (2) 13.66 10.67 28 14.21 12.30 16 Operating Netback, after hedging ($/BOE) (2) 14.70 12.91 14 15.14 13.64 11 Adjusted Funds Flow Netback ($/BOE) (2) 13.68 10.59 29 13.45 11.81 14 (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 READER ADVISORIES 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:Three months ended June 30 Six months ended June 30 (000s) 2025 2024 % 2025 2024 % WA Shares outstanding, basic 200,052 173,201 16 195,669 173,201 13 Dilutive effect of outstanding securities 2,064 1,765 17 2,358 1,537 53 WA Shares, diluted – for EPS 202,116 174,966 16 198,027 174,738 13 Incremental dilution for AFF (1) 3,949 2,339 69 3,744 2,465 52 WA Shares, diluted – for AFF (1) 206,065 177,305 16 201,771 177,203 14 (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 A&D acquisitions and dispositions bbl barrel bbls/d barrels per day BOE/d barrels of oil equivalent per day CA$ or CAD Canadian dollar GJ gigajoule GJ/d gigajoule per day IP Initial production mcf thousand cubic feet mcf/d thousand cubic feet per day Mbbls thousand barrels MBOE thousand barrels of oil equivalent MMbtu million British thermal units MMcf million cubic feet MM millions $MM millions of dollars US$ or USD United States dollar WA Weighted average WI Working interest SOURCE Spartan Delta Corp. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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These Three REITs Announced The Biggest Dividend Increases In June—Which One Do Analysts Like The Most?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Nothing attracts a passive income investor's attention like news of stocks paying increased dividends. If higher dividend yields are your cup of tea, check out the three real estate investment trusts with the biggest dividend increases in June. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Sun Communities (NYSE: SUI) was the biggest winner. In June, Sun announced a 10.6% dividend increase, which translates to a $1.04 per share payout for investors. The residential REIT specializes in owning and operating manufactured housing and residential vehicle communities. Sun's portfolio includes 502 properties spread across the U.S., the U.K., and Canada. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. This REIT's assets are 337 manufactured home communities and165 residential vehicle communities. These communities have traditionally served consumers looking for lower-cost options than single-family homes or apartments. Skyrocketing housing prices throughout the U.S. have led to sustained growth in both sectors. Despite that, Sun Communities' share price has been trending downward for the last nine months. It's currently trading around $116, but many analysts believe it's primed for a comeback. Benzinga recently compiled the opinions of 10 analysts, and Sun Communities' average 12-month price target is $139.12. The highest estimate is $147, while the lowest is $126. Both are improvements over the current share price. There may be solid upside for investors here. Millrose Properties (NYSE: MRP) was the second-largest dividend winner for shareholders. It announced a 6.2% quarterly dividend increase in June, which translates to $0.69 per share, which the REIT paid on July 15. This specialty REIT refers to itself as a Homesite Option Purchase Platform. It acquires homesites for builders and then grants the builder an option to purchase the homesite at a later date. Trending: Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— Once a builder has finished developing the homesite, they can exercise their option to buy the developed land from Millrose. Then, Millrose uses the sale profits to identify new home sites. If the builder declines the option, Millrose has a readymade home site that it can sell to another builder or developer. Millrose Properties was created as a spinoff from Lennar (NYSE: LEN LEN.B) and has only been trading since February. Since then, Millrose Properties' share price has risen from $21.94 to its current price of $30.54. This is a new REIT with a unique business model, but its relationship with Lennar suggests that it may have at least one long-term partner for its projects. With that said, Millrose Properties' short track record certainly raises its risk profile. Benzinga's compilation of analyst ratings shows an average share price of $31.50, which doesn't represent tremendous growth from today's price of $30.54. It's important to remember that Rome wasn't built in a day, and Millrose Properties helps to provide a product that every American needs. This could be a solid long-term growth Properties (NYSE: EPRT) is third on the list with a modest 1.7% dividend increase. That bump will net Essential Properties' shareholders $0.30 per share. This commercial REIT operates a portfolio of free-standing, single-tenant properties with net leases to long-term tenants. According to Essential Properties' website, its portfolio includes 2,190 units in 49 states. Perhaps most impressively, Essential Properties has a 99.6% occupancy rate. Benzinga surveyed a panel of 20 analysts, and the average price target for Essential Properties was $32.96. That offers some upside from the current share price of $30.67, and shareholders will also earn a 3.84% dividend. Essential Properties may not offer the excitement of an AI stock, but its share price has grown since its 2018 IPO price of $13.50. It has the potential to be a long-term winner, but this REIT is still in its very early stages. Read Next: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Image: Shutterstock This article These Three REITs Announced The Biggest Dividend Increases In June—Which One Do Analysts Like The Most? originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Pictures: Manchester United players move into stunning new-look Carrington
Manchester United have confirmed that Ruben Amorim and his players returned to a new and revamped Carrington training facility on Wednesday morning. Carrington undergoes improvements Last year, United confirmed that they had initiated work on an ambitious £50m project that would see Carrington be transformed into a 'world-class' complex. A big part of Sir Jim Ratcliffe's bid to become co-owner of United was to invest heavily in improving United's infrastructure after several years of neglect and pitiful management by the Glazer family. Award-winning and Manchester-born architect Lord Norman Foster was hired to oversee the renovations at Carrington. United noted that they planned to revamp the gym, medical, nutrition and recovery areas and insisted there was 'a design emphasis on creating more space for collaboration and innovation among players and staff.' The project ran throughout the entire 2024/25 season and was set to officially open just before the start of the upcoming campaign. Last week, Amorim said about the redeveloped Carrington, 'It's like a new start with different standards and I think to go to our building, to the new building is like a fresh start.' 'So, I think the timing is completely perfect to do everything. The good thing is that everybody's aligned what we need to do and now it's to win games, game by game try to win every game and the performance are really important as well.' Now, United have announced that the players have returned to a new-look Carrington following the completion of their United States pre-season tour. United players return to new-look Carrington The club relayed in a statement, 'While away in the States, the refurbishment of our Carrington training complex was completed and the players have now moved in.' 'The innovative new facility will officially open with a ribbon-cutting event on Friday.' The post below features some photos of the players inside the upgraded facility. United also teased the Carrington's opening on social media. United are back in action on Saturday when they take on Fiorentina in their final pre-season clash before the Premier League campaign kicks off. Featured image Carl Recine via Getty Images online polls Follow us on Bluesky: @
