Latest news with #Duvernay
CTV News
15-07-2025
- CTV News
2 arrested as police investigate attempted murder in Laval
Laval police (SPL) are investigating after a man was shot in the morning of April 6, 2025. (CTV News) Two people have been arrested in connection with an alleged attempted murder in Laval's Duvernay neighbourhood last April. Allan Santiago Valencia, 22, and a 17-year-old minor, from Ontario, were apprehended by investigators on July 10. Santiago Valencia appeared in Laval court on the same day to face charges of attempted murder with a firearm, discharging a firearm and possession of a prohibited weapon. He remains in custody, and his case is expected to return to court on July 24. The teenager appeared before the youth division of the Court of Quebec in Laval to face charges of attempted murder with a firearm, discharging a firearm, possession of a prohibited weapon, possession of a firearm knowing that its serial number had been altered, disguised or erased and breach of an order prohibiting the possession of a firearm. He remains in custody pending further legal proceedings. The arrests come after Laval police (SPL) received several 911 calls at 8:45 a.m. on April 6 about gunshots heard on de La Malbaie Avenue. 'Patrol officers dispatched to the scene found one person with gunshot wounds, but the suspects had already fled,' the force noted. 'The injured man was taken to the hospital to be treated for serious gunshot wounds.' Anyone with information is encouraged to confidentially contact the info-police line at 450-662-INFO (4636) or call 911 and mention file number LVL-250406-022.
Globe and Mail
10-06-2025
- Business
- Globe and Mail
Journey Energy Inc. Reviews Its Current Intiatives with Water Tower Research
Calgary, Alberta--(Newsfile Corp. - June 10, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (" Journey", or the " Company") announces its participation in a fireside chat with Water Tower Research (" WTR") on Wednesday, June 11 2025 at 9:00 AM Mountain Time / 11:00 AM Eastern Time. As part of WTR's ongoing Fireside Chat Series, Jeff Robertson, Managing Director at WTR, will lead an in-depth conversation with Alex Verge, President and Chief Executive Officer of Journey Energy Inc. Included in the discussion will be the strategic outlook for Journey with particular focus on its unconventional Duvernay shale play and the balance of the discussion on its conventional and power assets. Topics will include: Duvernay shale development plans and growth scenarios Review of core assets in Medicine Hat and key conventional and enhanced oil recovery developments Development of the power business Potential shifts in regulatory environment following recent elections To access the live discussion please use the link below: For further information, contact: Alex G. Verge President and Chief Executive Officer 403-303-3232 or Journey Energy Inc. 700, 517 - 10 th Avenue SW Calgary, AB T2R 0A8 403-294-1635 No securities regulatory authority has either approved or disapproved of the contents of this press release. To view the source version of this press release, please visit
Yahoo
10-06-2025
- Business
- Yahoo
Journey Energy Inc. Reviews Its Current Intiatives with Water Tower Research
Calgary, Alberta--(Newsfile Corp. - June 10, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey", or the "Company") announces its participation in a fireside chat with Water Tower Research ("WTR") on Wednesday, June 11 2025 at 9:00 AM Mountain Time / 11:00 AM Eastern Time. As part of WTR's ongoing Fireside Chat Series, Jeff Robertson, Managing Director at WTR, will lead an in-depth conversation with Alex Verge, President and Chief Executive Officer of Journey Energy Inc. Included in the discussion will be the strategic outlook for Journey with particular focus on its unconventional Duvernay shale play and the balance of the discussion on its conventional and power assets. Topics will include: Duvernay shale development plans and growth scenarios Review of core assets in Medicine Hat and key conventional and enhanced oil recovery developments Development of the power business Potential shifts in regulatory environment following recent elections To access the live discussion please use the link below: For further information, contact: Alex G. VergePresident and Chief Executive or Gerry GilewiczChief Financial Journey Energy Inc.700, 517 - 10th Avenue SWCalgary, AB T2R No securities regulatory authority has either approved or disapproved of the contents of this press release. To view the source version of this press release, please visit Sign in to access your portfolio
Associated Press
08-05-2025
- Business
- Associated Press
Journey Energy Inc. Generates $19.6 Million in Adjusted Funds Flow in the First Quarter of 2025
Calgary, Alberta--(Newsfile Corp. - May 8, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ('Journey' or the 'Company') announces its financial results for the first quarter of 2025. The complete set of financial statements and management discussion and analysis for the periods ended March 31, 2025 and 2024 are posted on and on the Company's website Highlights for the first quarter: [This table cannot be displayed. Please visit the source.] Note: OPERATIONS In the first quarter of 2025, Journey had sales volumes of 10,997 boe/d (59% crude oil and NGL's), which was consistent with the fourth quarter, 2024 volumes of 10,815 boe/d (59% crude oil and NGL's). The two initial wells from the joint venture with Spartan Delta Corp. were drilled and placed on-production in the fourth quarter of 2024. For the first quarter of 2025 these two wells averaged approximately 600 boe/d (78% liquids) net to Journey, which helped offset existing production declines and the sale of Brooks assets in mid-February. The success of these initial Duvernay wells has led Journey to upwardly revise its Duvernay type curve. As shown in Journey's March, 2025 corporate presentation, the wells continue to outperform the revised type curve. In response to the initial success of Journey's 2024 Duvernay joint venture program, an expanded program for 2025 has been planned. As of May 8 th, the 2025 drilling program with Spartan Delta Corp. is well underway. Of the 8 well program, 7 wells have been drilled and 3 completed from three separate surface pad sites. The final well has now reached its total depth. Completion activities on the three well pad at 6-4-43-3W5 have finished, generally as programmed. The next operations planned will be the completion of the 4 well pad at 2-22-42-4W5, and flowback and testing at 6-4. [This table cannot be displayed. Please visit the source.] Average lateral lengths of the 2025 drilling program with five released lateral lengths are approximately 3,900 meters, whereas the two-well 2024 program lateral length averaged 3,580 meters. Journey's joint venture partner continues to evaluate the optimization for both drilling and completion design in the 2025 program to drive cost efficiencies and meaningful productivity gains on a per well basis. Total capital spending for the first quarter of 2025 was $9.6 million. $8.4 million of this amount was spent on drilling and completing 4 (1.2 net) Duvernay wells and a fifth well was also spud during the first quarter. In addition, $3.4 million was spent on advancing the Gilby and Mazeppa power projects during the quarter. Journey spent $0.9 million in respect of abandonment and reclamation work during the quarter. Journey sold a minor, non-core asset in the Brooks area for proceeds (after closing adjustments) of $3.4 million. This asset was producing approximately 330 boe/d (63% liquids) and had a minimal impact on sales volumes in the quarter. Approximately $7 million of asset retirement obligations were disposed of with this sale. Total capital expenditures for 2025 have been increased to $55 million from the original guidance of $50 million. Approximately half of this increase is related to increased power expenditures, primarily associated with 3 rd party costs related to the grid connection. Additional capital has also been allocated for increasing end-of-life costs to 1.2 times the Alberta Energy Regulator minimum required spending, as well as minor adjustments to facility and land expenditures. FINANCIAL Journey achieved Adjusted Funds Flow of $19.6 million during the first quarter of 2025. While sales volumes were 8% lower than the comparable quarter of 2024, average realized commodity prices were 9% higher with natural gas prices being 5% lower, crude oil was 6% higher and NGL prices were 11% higher. Journey's overall liquids volume weighting continued to strengthen with its Duvernay drilling results. Liquids volumes increased to 59% of total volumes as compared to 56% in the same quarter of 2024. Crude oil sales volumes for the first quarter of 2025 represented 48% of total boe volumes but contributed 79% of total revenues. Natural gas sales volumes contributed 41% of total boe volumes in the first quarter of 2025 while contributing 10% of total revenues. Journey achieved efficiencies in its field operations during the quarter. Compared to the immediately prior quarter operating expenses declined to $19.06/boe in the first quarter of 2025 as compared to $23.09/boe in the fourth quarter of 2024. For 2025 aggregate operating expenses were $18.9 million, which was 6% lower than the $20.1 million from the same quarter of 2024 and 18% lower than the fourth quarter of 2024. A significant portion of the decrease from the prior quarter is related to reduced spending on workovers, and facility turnarounds. Royalty expense was consistent at $9.24/boe as compared to $9.05/boe in the fourth quarter of 2024 and $9.38/boe in the first quarter of 2024. Journey's general and administrative ('G&A') costs in the first quarter of 2025 were $2.3 million as compared to the $2.6 million in the fourth quarter of 2024 and consistent with the $2.3 million in the first quarter of 2024. Lower costs in 2025 were mainly attributable to a reduction in staffing during the quarter. On a per boe basis, Journey's G&A costs were $2.37/boe for the first quarter of 2025 as compared to $2.65/boe in the fourth quarter of 2024 and $1.91/boe for the first quarter of 2024. Interest expense decreased 7% to $1.5 million in the first quarter of 2025 from $1.6 million in the fourth quarter of 2024 and $1.6 million in the first quarter of 2024. The reduction in the first quarter of 2025 was mainly attributable to the lower outstanding balances on term debt due to principal repayments in the quarter. Journey generated net income of $7.7 million in the first quarter of 2025 or $0.12 per basic and diluted share as compared to $32,48 of net income in the first quarter of 2024 or $0.05 per basic and diluted share. Adjusted Funds Flow of $19.6 million in the first quarter of 2025 was 79% higher than the $11.0 million realized in the fourth quarter of 2024 and 11% higher than the $17.7 million realized in the comparable quarter of 2024. Total capital expenditures in the first quarter were $13.0 million including $8.4 million for the drilling and completion activities on the 5 (1.5 net) Duvernay wells that were either rig-released or started in the first quarter. In addition, the Company spent $3.4 million on the continuing work on its power generation projects. Journey also sold a small, non-core asset in Brooks, Alberta in mid-February for proceeds of $3.4 million. Journey exited the first quarter of 2025 with net debt of $53.2 million, which was 12% lower than the $60.3 million of net debt at the beginning of the year. On March 17, 2025 Journey entered into a new credit facility with a Canadian Chartered Bank for an aggregate amount of $55 million consisting of three separate credit facilities. The first facility is a two-year amortizing term-loan, the proceeds of which have been used to repay the then remaining balance of the Alberta Investment Management Corporation term debt of $12.4 million. The second facility is a $15 million operating facility to be used for working capital needs on a revolving basis. The third facility is a delayed-draw term facility of a maximum of $27.6 million that will be used as needed to fund Journey's Duvernay development. As at March 31, 2025 only $0.8 million was drawn on the operating facility and nothing was drawn on the Duvernay development loan. OUTLOOK & GUIDANCE Journey has updated its 2025 capital spending and production guidance as per below. While sales volumes guidance has not changed, the Company has made minor changes to increase its capital spending plans to $55 million from the previous guidance of $50 million. Adjustments have been made to increase each of the main categories including: land, facilities, power projects, drilling and completions. The majority of Journey's capital for 2025 is forecast to be expended within the first half of the year. Recently, changes to Canadian-U.S. trade policies and increasing recession fears have resulted in significant near-term headwinds for commodity prices. Journey management remains confident that the Company is well positioned to navigate this uncertain period. However, the unprecedented volatility in pricing, for oil in particular, makes it challenging to provide reliable guidance as it pertains to associated funds flow and year-end debt levels at this time. Journey will update its guidance at regular intervals throughout the year and as circumstances materially change. This guidance incorporates many material underlying assumptions including but not limited to: [This table cannot be displayed. Please visit the source.] Notes: Journey's low corporate decline, high working interest project inventory, operated infrastructure, and favorable mineral lease expiry profile allow the Company to weather periods of lower than forecast commodity prices by proactively deferring portions of the capital program on a temporary basis. Journey is focused on adjusting its capital program to meet its near-term obligations without sacrificing the longer-term priorities of sustainability and enhancing shareholder value. Annual General Meeting Journey's annual general meeting ('AGM' or the 'Meeting') is scheduled for 3:00 pm (Calgary time) on May 22, 2025. Shareholders not attending in person must vote on the matters not less than forty-eight (48) hours (excluding Saturdays, Sundays and statutory holidays in the Province of Alberta) before the time of the Meeting. Journey is offering shareholders an opportunity to listen to the business to be conducted at the Meeting by teleconference. Further instructions on how to listen to the Meeting and how to vote in advance of the Meeting can be found in Journey's management information circular that is posted on the Company's website and on SEDARPLUS. Journey expects to only have a minimum number of in-person attendees present to conduct the formal business of the Meeting and does not intend to provide a corporate presentation after the Meeting. About the Company Journey is a Canadian exploration and production company focused on oil-weighted operations in Alberta, Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions. In conjunction with its joint venture partner, the Company has recently begun development of its Duvernay light oil resource play. In addition, Journey is continuing with its plans to grow its power generation business through its projects at Gilby and Mazeppa. For further information contact: [This table cannot be displayed. Please visit the source.] Journey Energy Inc. 700, 517 - 10 th Avenue SW Calgary, AB T2R 0A8 403-294-1635 ADVISORIES This press release contains forward-looking statements and forward-looking information (collectively 'forward looking information') within the meaning of applicable securities laws relating to the Company's plans and other aspects of the anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. In addition, and without limiting the generality of the foregoing, this press release contains forward-looking information regarding decline rates, anticipated netbacks, drilling inventory, estimated average drill, complete and equip and tie-in costs, anticipated potential of the Assets including, but not limited to, EOR performance and opportunities, capacity of infrastructure, potential reduction in operating costs, production guidance, total payout ratio, capital program and allocation thereof, future production, decline rates, funds flow, net debt, net debt to funds flow, exchange rates, reserve life, development and drilling plans, well economics, future cost reductions, potential growth, and the source of funding Journey's capital spending. Forward-looking information typically uses words such as 'anticipate', 'believe', 'project', 'expect', 'goal', 'plan', 'intend' or similar words suggesting future outcomes, statements that actions, events or conditions 'may', 'would', 'could' or 'will' be taken or occur in the future. The forward-looking information is based on certain key expectations and assumptions made by management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labor and services; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions, including the Acquisition, the ability to market oil and natural gas successfully and the ability to access capital. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Journey can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website ( ). These forward looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. This press release contains future-oriented financial information and financial outlook information (collectively, 'FOFI') about Journeys prospective results of operations, funds flow, netbacks, debt, payout ratio well economics 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 press release was made as of the date of this press release and was provided for providing further information about Journey's anticipated future business operations. Journey disclaims any intention or obligation to update or revise any FOFI contained in this press release, 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 press release should not be used for purposes other than for which it is disclosed herein. Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, which involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Journey, including, without limitation, those listed under 'Risk Factors' and 'Forward Looking Statements' in the Annual Information Form filed on on March 31, 2025. Forward-looking information may relate to the future outlook and anticipated events or results and may include statements regarding the business strategy and plans and objectives. Particularly, forward-looking information in this press release includes, but is not limited to, information concerning Journey's drilling and other operational plans, production rates, and long-term objectives. Journey cautions investors in Journey's securities about important factors that could cause Journey's actual results to differ materially from those projected in any forward-looking statements included in this press release. Information in this press release about Journey's prospective funds flows and financial position is based on assumptions about future events, including economic conditions and courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that information regarding Journey's financial outlook should not be used for purposes other than those disclosed herein. Forward-looking information contained in this press release is based on current estimates, expectations and projections, which we believe are reasonable as of the current date. No assurance can be given that the expectations set out in the Prospectus or herein will prove to be correct and accordingly, you should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law. Non-IFRS Measures The Company uses the following non-IFRS measures in evaluating corporate performance. These terms do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculation of similar measures by other companies. (1)'Adjusted Funds Flow' is calculated by taking 'cash flow provided by operating activities' from the financial statements and adding or deducting: changes in non-cash working capital; non-recurring 'other' income; transaction costs; and decommissioning costs. Adjusted Funds Flow per share is calculated as Adjusted Funds Flow divided by the weighted-average number of shares outstanding in the period. Because Adjusted Funds Flow and Adjusted Funds Flow per share are not impacted by fluctuations in non-cash working capital balances, Management believes these measures are more indicative of performance than the GAAP measured 'cash flow generated from operating activities'. In addition, Journey excludes transaction costs from the definition of Adjusted Funds Flow, as these expenses are generally in respect of capital acquisition transactions. The Company considers Adjusted Funds Flow a key performance measure as it demonstrates the Company's ability to generate funds necessary to repay debt and to fund future growth through capital investment. Journey's determination of Adjusted Funds Flow may not be comparable to that reported by other companies. Journey also presents 'Adjusted Funds Flow per basic share' where per share amounts are calculated using the weighted average shares outstanding consistent with the calculation of net income (loss) per share, which per share amount is calculated under IFRS and is more fully described in the notes to the audited, year-end consolidated financial statements. [This table cannot be displayed. Please visit the source.] (2)'Netback(s)'. The Company uses netbacks to help evaluate its performance, leverage, and liquidity; comparisons with peers; as well as to assess potential acquisitions. Management considers netbacks as a key performance measure as it demonstrates the Company's profitability relative to current commodity prices. Management also uses them in operational and capital allocation decisions. Journey uses netbacks to assess its own performance and performance in relation to its peers. These netbacks are operating, Funds Flow and net income (loss). 'Operating netback' is calculated as the average sales price of the commodities sold (excluding financial hedging gains and losses), less royalties, transportation costs and operating expenses. There is no GAAP measure that is reasonably comparable to netbacks. [This table cannot be displayed. Please visit the source.] (3)'Net debt' is calculated by taking current assets and then subtracting accounts payable and accrued liabilities; the principal amount of term debt; and the carrying value of the other liability. Net debt is used to assess the capital efficiency, liquidity and general financial strength of the Company. In addition, it is used as a comparison tool to assess financial strength in relation to Journey's peers. The reconciliation of Journey's net debt is as follows: [This table cannot be displayed. Please visit the source.] (4)Journey uses 'Capital Expenditures' to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic capital program, excluding acquisitions or dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities. Journey then adjusts its capital expenditures for A&D activity to give a more complete analysis for its capital spending used for FD&A purposes. The following table details the composition of capital expenditures and its reconciliation to cash flow used in investing activities: [This table cannot be displayed. Please visit the source.] Measurements All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. Where amounts are expressed in a barrel of oil equivalent ('boe'), or barrel of oil equivalent per day ('boe/d'), natural gas volumes have been converted to barrels of oil equivalent at nine (6) thousand cubic feet ('Mcf') to one (1) barrel. Use of the term boe may be misleading particularly if used in isolation. The boe conversion ratio of 6 Mcf to 1 barrel ('Bbl') of oil or natural gas liquids is based on an energy equivalency conversion methodology primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead. This conversion conforms to the Canadian Securities Regulators' National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. Abbreviations The following abbreviations are used throughout this press release and have the ascribed meanings:No securities regulatory authority has either approved or disapproved of the contents of this press release. To view the source version of this press release, please visit
Yahoo
06-05-2025
- Business
- Yahoo
SPARTAN DELTA CORP. ANNOUNCES FIRST QUARTER 2025 RESULTS
In the Deep Basin, Spartan continued to focus on the liquids-rich targets in the Cardium and Spirit River formations, drilling 7.0 (5.6 net) wells, and completing and bringing 5.0 (3.9 net) wells on production. The Company successfully executed a capital program of $72.8 million in the first quarter of 2025, of which approximately 70% was spent on drilling, completing, equipping, and tie-ins. Spartan achieved a 196% increase in crude oil production as compared to the first quarter of 2024 and a 9% increase as compared to the fourth quarter of 2024. On January 30, 2025, Spartan completed an upsized bought deal equity financing for gross proceeds of approximately $97.8 million. The net proceeds have been applied to amounts drawn on the credit facility, and the additional liquidity will be used to fund the acceleration of the development program in the Duvernay, as well as general corporate purposes. Currently the Deep Basin has 3.0 (2.6 net) drilled but uncompleted Cardium wells awaiting completion which will occur in the second quarter post break-up. In the Duvernay, the Company is currently drilling the final well on its 02-22-42-04W5 four well pad (70% WI), and the first well on its 07-15-44-03W5 four well pad (100% WI). In addition, Spartan is completing the 06-04-043-03W5 three well pad (70% WI) and anticipates completing the 02-22-042-04W5 pad afterwards. In the Duvernay, drilling operations benefited from rig efficiencies resulting in a significant reduction in drill times. Key water infrastructure projects have also progressed on schedule and on budget, including the completion of two water reservoirs. The reservoirs provide Spartan access to ample water storage to execute on its operations and growth, while also reducing future well completion costs in the Duvernay. Spartan continues to be encouraged by its Duvernay acreage as the results achieved to date exceed internal expectations, averaging an IP90 of more than 1,000 BOE/d (83% liquids) on its initial four wells. To date, the Company has established a dominant position in the Duvernay, amassing approximately 320,000 net acres (500 net sections). During the first quarter, Spartan drilled 7.0 (5.6 net) wells and completed and brought 5.0 (3.9 net) wells on production in the Deep Basin and drilled 6.0 (4.2 net) wells in the West Shale Basin Duvernay (the " Duvernay "). 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 months ended March 31, 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". CALGARY, AB, May 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 months ended March 31, 2025. Story continues The following table summarizes the Company's financial and operating results for the three months ended March 31, 2025, and March 31, 2024. Three months ended March 31 (CA$ thousands, unless otherwise indicated) 2025 2024 % FINANCIAL HIGHLIGHTS Oil and gas sales 91,241 84,148 8 Net income (loss) and comprehensive income (loss) (5,169) 11,195 (146) $ per share, basic (1) (0.03) 0.06 (150) $ per share, diluted (1) (0.03) 0.06 (150) Cash provided by operating activities 56,268 48,151 17 Adjusted Funds Flow (2) 45,565 45,673 - $ per share, basic (1)(2) 0.24 0.26 (8) $ per share, diluted (1)(2) 0.23 0.26 (12) Free Funds Flow (deficit) (2) (27,188) 638 nm Cash used in investing activities 50,183 51,136 (2) Capital Expenditures before A&D (2) 72,753 45,035 62 Adjusted Net Capital A&D (2) (47) 18,067 (100) Total assets 972,553 833,574 17 Debt 23,162 49,571 (53) Net Debt (2) 81,903 92,668 (12) Shareholders' equity 563,153 442,249 27 Common shares outstanding, end of period (000s) (1) 200,043 173,201 15 OPERATING HIGHLIGHTS Average daily production Crude oil (bbls/d) 2,212 748 196 Condensate (bbls/d) (3) 1,985 2,111 (6) NGLs (bbls/d) (3) 9,617 9,442 2 Natural gas (mcf/d) 147,082 157,393 (7) BOE/d 38,328 38,533 (1) Average realized prices, before financial instruments Crude oil ($/bbl) 94.37 92.29 2 Condensate ($/bbl) (3) 98.28 96.09 2 NGLs ($/bbl) (3) 30.49 31.04 (2) Natural gas ($/mcf) 2.15 2.29 (6) Combined average ($/BOE) 26.45 24.00 10 Three months ended March 31 (CA$ thousands, unless otherwise indicated) 2025 2024 % Operating Netbacks ($/BOE) (2) Oil and gas sales 26.45 24.00 10 Processing and other revenue 0.34 0.45 (24) Royalties (3.78) (3.30) 15 Operating expenses (6.48) (5.65) 15 Transportation expenses (1.75) (1.58) 11 Operating Netback, before hedging ($/BOE) (2) 14.78 13.92 6 Operating Netback, after hedging ($/BOE) (2) 15.60 14.37 9 Adjusted Funds Flow Netback ($/BOE) (2) 13.21 13.03 1 (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". 2025 OUTLOOK The recent announcements of U.S. tariffs, OPEC+ production increase, and economic uncertainty has resulted in significant volatility in commodity prices. Spartan's hedging program mitigates this volatility with approximately 45% of its oil and condensate production hedged at an average price of $99.88/bbl and approximately 50% of its natural gas production hedged at $2.20/GJ for the remainder of 2025. Spartan continues to focus on cost control measures and operational discipline to support strong cash flow generation in the Deep Basin and growth in the Duvernay. The Company will continue to monitor commodity prices and has the optionality to reallocate and/or adjust capital between the Deep Basin liquids-rich gas asset and the Duvernay oil and condensate asset. MANAGEMENT PROMOTION Effective immediately, Mr. Rob Day, Director Exploration, is promoted to Vice President, Development. Mr. Day has been with Spartan since June 2020 and brings more than 20 years of geotechnical experience in the Western Canadian Sedimentary Basin, including Foothills exploration, new ventures prospecting, greenfield delineation, and brownfield development. Mr. Day has been instrumental in advancing the Company's capital programs in the Deep Basin and the Duvernay. ABOUT SPARTAN DELTA CORP. Spartan is committed to creating value for its shareholders, focused on sustainability both in 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 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. 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 May 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, 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 therefore. 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 $3.56 for the three months ended March 31, 2025. Spartan's closing share price was $3.34 on March 31, 2025, compared to $3.45 on March 31, 2024. As of March 31, 2025, there were 200.0 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 March 31 (000s) 2025 2024 % WA Shares outstanding, basic 191,237 173,201 10 Dilutive effect of outstanding securities - 616 (100) WA Shares, diluted – for EPS 191,237 173,817 10 Incremental dilution for AFF (1) 6,025 3,348 80 WA Shares, diluted – for AFF (1) 197,262 177,165 11 (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, cost model and strategy of Spartan; the Company's 2025 capital program and budget, including being well positioned to continue executing on its guidance despite recent volatility in commodity prices; 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; Spartan's strategies to deliver strong operational performance and to generate significant shareholder returns; the ability of the Company to achieve drilling success consistent with management's expectations; expectations with regard to water infrastructure projects, including ensuring Spartan has access to ample water storage capacity to execute on its operations and growth and reducing future well completion costs; being well positioned to take advantage of opportunities in the current business environment; risk management activities, including hedging; to continue pursuing immediate production optimization and responsible future growth with organic drilling, and to continue 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, 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 in commodity prices; changes in industry regulations and legislation (including, but not limited to, tax laws, royalties, and environmental regulations); the risk that the new 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 March 31, 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 the Company's 2025 capital program and budget and the Company's ability to continue executing on its guidance, Spartan's prospective results of operations and production, Free Funds Flow, operating costs, FDC, 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 Company's key performance measures. The Company's actual results may differ materially from these estimates. References in this press release to peak rates, initial production rates, test rates, average 90-day production, 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. 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 mcf one thousand cubic feet mcf/d one thousand cubic feet per day Mbbls thousand barrels MBOE thousand barrels of oil equivalent MMbtu one million British thermal units MMcf one 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. Cision View original content to download multimedia:
