DALXF - Spartan Delta GAAP EPS of C$1.05 revenue of C$437.7M; raises FY22 guidance

• Spartan Delta press release ( OTCPK:DALXF ): Q2 GAAP EPS of C$1.05.
• Revenue of C$437.7M (+354.2% Y/Y).
• Spartan's Q2 2022 production averaged 72,966 BOE/d (38% liquids), up 84% compared to 39,638 BOE/d (29% liquids) in Q2 2021 and exceeded the upper range of previous guidance of 68,500 to 72,500 BOE/d.
• Spartan achieved record Adjusted Funds Flow of C$232M (C$1.33 per share, diluted), an increase of 45% compared to C$160M (C$0.92 per share, diluted) in Q1 2022 and an increase of 339% from C$53M (C$0.39 per share, diluted) in Q2 2021.
• Free Funds Flow of C$142M generated in Q2 2022 was used to reduce the company's Net Debt to C$262M as at June 30, 2022.
• Spartan's updated 2022 guidance is summarized below along with a comparison to previous guidance published as of February 15, 2022: Average Production of 71,000 – 73,000 (prior 68,500 – 72,500); Adjusted Funds Flow of C$840M.

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