Alberta pure-play gas producer rebuilt around the Deep Basin (Gething, Spirit River/Notikewin) after the 2023 sale of its Montney assets to Crescent Point/Veren and the August 2023 spin-out of Logan Energy; ~75-80% natural-gas weighted with a condensate and NGL liquids tail.
FY2025 delivered C$370M revenue, C$237M EBITDA and C$70M net income with production growing toward the mid-40s mboe/d; the ~C$428M capital program (well above cash flow) reflects an aggressive Deep Basin plus emerging Montney oil growth push that drove the share price and market cap sharply higher into mid-2026.
Its EV/EBITDA of 11.3x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -5.7% is lower than the 6.5% median, and at $9.44/boe of proved reserves it is cheaper than the $13.51/boe median.
On a balanced screen across the universe, Spartan Delta Corp. scores 43/100, strongest on safety (66/100). Sub-scores: value 21, quality 55, growth 29, risk 34 (higher = riskier).
Spartan Delta Corp. holds approximately 0.2 billion boe of proved (1P) reserves with FY2025 production of about 43 thousand boe/d (39% liquids), a reserve life of roughly 12.7 years. Break-even: ~$2.75 (AECO gas FCF breakeven) — Deep Basin dry-gas economics; corporate sustaining + base program roughly funded around ~C$2.50-3.00/mcf AECO with liquids uplift; growth capex pushed 2025 to negative FCF
For Spartan Delta Corp., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Deep Basin - Gething | Canada | Gas | Core dry-gas play; multi-zone Deep Basin, Alberta |
| Deep Basin - Spirit River/Notikewin | Canada | Gas | Liquids-rich tight gas, primary development focus |
| Deep Basin - Falher/Wilrich | Canada | Gas | Additional Deep Basin gas horizons |
| Montney oil | Canada | Light oil | Emerging Montney oil/liquids growth leg, west-central Alberta |
| Chinook/West-Central Alberta | Canada | Gas | Consolidated Deep Basin acreage and infrastructure |
| Owned gas processing/infrastructure | Canada | Midstream | Operated plants and gathering supporting Deep Basin volumes |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 30 | 72 | 55 | 38 | 43 |
| Proved reserves (bnboe) | 0.20 | 0.25 | 0.13 | 0.14 | 0.20 |
| Revenue ($bn) | 0.4 | 1.0 | 0.4 | 0.2 | 0.3 |
| EBITDA ($bn) | 0.2 | 0.7 | 0.3 | 0.1 | 0.2 |
| Net income ($bn) | 0.2 | 0.5 | 0.5 | 0.0 | 0.1 |
| Free cash flow ($bn) | -0.2 | 0.3 | 0.1 | -0.0 | -0.1 |
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✓ FY2025 figures verified against primary sources: