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CALGARY, AB, May 17, 2023 /CNW/ – Spartan Delta Corp. (“ Spartan ” or the “ Company “) ( TSX: SDE ) is pleased to announce that its Board of Directors (the “ Board “) has approved the pro forma capital expenditure budget and updated guidance for 2023, following the recent sale of the Company’s Gold Creek and Karr Montney assets (the “ Asset Sale “). The Company also announces the voting results from its annual general and special meeting of shareholders held on May 16, 2023 (the “ Meeting “). 2023 BUDGET AND UPDATED GUIDANCE Spartan is pleased to provide its updated financial and operating guidance for 2023. The Company’s capital expenditure budget and guidance for 2023 is presented on a pro forma basis, accounting for the forthcoming distribution of the cash proceeds of the Asset Sale and the shares and warrants of Logan Energy Corp. (“ Logan “) to Spartan’s shareholders. Based on forecast annual 2023 average production of between 52,000 to 54,000 BOE/d and commodity price assumptions of US$74/bbl for WTI crude oil and $2.75/GJ for AECO natural gas average for the year, Spartan expects to generate approximately $398 million of Adjusted Funds Flow in 2023. […]
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