Spartan Delta : AUGUST 2020 INVESTOR PRESENTATION

INVESTOR PRESENTATION

Spartan Delta Corp. (SDE: TSXV)

August 20, 2020

SPARTAN DELTA CORPORATE STRATEGY

Building a Differentiated Energy Company for Global Investors

Spartan intends to acquire a diversified portfolio of quality assets that can be restructured, optimized and rebranded, financially or operationally to yield lower payout ratios and generate material free cash flow.

Thoughtful opportunistic consolidation of undercapitalized and undervalued assets is the clearest path to

accretion of corporate metrics, now more than ever in this depressed environment.

Proper capital structure and liquidity matters, not only for passive index linked capital (>50% of public equity held passively), but also for globally managed discretionary investment funds.

Target company size within 24-36 months:

• >100,000 boepd
• >$3 Billion Market Capitalization
• Share trading liquidity of >$30MM/day

An embedded sustainability & ESG culture is critical to long-term value creation. Spartan strives through our day-to-daydecision-making to be a responsible and ethical steward of assets and investor capital.

Target industry leadership in ESG through culture and strategy alignment with best practices.

SCALE &	MANAGEABLE
ENVIRONMENTAL
LIQUIDITY
LIABILITY

ESGRETURN

CULTUREOF

CAPITAL

Post-Redwater, inactive liability must be viewed as first lien debt and part of the enterprise value of target companies. Lending banks have already adopted this approach for new loans.

Target Assets Cash Flow must deliver:

• Maintenance Capital (1)
• Proactive Asset Retirement Capital (1)
• Free Cash Flow (1)

Investors are indicating continued prioritization of returns in the form of yield over growth, thus decline and macro risk management become critical.

Target Return of Capital when prudent:

• >5% Dividend Yield
• Excess Free Cash Flow for per share growth through acquisitions (1)

August 20, 2020

2

1. See "Non-GAAP Measures" in Disclaimers.

COMPANY OVERVIEW

Spartan Delta Corp.

Capitalization (estimated as at close August 19, 2020)

Spartan Delta Corp.	TSX-V	SDE
Share Price(1)	$/sh	$2.75
Market Capitalization (basic)(1)	$MM	$159.8
Common Shares Outstanding (basic)	MM	58.1
Fully Diluted Shares Outstanding(5)	MM	74.3
Net Debt (as at June 30, 2020)(2)	$MM	$26.2
Dilutive Proceeds	$MM	$16.2
Insider Ownership (basic)	%	26%

Guidance (2020) ( 3)

Average Production (Jun 1 - Dec 31, 2020)	boe/d	24,000 - 26,000 boe/d
Average Production (FY 2020)	boe/d	13,500 - 15,500 boe/d
Crude Oil and Condensate(4)	%	5	- 6%
Natural Gas Liquids ("NGLs")(4)	%	24	- 27%
Natural Gas	%	69	- 71%

Peace River Arch

• Charlie Lake Oil Focus
• 250 boe/d(6) with growth aspirations and consolidation opportunities
• Upper and Lower Charlie Lake drilling upside

Central Alberta

• Cretaceous Oil and Liquids- Rich Gas Focus
• BXE deal as entry point
• Additional consolidation opportunities
• ~26,200 boe/d (6)
• Spirit River and Cardium drilling upside

August 20, 2020

3

1.	Share price as at closing on August 19, 2020.	4.	See "Oil and Gas Advisories".
2.	See "Non-GAAP Measures" in Disclaimers.	5.	Excludes 3.4mm out-of-the-money stock options w/ $3.00 exercise price.
3.	See "FOFI" in Disclaimers.	6.	Average production for June 2020.

RECENT TRANSACTION SUMMARY

Acquisition of Substantially all Assets of Bellatrix Exploration Ltd. ("BXE") from CCAA - June 2020

Asset Summary

• ~25,000 boe/d (30% liquids) of Spirit River and Cardium oil and gas production.
• Decline rate of 19%; low maintenance capital required.(1)
• Proved reserves of 186 million boe with an inventory of 637 Spirit River and Cardium locations.(2)
• Extensive infrastructure footprint with replacement value of ~$200 million net to Spartan consisting of:
  >90 mmcf/d of W.I. gas plant capacity
  >200 mmcf/d in W.I. compressor capacity and >550 kms of gas gathering lines
• Clean asset base with an above average Liability Management Rating ("LMR") in
  Alberta.
• Includes a successful Indigenous joint venture with the O'Chiese First Nation.

Deal Summary

• 2.0x NOI(1) acquisition multiple on strip pricing(3) and $4,352/flowing boe.
• $87.5MM cash and $21.3MM estimated assumed liabilities for all assets through a court monitored restructuring process.
• This high-quality asset base, which was fatally burdened by its pre-CCAA capital and cost structure will be revitalized under Spartan's management.
• Restructured over $70 million per year out of the cost base through CCAA and Spartan direct negotiations.
• Under current commodity prices, the assets generate positive free cash flow and provide tremendous upside to improved prices.

Drayton

Valley

Pembina

Alder Flats

Brazeau

Ferrier

Willesden Green

Baptiste

Deep Basin				BXE Lands
			WI Gas Plant
				Gas Plant
				BXE Comp/Battery
				BXE Cardium Wells
				BXE Spirit River/Other Wells
				Industry Wells (750)

August 20, 2020

4

1. See 'Non-GAAP Measures' in Disclaimers.
2. See 'Reserves Disclosure' 'Drilling Locations / Inventory' Disclaimer in Appendix.
3. As of May 25, 2020.

ACQUISITION RESERVES & INVENTORY

Identified and Verified Greater Than 10 Years of Economic Drilling Inventory

Reserves Summary (1)

	Reserve Volumes						Reserve Value (BTax)	▪ Bellatrix reserves evaluated by InSite Petroleum
			Gas		NGLs		Oil		Total		Insite Dec 31, 2019	Consultants Ltd. ("InSite") with the Dec 31, 2019
			bcf		mbbl		mbbl		mboe		C$ MM NPV10		InSite price deck.
Proved Developed Producing	320	15,523	899	69,831	419		▪ Reserves evaluated prior to the completion of the
Total Proved	842	42,004	3,119	185,536	990		CCAA restructuring and thus certain cost savings
Total Proved + Probable	1,215	60,601	4,956	267,983	1,419		achieved through that process are not captured in

the evaluation.

Inventory Summary (2)

Zone

Cardium (3) Spirit River

Total

Other (4)

Booked	Unbooked	Total	% Crown
140	113	253	69%
156	227	383	58%
296	340	637	62%
2	250	253	61%

• Spartan has verified over 135 locations which are economic (>60% IRR) at current strip pricing.
• Spirit River includes Notikewin, Falher A, Falher B, Falher D/E and Wilrich.
• Inventory ties into a variety of available infrastructure.
• Main near-term drilling planned for Falher B and Notikewin (Spirit River) and, if oil prices recover, Cardium oil.
• Best economics at current prices are on Falher B and Notikewin. Sample well economics are shown below, full economics are shown in the appendix.

August 20, 2020

5

1. See 'Reserves Disclosure' in Appendix.
2. See 'Drilling Locations / Inventory' Disclaimer in Appendix. All location numbers are net wells, rounded to the nearest whole number.

1. Inventory represents 1.0-mile laterals in both oil and gas prone areas except for 5.5 net 2.0-mile booked wells.
2. Includes Belly River, Second White Specs, Viking, Glauconite, Ellerslie/Rock Creek, and Duvernay locations.

SPIRIT RIVER TYPE CURVE & ECONOMICS

Strong Single Well Economics at Strip Drive Compelling Full Cycle Corporate Returns

Summary:

• Spirit River (Falher B / Notikewin) liquids-rich gas on crown land flowing to SDE 10-09 plant economics shown.
• Spartan's access to deep cut substantially improve its well economics.
• Economics shown for 1.0 mile wells based on drilling to date. Spartan plans to shift development to extended reach horizontals wherever possible.
• Main development opportunity with current commodity prices.

Gas Rate (mmcf/d)

12	Spirit River Type Curve
	P90 (mmscf/d)
10	P50 (mmscf/d)
P10 (mmscf/d)
	Swansons Mean (mmscf/d)
8	Type Curve (mmscf/d)
6
4
2

-

1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	19	20	21	22	23	24
											Months

	Inputs								Economic Results
IP365		boe/d	1,029									Pricing Scenario (1)
Liquids		%	30%						Strip (2020-08-17)	Low (Flat)	Base (Flat)
EUR	Gas	bcf	4.5						Jan 2021 on-stream	($35/bbl & $1.75/GJ)	($50/bbl & $2.50/GJ)
	NGLs	mbbl	274		NPV 10	C$ M	$5,516			$1,509			$5,884
	Condensate	mbbl	47		IRR		%		204%			42%			195%
	BOE	mboe	1,078		Payout	Years	0.7			1.7			0.7
Liquids Yield	bbl/mmscf	70		F&D	$/boe	$3.48			$3.56			$3.46
DCET		$M	$3,750		Recycle Ratio	x	3.0			1.7			3.1
Opex & Trans (year 1)	$/boe	$5.32		Profit / Investment (10%)	x	1.5			0.4			1.6
Royalties (Crown) (year 1 - base case)	$/boe	$0.89		Capital Efficiency	$/boe/d	$3,644			$3,644			$3,644
					Notes:
					• Spirit River Crown well economics based on type curve for 1 mile fracture stimulated horizontal gas well.
					•	Type curve is management estimate based on 22 BXE operated wells Falher B drilled from 2017-2019 (Brazeau, Ferrier,
						and Alder Flats).
	August 20, 2020				•	Economics shown for Crown land locations, freehold locations on the O'Chiese First Nation will have additional royalties.	6

1. Price deck details show on slide 27.

Note: Management type curve and economics See "Type Curves" for more information.

INFRASTRUCTURE

Operated and Modern Infrastructure Footprint with Capacity to Grow Volumes

Infrastructure in Central Alberta estimated at $200MM net value to SDE

• Working interest in three area gas plants (Alder Flats Plant is operated, deep cut).
• Working interest in seven operated compressor stations.
• Connected to significant additional 3rd party area processing with excess capacity allowing optionality.
• Ownership provides lower costs and prioritized access.
• Significant capital invested by previous operator into developing current facilities.

August 20, 2020

7

1. Est. values based on SDE net WI and based on insured, CO&O or historical costs as representations for estimated replacement value

MARKETING & RISK MANAGEMENT

Acquisition Value Protected with AECO Hedges

Commodity Exposure - 100% AECO

• Spartan is uniquely positioned with 100% exposure to AECO pricing, and no economic burden of transport to under performing markets.

AECO Supply & Demand Fundamentals are very positive:

• Combined supply declines in Alberta of >800 MMcf/d1. Alberta gas egress coupled with increasing Western Canadian Sedimentary Basin gas demand paints an attractive story for AECO versus other markets.
• Coal-to-gasswitching in Alberta, is estimated to add 600 MMcf/d of incremental demand over the next 2 years2.
• Expected supply declines in the U.S. Rockies of 3 Bcf/d3.
• TRP's $10 bn of NGTL expansions adds 3.5 Bcf/d of additional capacity by 2023 (3.2 Bcf/d by 2022) & LNG Canada in 2023/2024 will pull ~1.9 Bcf/d off the west coast.

August 20, 2020

Risk Management

Current Hedge Positions (Swaps)

				Natural Gas
		Avg Price		Volume
Period		(C$/GJ)		(GJ/d)		Reference
April 1, 2020 to October 31, 2020	$1.54	750		AECO
July 1, 2020 to March 31, 2021	$2.23	60,000		AECO
April 1, 2021 to October 31, 2021	$2.14	10,000		AECO
April 1, 2021 to March 31, 2022	$2.25	35,000		AECO

75,000	75%
50,000	50%	hedged
GJ/d
25,000	25%	%
-	-

Fixed Price Gas Hedge Volume (GJ/d)

% Gas Hedged (Approx.)

8

1. Source : AER
2. Source: RBN Energy
3. Source: S&P Global Platts

INDIGENOUS PARTNERSHIP - O'CHIESE FIRST NATION

First Nation Joint Venture - Partners in Development and Day to Day Operations

• Spartan is pleased to begin what it hopes to be a long and prosperous relationship with the O'Chiese First Nation based on trust and mutual respect.
• Spartan is committed to building a company that is respectful to First Nations, the environment, and the communities in which it operates.
• Spartan will use qualified and market competitive O'Chiese First Nation businesses and business partners to conduct field operations.
• O'Chiese First Nation also has a 5% WI in Alder Flats deep cut plant (Spartan operated).
• O'Chiese First Nation is a joint venture partner in the production of oil and gas resources that reside on O'Chiese First Nation lands.

SDE O'Chiese Nees-Opawganu'ck 230mmscf/d Deep Cut Plant (10-9)

August 20, 2020

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SPARTAN SUSTAINABILITY

Environmental, Social & Governance

Environmental

▪ Spartan takes its commitment to the environment seriously and has implemented numerous sustainability tracking and reporting measures.

▪ Spartan intends to publish its first Sustainability Report in 2021 and has already
implemented several programs to assist Spartan in minimizing its impact to the
environment.
• For example: power usage - Spartan has ~400 solar panels, with solar
power generation at nearly every pad site within our core operating area.
Social
▪ Spartan recognizes the importance of, and is committed to, safe, compliant and
environmentally conscious operations for its employees, contractors, shareholders
and communities.
▪ All levels of management are responsible for providing and maintaining a safe
workplace with proper procedures, training, and equipment to ensure that work
activities are performed at a minimum to accepted industry standards and in
compliance with government regulations.
▪ In response to COVID-19, Spartan is following all applicable rules and regulations as
set out by the relevant health authorities and has implemented health and safety
protocols into its operations.
▪ Spartan and its staff have adapted to the new work environment without
significant disruptions at any operated facilities or in day-to-day operations and
virtual corporate and operational integration of new staff and corporate objectives
has been very successful through the first months of proforma operations.
Governance
▪ Spartan adheres to the highest ethical standards in all of its business activities, and
each of its directors, officers, employees and consultants are expected to adhere	SDE - Wellsite solar power generation
to these standards.

August 20, 2020

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SPIRIT RIVER ASSETS

Significant Position in the Deep Basin with Top Tier Well Economics

• Over 17 Tcf of original gas-in-place over 40 townships; over 5 Tcf on Spartan lands.
• Spartan's core land position is situated in a significantly over-pressuredpart of the Deep Basin.
• Spartan holds over 90,000 acres (150 sections) of Spirit River rights (~70% WI) in the Ferrier-WillesdenGreen-Greater Pembina area.
• Reconfiguration of current location inventory to maximize capital efficiency via extended reach horizontals and multi-wellpads.
• Strong gas deliverability with significant liquids yields providing top tier economics at current strip pricing.

Brazeau

Alder Flats

Willesden Green

Legend (Spirit River Rights)

Spartan Delta

Bonavista

Cenovus

Peyto

Taqa

Obsidian

Westbrick

Tourmaline

August 20, 2020

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CARDIUM ASSETS

Low Risk, Repeatable, and Economic Drilling Inventory

• The Cardium is one of the largest oil accumulations in North America, estimated between 10-13billion barrels of original-oil- in-place.
• Spartan holds over 85,000 acres (132 sections) of Cardium rights (~70% WI) alongside a strategic infrastructure footprint.
• The Spartan team has built two successful Cardium energy companies in the fairway.
• Pervasively hydrocarbon charged reservoir with both conventional and unconventional attributes that drive repeatable results.
• Significant future upside with application of 2.0mi laterals, cemented liner with higher frac intensity, and customized completions; this yields higher capital efficiencies, higher recoveries, and improved economics.
• Deep cut liquids recoveries significantly improves Cardium economics relative to peers.

West Pembina

Pembina

					Alder Flats
				Brazeau
					Ferrier
					Willesden Green
	Cardium Land Rights:
		Spartan Delta Corp		InPlay Oil	Baptiste
		Arc Resources		Cenovus Energy
		Bonterra Energy		Ridgeback Resources
		Westbrick Energy		Entrada Resources
		Vermilion Energy		Tamarack Energy
		Obsidian Energy		Whitecap Resources

August 20, 2020

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PEACE RIVER ARCH ASSETS

Toe Hold Position in an Attractive Oil Weighted Fairway

• Located in the prolific Peace River Arch light oil fairway.
• The Charlie Lake is a semi-conventional light oil play delivering top-tierwell economics (at US$50/bbl WTI or higher) through horizontal drilling and multi-stagefracturing.
• Over 24,000 acres (~17,500 net) of Charlie Lake rights.
• Highly prospective acreage position adjacent to proven trend.
• 60+ Upper and Lower Charlie Lake unrisked drilling locations identified at both Rycroft and Gordondale(1).
• 100% WI Gas Plant with 16 mmcf/d capacity.
• Asset amenable to SPARTAN industry-leading,low-cost operating model and high capital efficiency.

August 20, 2020

Gordondale

Valhalla

Rycroft

				Legend (Charlie Lake Rights)
		Spartan Delta Corp.		Longshore Resources	Upr CHLK HZ	Upr CHLK Fairway
		Tourmaline Oil		Rising Star Resources	Lwr CHLK HZ	Lwr CHLK Fairway
		Kelt Exploration		Canadian Natural Resources
			CHLK Prod/Inj
		Anegada Oil		Held Charlie Lake Rights

Whitecap Resources

Velvet

13

1. See 'Reserves Disclosure' 'Drilling Locations / Inventory' Disclaimer in Appendix.

SUMMARY

Platform for Acquisitive Growth with Assets in Two Top-Tier Play Fairways

• Experienced management team that has repeatedly created shareholder value across all variations of the commodity cycle.
• Culture focused on Environmental, Social and Governance leadership and value generation.
• Sustainable, low decline production base (19%) provides Free Cash Flow at current strip prices.(1)
• One of the strongest relative balance sheets in the upstream space.
• Brand new company with a clean operating platform and minimal ARO overhang.
• A deep inventory of economic drilling on strip pricing.
• West Central infrastructure footprint provides the baseline for consolidation in Pembina and Willesden Green.
• Charlie Lake asset provides a toehold in the Peace River Arch for Charlie Lake and Montney consolidation.

August 20, 2020

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1. See "Non-GAAP Measures" in Disclaimers.

ANALYST COVERAGE

Institution	Analyst
Cormark Securities	Garett Ursu
Desjardins	Chris MacCulloch
Eight Capital	Adam Gill
National Bank	Dan Payne
Peters & Co.	Dan Grager
Raymond James	Jeremy McCrea
Stifel - FirstEnergy	Cody Kwong
TD Securities	Juan Jarrah

August 20, 2020

15

MANAGEMENT TEAM & BOARD OF DIRECTORS

MANAGEMENT TEAM

Richard McHardy

Executive Chairman & Director

Fotis Kalantzis

President, CEO & Director

Geri Greenall

CFO

Thanos Natras

VP Exploration

Craig Martin

VP Operations

Randy Berg

VP Land

Mark Hodgson

VP Corporate Development

Brendan Paton

Manager, Engineering

Ashley Hohm

Controller

• Former President, CEO and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration
• Former SVP and co-founder of Spartan Energy, Spartan Oil and Spartan Exploration
• Former CFO and co-founder, Camber Capital Corp., former Portfolio Manager & Chief Compliance Officer, Canoe Financial
• Former Geoscience Manager, Spartan Energy, former VP Exploration, Arcan Resources
• Former Manager D&C, Spartan Energy and Spartan Oil
• Former VP Land, Spartan Energy, former VP Business Development & Land, Renegade Petroleum
• Former VP Operations, Obsidian Energy, former VP New Ventures & Country Manager, Bankers Petroleum
• Director, Canoe Point Energy, former Production Engineer, Shell Canada
• Former VP Finance, Kelt Exploration, former Manager Financial Reporting, Celtic Exploration

BOARD OF DIRECTORS

Donald Archibald

Reg Greenslade

Kevin Overstrom

Tamara MacDonald

Sony Gill

Corporate Secretary

• Former Director of Spartan Energy and Spartan Oil  Chairman, Cequence Energy  former: President & CEO, Cypress Energy; Chairman & CEO, Cyries Energy; President & CEO, Cequel Energy
• Former Director of Spartan Energy, Spartan Oil and Spartan Exploration  former: Chairman, President & CEO, Big Horn Resources, Enterra Energy, Enterra Energy Trust, JED Oil; President & CEO, Tuscany International Drilling
• Founder and a principal of KO Capital Advisors  former Vice Chairman and Co-Head Energy Investment Banking, GMP FirstEnergy
• Former SVP, Corporate and Business Development, Crescent Point Energy  Director of Southern Energy Corp., and Equinor Canada
• Partner, Stikeman Elliott LLP

August 20, 2020

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Appendix

August 20, 2020

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SPARTAN ENERGY - SPARTAN OIL - SPARTAN EXPLORATION

Western Canada's Best-in-Class Performer: Proven Low-Cost Operator

• From 2010 through 2018, Spartan assembled and developed multiple high-quality assets throughout Central & Southern Alberta and Southeast Saskatchewan.
• Through infill horizontal development drilling and its application of multi-stage frac technology, Spartan unlocked significant resource potential in both light and tight oil plays.
• Developed a deep inventory of highly economic light oil drilling locations and waterflood projects capable of delivering sustainable growth and free cash flow.
• Focused capital on high quality, long life, operated, multi-zone potential with existing infrastructure and capacity.
• Spartan Exploration: grew production from ~400 boe/d to ~2,500 boe/d and sold to Penn West, outperforming the TSX Energy Index by ~90%.
• Spartan Oil: sold to Bonterra for ~$480 million in 2013 after growing production to >4,000 boe/d.
• Spartan Energy: sold to Vermilion Energy for C$1.4 billion in 2018 at a production of level of 23,000 boe/d and independently evaluated P+P reserves of 113.5 MMBoe.

August 20, 2020

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THE SPARTAN DOMESTIC ADVANTAGE

Domestic Operational Track Record

From 2014 to its sale to Vermilion Energy, Spartan Energy established itself as the lowest cost operator in the Southeast Saskatchewan area

• Average DCET costs for Mississippian wells below area peers at $750k.
• Strong relationships with key service providers are intact and ensure efficiencies through preferential rates and pre-existing personnel.

Management's ability to acquire and efficiently integrate assets has been proven through past transaction activity

• Management steadily reduced operating costs following two separate "acquisition cycles".
• Spartan Energy completed 11 transactions (asset and corporate) in just under a four-year time frame, more than any other corporation in the basin.

Mississippian DCET Capex ($000's)(1)

Spartan Energy - Operating Costs ($/boe)

$1,200
							$1,000
$1,000							$920
				$900
$800			$750
$600
$400
$200
$0

$22.00

$20.00

$18.00

$16.00

$14.00

$12.00

$10.00

Acquisition OPEX

Spartan Energy

Company 1

Company 2

Company 3

(1) Peer group includes Vermilion, TORC, and Crescent Point

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2014

2015

2016

2017

2018

August 20, 2020

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SPARTAN ENERGY

263% Total Return and 33% CAGR | December 2013 - May 2018

Overview

• Spartan Energy completed the recapitalization of Alexander Energy in December 2013 and shortly after acquired Renegade Petroleum in March 2014.
• Over a 4-year period, management grew production from ~650 boe/d to ~22,750 boe/d through an acquisition and development strategy.
• During a period of significant uncertainty in the energy markets, management stewarded capital efficiently and delivered above market shareholder returns.

Relative Performance (Indexed to 100)

300

Spartan

250			TSX Energy		Post-recapitalization,
				Spartan consistently
					outperformed the TSX
					Energy Index
200
150
100
50
Dec-13Jun-14Dec-14Jun-15	Dec-15Jun-16	Dec-16Jun-17Dec-17

Production Growth

	25,000															150.0
Production (boe/d)	20,000															120.0		Share Per Production
15,000															90.0	).(boe/d/mmsh
10,000															60.0
5,000															30.0
	0															0.0
	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
		2014			2015			2016			2017		2018

Total Production		Production per Share

Cash Flow Growth

	$60.0															$0.60
																Cash
($mm)	$40.0															$0.40
															PerFlow
	$20.0															$0.20
CashFlow																.($/mmshShare
																)
	$0.0															$0.00
	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
		2014			2015			2016			2017		2018

Cash Flow		Cash Flow per Share

August 20, 2020

20

HISTORICAL EV/DACF MULTIPLE COMPARISON

Spartan Energy Corp. vs Premium Light Oil Peers (1)

Fwd EV/NTM DACF Multiple (x)

16.0x
			Spartan Energy Corp.
14.0x				Light Oil Peer Avg. (2)
			The Spartan management team has
					historically traded at, or above, the premium
					light oil company average multiple (1).
12.0x
10.0x
8.0x
6.0x						Light Oil Peer Avg.
4.0x

2.0x

Source: Factset Consensus Estimates (-)

August 20, 2020

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1. Light Oil Peer Avg. includes: CPG, ERF, RRX, SGY, TOG, TVE, WCP
2. Comparable EV/NTM DACF period subject to Factset broker estimate availability (May 9, 2014 to the close of the acquisition of Spartan Energy Corp. by Vermilion Energy Inc. on May 28, 2018).

SPARTAN OIL

268% Total Return and 128% CAGR | June 2011 - January 2013

Overview

• Formed through the spin-out of certain Cardium assets and SE Saskatchewan assets from Spartan Exploration.
• Spartan continued to consolidate its position in the Pembina Cardium, where it successfully built a large contiguous land position and drilled 80 gross wells with 100% success rate.
• In less than two years, Spartan Oil grew production per share >500% and cash flow per share >1,000%.
• Announced its sale to Bonterra in December 2012 at top decile metrics.

Relative Performance (Indexed to 100)

250		Spartan
		As a public company, Spartan
		TSX Energy	outperformed the TSX Energy
			Index by ~130%
200

150

100

50
Jun-11	Sep-11	Dec-11	Mar-12	Jun-12	Sep-12	Dec-12

Production Growth

	5,000						60.0
Production (boe/d)	4,000						48.0		Share Per Production
3,000						36.0	).(boe/d/mmsh
2,000						24.0
1,000						12.0
	0						0.0
	Q2	Q3	Q4	Q1	Q2	Q3	Q4
		2011				2012
			Production		Production per Share
		August 20, 2020

Cash Flow Growth

	$25.0						$0.30	Cash
	$20.0						$0.24
($mm)						Per Flow
$15.0						$0.18
Cash Flow	$10.0						$0.12	.($/mmsh Share
$5.0						$0.06
	$0.0						$0.00	)
	Q2	Q3	Q4	Q1	Q2	Q3	Q4
		2011				2012

Cash Flow		Cash Flow per Share

22

SPARTAN EXPLORATION

573% Total Return and 80% CAGR | January 2010 - May 2011

Overview

• Spartan Exploration was formed in Q1-2008 with a view of targeting tight oil resources plays in western Canada.
• Spartan accumulated Cardium, Bakken and Shaunavon assets throughout 2008 and 2010 followed by a reverse takeover (RTO) recap transaction of a TSX listed shell company.
• From the RTO transaction in Q1-2010 to its sale in Q1-2011, Spartan grew production from ~400 boe/d to ~2,500 boe/d delivering production per share growth of >425% and cash flow per share growth of >650%.

Relative Performance (Indexed to 100)

250

Spartan

			TSX Energy			As a public company,
200					Spartan outperformed the
				TSX Energy Index by ~90%
150
100
50
Jan-10		Apr-10	Jul-10	Oct-10	Jan-11	Apr-11

Production Growth		Cash Flow Growth

	3,000				90.0			$14.0
	2,500				75.0	SharePer Production		$12.0
Production (boe/d)
2,000				60.0	Cash Flow ($mm)	$10.0
1,500				45.0	$8.0
					$6.0
1,000				30.0	$4.0
				(boe/d/mmsh).
500
				15.0			$2.0
	0				0.0			$0.0
	Q1	Q2	Q3	Q4	Q1
		2010			2011
		Production		Production per Share
	August 20, 2020

				$0.35	Cash
				$0.30
				$0.25	Flow
				$0.20	Per
				$0.15	Share
				$0.10	).($/mmsh
				$0.05
				$0.00
Q1	Q2	Q3	Q4	Q1
		2010		2011

Cash Flow		Cash Flow per Share

23

DISCLAIMER

Forward Looking Statements. Certain information included in this presentation constitutes forward-looking information under applicable securities legislation. Forward looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this presentation may include, but is not limited to, statements about: corporate strategy, objectives, strengths and focus of the recapitalized company ("Spartan"); proposed name change of Return Energy Inc. to Spartan Delta Corp. (the "Name Change"); proposed credit facility (the "Facility") and private placement financing (the "Private Placement") and the size, terms and completion thereof and use of proceeds therefrom; proposed acquisition (the "Acquisition") of the assets (the "Assets") of Bellatrix Exploration Ltd. ("Bellatrix") pursuant to an asset purchase agreement (the "APA"); future performance of the management team and board; insider ownership; development, exploitation, drilling and drilling locations, including in respect of the Charlie Lake asset and the Assets; waterfloods; future acquisition and development opportunities, including the Acquisition; realization of anticipated benefits of acquisitions, including future production levels, cash flow, decline rates, economics and payouts of wells in respect of such acquisitions and future commodity prices and exchange rates; anticipated amendments to the terms of the common share purchase warrants; hedging strategy; dividend policy; and ESG and sustainability measures. Statements relating to "reserves" are also deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future.

The forward-looking statements contained in this presentation are based on certain key expectations and assumptions made by Spartan, including expectations and assumptions concerning the performance of Spartan's management team and board, satisfaction or waiver of the closing conditions in the APA; receipt of required legal and regulatory approvals for the completion of the Acquisition (including approval of the TSXV and receipt of the Approval and Vesting Order from the CCAA Court), the Private Placement, Name Change and establishment of the Credit Facility; the ability to acquire the Assets, the success of future drilling, development and completion activities, 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, prevailing weather and break-up conditions and access to drilling locations, commodity prices, price volatility, price differentials and the actual prices received for products, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, Spartan's ability to complete planned capital expenditures within budgeted cost estimates, the ability to market oil and gas successfully, Spartan's ability to integrate assets and employees acquired through acquisitions and the creditworthiness of industry partners.

Although Spartan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Spartan can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, stock market volatility, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty

of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), incorrect assessment of the value of acquisitions, failure to complete or realize the benefits of acquisitions, constraint in the availability of services, commodity price and exchange rate fluctuations, actions of OPEC and OPEC+ members, changes in legislation (including but not limited to tax laws, royalty regimes and environmental legislation), adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Production forecasts are directly impacted by commodity prices and the actual timing of our capital expenditures. Actual results may vary materially from forecasts due to changes in interest rates, oil differentials, exchange rates and the timing of expenditures and production additions. In addition, Spartan cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on Spartan. While the precise impact of the COVID-19 virus on Spartan remains unknown, rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity, and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to Spartan.

The forward-looking information contained in this presentation is made as of the date hereof and Spartan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward looking information contained in this presentation is expressly qualified by this cautionary statement.

FOFI: This presentation contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Spartan's prospective results of operations, production, working capital, pro forma capitalization, enterprise value, recycle ratio, payout, operating netback, share price, investment yield, net debt, cash flow, free cash flow, NPV10, IRR, EUR, return of capital, operating costs, cost reductions 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 presentation was approved by management of the date of this presentation and was provided for the purpose of providing further information about Spartan's anticipated future business operations. Spartan disclaims any intention or obligation to update or revise any FOFI contained in this presentation, 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 presentation should not be used for purposes other than for which it is disclosed herein.

Third Party Information: Certain information contained herein has been obtained from published sources prepared by independent industry analysts and third-party sources (including industry publications, surveys and forecasts). While such information is believed to be reliable for the purpose used herein, none of the directors, officers, owners, managers, partners, consultants, shareholders, employees, affiliates or representatives assumes any responsibility for the accuracy of such information. Some of the sources cited in this presentation have not consented to the inclusion of any data from their reports, nor has Spartan sought their consent.

August 20, 2020

24

DISCLAIMER CONT'D

Oil and Gas Advisories

BOE Disclosure.The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to barrels of oil equivalence is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All BOE conversions in this presentation are derived from converting gas to oil in the ratio mix of six thousand cubic feet of gas to one barrel of oil.

References to "oil" in this presentation include crude oil and condensate. References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "liquids" includes oil and NGLs. References to "gas" relates to natural gas.

National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities includes condensate within the product type of "natural gas liquids". Spartan has disclosed condensate sales separate from natural gas liquids because the value equivalency of condensate is more closely aligned with crude oil. The Company believes the presentation of condensate as disclosed herein provides a more accurate representation of operations and results therefrom.

Reserves Disclosure.All reserves information in this presentation was prepared by InSite for Bellatrix effective December 31, 2019 using InSite's December 31, 2019 forecast prices and costs in accordance with National Instrument 51-101 - Standards of Disclosure of Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook"). All reserve references in this press release are "Company gross reserves". Company gross reserves are the Company's total working interest reserves before the deduction of any royalties payable by the Company and before the consideration of the Company's royalty interests. It should not be assumed that the present worth of estimated future cash flow of net revenue presented herein represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. The recovery and reserve estimates of Spartan's crude oil, NGLs and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and NGLs reserves may be greater than or less than the estimates provided herein.

Original Oil In Place ("OOIP")is that quantity of petroleum that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.

Original Gas In Place ("OGIP")is that quantity of gas that is estimated to exist originally in naturally occurring accumulations. It includes that quantity of gas that is estimated, as of a given date, to be contained in known accumulations, prior to production, plus those estimated quantities in accumulations yet to be discovered.

Type Curves.- The reservoir engineering and statistical analysis methods utilized is broad and can include various methods of technical decline analyses, and reservoir simulation all of which are generally prescribed and accepted by the COGE Handbook and widely accepted reservoir engineering practices. These type curves were generated internally and validated by our internal qualified reserves evaluator. Such type curves do not necessarily reflect the type curves used by our independent qualified reserves evaluator in estimating our reserves volumes. The type curves

used by InSite for Bellatrix's most recent independent reserves evaluation as of December 31, 2019 may have different estimated ultimate recovery than the type curves upon which the economics presented herein are based; however, this is expected as Insite's estimates are primarily based on only historical results whereas Spartan's Management Internal Forecast type curves utilize historical results and analogous information to provide an estimate of productivity and reserves in the future. Management Internal Forecast curves incorporate the most recent data from actual well results and would only be representative of the specific drilled locations. There is no guarantee that Spartan will achieve the estimated or similar results derived therefrom.

Drilling Locations / Inventory.This presentation discloses drilling inventory in three categories: (a) proved locations; (b) probable locations; and (c) unbooked/potential locations. Proved locations and probable locations are derived from: (a) the reserves evaluation prepared by InSite for Bellatrix effective December 31, 2019; and (b) the reserves evaluation prepared by Sproule Associates Limited for Spartan effective December 31, 2019, both in accordance with NI 51-101 and the COGE Handbook and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on the prospective acreage of the Assets and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Of the 637 identified net drilling locations identified within the Assets (slide 2, 5 & 7), 220.6 are net proved locations, 74.9 are net probable locations and 340 are net potential unbooked locations. Vertical locations in the Cardium, Edmonton, McLaren, Rock Creek, along with 2.0 net Rock Creek horizontal locations have been removed from the booked well count due to Spartan having uncertainty of their economic viability. Of the 60+ identified locations on slide 26, 6.0 net are proved locations, 5.0 net are probable locations and 49.0 net are unbooked potential locations. Unbooked locations have been identified by management as an estimation of our multi‐year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled, there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which we actually drill wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations being de‐risked by drilling existing wells in relative close proximity to such unbooked drilling locations, other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir, and therefore, there is more uncertainty whether wells will be drilled in such locations. If these wells are drilled, there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

US Disclaimer. This presentation is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

August 20, 2020

25

DISCLAIMER CONT'D & KEY PERFORMANCE INDICATORS

Non-GAAP Financial Measures and Other Key Performance Indicators

This presentation contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS or Generally Accepted Accounting Principles ("GAAP"). As these non-GAAP financial measures are commonly used in the oil and gas industry, the Company 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 used in this 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.

"Operating Income (Loss)" abbreviated as "NOI" is calculated by deducting operating and transportation expenses from total revenue, after realized gains or losses on commodity price derivative financial instruments. Total revenue is comprised of oil and gas sales, net of royalties, plus processing and other revenue. The Company refers to Operating Income (Loss) expressed per unit of production as an "Operating Netback".

"Funds from Operations" is calculated as cash provided by (used in) operating activities before changes in non-cash working capital.

"Adjusted Funds from Operations" is calculated by adding back transaction costs on acquisitions and settlements of decommissioning obligations to Funds from Operations. Adjusted Funds from Operations can also be calculated by deducting general and administrative and interest expenses (net of interest income) from Operating Income (Loss). Spartan's "Corporate Netback" is equal to Adjusted Funds from Operations expressed per unit of production.

"Adjusted Funds from Operations per Share" is calculated on a consistent basis with net income (loss) per share, using basic and diluted weighted average common shares as determined in accordance with IFRS.

"Funds Flow" is calculated by deducting payments on lease liabilities from Funds from Operations. "Adjusted Funds Flow" is calculated by adding back transaction costs on acquisitions to Funds Flow.

"Net Debt (Surplus)" throughout this presentation, references to "Net Debt" include bank debt, net of Adjusted Working Capital. "Adjusted Working Capital" is calculated as current assets less current liabilities, excluding derivative financial instrument assets and liabilities and lease liabilities. As at June 30, 2020, the Adjusted Working Capital surplus includes cash and cash equivalents, accounts receivable, prepaid expenses and deposits, accounts payable and accrued liabilities and the current portion of decommissioning obligations. Spartan uses "Net Debt" as a measure of the Company's financial position and liquidity, however it is not intended to be viewed as an alternative to other measures calculated in accordance with IFRS.

"Enterprise value" is calculated as the Market Capitalization of the Company plus Net Debt, where "Market Capitalization" is defined as the total number of common shares outstanding multiplied by the price per share at a given point in time.

"Free Cash Flow (FCF)" is calculated as Funds Flow less exploration and development capital expenditures. "Free Cash Flow per Share" is calculated as the Free Cash Flow divided by the number of common shares outstanding divided by the current share price. Other Key

Performance Indicators

Capital Efficiency: Capital efficiency is the amount spent to add an additional barrel a day of production to a company's annual exit production.

EUR: Estimated Ultimate Recovery ("EUR") approximates the quantity of oil or gas that is potentially recoverable or has already been recovered from a reserve or well. EUR is not a defined term within the COGE Handbook and therefore any reference to EUR in this Presentation is not deemed to be reported under the requirements of NI 51-101. Readers are cautioned that there is no certainty that the Company will ultimately recover the estimated quantity of oil or gas from such reserves or wells.

EV/DACF: is the enterprise value divided by the debt adjusted cash flow and is used as a measurement of the value of the company.

Finding and development ("F&D") cost: is the sum of capital expenditures incurred in the period and the change in future development capital ("FDC") required to develop reserves. F&D cost per BOE is determined by dividing current period net reserve additions into the corresponding period's F&D cost. Readers are cautioned that the aggregate of capital expenditures incurred in the year, comprised of exploration and development costs and acquisition costs, and the change in estimated FDC generally will not reflect total FD&A costs related to reserves additions in the year.

IRR: Internal rate of return ("IRR") is the discount rate required to arrive at an NPV equal to zero. Rates of return set forth in this Presentation are for illustrative purposes. There is no guarantee that such rates of return will be achieved in the future.

IP90: The initial production from a well for the first 2,160 hours (90 days) based on operating/producing hours.

NPV10: the anticipated net present value of the future net operating income after capital expenditures, discounted at a rate of 10% (before tax).

Recycle Ratio: is a measure for evaluating the effectiveness of a company's re-investment program. The ratio measures the efficiency of capital investment by comparing the operating netback per BOE to F&D cost per BOE.

Sustaining / Maintenance Capital: is the estimated capital required to bring on new production which offsets the natural decline of the existing production and keeps the year-over-year production flat.

"Proactive Asset Retirement Capital" is the amount required to maintain compliance with regulator mandated asset retirement of the Company's inactive asset base.

Production per common share (PPS): is calculated by dividing total production by the basic weighted average number of common shares outstanding, as determined in accordance with IFRS.

August 20, 2020

26

PRICE DECK DETAILS

		Strip (2020-08-17)		Low (flat)		Base (flat)
		2021 Average		($35/bbl & $1.75/GJ)		($50/bbl & $2.50/GJ)
AECO	C$/GJ	$2.64	$1.75	$2.50
WTI	US$/bbl	$45.14	$35.00	$50.00
Edmonton Condensate	C$/bbl	$55.20	$42.70	$60.67
Conway Propane	US$/GAL	$0.49	$0.33	$0.48
FX	US$/C$	1.32	1.40	1.33

Additional Notes on Spartans Average Realized Pricing:

• Ethane priced on AECO plus approximately C$ 1.20/GJ.
• Propane priced at Conway minus approximately $US 0.29/GAL.
• Butane priced at 45% of WTI minus approximately C$ 3.80/bbl.
• Condensate/Pentane priced on Edmonton Condensate minus approximately C$3.80/bbl.

August 20, 2020

27

ABBREVIATIONS

AECO	Alberta Energy Company "C" Meter Station of the NOVA Pipeline System
ARO	Asset Retirement Obligations
b	Basic shares outstanding
bbl; bbl/d	barrel; barrels per day
bcf; bcf/d	Billion cubic feet of natural gas; billion cubic feet per day of natural gas
boe; boe/d	Barrels of oil equivalent; barrels of oil equivalent per day
BXE	Bellatrix Exploration Ltd.
CCAA	Companies' Creditors Arrangement Act (Canada)
cf/d	cubic feet per day of natural gas
CO&O	Construction, Ownership, and Operating Agreement
DCET	Drill, complete, equip and tie-in capital cost
ESG	Environmental, Social and Governance
EUR	Estimated ultimate recovery (see disclaimers)
EV/DACF	Enterprise value divided by the debt adjusted cash flow (see disclaimers)
F&D	Finding and development cost per barrel of oil equivalent (see disclaimers)
f.d.	Fully diluted shares outstanding
FCF	Free Cash Flow (see disclaimers)
FX	Exchange rate: US Dollars divided by Canadian Dollars
G&A	General and administrative expense
GJ	Gigajoules
IFRS	International Financial Reporting Standards as issued by the International Accounting Standards Board ("IASB')
IP90	The average hydrocarbon production rate for the first 90 days of a wells life
IRR	Internal rate of return percentage (see disclaimers)
LMR	Liability Management Rating (Alberta)
M or m	Thousand
MM or mm	Million
NGLs	Natural Gas Liquids
NOI	Net Operating Income (see disclaimers)
NPV10	Net Present Value with a discount rate of 10% (see disclaimers)
PDP	Proved Developed Producing Reserves
SDE	Trading symbol for Spartan Delta Corp. common shares on the TSX Venture Exchange
TP	Total Proved Reserves
TV	Total Value or Total Net Consideration
WTI	West Texas Intermediate Oil Price (US$/bbl)

August 20, 2020

28

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