Spartan Delta Corp. Announces Changes to Board of Directors

CALGARY, Alberta, April 06, 2022 (GLOBE NEWSWIRE) -- Spartan Delta Corp. ("Spartan" or the "Company") (TSX:SDE) announces the resignations of Elliot S. Weissbluth and Steve Lowden as directors of the Company effective today.

Messrs. Weissbluth and Lowden were appointed to the board of the Company in March 2021 as the nominees of ARETI Energy S.A. ("ARETI"), which became a shareholder of Spartan as a part of, and concurrent with, the acquisition by Spartan of Inception Exploration Ltd., a private oil and gas company with operations in the Gold Creek area of north-west Alberta.

ARETI recently announced the sale of a portion of its common shares of Spartan, resulting in ARETI holding less than 10% of the issued and outstanding common shares of the Company. In connection with the share sale, the agreement entered into between Spartan and ARETI in March 2021 which gave ARETI the right to nominate directors to Spartan's board has been terminated.

The Company wishes to thank Messrs. Weissbluth and Lowden for their contributions, efforts and service to the Company over the past year and wishes them all the best in the future.

ABOUT SPARTAN DELTA CORP.

Spartan is committed to creating a modern energy company, focused on sustainability both in operations and financial performance. The Company's ESG-focused 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 Montney. Spartan is focused on the execution of the Company's organic drilling program, 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 immediate production optimization, responsible future growth with organic drilling, opportunistic acquisitions and the delivery of Free Funds Flow. Further detail is available in Spartan's investor presentation, which can be accessed on its website at www.spartandeltacorp.com.

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