CALGARY,
AB, July 13, 2023 /CNW/ - Spartan Delta
Corp. ("Spartan") (TSX:SDE) is pleased to announce that
Logan Energy Corp. ("Logan") has commenced operations as a
new high growth company following the completion of the previously
announced transfer by Spartan to Logan of its early stage
Montney assets in exchange for
common shares (the "Logan Shares") and warrants (the
"Logan Warrants") of Logan (the "Spin-Out"). In
addition, Spartan has completed the distribution of the cash
proceeds from the previously announced asset sale, and the Logan
Shares and Logan Warrants issued pursuant to the Spin-Out, to the
eligible holders of the common shares of Spartan (the "Spartan
Shares" and collectively, the "Distribution").
The Logan Shares have been conditionally approved for listing by
the TSX Venture Exchange (the "TSXV"). Trading in respect of
the Logan Shares is expected to commence on or about July 18, 2023, under the symbol "LGN".
Pursuant to the Distribution, eligible Shareholders
received:
- $9.50 in cash per Spartan
Share;
- 1.0 Logan Share per Spartan
Share; and
- 1.0 Logan Warrant per Spartan Share, each warrant entitling the
holder to acquire one Logan Share at
an exercise price of $0.35 per
Logan Share at any time on or before
July 31, 2023.
Action is required by Shareholders to receive the
Distribution. For additional details with respect to eligibility
and the process to receive the Distribution, see Spartan's press
release dated May 10, 2023.
Registered holders of Transaction Warrants seeking to exercise
are required to contact the Company's transfer agent, Odyssey Trust
Company, for assistance by email at corptrust@odysseytrust.com. If
you own Transaction Warrants through a financial intermediary such
as a bank, broker, or trust company, and you wish to exercise such
warrants, you should contact your financial intermediary.
As previously announced, a special cash dividend of $0.10 per Spartan Share will be payable on
July 31, 2023, to eligible holders of
Spartan Shares of record at the close of business on July 14, 2023.
MANAGEMENT AND BOARD
Effective July 6, 2023,
Richard ("Rick") McHardy has
resigned as Executive Chairman but will continue to serve Spartan
as Chairman of the Board. Additionally, Ashley Hohm, Vice President, Finance and
Controller, Brendan Paton, Vice
President, Engineering, and Craig
Martin, Vice President, Operations, have resigned as
officers of Spartan and were appointed as officers of Logan.
Spartan would like to thank the Logan team for their integral
contributions to Spartan's development and strategy and wishes them
success in their future endeavors with Logan.
Logan's management team is led by Rick
McHardy, President and Chief Executive Officer, Brendan Paton, Chief Operating Officer and Vice
President, Engineering, Ashley Hohm,
Chief Financial Officer and Vice President, Finance, and
Craig Martin, Vice President,
Operations.
The Logan board of directors will be comprised of Fotis Kalantzis, Chairman, Rick McHardy, Geri
Greenall, Reginald
Greenslade, Don Archibald,
Pat Ward, and Ron Hozjan.
Spartan will continue to be led by Fotis
Kalantzis, President and Chief Executive Officer,
Geri Greenall, Chief Financial
Officer, Thanos Natras, Vice
President, Exploration, Randy Berg,
Vice President, Land and Stakeholder Relations, and welcomes
Martin Malek as Vice President,
Engineering. Mr. Malek brings more than 16 years of engineering and
business development experience and most recently held the role of
Vice President, Engineering, at a publicly traded Canadian oil and
gas company.
The Spartan Board of Directors continues to be served by
Rick McHardy, Fotis Kalantzis, Reginald Greenslade, Don
Archibald, Kevin Overstrom,
and Tamara MacDonald.
ABOUT SPARTAN DELTA CORP., A DEEP BASIN FOCUSED
CORPORATION
Spartan is committed to creating value for its shareholders,
focused on sustainability both in operations and financial
performance. Spartan's ESG-focused culture is centered on
generating free funds flow through responsible oil and gas
exploration and development. Spartan has established a portfolio of
high-quality production and development opportunities in the Deep
Basin. Spartan will continue to focus on the execution of Spartan's
organic drilling program in the Deep Basin, delivering operational
synergies in a respectful and responsible manner to the environment
and communities it operates in. Spartan is well positioned to
continue pursuing growth with organic drilling, opportunistic
acquisitions, and the delivery of free funds flow and periodic
special dividends to shareholders.
Spartan's corporate presentation as of July 13,
2023, can be accessed on its website
at www.spartandeltacorp.com.
Logan's corporate presentation and press release as of July
13, 2023, can be accessed on its website
at www.loganenergycorp.com.
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
Certain statements contained within this press release
constitute forward-looking statements within the meaning of
applicable Canadian securities legislation. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "budget",
"plan", "endeavor", "continue", "estimate", "evaluate", "expect",
"forecast", "monitor", "may", "will", "can", "able", "potential",
"target", "intend", "consider", "focus", "identify", "use",
"utilize", "manage", "maintain", "remain", "result", "cultivate",
"could", "should", "believe" and similar expressions. Spartan and
Logan believe that the expectations reflected in such
forward-looking statements are reasonable as of the date hereof,
but no assurance can be given that such expectations will prove to
be correct and such forward-looking statements should not be unduly
relied upon. Without limitation, this press release contains
forward-looking statements pertaining to: the anticipated benefits
of the Spin-Out and the Distribution to Spartan and its
shareholders; the ongoing operations of Spartan and Logan,
statements concerning the listing of the Logan Shares and the use
of proceeds from the Private Placement. All statements other than
statements of historical fact may be forward-looking
statements.
The forward-looking statements and information are based on
certain key expectations and assumptions made in respect of Spartan
or Logan, as the case may be, including expectations and
assumptions concerning the business plan of Spartan and Logan, the
timing of and 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 integration of the recently
acquired assets into Spartan's operations, the successful
application of drilling, completion and seismic technology,
prevailing weather conditions, prevailing legislation affecting the
oil and gas industry, prevailing commodity prices, price
volatility, price differentials and the actual prices received for
Spartan's products, impact of inflation on costs, royalty regimes
and exchange rates, the application of regulatory and licensing
requirements, the availability of capital, labour and services, the
creditworthiness of industry partners and the ability to source and
complete acquisitions.
Although Spartan believes that the expectations and assumptions
on which such forward-looking statements and information are based
are reasonable, undue reliance should not be placed on the
forward-looking statements and information because Spartan can give
no assurance that they will prove to be correct. By its nature,
such forward-looking information is subject to various risks and
uncertainties, which could cause the actual results and
expectations to differ materially from the anticipated results or
expectations expressed. These risks and uncertainties include, but
are not limited to, fluctuations in commodity prices, changes in
industry regulations and political landscape both domestically and
abroad, wars (including Russia's
military actions in Ukraine),
hostilities, civil insurrections, foreign exchange or interest
rates, increased operating and capital costs due to inflationary
pressures (actual and anticipated), volatility in the stock market
and financial system, impacts of the current COVID-19 pandemic and
the retention of key management and employees. Ongoing military
actions between Russia and
Ukraine have the potential to
threaten the supply of oil and gas from the region. The long-term
impacts of the actions between these nations remains uncertain. The
foregoing list is not exhaustive.
Please refer to Spartan's MD&A for the period ended
March 31, 2023 and AIF for the year
ended December 31, 2022 and Logan's
listing application dated July 12,
2023 for discussion of additional risk factors relating to
Spartan and Logan, which can be accessed their SEDAR profiles on
www.sedar.com. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date
hereof, and to not use such forward-looking information for
anything other than its intended purpose. Spartan undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by law.
SOURCE Spartan Delta Corp.