CALGARY, AB , March 24, 2026 /CNW/ - Spartan Delta Corp. ("Spartan" or the "Company") (TSX:SDE) announces that its board of directors has adopted a shareholder rights plan (the "Rights Plan") with Odyssey Trust Company as rights agent effective today.

The Rights Plan is consistent with modern rights plans adopted by other Canadian public companies and has not been adopted in response to any specific proposal or intention to acquire control of Spartan. In the event of an unsolicited takeover bid in the future, the purpose of the Rights Plan is to provide the Board and shareholders of Spartan with an adequate amount of time to evaluate such unsolicited offer, explore value-enhancing alternatives, encourage potential bidders to treat Spartan shareholders fairly and provide full and fair value for the Spartan shares.

The Rights Plan has been conditionally accepted by the Toronto Stock Exchange, subject to ratification by Spartan's shareholders at the 2026 annual general and special meeting, to be held in May 2026. The Rights Plan is expected to initially remain in effect for three years after the date of formal shareholder ratification. A copy of the Rights Plan is available on SEDAR+ and the Company's website.

ABOUT SPARTAN DELTA CORP.

Spartan Delta Corp. is a Calgary-based oil and gas company focused on delivering sustainable oil-weighted production growth. The Company has established one of the largest acreage positions in the Duvernay and operates a substantial Deep Basin asset, providing multi-decade inventory depth across its portfolio of assets. Spartan's Duvernay asset represents a scalable light-oil growth platform, while the Deep Basin provides stable free funds flow and liquids-rich natural gas development optionality. The Company is committed to operational excellence, capital discipline, and responsible development in relation to the environment and communities in which it operates.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "target", "plan", "continue", "intend", "consider", "estimate", "expect", "may", "will", "should", "could" or similar words (including negatives or grammatical variations) suggesting future outcomes. More particularly, this news release contains statements concerning: expectations that, if triggered, the Rights Plan will provide the board and shareholders of Spartan with an adequate amount of time to evaluate any unsolicited offer, explore value-enhancing alternatives, encourage potential bidders to treat Spartan shareholders fairly and provide full and fair value for shares; and expectations that the Rights Plan will be ratified by shareholders at the 2026 annual general and special meeting. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Spartan.  Although management considers these assumptions to be reasonable based on information currently available, undue reliance should not be placed on the forward-looking statements because Spartan can give no assurances that they may prove to be correct. By their very nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, there being no assurance that the shareholders of the Spartan will ratify the adoption of the Rights Plan or that the Company will obtain the final acceptance of the Toronto Stock Exchange for the implementation of the Rights Plan. Please refer to the most recent annual information form and management's discussion and analysis of the Company for additional risk factors relating to Spartan, which can be accessed either on Spartan's website at www.spartandeltacorp.com or under the Company's profile on www.sedarplus.ca. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included statements, except as required by law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

SOURCE Spartan Delta Corp.