Spartan Delta sells properties to Crescent Capital and will distribute proceeds to shareholders
Oil and gas developer and producer Spartan Delta Corp. said Tuesday it agreed to sell its Gold Creek and Karr Montney assets in Canada to Crescent Point Energy Corp. for C$1.7 bln ($1.42 bln). The company will pay a sale dividend of C$9.50 per share as part of the deal, with the transaction expected to close in May. Post-closing, Spartan will continue to be led by current president and CEO Fotis Kalantzis. Spartan Dela will begin paying a "periodic special dividend" based on free funds flow, as it continues to focus on its organic drilling program in the Montney area of western Canada's Deep Basin. U.S.-listed shares of Spartan Delta are down 9.5% in 2023 compared to a 12.4% gain by the Nasdaq .
-Steve Gelsi
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03-28-23 0738ET
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