: Spartan Delta sells properties to Crescent Capital and will distribute proceeds to shareholders


Oil and gas developer and producer Spartan Delta Corp. SDE, -0.07% DALXF, -0.70% 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 COMP, -0.47%.

This article was originally published by Marketwatch.com. Read the original article here.

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