The Logan Shares have been conditionally approved for listing by the
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 beforeJuly 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
Registered holders of Transaction Warrants seeking to exercise are required to contact the Company's transfer agent,
As previously announced, a special cash dividend of
MANAGEMENT AND BOARD
Effective
Logan's management team is led by
The Logan board of directors will be comprised of
Spartan will continue to be led by
The Spartan Board of Directors continues to be served by
ABOUT
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
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
Please refer to Spartan's MD&A for the period ended
SOURCE
© Canada Newswire, source