Spartan Delta Corp. announced three strategic acquisitions on Tuesday.

This includes the corporate acquisition of Inception Exploration Ltd., a Montney-focused arm's-length private company with operations in the Gold Creek area of northwest Alberta and the purchase of assets located primarily in the Simonette area of northwest Alberta and Willesden Green area of Alberta.

"This is a really interesting move by Spartan Delta,” said Eoin Coyne, senior M&A analyst at Evaluate Energy. "Spartan's acquisition of Inception Exploration, along with assets in the Simonette and Willesden Green area, represents the largest gas-weighted deal in the Montney play since [Canadian Natural Resources Limited’s] acquisition of [Painted Pony Energy Ltd.] for C$461 million.

“Similar to the Canadian Natural Resources move for Painted Pony, the Spartan deal represents a historical discount for gas-weighted assets in the Montney play at $15,254 per flowing boe of production. Between 2015 and 2019 the average cost per flowing production in the play stood around $28,000/boe/d. The discount becomes more pronounced when looking at the C$1.62 cost per proven boe of reserves, which is approximately three times lower than the outlay per boe of reserve between 2015 and 2019 for Montney gas-weighted assets.”