Spartan Delta to acquire Velvet Energy from Canada Pension Plan for $743m.

Spartan Delta, an oil and gas explorer and producer, agreed to acquire Velvet Energy, a light-oil producer, from Canada Pension Plan, an investment management organization, for $743m. "The Acquisition further consolidates and adds material scale to the Company's Montney focused core development area in northwest Alberta, building on the position acquired during the first half of 2021. Spartan will benefit from Velvet's Montney technical expertise. The Oil weighted production and development of the Velvet Assets will provide further commodity diversification to the Spartan portfolio, complimenting the Company's liquids-rich natural gas properties in the central Alberta Deep Basin," Fotis Kalantzis, Spartan President and Chief Executive Officer.