I think we can get started here with the 4:00 P.M. session. My name is Patrick O'Rourke. I am Managing Director in the Equity Research Group at ATB Capital Markets. I cover the upstream sector. ATB Capital Markets, we're very excited to be official sponsors of the Intercom Conference here. If you're sticking around the happy hour that will happen two presentations from now, you'll see our logo everywhere because that's our official event. We hope to see everyone there. Very pleased to introduce Martin Malek, who's the COO of Spartan Delta . It's a liquids-rich producer. It's focused on two core assets: the liquids-rich Deep Basin and the very oily shale Duvernay , which has been a very exciting exploration. I guess you'd call it an exploration prospect for you, but the results to date have been phenomenal.
The company has produced about 40,000 bbl of oil equivalent a day. This most recent quarter has a $1 billion market capitalization. Martin, why don't you take over and tell us about Spartan Delta.
Okay, good afternoon. Again, I'm Martin Malek, COO of Spartan Delta. We are a small but very energetic group based in Calgary, Alberta, and we have a very clear path to success in our strategy that I'll walk you through right now. Over the last about 18 months or so, maybe close to two years, we've been busy assembling what we believe to be a pretty world-class oil resource play in the Duvernay Formation in Alberta. Kudos to our team. It took about 12- 13 different transactions to put the position that I'll show you together. That's what we pride ourselves on. We don't mind doing the dirty work of assembling a position together for development. About a year ago, we started developing that asset, and it's really the growth vehicle for Spartan Delta, especially as it pertains to increasing our liquid production.
A fantastic asset, and it's complemented by the other two pillars that you see on the screen. We have a legacy gas-weighted asset that we call the Deep Basin, and it's really been foundational for the Spartan franchise, quite frankly, as I'll show you. That's really the cash flow engine that helped finance the development of the Duvernay, the assembly, and the development of the Duvernay. It's strategically located in an area where it is ripe for consolidation. It does offer the investor a path not only of liquids growth through the Duvernay, but you could participate in all the gas upside, which in Canada has been sitting at historical lows for the past five years. It's in an area strategically that makes sense to have another value-add proposition through consolidation. A little bit of background on the company.
Like Patrick mentioned, we're just under $1 billion of market cap, Canadian. We have high alignment between management and shareholders. You can see our insider ownership there is fairly high. Most specifically, if you look at our acreage base, the dark green being what we've put together in the Duvernay and the gold being our legacy Deep Basin asset, not only did I already highlight some of the benefits there, but they are geographically very close together. What that offers is very efficient operations, very low-cost operations, and really keeps our business very simple. Like I said, the strategy I articulated is very clear, very simple. We are growing liquids production. We're doing it in a low-cost fashion, and we're able to piggyback operationally off that legacy asset to develop the Duvernay.
Just some history. I call this our credibility slide. This is the fourth iteration of the Spartan franchise. It started, I believe, back in 2010. This is the fourth iteration. Really, this iteration was born out of the depths of COVID. That legacy asset that I'll keep going back into, that was the first acquisition for this iteration of Spartan Delta. In total, we've raised about $635 million of equity, and you can see we've given back $1.8 billion back to the shareholders in the form of dividend. We've also spun out a sister company, Logan Energy, and all this while we retained this company valued at about $1 billion that we're going to talk about today. Lots of value generated for the shareholder throughout that. I will say that throughout all this value appreciation, I'm going to go back to the history of the company, starting with the Deep Basin.
That company, Spartan Delta, used that cash flow to really assemble and develop another resource play called the Montney. It did that throughout this tenure here. That resource play worked out fantastically. It formed the genesis of why we gave back so much to the shareholders in terms of dividends and other value-add segments. Why I bring that up is that that history is really repeating itself with the Duvernay. We have a track record of building these resource plays, and we're doing the same thing again right now. The big value proposition to recap for Spartan Delta is because we've acquired and assembled this liquids-rich asset in the Duvernay, it provides the investor really a high rate of change to increasing that liquid weighting, that oil weighting specifically, and conversely, the net backs go up considerably.
If you rewind two years ago, post the sale of those Montney assets to another Canadian company, we were left with this legacy asset, 38,000 BOE a day, about 28% liquids content, decent cash flow. It's that cash flow that we used to build this Duvernay position. We took a couple of quarters to do it, and now we've started developing it in the last year. You can see year over year the rate of change just in those oil barrels, and that'll translate into net back escalating from here on. All this is happening while the investor still has the optionality to participate in that gassy asset. There is no better way to show this than through the numbers.
If you rewind back to Q2 of 2024, when we began developing the Duvernay, that top line item, the production of our crude oil, you could see it was sub 1,000 BOE a day or barrels a day. It truly was a deep base. It was a gas product with some NGLs. You could see we took the next quarter to finish off our land assembly and started to aggressively develop the Duvernay. We have about 11 wells under our belt now, and you could see Q2, we jumped from sub 1,000 to about 2,500, just under 2,500 bbl of oil throughout that timeframe. Very rapid growth, and we're right on the precipice, still having to complete 10 wells and bring on production this year of really ramping up that oil production exponentially. The Duvernay, this is essentially our land position that we've assembled. There is more that we have.
We're not showing everything. There are still some pieces to assemble here. We are very proud of what we've accomplished. The bulk of the position that you see was accomplished, again, in about two quarters, over 12 different transactions. That's our niche. We aggressively come in and assemble a position that has the right attributes. Once we started doing that, we started building on that. In that position, in all those acreage numbers, north of 360,000 net acres in the Duvernay, what that implies is that it really supports over 600 locations net to Spartan Delta. The runway is massive. What we've done is we've started delineating this through our activity over the last year. This growth supports the acreage, quite frankly. It supports growth to 25,000 BOE a day, just on the acreage that you see on the screen.
For our little company to assemble this, we're very proud of it. We've got a path to bring that production to 25,000 BOE a day of essentially 70%- 80% liquids-weighted product. A very high rate of change. There's a little sawtooth cartoon on how we're going to get there. Obviously, the dates are sanitized to preserve our optionality on how quick and how to grow it. What I like about this slide is, like I mentioned, we started our activity literally a year ago. That was an inaugural activity in the Duvernay. Here are all of our results to date in terms of drilling, completion, and on-stream activities. What has surprised even us to the upside is the results have been very consistent, very predictable, very repeatable. We are routinely producing initial production rates well in excess of 1,000 bbl of condensate from this acreage.
The growth platform that you see here, we have a lot of conviction on because all of the little sticks and callouts that you see here, they pepper our land from south to north, east to west. We believe it is very, very well delineated. We now have proof of concept over the last years of activity, and it leads a lot of credence to this growth profile. Very, very excited about it. Essentially, what it means to us is we've assembled this position with repeatable results that are commercial and, most importantly, very scalable. Back to the Deep Basin, which really helped fund all of this. It's been a fantastic foundational asset. I'll reiterate again, this was the cash flow engine that started Spartan's assembly and development of the Montney, and that worked out quite well. We're doing it again here in the Duvernay.
When you look at the attributes of this asset, it's not hard to realize why we like it so much. The long-life asset inventory is here. We have over 200 booked locations, over 900 identified locations internally. This is on an asset to stay flat. It really just takes 18- 20 wells a year. Lots of inventory here. It provides that free cash flow to help fund everything. That inventory life, coupled with our ownership of all the strategic infrastructure, ownership and control, really allows us to respond very quickly to a rising gas state. We could throttle this field up and down in terms of production, growth, cash flow, or free cash flow in that matter. Fantastic little asset that's been really the starter pack for both our Montney development that we sold two years ago and now our Duvernay development.
Lastly, getting back to the Deep Basin, strategically, you can see all that control over infrastructure and ownership of that infrastructure and the inventory incumbent in that acreage is really part of a broader gas and liquids hub that we call the Deep Basin in Canada. On the back of finally having our first LNG project online in Canada, I'll reiterate that it does offer another compelling value add should this be expanded in terms of consolidation. I'll end there. I know it's the end of the day, so I'm not going to drag this off for too much longer.
Just to reiterate, Spartan Delta, we've used this foundational asset to grow a resource play before. We're doing it again, and we're doing it in a very rapid fashion. It allows for participating in that growth of liquids-rich Duvernay, a very scalable product. Meanwhile, you still participate in all that gas upside. I'll leave it there, and we'll break off and go to the next room. Thank you very much.