Is Spartan Delta (SDE) halal?
Spartan Delta (TSX: SDE) is a Calgary oil & gas exploration-and-production company with no haram business segment. Interest-bearing debt of ~C$221.9 million is about 8.4% of the ~C$2.655 billion market cap (under the ~33% ceiling), and interest income of ~C$1.085 million is about 0.65% of Q2 2026 revenue of C$166.141 million (under the ~5% ceiling). But Musaffa rates SDE.TO as NOT HALAL as of September 2026 — a genuine conflict with our filing-based math, so this is a conditional PASS.
The two-gate Shariah screen
Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).
Gate one: the business — passes
Spartan Delta Corp., based in Calgary, is an independent oil & gas exploration-and-production company listed on the TSX. Its two core areas are the Duvernay shale (principal growth platform, ~555,000 net acres, targeted ~50,000 BOE/d by 2030) and the legacy liquids-rich gas Deep Basin in western Canada. Q2 2026 production was 52,818 BOE/d (42% liquids). No haram business segments were found. The business gate passes.
Gate two: the ratios — both pass on our inputs
At June 30, 2026 (Q2 2026 MD&A, all CAD): long-term debt of C$207.418 million plus total lease liabilities of C$14.5 million = ~C$221.9 million of interest-bearing debt (cash was negligible). With ~205.147 million shares outstanding at ~C$12.94 (September 29, 2026), the market cap is about C$2.655 billion — debt is about 8.4% of market cap, well under the ~33% ceiling. Interest income of C$1.085 million (separately disclosed in the MD&A financing table) is about 0.65% of Q2 2026 revenue of C$166.141 million (six-month basis: ~0.71%) — under the ~5% ceiling. Both ratios pass on our inputs.
What other screeners say
Musaffa covers SDE.TO and rates it NOT HALAL as of September 2026 under its AAOIFI methodology — it publishes no ratio breakdown, so the stated reason is their classification only. That is a genuine conflict with this screener's filing-based math (8.4% debt, 0.65% interest income), which is why this is a conditional PASS: scholars relying on Musaffa would exclude it. No Zoya or ShariaPortfolio coverage was found for SDE in targeted searches as of September 2026.
The bottom line
This screener gives Spartan Delta Corp. (TSX: SDE) a conditional PASS. The business is clean and the ratio math clears comfortably on our inputs — but Musaffa rates it not halal, so treat this page as the conflict disclosure, not a settled ruling. Consult a qualified scholar. Snapshot dated September 29, 2026; re-checked quarterly after earnings.
Sources
Frequently asked questions
Is Spartan Delta halal?
This screener gives it a conditional PASS. Spartan Delta Corp. (TSX: SDE) is a Calgary-based oil & gas exploration-and-production company with no haram business segment. Interest-bearing debt of ~C$221.9 million is about 8.4% of the ~C$2.655 billion market cap (under the ~33% ceiling), and interest income of ~C$1.085 million is about 0.65% of Q2 2026 revenue of C$166.141 million (under the ~5% ceiling). But Musaffa rates SDE.TO as NOT HALAL as of September 2026 (AAOIFI methodology; no ratio breakdown published) — a genuine conflict with our filing-based math, so this is a conditional PASS: scholars relying on Musaffa would exclude it. No Zoya or ShariaPortfolio coverage was found. Consult a qualified scholar.
What does Spartan Delta do?
Spartan Delta Corp., based in Calgary, is an independent oil & gas exploration-and-production company listed on the TSX. Its two core areas are the Duvernay shale (principal growth platform, ~555,000 net acres, targeted ~50,000 BOE/d by 2030) and the legacy liquids-rich gas Deep Basin in western Canada. Q2 2026 production was 52,818 BOE/d (42% liquids). On July 29, 2026 it reported Q2 results and increased 2026 guidance (production 53,500–54,500 BOE/d, capex C$525–575M, year-end Net Debt C$368M). It acquired a 52 MMcf/d licensed Duvernay gas processing plant for C$12.7M in Q2 2026. On March 24, 2026 the board adopted a shareholder rights plan (3-year term), and on April 30, 2026 its credit facility was upsized from C$450M to C$700M (~C$489M undrawn at June 30).
What are Spartan Delta's debt and market-cap figures?
At June 30, 2026 (Q2 2026 MD&A, all CAD): long-term debt C$207.418 million plus total lease liabilities C$14.5 million = ~C$221.9 million of interest-bearing debt (cash was negligible). With ~205.147 million shares outstanding at ~C$12.94 (September 29, 2026), market cap is about C$2.655 billion — debt is about 8.4% of market cap, well under the ~33% ceiling. Q2 2026 Net Debt was C$300.4M (0.8x Net Debt to annualized adjusted funds flow), with the credit facility upsized to C$700M in April 2026.
What do Zoya, Musaffa, and ShariaPortfolio say about SDE?
Musaffa covers SDE.TO and rates it NOT HALAL as of September 2026 under its AAOIFI methodology — it publishes no ratio breakdown, so the stated reason is their classification only. That conflicts with this screener's filing-based math (8.4% debt, 0.65% interest income), which is why this is a conditional PASS. No Zoya or ShariaPortfolio coverage was found for SDE in targeted searches as of September 2026.
What is the purification amount for Spartan Delta's dividend?
Spartan has declared quarterly dividends in recent periods; use the purification calculator with the Q2 2026 interest-income figure of ~C$1.085 million as the non-compliant-income input. Note this is a conditional PASS — Musaffa rates SDE.TO not halal, and scholars relying on that rating would exclude the stock rather than purify its dividend.