Spartan Energy Corp. Provides Drilling and Operational Update

Spartan Energy Corp. ("Spartan" or the "Company") (TSX VENTURE:SPE) is pleased
to provide a first quarter operational and drilling update. References to
Spartan's operations in this press release include first quarter operations of
Renegade Petroleum Ltd., which was acquired by Spartan on March 31, 2014.


OPERATIONS UPDATE

Spartan was active in the field during the first quarter of 2014, drilling a
total of 19 (17.5 net) wells. Of these, 3 (2.7 net) vertical wells were drilled
in central Alberta targeting Detrital oil, 10 (9.5 net) horizontal wells were
drilled in West Central Saskatchewan for Viking oil and 6 (5.3 net) horizontal
wells were drilled in southeast Saskatchewan targeting Mississippian oil
prospects.


Central Alberta - Detrital Oil

During the first quarter, the Company drilled and completed 3 (2.7 net) Detrital
vertical wells with a 100% success rate. Spartan's 2014 capital program and
production forecast assumes first month average production (IP30) rates per well
of 70 bbl/d for our Detrital drilling program. Based on initial test rates, we
expect the results from these three wells to meet or exceed our expectations.
Two of the three wells are currently on production.


West Central Saskatchewan - Viking Light Oil

In the first quarter, the Company drilled 10 (9.5 net) Viking horizontal wells
with a 100% success rate. Nine of the ten wells have now been completed and are
in various stages of post-fracture stimulation, clean-up and being brought on
production. The tenth well will be completed after break up. Results from the
Company's Viking program are consistent with management's expectations in
respect of both production rates and all-in costs.


Southeast Saskatchewan - Mississippian Light Oil

In the first quarter, the Company drilled 6 (5.3 net) horizontal wells targeting
Mississppian light oil in our southeast Saskatchewan core area. Included within
this number are 4 (3.3 net) wells that were drilled in our Queensdale property
targeting the Frobisher/Alida formation. All of the Queensdale wells have now
achieved a production history in excess of 30 days, with an average IP30 rate of
189 bbl/d.


In total, the Company has now drilled 10 (7.8 net) wells in the Queensdale area.
Average IP30 rates across the 10 wells has been 195 bbl/d. Based on these
results, our average well in Queensdale achieves payout in under 5 months. The
average cost to drill, complete and equip our Frobisher/Alida wells in southeast
is budgeted at $1.1 million per well.


Current Production 

Spartan's current production is approximately 6,600 boe/d (93% light oil), based
on field production estimates.


Budget Update

The focus of Spartan's remaining 2014 capital program will be on the Company's
Mississippian assets in southeast Saskatchewan and, to a lesser extent, on the
Company's Viking prospects in the Dodsland area of west central Saskatchewan.
Spartan has plans to drill an additional 35 (30.9 net) horizontal wells
targeting the Frobisher/Alida formation during 2014. Spartan will also drill 9
(100% WI) wells targeting the Midale formation. For budgeting purposes, Spartan
is using a first month average production rate (IP30) of 60 bbl/d for the
Frobisher and an IP30 rate of 96 bbl/d for the Midale. In the Viking, the
Company expects to drill 11 (10.5 net) horizontal wells. 


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.


READER ADVISORY

BOE Disclosure. The term barrels of oil equivalent ("BOE") may be misleading,
particularly if used in isolation. A BOE conversion ratio of six thousand cubic
feet per barrel (6Mcf/bbl) of natural gas to barrels of oil equivalence is based
on an energy equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead. All BOE
conversions in the report are derived from converting gas to oil in the ratio
mix of six thousand cubic feet of gas to one barrel of oil.


Forward Looking Statements. Certain information provided in this press release
constitutes forward-looking statements. Specifically, this press release
contains forward-looking statements relating to future production rates,
proposed exploration and development activities (including the number of wells
to be drilled), our drilling prospect inventory and projected capital
expenditures. The forward-looking statements are based on certain key
expectations and assumptions, including expectations and assumptions concerning
the success of future drilling, completion, recompletion and development
activities, the performance of new and existing wells, prevailing commodity
prices and economic conditions, the availability and cost of labour and
services, timing of pipeline and facilities construction, access to third party
facilities and weather and access to drilling locations. Although we believe
that the expectations and assumptions on which the forward-looking statements
are based are reasonable, undue reliance should not be placed on the
forward-looking statements because we can give no assurance that they will prove
to be correct. Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to, risks
associated with the oil and gas industry in general (e.g., operational risks in
development, exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the uncertainty
of reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, reliance on industry partners, availability of
equipment and personnel, uncertainty surrounding timing for drilling and
completion activities resulting from weather and other factors, changes in
applicable regulatory regimes and health, safety and environmental risks),
commodity price and exchange rate fluctuations and general economic conditions.
Certain of these risks are set out in more detail in our Annual Information Form
which has been filed on SEDAR and can be accessed at www.sedar.com. Except as
may be required by applicable securities laws, Spartan assumes no obligation to
publicly update or revise any forward-looking statements made herein or
otherwise, whether as a result of new information, future events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Spartan Energy Corp.
Richard (Rick) McHardy
President and Chief Executive Officer
[phone]
403.355.2779 (FAX)


Spartan Energy Corp.
Michelle Wiggins
Vice-President Finance and Chief Financial Officer
[phone]
403.355.2779 (FAX)
[e-mail]