LOGAN ENERGY CORP. ANNOUNCES 2025 FINANCIAL RESULTS AND PROVIDES AN OPERATIONS UPDATE

Executive Summary

• Logan Energy reported record 2025 production of 13,088 BOE/d (up 55% YoY) and a net income of C$11.7 M, marking a turnaround from the prior year’s loss.
• Adjusted Funds Flow doubled to C$105.9 M for 2025; operating netback rose 31% to $25.12/BOE after hedging.
• The company completed a C$62.5 M acquisition of additional Simonette assets and raised C$70 M in a bought‑deal offering, using proceeds to reduce debt and fund working capital.

Key Details

• Production & Financial Highlights (2025 vs 2024)
• Average daily production: 13,088 BOE/d ↑ 55% (8,447 BOE/d).
• Liquids weighting: 39% of production (up from 34%).
• Net income: C$11.7 M (vs a loss of C$0.15 M in 2024).
• Adjusted Funds Flow: C$105.9 M (↑ 100%).

• Operating netback after hedging: $25.12/BOE (↑ 31%).

• Capital Expenditures & Acquisitions

• Capital expenditures before A&D: C$208.2 M in 2025 (up 38% YoY).
• Completed acquisition of Simonette crude oil and natural gas assets on March 10, 2026 for cash purchase price $62.5 M ($66.3 M after adjustments).

• Post‑acquisition, revolving credit facility increased to C$250 M (from C$150 M).

• Financing Activity

• Bought‑deal public offering & private placement on March 10, 2026: 95.9 M common shares at $0.73/share; gross proceeds C$70.0 M, net proceeds C$66.8 M.

• Proceeds applied to reduce acquisition‑related debt and for working capital.

• Drilling & Operations Update (2025)

• Completed 18 on‑stream wells (16 net) in 2025; 9 at Pouce Coupe, 8 at Simonette, plus evaluation well at Ante Creek.

• Q4 2025 winter program: 2 wells at Flatrock, spudded 1 well at Simonette Wilrich.

• 2026 Capital Program (selected projects)

• Pouce Coupe: 3‑15 Pad North – Lower Middle Montney gas well completed; 6‑18 Pad Upper Montney – first test, 2,600 m horizontal, $5.4 M cost, IP30 of ~850 BOE/d (18% liquids).
• Additional pads (7‑12, 15‑15) with oil wells slated for Q2/Q3 2026 first production.
• Simonette: Wilrich well on‑stream March 2026; multiple lower Montney oil wells pending completion in spring/summer.

• South Simonette Oil Battery equipment procurement ~complete; construction planned summer 2026.

• Balance Sheet

• Net debt as of Dec 31, 2025: C$88.6 M (0.7× annualized Adjusted Funds Flow).
• Share count unchanged at 595.7 M shares outstanding.

Notable Quotes

“In 2025, Logan made meaningful progress executing its business plan…we delivered strong operational and financial results.” – Richard McHardy, CEO

All figures are presented in Canadian dollars unless otherwise noted.