LOGAN ENERGY CORP. ANNOUNCES THIRD QUARTER 2025 RESULTS AND OPERATIONS UPDATE

2025-11-12

TSXV - TSX Venture Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada

Canada NewsWire

CALGARY, AB, Nov. 12, 2025/CNW/ -Logan Energy Corp.(TSXV: LGN) ("Logan" or the "Company") is pleased to announce its operating and financial results for the three and nine months ended September 30, 2025, and to provide an operations update.

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Selected financial and operational information set out below should be read in conjunction with the Company's unaudited interim financial statements and related management's discussion and analysis ("MD&A") as at and for the three and nine months ended September 30, 2025and 2024. These documents are filed on SEDAR+ at www.sedarplus.caand are available on the Company's website at www.loganenergycorp.com. The highlights reported throughout this press release include certain non-GAAP measures and ratios which have been identified using capital letters and are defined herein. The reader is cautioned that these measures may not be directly comparable to other issuers; refer to additional information under the heading "Reader Advisories – Non-GAAP Measures and Ratios".

THIRD QUARTER 2025 HIGHLIGHTS

Logan reported record quarterly average production of 15,046 BOE/d (43% liquids) in the third quarter, up 25% from 12,013 BOE/d (41% liquids) in the second quarter and up 51% from 9,942 BOE/d (35% liquids) in the third quarter of 2024. The Company's drilling campaign for 2025 onstream wells is now complete, with 18 (16.0 net) wells completed and brought on production during the first nine months of 2025. During the third quarter, Logan brought onstream a 4 (4.0 net) well pad at Pouce Coupe, a 2 (1.0 net) well pad at Simonette, and an evaluation well targeting the Duvernayat Ante Creek. Capital expenditures were $25.2 millionand $190.1 millionfor the three and nine months ended September 30, 2025, respectively. Despite softer crude oil prices and very weak natural gas prices, which saw AECO 5A drop to a multi-decade low average of $0.60per GJ during the quarter, Logan's Operating Netback and Adjusted Funds Flow were resilient due to the Company's oil-weighted production growth together with lower cash costs. The Company's Operating Netback after hedging averaged $25.64per BOE in the third quarter, down 8% from $27.86per BOE in the second quarter and up 20% from $21.35per BOE in the same quarter of the previous year. Adjusted Funds Flow was a corporate record $31.2 millionfor the quarter ended September 30, 2025, up 15% from $27.2 millionin the previous quarter and up 77% from $17.6 millionin the comparative quarter ended September 30, 2024.

On September 30, 2025, Logan closed a disposition of certain non-core assets located in northeastern British Columbiafor cash proceeds of $0.4 millionafter estimated closing adjustments (the "Disposition"). The legacy properties disposed had current production of approximately 250 BOE/d, operated at a loss and had no economic reserves assigned. Pursuant to the Disposition, Logan extinguished undiscounted and uninflated decommissioning obligations of $4.7 million. As of September 30, 2025, Logan had Net Debt of $101.7 millionor 0.8 times its annualized Adjusted Funds Flow for the third quarter. Subsequent to the quarter the Company syndicated its $150.0 millionrevolving credit facility (see "Subsequent Events"). This syndication reflects continued confidence in Logan's long-term strategy from both existing and new lending partners and strengthens the balance sheet by providing lending capacity to capitalize on future opportunities.

The following table summarizes selected highlights for the three and nine months ended September 30, 2025and September 30, 2024:

| | Three months ended

September 30 | Nine months ended

September 30 | | | | | | (CA$ thousands, except as otherwise noted) | 2025 | 2024 | % | 2025 | 2024 | % | | FINANCIAL HIGHLIGHTS | | | | | | | | Oil and gas sales | 47,766 | 30,549 | 56 | 124,443 | 81,523 | 53 | | Net income and comprehensive income | 9,190 | 6,280 | 46 | 26,107 | 4,705 | 455 | | $ per common share, basic | 0.02 | 0.01 | 100 | 0.04 | 0.01 | 300 | | $ per common share, diluted | 0.01 | 0.01 | - | 0.04 | 0.01 | 300 | | Cash provided by operating activities | 38,416 | 18,233 | 111 | 74,485 | 38,427 | 94 | | Adjusted Funds Flow (1) | 31,179 | 17,641 | 77 | 74,332 | 36,230 | 105 | | $ per common share, basic (1) | 0.05 | 0.04 | 25 | 0.12 | 0.08 | 50 | | $ per common share, diluted (1) | 0.05 | 0.04 | 25 | 0.12 | 0.07 | 71 | | Capital Expenditures before A&D (1) | 25,216 | 31,369 | (20) | 190,144 | 112,655 | 69 | | Acquisitions, net of dispositions | (448) | 50 | nm | (42,402) | 350 | nm | | Total assets | 521,812 | 267,304 | 95 | 521,812 | 267,304 | 95 | | Net Debt (1) | 101,692 | 33,429 | 204 | 101,692 | 33,429 | 204 | | Shareholders' equity | 304,947 | 182,734 | 67 | 304,947 | 182,734 | 67 | | Common shares outstanding (000s), end of period (2) | 595,675 | 465,537 | 28 | 595,675 | 465,537 | 28 | | OPERATING HIGHLIGHTS AND NETBACKS (5) | | | | | | | | Average daily production | | | | | | | | Crude oil (bbls/d) | 5,147 | 2,873 | 79 | 4,069 | 2,269 | 79 | | Condensate (bbls/d) (3) | 252 | 125 | 102 | 268 | 204 | 31 | | Natural gas liquids (bbls/d) (3) | 1,065 | 483 | 120 | 580 | 342 | 70 | | Natural gas (mcf/d) | 51,490 | 38,768 | 33 | 44,673 | 31,620 | 41 | | BOE/d | 15,046 | 9,942 | 51 | 12,363 | 8,085 | 53 | | % Liquids (4) | 43 % | 35 % | 23 | 40 % | 35 % | 14 | | Average realized prices, before financial instruments | | | | | | | | Crude oil ($/bbl) | 80.95 | 91.98 | (12) | 82.87 | 94.14 | (12) | | Condensate ($/bbl) (3) | 81.96 | 89.55 | (8) | 82.07 | 92.83 | (12) | | Natural gas liquids ($/bbl) (3) | 40.87 | 52.65 | (22) | 43.28 | 52.71 | (18) | | Natural gas ($/mcf) | 0.74 | 0.80 | (8) | 1.60 | 1.48 | 8 | | Combined average ($/BOE) | 34.51 | 33.40 | 3 | 36.87 | 36.80 | 0 | | Netbacks ($/BOE)(5) | | | | | | | | Oil and gas sales | 34.51 | 33.40 | 3 | 36.87 | 36.80 | 0 | | Processing and other revenue | 1.29 | 0.98 | 32 | 0.92 | 1.10 | (16) | | Royalties | (2.43) | (2.66) | (9) | (2.65) | (3.31) | (20) | | Operating expenses | (9.25) | (9.58) | (3) | (10.16) | (13.39) | (24) | | Transportation expenses | (1.85) | (2.32) | (20) | (1.97) | (3.16) | (38) | | Operating Netback, before hedging (5) | 22.27 | 19.82 | 12 | 23.01 | 18.04 | 28 | | Realized gain on financial instruments | 3.37 | 1.53 | 120 | 2.12 | 0.42 | 405 | | Operating Netback, after hedging (5) | 25.64 | 21.35 | 20 | 25.13 | 18.46 | 36 | | General and administrative expenses | (1.33) | (1.51) | (12) | (1.50) | (2.01) | (25) | | Financing income (expenses) (6) | (1.73) | (0.43) | 302 | (1.34) | 0.18 | nm | | Realized foreign exchange gain | 0.02 | - | - | - | - | - | | Settlement of decommissioning obligations | (0.08) | (0.12) | (33) | (0.27) | (0.28) | (4) | | Adjusted Funds Flow Netback (5) | 22.52 | 19.29 | 17 | 22.02 | 16.35 | 35 |

| (1) | "Adjusted Funds Flow", "Capital Expenditures before A&D", and "Net Debt" do not have standardized meanings under IFRS Accounting Standards, refer to "Non-GAAP Measures and Ratios" section of this press release. | | (2) | Refer to "Share Capital" section of this press release. | | (3) | Condensate is a natural gas liquid ("NGL") as defined by NI 51-101. See "Other Measurements". | | (4) | "Liquids" includes crude oil, condensate and NGLs. | | (5) | "Netbacks" are non-GAAP financial ratios calculated per unit of production. "Operating Netback", and "Adjusted Funds Flow Netback" do not have standardized meanings under IFRS, refer to "Non-GAAP Measures and Ratios" section of this press release. | | (6) | Excludes non-cash accretion of decommissioning obligations. |

OPERATIONS UPDATE

Logan completed its 2025 drilling program during the quarter, with 18 (16.0 net) wells completed and brought on production during the first nine months of 2025. During the quarter, Logan achieved record quarterly production of 15,046 BOE/d, despite some temporary constraints during final adjustments and commissioning of Logan's Pouce Coupe4-19 facility (the "Pouce Coupe Facility"). Since September 2025, the Pouce Coupe Facility has been running consistently at design capacity.

At Simonette, Logan brought onstream two gross (1.0 net) Lower Montney oil wells from the second phase of the 16-13 pad. Both wells are exceeding our budget forecast.

At Pouce Coupe, the five (5.0 net) well 7-12 pad continues to outperform expectations. The four (4.0 net) well 14-17 pad was brought on stream during the third quarter. Initial results were negatively impacted due to the inflow of sand into several of the wellbores, necessitating remedial action to clean out the wells. Despite this remedial action, the 14-17 pad has underperformed relative to our budget forecast.

In both Pouce Coupeand Simonette, Logan has been working hard to improve capital costs. Drilling and completion costs of the most recent phase of wells have been delivered for approximately 11% less in Pouce Coupeand 20% less in Simonette as compared to the prior campaign.

At Ante Creek, Logan brought on production its Duvernaydelineation well in September. For the first 30 days on production, the well achieved oil rates of approximately 150 bbls/d, which is below expectations. Early analysis indicates that the well productivity may have been influenced by structure and/or landing depth and it appears that only a portion of the lateral is contributing. Analysis of the results is ongoing and, despite this initial delineation well falling short of expectations, Logan believes it should be possible to mitigate this result on future wells with the acquisition of 3D seismic. Logan continues to believe that the Ante Creek Duvernay play can hold considerable upside for Logan's shareholders and Logan continues to accumulate land on this play.

Primarily due to the temporary constraints during final commissioning at the Pouce Coupe Facility and unanticipated downtime during the quarter, in addition to well performance as noted above, Logan now anticipates that full-year 2025 production may average approximately 5% below its guidance of 13,650 BOE/d. For more information regarding the Company's previously announced guidance of 13,650 BOE/d, including underlying assumptions, please refer to Logan's press release dated November 26, 2024. Current production and average production for the period of October 1 to November 11, 2025is approximately 15,700 BOE/d based on field estimates (~5,300 bbls/d of crude oil and condensate, ~1,000 bbls/d of NGLs and ~56 mmcf/d of natural gas).

Logan plans to spud its first well at Flatrockin November, marking an important milestone in advancing this high potential Montneyasset. Logan has only begun to exploit its vast Montneyand Duvernayresource base and its growth plan remains intact.

SUBSEQUENT EVENTS

The Company has a revolving committed term credit facility led by National Bank of Canada. Effective November 12, 2025, the credit facility was amended and restated to, among other things, introduce Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotiaand The Toronto-Dominion Bank as new lenders. The current borrowing base of $150.0 millionand material terms of the credit facility were otherwise substantially unchanged. The current revolving period was also extended to May 31, 2026from April 3, 2026.

ABOUT LOGAN ENERGY CORP.

Logan is a growth-oriented exploration, development and production company formed through the spin-out of the early stage Montneyassets of Spartan Delta Corp. Logan has three high quality and opportunity rich Montneyassets located in the Simonette and Pouce Coupeareas of northwest Albertaand the Flatrockarea of northeastern British Columbia. Additionally, the Company has recently established a position within the greater Kaybob Duvernay oil play with assets in the North Simonette, Ante Creek and Two Creeks areas. The management team brings proven leadership and a track record of generating excess returns in various business cycles.

Logan's corporate presentation has been updated as of November 2025and can be accessed on the Company's website at www.loganenergycorp.com.

READER ADVISORIES

Non-GAAP Measures and Ratios

This press release contains certain financial measures and ratios which do not have standardized meanings prescribed by International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), also known as Canadian Generally Accepted Accounting Principles ("GAAP"). As these non-GAAP financial measures and ratios are commonly used in the oil and gas industry, Logan believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.

The non-GAAP measures and ratios used in this press release, represented by the capitalized and defined terms outlined below, are used by Logan as key measures of financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS.

The definitions below should be read in conjunction with the "Non-GAAP and Other Financial Measures" section of the Company's MD&A dated November 12, 2025, which includes discussion of the purpose and composition of the specified financial measures and detailed reconciliations to the most directly comparable GAAP financial measures.

Operating Income and Operating Netback

Operating Income, a non-GAAP financial measure, is a useful supplemental measure that provides an indication of the Company's ability to generate cash from field operations, prior to administrative overhead, financing and other business expenses. "Operating Income, before hedging" is calculated by Logan as oil and gas sales, net of royalties, plus processing and other revenue, less operating and transportation expenses. "Operating Income, after hedging" is calculated by adjusting Operating Income, before hedging for realized gains or losses on derivative financial instruments.

The Company refers to Operating Income expressed per unit of production as an "Operating Netback" and reports the Operating Netback before and after hedging, both of which are non-GAAP financial ratios. Logan considers Operating Netback an important measure to evaluate its operational performance as it demonstrates its field level profitability relative to current commodity prices.

Adjusted Funds Flow

Cash provided by operating activities is the most directly comparable measure to Adjusted Funds Flow. "Adjusted Funds Flow" is reconciled to cash provided by operating activities by excluding changes in non-cash working capital, adding back transaction costs on acquisitions (if applicable). Logan utilizes Adjusted Funds Flow as a key performance measure in the Company's annual financial forecasts and public guidance.

The Company refers to Adjusted Funds Flow expressed per unit of production as an "Adjusted Funds Flow Netback".

Adjusted Funds Flow per share ("AFF per share")

AFF per share is a non-GAAP financial ratio used by the Logan as a key performance indicator. The basic and/or diluted weighted average common shares outstanding used in the calculation of AFF per share is calculated using the same methodology as net income per share.

Capital Expenditures before A&D

"Capital Expenditures before A&D" is used by Logan to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic drilling program. It includes capital expenditures on exploration and evaluation assets and property, plant and equipment, before acquisitions and dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities.

Net Debt (Surplus)

Throughout this press release, references to "Net Debt" or "Net Surplus" includes bank debt, net of "Adjusted Working Capital". Net Debt and Adjusted Working Capital are both non-GAAP financial measures. Adjusted Working Capital is calculated as current liabilities less current assets, excluding derivative financial instrument assets and liabilities and provisions and other liabilities. As at September 30, 2025, Adjusted Working Capital includes cash and cash equivalents, accounts receivable, prepaids and deposits, and accounts payable and accrued liabilities.

Supplementary Financial Measures

The supplementary financial measures used in this press release (primarily average sales price per product type and certain per BOE and per share figures) are either a per unit disclosure of a corresponding GAAP measure, or a component of a corresponding GAAP measure, presented in the financial statements. Supplementary financial measures that are disclosed on a per unit basis are calculated by dividing the aggregate GAAP measure (or component thereof) by the applicable unit for the period. Supplementary financial measures that are disclosed on a component basis of a corresponding GAAP measure are a granular representation of a financial statement line item and are determined in accordance with GAAP.

Other Measurements

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted. This press release contains various references to the abbreviation "BOE" which means barrels of oil equivalent. Where amounts are expressed on a BOE basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet (mcf) per barrel (bbl). The term BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead and is significantly different than the value ratio based on the current price of crude oil and natural gas. This conversion factor is an industry accepted norm and is not based on either energy content or current prices. Such abbreviation may be misleading, particularly if used in isolation.

References to "oil" or "crude oil" in this press release include light crude oil, medium crude oil, heavy oil and tight oil combined. NI 51-101 includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane and ethane. References to "gas" or "natural gas" relates to conventional natural gas. References to "liquids" includes crude oil, condensate and NGLs. The Company has disclosed "condensate" separately from other natural gas liquids in this press release since the price of condensate as compared to other natural gas liquids is currently significantly higher and the Company believes that this presentation provides a more accurate description of its operations and results.

References in this press release to peak rates, initial production, producing day rates and other short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Logan.

Share Capital

Common shares of Logan trade on the TSX Venture Exchange ("TSXV") under the symbol "LGN".

As of September 30, 2025and as of the date hereof, there were 595.7 million common shares outstanding. There are no preferred shares or special shares outstanding. Logan's convertible securities outstanding as of the date of this press release include: 64.3 million common share purchase warrants with an exercise price of $0.35per share expiring July 12, 2028; and 42.7 million stock options with an exercise price of $0.78 per share and an average remaining term of 3.7 years.