Logan Energy is the newest public Montney company after its spinout from Spartan Delta, bringing with it Rick McHardy as President & CEO and some team members from Spartan. The company just reported its first quarter as a public company and already looks to be hard at work building out its resource base.
Not mentioned in its Q2 report is a 12 section mineral rights transfer from Kiwetinohk Energy to Logan, captured by BOE Intel on August 4th and pictured below. Figure 1 shows Logan’s crown mineral rights in the Simonette area (green), with the recently transferred lands in red.
Figure 1
While the well licences have yet to be transferred in the public domain over to Logan, we can see (through Spartan) that Logan has recently spud its second Montney well in the area. Those two spuds are shown in blue in Figure 2.
Figure 2
Logan announced average production of 5,015 BOE/d in Q2 with a 22% liquids weighting in Q2. The company plans to buck the current trend of “return of capital, low growth, and consuming inventory” with a focus on “pursuing high return and profitable growth” (Source: Logan Energy Corp.). It’s a refreshing blast from the not so distant past when this was the primary goal of most junior companies.
Subscribe to BOE Intel now to follow along as Logan builds out its resource base, or reach out here for a demo.