Logan Energy Corp. announces 2025 financial results and provides an operations update

Selected financial and operational information set out below should be read in conjunction with the Company’s audited annual financial statements and related management’s discussion and analysis (“MD&A“) as at and for the years ended December 31, 2025 and 2024. In addition, readers are also directed to the Company’s Annual Information Form (“AIF“) for the year ended December 31, 2025, dated March 18, 2026. These documents are filed on SEDAR+ at www.sedarplus.ca and 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”.

MESSAGE TO SHAREHOLDERS

“In 2025, Logan made meaningful progress executing its business plan. Growing at our current pace during a period of weaker commodity prices is not without challenge, yet we delivered strong operational and financial results. Annual average production increased by 55% or 26% on a per-share basis, while we maintained a disciplined balance sheet. Operating and transportation costs declined by over 20% per BOE, and proved and probable reserves grew by 31%, reinforcing the quality and durability of our asset base.

A key milestone during the year was the successful construction and start‑up of the Pouce Coupe 4‑19 facility. Ownership and operation of this infrastructure is of strategic importance for Logan. It provides the processing capacity required to support our development plans at Pouce Coupe, while structurally improving capital efficiency, operating costs, and netbacks. This investment enhances our ability to grow organically and capture greater value per barrel over the long-term.

Looking ahead to 2026, we see significant opportunity. High‑quality Montney inventory and scalable, infrastructure‑backed platforms are becoming increasingly scarce, and we believe Logan is building one of the few remaining growth‑oriented positions of meaningful scale. Our focus remains on executing our ambitious organic growth plan, while maintaining the flexibility to opportunistically expand our asset base through accretive acquisitions. As our footprint, infrastructure ownership, and inventory depth continue to mature, we believe Logan is creating a platform that will be increasingly strategic and highly coveted by others.” commented Richard McHardy, CEO of Logan.

2025 FINANCIAL AND OPERATING HIGHLIGHTS

• Logan delivered record quarterly average production of 15,241 BOE per day (39% liquids), up 60% from 9,526 BOE per day (32% liquids) in the fourth quarter of 2024. Annual average production of 13,088 BOE per day (39% liquids) in 2025 increased 55% from 8,447 BOE per day (34% liquids) in the prior year.
• The Company nearly doubled its crude oil production and increased its liquids weighting by 22% to average 39% of production in the fourth quarter of 2025 compared to 32% in fourth quarter of 2024. Year-over-year crude oil production increased by 84%, driving the Company’s liquids weighting to average 39% in 2025 as compared to 34% in 2024.
• The Company achieved a 31% increase in its Operating Netback which averaged $25.12 per BOE (after hedging) in 2025. In addition to realizing a significant reduction of per unit operating, transportation and royalty expenses, the improvement in Operating Netback was achieved through focused growth of the Company’s oil/liquids weighted assets, which, together with stronger AECO natural gas benchmark pricing, mitigated the impact of lower crude oil benchmark pricing on Logan’s average realized price for 2025 compared to 2024. The Company’s Operating Netback averaged $25.09 per BOE (after hedging) in the fourth quarter of 2025, up 21% from 2024.
• Year-over-year Adjusted Funds Flow reached a record $105.9 million in 2025, doubling from $52.9 million in 2024. Adjusted Funds Flow was $31.6 million for the quarter ended December 31, 2025, up 89% from $16.7 million in the quarter ended December 31, 2024.
• The Company’s drilling campaign for 2025 onstream wells included 18 (16.0 net) wells completed and brought on production during the first nine months of 2025. Logan brought onstream 9 (9.0 net) wells at Pouce Coupe, 8 (6.0 net) wells at Simonette, and an evaluation well targeting the Duvernay at Ante Creek. In the fourth quarter, the Company commenced its winter drilling program, drilling 2 (2.0 net) wells at Flatrock and spudding 1 (0.7 net) Simonette Wilrich well. Capital expenditures before A&D were $18.1 million and $208.2 million for the three months and year ended December 31, 2025, respectively. Annual capital expenditures include the construction and commissioning of the Company’s 40 mmcf/d gas plant, battery and compression facilities at Pouce Coupe, liquids and water handling infrastructure at Simonette, as well as other facility debottlenecking projects.
• Subsequent to year end, on March 10, 2026, Logan closed the acquisition of certain crude oil and natural gas assets located in the Simonette area for a cash purchase price of $62.5 million ($66.3 million after estimated closing adjustments) (the “Acquisition“). Logan previously acquired a 50% operated working interest in the Simonette assets on December 17, 2024. The Acquisition strategically consolidates these Montney-focused joint interest partner lands to a 100% working interest and includes incremental Deep Basin lands offsetting Simonette in the Bilbo and Leland areas of Alberta.
• Logan remains committed to maintaining a strong balance sheet:
  • As of December 31, 2025, Logan had Net Debt of $88.6 million or 0.7 times its annualized Adjusted Funds Flow for the fourth quarter. Subsequent to the quarter the Company expanded its $150.0 million revolving credit facility to $250.0 million concurrent with the Acquisition.
  • On March 10, 2026, the Company raised $70.0 million of gross proceeds through an upsized bought-deal public offering and private placement of an aggregate 95.9 million common shares at $0.73 per share. Aggregate net proceeds of $66.8 million were used to reduce indebtedness incurred to fund the Acquisition and for working capital.

The following table summarizes selected highlights for the three months and years ended December 31, 2025 and December 31, 2024:

OPERATIONS UPDATE

Logan’s 2026 capital program is well underway with two active drilling rigs, one at Pouce Coupe and the other at Simonette.

In Pouce Coupe:

• The 3-15 Pad North Pouce (1.0 net): The well has been successfully drilled and completed targeting Lower Middle Montney (D1) gas. Installation of a compressor is nearly complete and the well is expected to be brought on production prior to the end of March.
• 6-18 Pad Upper Montney (1.0 net well): This well is Logan’s first test of the Upper Montney zone at Pouce Coupe, a secondary gas target on the asset. The well was drilled, completed and equipped with a 2,600m horizontal at a cost of approximately $5.4 million. Production averaged approximately 4.2 MMcf/d of natural gas, 95 bbls/d of NGLs, and 60 bbls/d of condensate (850 boe/d, 18% liquids) over the first 30 days (IP30). These early results support the economic potential of the Upper Montney when developed utilizing Logan’s existing owned infrastructure and the relatively low capital costs. There are 20 identified follow up locations which have been added to Logan’s inventory.
• 7-12 Pad (3.0 net wells): Three wells targeting Lower Middle Montney (D1) oil have been drilled and are awaiting completion later this spring. First production from the pad is expected near the end of the second quarter of 2026.
• 15-15 Pad (3.0 net wells): The drilling rig is currently drilling the first of three planned Lower Middle Montney (D1) oil wells on this pad. Completion operations are scheduled for this spring, with first production expected near the end of the second quarter of 2026.

In Simonette:

• 16-17 Pad Wilrich (0.7 net well): Beginning in December 2025, Logan drilled its first well into the Simonette Spirit River (Wilrich) play. Completion of the well was delayed into February and the well was brought online in early March.
• 6-9 Pad (3.0 net wells): Three wells targeting the Lower Montney oil play have been drilled. Completions are planned for the spring with first production at the end of the third quarter once the Simonette South Battery is onstream.
• 16-13 Pad (2.0 net wells): The rig will move to 16-13 next to drill this pad through the summer.
• Simonette South Battery (11-22): Equipment procurement for the South Simonette Oil Battery is substantially complete, with construction planned for this summer.

In Flatrock, Logan is preparing to complete and test its first well this summer.

SUBSEQUENT EVENTS

On March 18, 2026, the Company’s Board of Directors approved the grant of an aggregate of approximately 6.8 million restricted share awards (“RSAs“), of which 5.4 million were granted to officers and directors of the Company. RSAs granted to officers and directors cliff vest on the third anniversary of the grant date. RSAs granted to non-executive employees vest as to one-third on each of the first, second and third anniversaries of the grant date.

ABOUT LOGAN ENERGY CORP.

Logan is a growth-oriented exploration, development and production company formed through the spin-out of the early stage Montney assets of Spartan Delta Corp. Logan has three high quality and opportunity rich Montney assets located in the Simonette and Pouce Coupe areas of northwest Alberta and the Flatrock area of northeastern British Columbia. Additionally, the Company has 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 March 2026 and 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 March 18, 2026, 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 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

Throughout this press release, references to “Net Debt” 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 assets less current liabilities, excluding derivative financial instrument assets and liabilities and provisions and other liabilities. As at December 31, 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 (including IP30), 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 December 31, 2025, there were 595.7 million common shares outstanding (691.6 million as of the date hereof). 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 $0.35 per share expiring July 12, 2028; 6.8 million RSAs; and 42.7 million stock options with an exercise price of $0.78 per share and an average remaining term of 3.3 years.

Forward-Looking and Cautionary Statements

Certain statements contained within this press release constitute forward-looking statements within the meaning of applicable Canadian securities legislation. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “outlook”, “anticipate”, “budget”, “plan”, “endeavor”, “continue”, “estimate”, “evaluate”, “expect”, “forecast”, “monitor”, “may”, “will”, “can”, “able”, “potential”, “target”, “intend”, “consider”, “focus”, “identify”, “use”, “utilize”, “manage”, “maintain”, “remain”, “result”, “cultivate”, “could”, “should”, “believe” and similar expressions (or grammatical variations or negatives thereof). Logan believes that the expectations reflected in such forward-looking statements are reasonable as of the date hereof, but no assurance can be given that such expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. Without limitation, this press release contains forward-looking statements pertaining to: the business plan, objectives and strategy of Logan; the Company’s opportunity rich assets; production growth and liquids weighting; the ability to improve capital efficiencies, operating costs and netbacks; infrastructure benefits and value capture; the strategic importance and scarcity of Montney inventory; the success of the Company’s 2026 drilling program based on initial results, including drilling and completion costs, the onstream timing of wells, expected production rates and the impact to economics of utilizing existing owned infrastructure; the success of the Company’s growth plan including organic growth and opportunistic expansion of the Company’s asset base through accretive acquisitions; management’s expectations in respect of recently completed drilling operations; facility construction and commissioning timing; and commodity hedging.

The forward-looking statements and information are based on certain key expectations and assumptions made by Logan, including, but not limited to, expectations and assumptions concerning the business plan of Logan, the timing and success of future drilling, development and completion activities and infrastructure projects, the performance of existing wells, the performance of new wells, the availability and performance of facilities and pipelines, the geological characteristics of Logan’s properties, the successful integration of the recently acquired assets into Logan’s operations (including pursuant to the Acquisition), the successful application of drilling, completion and seismic technology, the Company’s ability to secure sufficient amounts of water, prevailing weather conditions, prevailing legislation affecting the oil and gas industry, prevailing commodity prices, price volatility, future commodity prices, price differentials and the actual prices received for the Company’s products, anticipated fluctuations in foreign exchange and interest rates, impact of inflation on costs, royalty regimes and exchange rates, the application of regulatory and licensing requirements, the availability of capital, labour and services, the creditworthiness of industry partners, general economic conditions, and the ability to source and complete acquisitions.

Although Logan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Logan can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, fluctuations and volatility in commodity prices (including pursuant to determinations by the Organization of Petroleum Exporting Countries and other countries (collectively referred to as OPEC+) regarding production levels), changes in industry regulations and legislation (including, but not limited to: tax laws, royalties, and environmental regulations), the imposition or expansion of tariffs imposed by domestic and foreign governments or the imposition of other restrictive trade measures, retaliatory or countermeasures implemented by such governments, including the introduction of regulatory barriers to trade and the potential material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and demand and/or market price for the Company’s products and/or otherwise adversely affects the Company; changes in the political landscape both domestically and abroad, wars (including ongoing military actions in Iran, Lebanon and elsewhere in the Middle East and Russia’s invasion of Ukraine), hostilities, civil insurrections, foreign exchange or interest rates, increased operating and capital costs due to inflationary pressures (actual and anticipated), risks associated with the oil and gas industry in general, stock market and financial system volatility, impacts of pandemics, the retention of key management and employees, risks with respect to unplanned third-party pipeline outages and risks relating to inclement weather and severe weather events and natural disasters, such as fire, drought, flooding and extreme hot or cold temperatures, including in respect of safety, asset integrity and shutting-in production. The foregoing list is not exhaustive. Please refer to the MD&A and AIF for discussion of additional risk factors relating to Logan, which can be accessed on its SEDAR+ profile at www.sedarplus.ca. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. Logan undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI“) about Logan’s prospective results of operations and production and growth, and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Logan’s proposed business activities for 2026. Logan and its management believe that FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments, and represent, to the best of management’s knowledge and opinion, the Company’s expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Logan disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Changes in forecast commodity prices, exchange rates, differences in the timing of capital expenditures, and variances in average production estimates can have a significant impact on the Company’s key performance measures. The Company’s actual results may differ materially from these estimates.

Neither 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.

Abbreviations

SOURCE Logan Energy Corp.

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