LOGAN ENERGY CORP. ANNOUNCES RECORD PRODUCTION AND CASH FLOW WITH SECOND QUARTER 2025 RESULTS, OPERATIONS UPDATE AND MANAGEMENT UPDATE
CALGARY, AB, Aug. 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 six months ended June 30, 2025, and to provide an operations update as well as an update on the Company's management team.
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 six months ended June 30, 2025 and 2024. 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".
SECOND QUARTER 2025 HIGHLIGHTS
Logan reported record quarterly average production of 12,013 BOE per day (41% liquids) in the second quarter, up 20% from 9,974 BOE per day (34% liquids) in the first quarter and up 65% from 7,277 BOE per day (36% liquids) in the second quarter of 2024.
Production growth was achieved through successful execution of the Company's organic development program. Capital expenditures were $68.6 million for the three months ended June 30, 2025, or $42.4 million net of proceeds from dispositions.
At Simonette, Logan brought 2 (1.0 net) Lower Montney wells on production in April which were completed in the previous quarter.
At Pouce Coupe, Logan completed and brought on production a 5 (5.0 net) well pad in June. Additionally, the Company drilled and completed a 4 (4.0 net) well pad which was subsequently brought onstream in the third quarter.
During the quarter Logan completed construction of its 40 mmcf/d gas plant, battery and compression facilities at Pouce Coupe (the "4-19 Facility"), as well as associated gathering and sales pipelines. The Company generated $26.0 million of cash proceeds through the previously announced sale of a 35% non-operated working interest in the 4-19 Facility which closed on May 30, 2025.
Logan realized a significant improvement in its Operating Netback and delivered record Adjusted Funds Flow for the quarter through its oil-weighted production growth together with lower cash costs.
The Company's Operating Netback after hedging averaged $27.86 per BOE in the second quarter, up 32% from $21.03 per BOE in the first quarter and up 81% from $15.38 per BOE in the same quarter of the previous year.
Adjusted Funds Flow was $27.2 million for the quarter ended June 30, 2025, up 70% from $16.0 million in the previous quarter and up 211% from $8.7 million in the comparative quarter ended June 30, 2024.
As of June 30, 2025, Logan had Net Debt of $107.9 million or 1.0 times its annualized Adjusted Funds Flow for the second quarter. The Company's Net Debt to Adjusted Funds Flow ratio is expected to moderate in the second half of 2025 as approximately 80% of Logan's budgeted capital expenditures were incurred in the first half of the year. Logan's credit facility borrowing base was increased to $150.0 million during the quarter.
The following table summarizes selected highlights for the three and six months ended June 30, 2025, and June 30, 2024:
Three months ended June 30
Six months ended June 30
(CA$ thousands, except as otherwise noted)
2025
2024
%
2025
2024
%
FINANCIAL HIGHLIGHTS
Oil and gas sales
41,992
26,544
58
76,677
50,974
50
Net income (loss) and comprehensive income (loss)
17,311
416
nm
16,917
(1,575)
nm
$ per common share, basic and diluted
0.03
0.00
-
0.03
(0.00)
-
Cash provided by operating activities
20,374
3,394
500
36,069
20,194
79
Adjusted Funds Flow (1)
27,170
8,744
211
43,153
18,589
132
$ per common share, basic(1)
0.05
0.02
150
0.07
0.04
75
$ per common share, diluted (1)
0.04
0.02
100
0.07
0.04
75
Capital Expenditures before A&D (1)
68,643
46,104
49
164,928
81,286
103
Acquisitions, net of dispositions
(26,230)
-
-
(41,954)
300
nm
Total assets
517,169
248,390
108
517,169
248,390
108
Net Debt (1)
107,865
19,604
450
107,865
19,604
450
Shareholders' equity
294,387
175,122
68
294,387
175,122
68
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)
4,255
2,148
98
3,521
1,965
79
Condensate (bbls/d) (3)
255
223
14
277
244
14
Natural gas liquids (bbls/d) (3)
360
250
44
333
270
23
Natural gas (mcf/d)
42,857
27,934
53
41,208
28,006
47
BOE/d
12,013
7,277
65
10,999
7,147
54
% Liquids (4)
41 %
36 %
14
38 %
35 %
9