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, 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".
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 Duvernay at Ante Creek. Capital expenditures were $25.2 million and $190.1 million for 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 $0.60 per 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 $25.64 per BOE in the third quarter, down 8% from $27.86 per BOE in the second quarter and up 20% from $21.35 per BOE in the same quarter of the previous year.
Adjusted Funds Flow was a corporate record $31.2 million for the quarter ended September 30, 2025, up 15% from $27.2 million in the previous quarter and up 77% from $17.6 million in the comparative quarter ended September 30, 2024.
On September 30, 2025, Logan closed a disposition of certain non-core assets located in northeastern British Columbia for cash proceeds of $0.4 million after 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 million or 0.8 times its annualized Adjusted Funds Flow for the third quarter. Subsequent to the quarter the Company syndicated its $150.0 million revolving credit facility (see "Subsequent Events"). This syndication reflects continued confidence in Logan's long-term strategy from both existing and new lending partners and strengthens the balance sheet by providing lending capacity to capitalize on future opportunities.
The following table summarizes selected highlights for the three and nine months ended September 30, 2025 and September 30, 2024:
Three months ended
September 30
Nine months ended
September 30
(CA$ 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)
