CALGARY, AB, Aug. 11, 2026 /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, 2026, and to provide an operations update.
Selected financial and operational information set out below should be read in conjunction with the Company's unaudited condensed interim financial statements and related management's discussion and analysis ("MD&A") as at and for the three and six months ended June 30, 2026 and 2025. 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 2026 HIGHLIGHTS
Logan delivered corporate record production and cash flow during the second quarter, reflecting strong operational performance. Stronger than budgeted first-half results, combined with higher crude oil prices, enabled Logan to increase its average production guidance for 2026 and expand its capital program to accelerate activity during the remainder of the year([1]) .
-- Production averaged 17,239 BOE per day (40% liquids) during the second quarter of 2026, up 21% from 14,237 BOE per day (36% liquids) in the first quarter, and up 44% from 12,013 BOE per day (41% liquids) in the second quarter of 2025. -- Adjusted Funds Flow increased to $47.8 million ($0.07 per share, diluted) for the three months ended June 30, 2026, an increase of 76% from $27.2 million ($0.04 per share, diluted) reported in the comparative three month period of 2025. -- The Company's Operating Netback before hedging averaged $38.57 per BOE ($33.18 per BOE after hedging) for the second quarter of 2026, up 50% from $25.71 per BOE ($27.86 per BOE after hedging) in the same quarter of 2025, driven by materially higher crude oil prices together with lower per unit operating costs which averaged $7.53 per BOE during the quarter. -- Capital expenditures before A&D were $55.0 million for the three months ended June 30, 2026, including $38.6 million directed to drilling and completions, $14.6 million on facilities, pipelines and equipment and $1.8 million on land. -- At Pouce Coupe, Logan drilled 2 (2.0 net) wells and completed and brought on stream 6 (6.0 net) wells across two pads targeting the Lower Middle Montney. At the end of the current quarter, Logan also brought on production 1 (1.0 net) well in the Upper Montney. -- At Simonette, Logan commenced drilling the next phase of Lower Montney wells on the 16-13 pad, with 1 (1.0 net) well rig released at the end of the second quarter. -- Logan completed an expansion project at its Pouce 4-19 facility and construction is underway at Logan's South Simonette oil battery. Completion of construction and commissioning of the oil battery is scheduled for September 2026 to facilitate the production ramp up in South Simonette. -- The Company closed a strategic acquisition of certain assets located in the Simonette area for $12.2 million after closing adjustments during the second quarter. The acquisition primarily includes undeveloped land, which is a complementary fit with Logan's existing Simonette Montney land holdings. Together with activity at Crown land sales, Logan acquired an aggregate of 47.1 net sections of Montney acreage at Simonette during the second quarter, increasing its Simonette Montney acreage by 17%, and added 99.4 net drilling locations. -- Logan exited the second quarter with Net Debt of $139.0 million or 0.7 times its annualized Adjusted Funds Flow for the second quarter. The Company has a $250.0 million revolving credit facility and is well positioned financially to execute on its expanded 2026 capital expenditure program. (1) Refer to the Company's press release dated July 6, 2026 for details of updated guidance and the expanded capital budget.
The following table summarizes selected highlights for the three and six months ended June 30, 2026 and June 30, 2025:
Three months ended June 30 Six months ended June 30
(CA$ thousands, 2026 2025 % 2026 2025 %
except as otherwise
noted)
FINANCIAL HIGHLIGHTS
Oil and gas sales 82,713 41,992 97 130,262 76,677 70
Net income and
comprehensive
income 28,360 17,311 64 18,800 16,917 11
$ per common
share, basic
and diluted 0.04 0.03 33 0.03 0.03 -
Cash provided by
operating
activities 37,724 20,374 85 63,088 36,069 75
Adjusted Funds Flow
(1) 47,838 27,170 76 72,777 43,153 69
$ per common
share, basic
(1) 0.07 0.05 40 0.11 0.07 57
$ per common
share, diluted
(1) 0.07 0.04 75 0.10 0.07 43
Capital Expenditures
before A&D (1) 54,979 68,643 (20) 109,624 164,928 (34)
Acquisitions, net of
dispositions 12,249 (26,230) nm 78,527 (41,954) nm
Total assets 694,170 517,169 34 694,170 517,169 34
Net Debt (1) 138,956 107,865 29 138,956 107,865 29
Shareholders' equity 406,433 294,387 38 406,433 294,387 38
Common shares
outstanding (000s),
end of period (2) 691,619 595,675 16 691,619 595,675 16
OPERATING HIGHLIGHTS
AND NETBACKS (5)
Average daily
production
Crude oil
(bbls/d) 5,262 4,255 24 4,591 3,521 30
Condensate
(bbls/d) (3) 255 255 - 240 277 (13)
Natural gas
liquids
(bbls/d) (3) 1,327 360 269 1,143 333 243
Natural gas
(mcf/d) 62,371 42,857 46 58,633 41,208 42
BOE/d 17,239 12,013 44 15,746 10,999 43
% Liquids (4) 40 % 41 % (2) 38 % 38 % -
Average realized
prices, before
financial
instruments
Crude oil
($/bbl) 128.31 80.65 59 111.26 84.30 32
Condensate
($/bbl) (3) 136.13 77.41 76 114.23 82.12 39
Natural gas
liquids ($/bbl)
(3) 65.42 43.21 51 57.18 47.20 21
Natural gas
($/mcf) 1.80 1.94 (7) 1.98 2.14 (7)
Combined average
($/BOE) 52.73 38.41 37 45.70 38.52 19
Netbacks ($/BOE) (5)
Oil and gas
sales 52.73 38.41 37 45.70 38.52 19
Processing and
other revenue 0.49 0.65 (25) 0.48 0.66 (27)
Royalties (4.35) (2.01) 116 (3.77) (2.80) 35
Operating
expenses (7.53) (9.29) (19) (8.55) (10.80) (21)
Transportation
expenses (2.77) (2.05) 35 (2.33) (2.06) 13
Operating Netback,
before hedging (5) 38.57 25.71 50 31.53 23.52 34
Realized gain
(loss) on
financial
instruments (5.39) 2.15 nm (3.29) 1.26 nm
Operating Netback,
after hedging (5) 33.18 27.86 19 28.24 24.78 14
General and
administrative
expenses (1.10) (1.56) (29) (1.16) (1.62) (28)
Financing
expenses (6) (1.58) (1.40) 13 (1.52) (1.08) 41
Realized foreign
exchange loss - (0.01) nm - - -
Settlement of
decommissioning
obligations (0.01) (0.04) (75) (0.02) (0.40) (95)
Adjusted Funds Flow
Netback (5) 30.49 24.85 23 25.54 21.68 18
(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
and amortization of upfront issue costs on bank debt.
OPERATIONS UPDATE
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