LOGAN ENERGY CORP. ANNOUNCES THIRD QUARTER 2026 RESULTS

CALGARY, AB, Nov. 10, 2026 /CNW/ -- Logan Energy Corp. (TSXV: LGN) ("Logan" or the "Company") is pleased to announce its operating and financial results for the three and nine months ended September 30, 2026.

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 nine months ended September 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".

THIRD QUARTER 2026 HIGHLIGHTS

Logan achieved corporate record production in the third quarter, reflecting strong operational execution and continued momentum across its asset base. Sustained strength in crude oil prices throughout the quarter supported strong netbacks and cash flow. In addition, the Company continued to advance its key infrastructure projects including the commissioning of its South Simonette oil battery.

• Production averaged 18,775 BOE per day (39% liquids) during the third quarter of 2026, up 9% from 17,239 BOE per day (40% liquids) in the second quarter, and up 25% from 15,046 BOE per day (43% liquids) in the third quarter of 2025.
• Adjusted Funds Flow increased to $43.6 million ($0.06 per share, diluted) for the three months ended September 30, 2026, an increase of 40% from $31.2 million ($0.05 per share, diluted) reported in the comparative three-month period of 2025.
• The Company's Operating Netback before hedging averaged $31.87 per BOE ($28.22 per BOE after hedging) for the third quarter of 2026, up 43% from $22.27 per BOE ($25.64 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 $7.87 per BOE during the quarter. 
• Capital expenditures before A&D were $88.4 million for the three months ended September 30, 2026, including $55.6 million directed to drilling and completions, $24.9 million on facilities, pipelines and equipment and $7.9 million on land.
  • At Pouce Coupe, Logan drilled, completed and brought onstream 3 (3.0 net) wells across the second phase of its 15-15 pad, targeting the Lower Middle Montney.
  • At Simonette, Logan finished drilling the next phase of Lower Montney wells on the 16-13 pad and commenced completion operations on the 4 (4.0 net) well pad at the end of the quarter. At the 06-09 pad, 3 (3.0 net) wells were completed and brought onstream mid-quarter and produced at restricted rates to manage flowback prior to commissioning the new South Simonette battery.
  • At Flatrock, Logan completed and tested its 07-33 well in August 2026.
  • Logan successfully commissioned its South Simonette oil battery in September 2026 marking an important milestone to facilitate the production ramp up in South Simonette. The Company continues to advance its owned infrastructure projects to support future production growth, with equipment procurement underway for the North Simonette oil battery build in preparation for construction to commence in the first quarter of 2027.
• Logan exited the quarter with Net Debt of $183.1 million or 1.1 times its annualized Adjusted Funds Flow for the third quarter.

Subsequent Events

On October 8, 2026, the Company closed the disposition of its entire interest in the mineral rights and pipelines in the Two Creeks area of Alberta for cash consideration of $40.0 million after closing adjustments. The assets disposed had a net carrying value of $5.7 million, resulting in a gain on sale of approximately $34.3 million.

On October 26, 2026, Logan entered into a definitive arrangement agreement with Ovintiv Inc. ("Ovintiv") and Ovintiv Canada ULC ("Ovintiv Canada"), a wholly-owned subsidiary of Ovintiv, pursuant to which Ovintiv Canada agreed to acquire all of the issued and outstanding common shares of Logan for cash consideration of $1.40 per share (the "Logan Sale Transaction"), which values Logan at approximately $1.26 billion, including the assumption of Logan's estimated net debt at closing. As part of the transaction, Logan Oil Corp. ("Logan Oil"), a newly formed wholly-owned subsidiary of Logan, will be spun out to Logan shareholders with an initial equity value of approximately $0.08 per share resulting in total consideration for the transaction of $1.48 per share. Details of the foregoing are provided in the Company's press release dated October 26, 2026 and in the MD&A. The transaction is expected to close early in the first quarter of 2027, subject to customary closing conditions.

On October 30, 2026, Logan Oil closed the acquisition of Andora Energy Corporation ("Andora"), which holds the Sawn Lake steam-assisted gravity drainage ("SAGD") project in the Peace River region of Alberta. Total consideration consists of $30.0 million in cash plus Andora's working capital surplus of approximately $1.4 million at the August 1, 2026 effective date, together with certain deferred and contingent payments of up to $25.0 million that are payable only upon the achievement of certain milestones. The base purchase price of $31.4 million, after adjustments, was funded with an advance on Logan's existing credit facility and the related indebtedness will remain with Logan, as a wholly-owned subsidiary of Ovintiv, following the completion of the Logan Sale Transaction and will not be assumed by Logan Oil. 

The following table summarizes selected highlights for the three and nine months ended September 30, 2026 and September 30, 2025:

	Three months ended September 30			Nine months ended September 30
(CA$ thousands, except as otherwise noted)	2026	2025	%	2026	2025	%
FINANCIAL HIGHLIGHTS
Oil and gas sales	79,845	47,766	67	210,107	124,443	69
Net income and comprehensive income	1,509	9,190	(84)	20,309	26,107	(22)
$ per common share, basic	-	0.02	(100)	0.03	0.04	(25)
$ per common share, diluted	-	0.01	(100)	0.03	0.04	(25)
Cash provided by operating activities	45,487	38,416	18	108,575	74,485	46
Adjusted Funds Flow (1)	43,570	31,179	40	116,347	74,332	57
$ per common share, basic (1)	0.06	0.05	20	0.17	0.12	42
$ per common share, diluted (1)	0.06	0.05	20	0.16	0.12	33
Capital Expenditures before A&D (1)	88,387	25,216	251	198,011	190,144	4
Acquisitions, net of dispositions	(1,562)	(448)	249	76,965	(42,402)	nm
Total assets	752,558	521,812	44	752,558	521,812	44
Net Debt (1)	183,082	101,692	80	183,082	101,692	80
Shareholders' equity	413,213	304,947	36	413,213	304,947	36
Common shares outstanding (000s), end of period (2)	691,619	595,675	16	691,619	595,675	16

	Three months ended September 30			Nine months ended September 30
(CA$ thousands, except as otherwise noted)	2026	2025	%	2026	2025	%
OPERATING HIGHLIGHTS AND NETBACKS (5)
Average daily production
Crude oil (bbls/d)	5,427	5,147	5	4,872	4,069	20
Condensate (bbls/d) (3)	332	252	32	271	268	1
Natural gas liquids (bbls/d) (3)	1,512	1,065	42	1,268	580	119
Natural gas (mcf/d)	69,023	51,490	34	62,135	44,673	39
BOE/d	18,775	15,046	25	16,767	12,363	36
% Liquids (4)	39 %	43 %	(9)	38 %	40 %	(5)
Average realized prices, before financial instruments
Crude oil ($/bbl)	115.78	80.95	43	112.96	82.87	36
Condensate ($/bbl) (3)	105.22	81.96	28	110.51	82.07	35
Natural gas liquids ($/bbl) (3)	57.04	40.87	40	57.12	43.28	32
Natural gas ($/mcf)	1.71	0.74	131	1.88	1.60	18
Combined average ($/BOE)	46.23	34.51	34	45.90	36.87	24
Netbacks ($/BOE) (5)
Oil and gas sales	46.23	34.51	34	45.90	36.87	24
Processing and other revenue	0.49	1.29	(62)	0.48	0.92	(48)
Royalties	(4.17)	(2.43)	72	(3.92)	(2.65)	48
Operating expenses	(7.87)	(9.25)	(15)	(8.29)	(10.16)	(18)
Transportation expenses	(2.81)	(1.85)	52	(2.51)	(1.97)	27
Operating Netback, before hedging (5)	31.87	22.27	43	31.66	23.01	38
Realized gain (loss) on financial instruments	(3.65)	3.37	nm	(3.43)	2.12	nm
Operating Netback, after hedging (5)	28.22	25.64	10	28.23	25.13	12
General and administrative expenses	(1.29)	(1.33)	(3)	(1.21)	(1.50)	(19)
Financing expenses (6)	(1.59)	(1.73)	(8)	(1.54)	(1.34)	15
Realized foreign exchange gain	-	0.02	nm	-	-	-
Settlement of decommissioning obligations	(0.12)	(0.08)	50	(0.06)	(0.27)	(78)
Adjusted Funds Flow Netback (5)	25.22	22.52	12	25.42	22.02	15

(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.

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 at North Simonette and Ante Creek and recently monetized its position at Two Creeks. The management team brings proven leadership and a track record of generating excess returns in various business cycles.

Logan's corporate presentation, as well as an introductory corporate overview of Logan Oil, 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 November 10, 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 September 30, 2026, 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.

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.

Share Capital

Common shares of Logan trade on the TSX Venture Exchange ("TSXV") under the symbol "LGN".

As of September 30, 2026, there were 691.6 million common shares outstanding. As of the date hereof, there are 692.6 million common shares outstanding. There are no preferred shares or special shares outstanding. Logan's convertible securities outstanding as of the date of this press release include: 63.2 million common share purchase warrants with an exercise price of $0.35 per share expiring July 12, 2028; 6.8 million restricted share awards; and 42.5 million stock options with a weighted average exercise price of $0.78 per share.

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 Logan Sale Transaction, including the anticipated timing of closing, the satisfaction of the conditions to closing, the spin-out of Logan Oil and the value of the Logan Oil shares to be distributed; the deferred and contingent payments that may become payable in connection with the acquisition of Andora; the timing of construction of the North Simonette oil battery; the Company's opportunity rich assets; production growth and liquids weighting; and infrastructure benefits and value capture.

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, 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, the ability to source and complete acquisitions, and the satisfaction of the conditions to the completion of the Logan Sale Transaction, including the receipt of all required securityholder, court and regulatory approvals, within the anticipated timeframes.

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 (including potential changes to U.S. economic, energy, regulatory and trade policies following the U.S. midterm elections), wars (including ongoing military actions 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; and risks relating to the Logan Sale Transaction, including the failure to obtain the required securityholder, court and regulatory approvals or to satisfy the other conditions to closing, the possibility that the Logan Oil shares will not be listed on the TSXV and the possibility that the Logan Oil shares, if listed, will trade at a price below the value ascribed to them in this press release. The foregoing list is not exhaustive. Please refer to the MD&A and AIF for discussion of additional risk factors relating to Logan, and to the Company's press release dated October 26, 2026 for a further discussion of the Logan Sale Transaction and the related risks, each of which can be accessed on Logan's 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.

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

A&D	acquisitions and dispositions
AECO	Alberta Energy Company "C" Meter Station of the NOVA Pipeline System
AIF	refers to the Company's Annual Information Form dated March 18, 2026
bbl	barrel
bbls/d	barrels per day
bcf	one billion cubic feet
BOE	barrels of oil equivalent
BOE/d	barrels of oil equivalent per day
CA$ or CAD	Canadian dollar
GJ	gigajoule
Mbbl	one thousand barrels
MBOE	one thousand barrels of oil equivalent
mcf	one thousand cubic feet
mcf/d	one thousand cubic feet per day
mmcf	one million cubic feet
mmcf/d	one million cubic feet per day
MM	millions
$MM	millions of dollars
MPa	megapascal unit of pressure
NGL(s)	natural gas liquids
NI 51-101	National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities
nm	"not meaningful", generally with reference to a percentage change
NYMEX	New York Mercantile Exchange, with reference to the U.S. dollar "Henry Hub" natural gas price index
TSXV	TSX Venture Exchange
US$ or USD	United States dollar
WI	Working interest
WTI	West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for crude oil of standard grade

SOURCE Logan Energy Corp.

For additional information, please contact: Richard F. McHardy, Chief Executive Officer; Brendan Paton, President and Chief Operating Officer; Logan Energy Corp., 900, 355 - 4th Avenue SW, Calgary, Alberta T2P 0J1, Email: [email protected], https://www.loganenergycorp.com/