Logan Energy Corp · TSXV:LGN
Logan Energy — Investor Presentation (February 2025)
31 slides from Logan Energy's investor presentation, Feb 3, 2025
Slide 1: A Differentiated Growth Company
A Differentiated Growth Company I N V E S T O R P R E S E N TAT I O N F E B R U A RY 3 , 2 0 2 5
Slide 2: Corporate Overview: A Differentiated Growth Company
C O R P O R AT E O V E R V I E W A Differentiated Growth Company ABOUT LOGAN INVESTMENT RATIONALE Logan Energy Corp. (“Logan”) is a growth-oriented exploration, development and production company formed Differentiated Growth Plan to Deliver Compelling Equity Returns through the spin-out of the early
Slide 3: Organic Growth Augmented by Strategic Acquisitions to Build a Quality Asset Base
S T R AT E G Y Organic Growth Augmented by Strategic Acquisitions to Build a Quality Asset Base 1 2 3 4 Grow our Assets Identify, Acquire and Execute with Cost Effective Capital Delineate High Quality Discipline Allocation with Inventory Conservative Leverage • Organic growth plan delivers 24,000- •
Slide 4: Considerable Rate-of-Change Throughout 2025
RECENT DEVELOPMENTS Considerable Rate-of-Change Throughout 2025 Simonette Asset Acquisition Simonette H1 Program Pouce Coupe Infrastructure and Pouce Coupe Facility Commissioning GORR Financing • Long-coveted strategic bolt-on acquisition • Active H1/25 to advance several play • $43MM of proceeds fo
Slide 5: Building in the Premier Resource Play
THE MONTNEY Building in the Premier Resource Play BC AB T87 LGN KEL ▪ High quality inventory depth is becoming scarce FLATROCK Kelt Exploration LGN T85 Arc Resources ▪ The Montney offers: Tourmaline Oil - Highly competitive play economics FSJ Coelacanth CEI T83 - Scalable production growth CNRL Ovin
Slide 6: Three Unique Montney Assets, Each Opportunity Rich
LOGAN’S MONTNEY ASSETS Three Unique Montney Assets, Each Opportunity Rich FLATROCK FLATROCK POUCE COUPE GOLD CREEK SIMONETTE ▪ Emerging undeveloped Montney property prospective for both gas Doig WEST (DIVESTED) condensate and oil development ▪ High quality subsurface properties underpin asset potent
Slide 7: New Platform for Growth and Value Creation
T H E D U V E R N AY New Platform for Growth and Value Creation Logan has assembled a 187 net section position within the greater Kaybob Duvernay oil play, comprised of blocks located in ANTE CREEK Logan 06-09-069-26W5 (2024 DUC) North Simonette, Ante Creek and Two Creeks that provide: B-32 Logan En
Slide 8: Logan's Duvernay Assets
L O G A N ’ S D U V E R N AY A S S E T S Three Duvernay Development Areas Sturgeon Area ANTE CREEK Logan Duvernay Assets ▪ Northern play extension situated in ideal fluid maturity window and good shale quality Logan Montney Assets ▪ Situated in the oil window with thickness of ~16m and high pressure
Slide 9: Proven Development Inventory Requiring Additional Infrastructure and Egress
POUCE COUPE Proven Development Inventory Requiring Additional Infrastructure and Egress ASSET CHARACTERISTICS POUCE NORTH GAS NRM Fourth Creek ▪ Low risk, high return development in Pouce South oil play segment provides ▪ Northern play segment defined by high porosity T82 repeatable production growt
Slide 10: Core Growth Asset with Owned Infrastructure
SIMONETTE Core Growth Asset with Owned Infrastructure ASSET CHARACTERISTICS NORTH SIMONETTE OIL ▪ Opportunity rich asset with owned infrastructure that together present a ▪ Results on Logan 5-11 well demonstrating play Duvernay T65 compelling growth opportunity potential with a modern well design La
Slide 11: High Quality Subsurface Properties on Large Contiguous Undeveloped Land Base
F L AT RO C K High Quality Subsurface Properties on Large Contiguous Undeveloped Land Base ASSET CHARACTERISTICS ▪ Large contiguous land base - Over 55,000 acres all 100% WI with no encumbrances - Good year-round access primarily from freehold surfaces, outside Blueberry River First Nations high val
Slide 12: Land Expansion
L A N D E X PA N S I O N Logan's Land Base is Equivalent in Size to Many Producers 10x Logan's Production MONTNEY D U V E R N AY Net Sections Net Sections 354 342 187 300 152 27 14th Largest Overall Montney Land Holder 11th Largest Overall Duvernay Land Holder Logan seeks to continuously expand and
Slide 13: Well Positioned For Growth
EGRESS, MARKETING & HEDGING Well Positioned For Growth GAS MARKETING & EGRESS Flatrock Fort St John ▪ All gas currently connected to NGTL and sold into AECO market Pouce ▪ Logan has ~50 mmcf/d of current firm transport service on NGTL, providing a significant growth Coupe runway Grande Prairie ▪ Add
Slide 14: 2025 Budget Highlights
BUDGET OVERVIEW 2025E 2024E Change 2025 Budget Highlights Production Guidance Guidance Amount % Crude Oil and Condensate boe/d 4,805 2,520 2,285 91% ▪ $195MM budget for 2025 to deliver material liquids growth and drive class leading Natural Gas Liquids boe/d 615 365 250 68% cashflow growth while inv
Slide 15: Logan Offers Significant Rate of Change and Operational Leverage
BUDGET OVERVIEW Logan Offers Significant Rate of Change and Operational Leverage PRODUCTION OIL & CONDENSATE OPEX & TRANSPORT ADJUSTED FUNDS AFF PER SHARE GROWTH GROWTH UNIT COST REDUCTION FLOW (AFF) GROWTH R E D UC T IO N $20 $140 15,000 6,000 $0.25 63% 127% 91% $120 82% 5,000 $0.20 $15 $100 10,000
Slide 16: Partial Infrastructure and GORR Sale for $43MM Cash Proceeds
S T R AT E G I C D I S P O S I T I O N S E N H A N C E L O G A N ’ S F I N A N C I A L F L E X I B I L I T Y Partial Infrastructure and GORR Sale for $43MM Cash Proceeds INFRASTRUCTURE SALE OVERVIEW FINANCIAL SUMMARY ▪ Topaz to acquire a 35% working interest in the 4-19 Pouce Facility for $26MM ▪ 37
Slide 17: Record Q3 Production and Cash Flow
S U M M A R Y O F Q U A R T E R LY R E S U LT S Q1 2024 Q2 2024 Q3 2024 Record Q3 Production and Cash Flow Production Actuals Actuals Actuals Q3 2024 HIGHLIGHTS Crude Oil and Condensate boe/d 2,047 2,371 2,998 Natural Gas Liquids boe/d 290 250 483 ▪ Achieved record quarterly average production of 9,
Slide 18: Our Competitive Advantage
LOGAN ETHOS Our Competitive Advantage Technical Leaders Focused Execution and Entrepreneurially Driven Cost Discipline Highly technical team with a proven track An ownership mindset towards cost reductions Team is aligned through significant equity record of identifying high quality, yet and consist
Slide 19: www.loganenergycorp.com
www.loganenergycorp.com 19
Slide 20: Strategic Acquisition Further Enhances Logan's High Return Growth Plan
SIMONETTE ASSET ACQUISITION OVERVIEW Strategic Acquisition Further Enhances Logan’s High Return Growth Plan ACQUISITION OVERVIEW On December 17, 2024, Logan closed the acquisition of an operated 50% working interest of Gran Tierra’s Simonette asset and a 100% interest in certain Simonette gross over
Slide 21: Identified Near-Term Synergies of Over $20MM Driven by Infrastructure
S I M O N E T T E A S S E T A C Q U I S I T I O N D E TA I L S Identified Near-Term Synergies of Over $20MM Driven by Infrastructure ASSET DETAILS PRODUCTION & NETBACKS 2025E MAP LEGEND Simonette North Montney Production (net) boe/d 1,440 (1) • 27.5 gross (12 net) Montney sections GTE Montney Liquid
Slide 22: Strategic Acquisition with Strong Synergies and Long-term Accretion
S T R AT E G I C R AT I O N A L E Strategic Acquisition with Strong Synergies and Long-term Accretion SIMONETTE ACQUISITON ASSET SNAPSHOT Attractive valuation with compelling accretion ▪ $52MM cash purchase price(1), 2.9x 2025 Operating Income(2) & $1.0MM per WI Montney Location ▪ 2025 accretion of
Slide 23: Management Team and Independent Board of Directors
LOGAN TEAM Management Team and Independent Board of Directors MANAGEMENT TEAM Richard McHardy ▪ Chairman of Spartan Delta, former President, CEO and Director of Spartan Energy, Spartan Oil, and Spartan Exploration and President and Director of Titan Exploration CEO Brendan Paton, P.Eng. ▪ Former VP,
Slide 24: We are Builders: Substantial Value can be Created Section by Section
S PA R TA N M O N T N E Y L O O K B A C K We are Builders: Substantial Value can be Created Section by Section LAND POSITION ASSEMBLY OPERATIONAL EXECUTION ▪ Aggressively built out the Spartan Gold Creek/Karr position through 12 opportunistic and creative deals ▪ Spartan grew production both through
Slide 25: Every Spartan Delta Equity Financing Significantly Outperformed the Index
TRACK RECORD Every Spartan Delta Equity Financing Significantly Outperformed the Index DECEMBER 2019 MAY 2020 MARCH 2021 AUGUST 2021 $25 million at $64 million at $124 million at $150 million at $1.00 per Share $2.00 per Share $4.35 per Share $5.05 per Share Founding Financing Bellatrix Asset Acquis
Slide 26: Leadership has Generated Excess Returns Through Multiple Entities and Cycles
TRACK RECORD Leadership has Generated Excess Returns Through Multiple Entities and Cycles S PA R TA N S PA R TA N S PA R TA N S PA R TA N E X P L O R AT I O N OIL ENERGY D E LT A Period January 2010 to May 2011 June 2011 to January 2013 December 2013 to May 2018 December 2019 to June 2023 Equity Ret
Slide 27: Corporate Information and Analyst Coverage
C O R P O R AT E I N F O R M AT I O N A N A LY S T C O V E R A G E EXECUTIVE OFFICE STOCK EXCHANGE LISTING INSTITUTION ANALYST Logan Energy Corp. The TSX Venture Exchange 1800, 736 6 Avenue SW National Bank Financial Dan Payne Trading Symbol: LGN Calgary, Alberta T2P 3T7 Scotia Capital Cameron Bean
Slide 28: Disclaimer
DISCLAIMER Forward-Looking Statements Forward-Looking Statements (Continued) ▪ Certain information included in this presentation constitutes forward-looking information under applicable securities ▪ (continued from previous column) price for the Corporation’s products and/or otherwise adversely affe
Slide 29: Disclaimer: Oil and Gas Advisories
DISCLAIMER Oil and Gas Advisories ▪ BOE Disclosure. The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A BOE ▪ Unbooked locations are internal estimates prepared effective as of February 3, 2025 by a member of management who is conversion ratio of six th
Slide 30: Disclaimer: Non-GAAP Measures and Ratios
DISCLAIMER Non-GAAP Measures and Ratios ▪ This presentation contains certain financial measures and ratios, as described below, which do not have standardized ▪ "Net Debt (Surplus)" includes bank debt (if any) outstanding under Logan’s credit facility, net of Adjusted Working meanings prescribed by
Slide 31: Abbreviations & Definitions
A B B R E V I AT I O N S & D E F I N I T I O N S A&D Acquisitions and Dispositions MM or mm Million AECO Alberta Energy Company "C" Meter Stations of the NOVA Pipeline System mmboe Million barrels of oil equivalent AFF Adjusted Funds Flow mmboe/sec Million barrels of oil equivalent per section API A