Logan Energy's Reserves Soar 31% on Operational and Cost Gains

CALGARY, AB – February 17, 2026 – Logan Energy Corp. today announced a significant 31% increase in its year-end 2025 reserves, a result that demonstrates remarkable growth and operational strength in the face of weakening commodity price forecasts. The Calgary-based company reported its Total Proved plus Probable (TPP) reserves climbed to 139.2 million barrels of oil equivalent (MMBOE), a substantial jump from 105.9 MMBOE at the end of 2024.

This growth was not just on paper. The net present value of these TPP reserves, a key metric for future profitability discounted at 10% (NPV10), rose by 30% to $983 million. The achievement is particularly noteworthy as it was realized despite a negative price deck impact of $196 million, stemming from independent evaluators lowering their average forecast oil prices by 12% and gas prices by 6% for the coming five-year period.

Logan's success story appears to be one of operational discipline and technical execution, showcasing an ability to generate value even when market fundamentals present headwinds. The company attributed the impressive results to a combination of strong well performance, significant reductions in operating and transportation costs, and improved capital efficiency.

Thriving Against a Challenging Tide

The announcement by Logan Energy (TSXV: LGN) paints a picture of a company successfully navigating the complexities of a volatile energy market. While many producers brace for the impact of lower commodity prices, Logan has managed to significantly enhance its intrinsic value. Broader market analysis confirms the challenging environment, with multiple energy agencies and financial institutions projecting subdued West Texas Intermediate (WTI) crude prices through 2026 and beyond, alongside a Western Canadian natural gas market often characterized by oversupply.

Against this backdrop, Logan’s ability to increase the value of its assets is a testament to its internal performance. The company’s Proved Developed Producing (PDP) reserves—those already online and generating cash flow—saw their NPV10 value surge by 63% to $170 million. This occurred even after accounting for a negative $67 million impact from the revised, lower price forecasts. Similarly, Total Proved (TP) reserves grew 28% to 80.3 MMBOE, with their value increasing 35% to $532 million.

This performance directly translated into enhanced shareholder value. The company's Net Asset Value (NAV) per fully diluted share for its TPP reserves grew 20% year-over-year to $1.37. The growth underscores the company’s focus on converting underground resources into tangible corporate value, a crucial differentiator for investors in the energy sector.

The Engine of Sustainable Growth

Diving deeper into the independent evaluation prepared by McDaniel & Associates Consultants Ltd., the metrics reveal a company building a foundation for long-term, sustainable growth. One of the most striking figures is the production replacement ratio. For its TPP reserves, Logan achieved a replacement ratio of 798%, meaning that for every barrel of oil equivalent it produced in 2025, it successfully added nearly eight new barrels to its reserve base through exploration and development.

This powerful organic growth far outpaced the company's 2025 annual production of 4.8 MMBOE. It signals that Logan is not just depleting its existing inventory but is actively and successfully expanding its resource base for the future. This is further supported by the company’s Reserve Life Index (RLI), which now stands at a robust 29.1 years on a TPP basis, indicating a long runway of potential production from its currently defined assets.

Formed through a spin-out of early-stage Montney assets from Spartan Delta Corp., Logan has focused on high-quality plays in northwest Alberta and northeast British Columbia. The company's strategy in the Simonette, Pouce Coupe, and Flatrock areas of the Montney, as well as its emerging position in the Kaybob Duvernay oil play, appears to be paying dividends through both new discoveries and enhanced recovery from existing fields.

A Blueprint for Future Production

Looking ahead, Logan has laid out a clear path toward becoming a more significant producer. The reserves report supports a growth plan to more than double current output, targeting production of over 30,000 barrels of oil equivalent per day by 2029. This future production is expected to be rich in liquids, comprising approximately 39% of the total volume, which is advantageous in the current commodity price environment.

The foundation for this ambitious growth is a vast inventory of drilling locations. Logan has identified 701 net locations in the prolific Montney formation alone. Of these, 123.3 are already formally booked as part of its TPP reserves, with an additional 578 unbooked locations representing significant future upside. The company has also booked 18.4 net locations in the Duvernay and other horizons, further diversifying its development portfolio.

Executing this growth will require substantial investment. The company's report outlines a future development capital (FDC) plan totaling nearly $1.5 billion to bring its TPP reserves onstream. A significant portion of this capital is scheduled for deployment over the next five years, with over $200 million budgeted annually from 2027 through 2030. This detailed capital plan provides a tangible roadmap that connects the company's reserve bookings to its long-term production aspirations.

The strategy highlights a key trend in the modern Canadian energy sector: success is increasingly defined not by resource discovery alone, but by the technical skill and financial discipline to develop those resources profitably. Logan Energy's year-end results suggest it is mastering this formula, positioning itself as a formidable growth story within Canada's world-class unconventional basins.