Logan Energy Corp · TSXV:LGN
Logan Energy — Investor Presentation (May 2026)
35 slides from Logan Energy's investor presentation, May 2026
Slide 1: A Differentiated Growth Company
A Differentiated Growth Company INVESTOR PRESENTATION Mount Logan is Canada’s highest mountain and is named after Sir William Edmond Logan, a Canadian geologist and founder of the Geological Survey of Canada. It’s also MAY 2026 our namesake, as our mission is like an expedition. One that requires co
Slide 2: Corporate Overview: A Differentiated Growth Company
CORPORATE OVERVIEW A Differentiated Growth Company ABOUT LOGAN OUR ASSETS Montney Play Logan Energy Corp. (LGN.V) (“Logan”) is a growth - oriented oil and gas exploration, development BC AB Duvernay Play Logan Montney Assets and production company formed through the spin - out of the early stage Mon
Slide 3: Aligned and Proven Team with a Growth Plan to Deliver Compelling Equity Returns
INVESTMENT RATIONALE Aligned and Proven Team with a Growth Plan to Deliver Compelling Equity Returns 1 2 3 Growth Plan Delivers Compelling Inventory Rich Assets at Strong Shareholder Alignment and Risk Adjusted Equity Returns Attractive Valuation in Active Track Record of Excess Returns M&A Plays an
Slide 4: Growth Plan Summary: Path to >30,000 boe/d
GROWTH PLAN SUMMARY Path to >30,000 boe/d ILLUSTRATIVE GROWTH PLAN (2) ASSET MATURITY 60,000 30,000 boe/d by 2029 within Illustrative Duvernay growth plan, Inventory Size McDaniels YE2025 Reserves (TPP) dependent on appraisal success Montney Assets 50,000 2028 Illustrative Flatrock growth plan, 24,0
Slide 5: The Montney: Building in the Premier Resource Play
THE MONTNEY Building in the Premier Resource Play Petronas BC AB Logan Energy Kelt Exploration ▪ High quality inventory depth is becoming scarce Arc Resources CNQ Tourmaline Oil ▪ Play is becoming very consolidated TOU Coelacanth T90 CNRL ▪ The Montney offers: COP Ovintiv Canada Vermilion - Highly c
Slide 6: Three Unique Montney Assets, Each Opportunity Rich
LOGAN’S MONTNEY ASSETS Three Unique Montney Assets, Each Opportunity Rich FLATROCK FLATROCK POUCE COUPE SIMONETTE ▪ Emerging undeveloped Montney property prospective for both gas Doig condensate and oil development ▪ High quality subsurface properties underpin asset potential ▪ Logan will methodical
Slide 7: Simonette Acquisition
SIMONETTE ACQUISITION Synergistic Leverage Neutral Acquisition Adds Cash Flow and Tier 1 Inventory T65 BILBO DEEP BASIN LANDS ACQUISITION OVERVIEW ▪ Acquisition of Gran Tierra’s non - operated 50% working interest in Simonette Montney assets for $62.5MM cash, before closing adjustments (closed March
Slide 8: 2026 Budget Overview
2026 BUDGET Overview SIMONETTE POUCE COUPE ▪ Focused on high return development areas with a select number of other strategic or growth projects. LEGEND ▪ Capital is moderated compared to 2025 to maintain balance sheet strength through a weaker oil price environment. Montney Acreage Spirit River Onl
Slide 9: Logan Offers Significant Rate of Change and Operational Leverage
2026 BUDGET Logan Offers Significant Rate of Change and Operational Leverage PRODUCTION PRODUCTION OPEX & TRANSPORT ADJUSTED FUNDS AFF GROWTH (1)(2) PER SHARE (2) UNIT COST FLOW (AFF) PER SHARE (3) 20,000 40 $20.00 $160 $0.25 31% 26% $140 11% $0.20 15,000 30 $15.00 $120 9% $100 6% $0.15 10,000 20 $1
Slide 10: 2026 Budget Guidance
2026E 2026 BUDGET Guidance (2)(3) Guidance Production Crude Oil and Condensate boe/d 5,681 - 6,036 Natural Gas Liquids boe/d 1,003 -1,065 Natural Gas mcf/d 55,898 - 59,392 ▪ Expanded capital budget reflects increased working interest in Simonette (1) boe/d 16,000 - 17,000 activities Average Producti
Slide 11: Commodity Price Sensitivities
2026 BUDGET Commodity Price Sensitivities 2026E ADJUSTED FUNDS FLOW (AFF) PRICE SCENARIOS 2026E NET DEBT TO AFF (TRAILING) RATIO $185 1.25x $175 1.00x $165 2026E AFF ($MM) 2026E D/AFF $155 0.75x $145 0.50x $135 $125 0.25x $50 $55 $60 $65 $70 $75 $80 $85 $90 $50 $55 $60 $65 $70 $75 $80 $85 $90 WTI (U
Slide 12: Simonette Overview: Core Growth Asset with Owned Infrastructure
SIMONETTE OVERVIEW Asset Overview: Core Growth Asset with Owned Infrastructure ASSET CHARACTERISTICS NORTH SIMONETTE - MONTNEY & DUVERNAY OIL ▪ Opportunity rich asset with significant growth runway ▪ Two Logan drilled modern design Middle Montney oil wells demonstrate play potential ▪ Major infrastr
Slide 13: Simonette Lower Montney Oil Play is Delivering Top Tier Results
SIMONETTE LOWER MONTNEY Simonette Lower Montney Oil Play is Delivering Top Tier Results OIL & CONDENSATE PERFORMANCE COMPARISON WELLS Normalized to 3000m horizontal length 2024 & 2025 wells drilled in oil or condensate fairway 1,000 T69 Logan Lower Montney Oil Wells (6) Arc Kakwa 2024 & 2025 Oil/Con
Slide 14: Pouce Coupe: Development Asset Transitioning to a Long-Life Free Cash Flow Engine
POUCE COUPE Development Asset Transitioning to a Long-Life Free Cash Flow Engine ASSET CHARACTERISTICS POUCE NORTH GAS CONDENSATE ▪ Low risk, capitally efficient development in Pouce South oil play segment ▪ Northern play segment defined by high porosity provides highly economic production and cashf
Slide 15: Flatrock: High Quality Subsurface Properties on Large Contiguous Land Base
FLATROCK 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 T87 - Good year - round access primarily from freehold surfaces, outside Blueberry River First Nations high va
Slide 16: The Duvernay: New Platform for Growth and Value Creation
THE DUVERNAY New Platform for Growth and Value Creation Logan Duvernay Logan has assembled a 203 net section position within the Kaybob greater Kaybob Duvernay oil play, comprised of blocks located ANTE CREEK Logan 6 - 09 - 069 - 26W5 in North Simonette, Ante Creek and Two Creeks that provide: ~150
Slide 17: Three Duvernay Development Areas
LOGAN’S DUVERNAY ASSETS Three Duvernay Development Areas Sturgeon Area ANTE CREEK Logan Duvernay Assets ▪ Northern play extension situated in the oil window with thickness of ~16m and high pressure (>45 MPa), comparable to several successful play areas in the north Kaybob area Logan Montney Assets ▪
Slide 18: Land Expansion
LAND EXPANSION Logan's Land Base is Equivalent in Size to Many Producers 10x Logan's Production MONTNEY DUVERNAY Net Sections Net Sections 13th Largest Overall Montney Land Holder 11th Largest Overall Duvernay Land Holder Logan seeks to continuously expand and optimize its land base one section at a
Slide 19: Egress, Marketing & Hedging: Well Positioned For Growth
EGRESS, MARKETING & HEDGING Well Positioned For Growth GAS MARKETING & EGRESS Fort St John Flatrock ▪ Logan has contracted gas egress that supports it growth plan Pouce Coupe - Logan has ~50 mmcf/d of current firm transport service on NGTL Grande - Additional 59.3 mmcf/d of firm transport service on
Slide 20: 2025 Reserves: Reserve Book Demonstrates Logan's Value
2025 RESERVES Reserve Book Demonstrates Logan’s Value, Still with Significant Growth Runway VOLUMES VALUE INVENTORY 400 >25 years 180 $1,400 350 160 11% $1,200 17% 31% 300 140 Number of Locations 30% $1,000 BTAX NPV10 ($MM) Reserves (MMboe) 120 250 74% 100 10% $800 200 unbooked 18% 28% 80 $600 35% 1
Slide 21: 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 Pre sid ent and Director of Titan Exploration CEO Brendan Paton, P.Eng. ▪ Former V
Slide 22: Organic Growth Augmented by Strategic Acquisitions
STRATEGY 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 - • Buil
Slide 23: Appendix
Appendix
Slide 24: 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 25: Spartan Delta Montney Lookback
SPARTAN DELTA MONTNEY LOOKBACK 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 acquisitio
Slide 26: Track Record: Excess Returns Through Multiple Entities and Cycles
TRACK RECORD Leadership has Generated Excess Returns Through Multiple Entities and Cycles SPARTAN SPARTAN SPARTAN SPARTAN EXPLORATION OIL ENERGY DELTA Period January 2010 to May 2011 June 2011 to January 2013 December 2013 to May 2018 December 2019 to June 2023 Equity Returns (1) Total Equity Issued
Slide 27: 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 28: Historical Financial and Operating Highlights
HISTORICAL FINANCIAL AND OPERATING HIGHLIGHTS FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Actuals Production Crude Oil and Condensate boe/d 1,325 2,047 2,371 2,
Slide 29: Corporate Information and Analyst Coverage
CORPORATE INFORMATION A NALYST COVERAGE EXECUTIVE OFFICE STOCK EXCHANGE LISTING INSTITUTION ANALYST Logan Energy Corp. The TSX Venture Exchange Calgary Place II Trading Symbol: LGN ATB Cormark Capital Markets Kalvin Baim 900, 355 4 Avenue SW BMO Capital Markets Jeremy McCrea Calgary, Alberta T2P 0J1
Slide 30: Disclaimer: Forward-Looking Statements
DISCLAIMER Forward - Looking Statements Forward - Looking Statements (Continued) ▪ Certain statements contained within this presentation constitute forward - looking statements within the meaning of applicable ▪ (continued from previous column) domestically and abroad (including geopolitical develop
Slide 31: 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 ▪ All reserve values, future net revenue and ancillary information related to the Acquired Assets were derived from the conversion ratio of six t
Slide 32: Disclaimer: Oil and Gas Advisories (continued)
DISCLAIMER Oil and Gas Advisories ▪ Slide 20 inventory life calculated by dividing the Total Locations quoted above, less the locations drilled by YE2028 in the reserves plan, divided by the average number of wells drilled annually in the reserve plan between 2027 and 2029 and then rounded down to t
Slide 33: 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 b
Slide 34: Abbreviations & Definitions
ABBREVIATIONS & DEFINITIONS A&D Acquisitions and Dispositions mmboe Million barrels of oil equivalent AECO Alberta Energy Company "C" Meter Stations of the NOVA Pipeline System mmboe/sec Million barrels of oil equivalent per section AFF Adjusted Funds Flow mmbtu; mmbtu/d Metric million British therm
Slide 35: www.loganenergycorp.com
14- 17 Pad Drilling 6- 18 Multi - well Pad 4- 19 Pouce Facility www.loganenergycorp.com