Logan Energy (LGN) Q1 2026 earnings summary

Executive summary

• Achieved quarterly average production of 14,237 BOE/d (36% liquids), up 43% year-over-year, with production in line with internal forecasts and on track for >18,000 BOE/d in H2 2026.

• Closed a $66.3 million acquisition in Simonette, consolidating to 100% working interest and expanding Deep Basin lands.

• Raised $70 million in equity to fund the acquisition, issuing 95.9 million shares at $0.73 per share.

• Announced upcoming board appointment of President and COO Brendan Paton.

Financial highlights

• Oil and gas sales rose 37% to $47.5 million compared to Q1 2025.

• Adjusted Funds Flow increased 56% to $24.9 million ($0.04/share diluted).

• Net loss of $9.6 million versus a $0.4 million loss in Q1 2025.

• Capital expenditures before A&D were $54.6 million, with $38.0 million for drilling/completions and $16.2 million for facilities.

• Net Debt at quarter-end was $118.6 million, up 28% year-over-year.

Outlook and guidance

• On track to exceed 18,000 BOE/d average production in H2 2026.

• Considering expanding capital budget in H2 2026 if oil prices remain strong.

• Full capacity operations planned for Q2, with continued monitoring of market conditions.