Logan Energy Corp. (TSXV: LGN) ("Logan" or the "Company") is pleased to announce the closing of its previously announced acquisition of certain assets predominantly in the Company's core area at Simonette, Alberta, for a cash purchase price of $62.5 million, before closing adjustments.

Logan is also pleased to announce the closing of the previously announced upsized bought-deal equity financings, including the full exercise of the over-allotment option (the "Equity Offerings"), which were co-led by National Bank Capital Markets as sole bookrunner and co-lead underwriter, and TD Securities Inc. as co-lead underwriter, and the previously announced expanded credit facilities with a syndicate of lenders led by National Bank Capital Markets, increasing the borrowing base to $250.0 million.

Pursuant to the Equity Offerings, the Company issued 52,065,100 common shares ("Common Shares") at a price of $0.73 per Common Share (the "Issue Price") on a bought deal basis, by way of a public offering (the "Prospectus Offering") and 43,836,000 Common Shares at the Issue Price on a bought deal basis, by way of a private placement (the "Private Placement"), resulting in aggregate gross proceeds of approximately $70.0 million (including gross proceeds of $5.0 million from the over-allotment option). In connection with the Equity Offerings, the Company paid the Underwriters a cash fee equal to 4.0% of the gross proceeds of the Equity Offerings, other than in respect of proceeds from the sale of Common Shares to certain president's list purchasers identified by the Company for which no fee was paid. Logan used the net proceeds from the Equity Offerings to repay indebtedness.

The Common Shares issued pursuant to the Private Placement are subject to a statutory hold period that extends until July 11, 2026 and all Common Shares issued in the United States are subject to a 1 year hold period, subject to the ability to resell the Common Shares on the TSX Venture Exchange ("TSXV") prior to 1 year in accordance with U.S. securities laws.

Certain directors and officers of the Company participated in the Private Placement under the president's list for an aggregate subscription of 2,448,000 Common Shares, which is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 â?? Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value of the aggregate participation of the insiders in the Private Placement does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.

The Equity Offerings have been conditionally accepted by the TSXV and remain subject to the final acceptance of the TSXV.

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 in the North Simonette, Ante Creek and Two Creeks areas. The management team brings proven leadership and a track record of generating excess returns in various business cycles.

https://www.loganenergycorp.com/

 

Neither TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Logan Energy Corp.

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: info@loganenergycorp.com

COMTEX_474993932/2197/2026-03-10T08:44:00