Mr. Richard McHardy reports

LOGAN ENERGY CORP. ANNOUNCES FILING OF SECOND QUARTER 2023 FINANCIAL STATEMENTS AND NEW CREDIT FACILITY

Logan Energy Corp.'s unaudited interim financial statements, and related management's discussion and analysis (MD&A) for the three and six months ended June 30, 2023, and 2022 have been filed on SEDAR+ and are available on the company's website.

On June 20, 2023, Logan commenced active operations following the spinout of the early-stage Montney assets from Spartan Delta Corp. Pursuant to the terms of an asset conveyance agreement between Logan and Spartan dated June 20, 2023, Spartan transferred certain oil and natural gas assets to Logan in exchange for one common share of Logan and one common share purchase warrant of Logan for each outstanding common share of Spartan. In aggregate, 173.2 million Logan shares and 173.2 million transaction warrants were issued to Spartan in consideration for the transferred assets.

Subsequent events:

• The Logan shares and transaction warrants issued in connection with the spinout were distributed to eligible holders of common shares of Spartan on July 6, 2023;
• Closed the previously announced non-brokered private placement for gross proceeds of approximately $48.5-million on July 13, 2023;
• Logan shares were approved for listing on the TSX Venture Exchange and commenced trading on July 18, 2023, under the symbol LGN;
• Received cash proceeds of $53.1-million on the exercise of 151.7 million transaction warrants subsequent to June 30, 2023. As of the date hereof, there are 21.5 million transaction warrants outstanding which expire on Aug. 14, 2023;
• On July 26, 2023, executed a $15.0-million senior secured revolving demand credit facility with National Bank of Canada. The credit facility was established to provide the company with access to additional liquidity and is currently undrawn;
• In July, 2023, the company secured additional natural gas gathering and processing capacity in its core area at Pouce Coupe, Alta. Under the agreement, Logan has a total commitment of approximately $10.6-million over the period from October, 2023, through March, 2027, at the NorthRiver Fourth Creek and Gordondale East gas plants. The agreement secures capacity for Logan's current production and near-term growth plans while retaining optionality over the longer term.
• On July 26, 2023, Logan successfully finished drilling its first Montney well in the North Simonette oil play segment ahead of schedule and below budget. The well is currently being completed and is expected to be on stream the last week of August. The second Montney well of the program is currently being drilled in the South Simonette gas condensate play segment.

The company is well positioned to execute on its growth strategy. Management looks forward to updating shareholders with its third quarter results, which will reflect Logan's first full quarter of operations following the spinout, on or around Nov. 22, 2023.

Basis of presentation for q2 2023 financial statements

Since the shareholders of Logan and Spartan were the same both before and after the conveyance of the transferred assets (at the time, Logan was a wholly owned subsidiary of Spartan), the spinout was deemed to be a common control transaction. The financial and operational results reported in the interim financial statements and MD&A present the historic financial position, results of operations and cash flows of the transferred assets for all prior periods up to, and including, June 20, 2023, on a carve-out basis from the historical financial records of Spartan, as if the transferred assets had operated as a stand-alone entity subject to Spartan's control. The financial position, results of operations and cash flows from March 10, 2023 (the date of incorporation of Logan) to June 20, 2023, include both the transferred assets and Logan on a combined basis, and from June 20, 2023, forward include the actual historical results of Logan after assuming the transferred assets upon close of the spinout.

Significant judgements were required in determining the allocation of the reported amounts of Spartan to the carve-out financial statements of Logan. The carve-out financial statements do not necessarily reflect what the financial position, results of operations and cash flows would have been had these net assets been in a separate entity, or the future results of Logan, as it exists after the completion of the spinout.

About Logan Energy Corp.

Logan is a growth-oriented exploration, development and production company formed through the spinout of Spartan's early-stage Montney assets. Logan is founded with a strong initial capitalization, and 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. The management team brings proven leadership and a record of generating excess returns in various business cycles.

We seek Safe Harbor.