Mr. Richard McHardy reports

LOGAN ENERGY CORP. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED MONTNEY ASSET ACQUISITION AND EQUITY FINANCING

Logan Energy Corp. has closed its previously announced acquisition of an operated 50-per-cent working interest in certain assets located in the company's core area at Simonette, Alta., and a 100-per-cent interest in certain Simonette gross overriding royalties, for a cash purchase price of $52.0-million, before closing adjustments. For further details on the acquisition, see Logan's press release dated Nov. 26, 2024.

Logan is also pleased to announce the closing of the previously announced upsized bought-deal private placement financing of 61,644,000 common shares of Logan at a price of 73 cents per common share for gross proceeds of approximately $45.0-million, which was led by National Bank Financial Inc. and Eight Capital as joint bookrunners and co-lead underwriters. Logan used the net proceeds from the equity offering to repay indebtedness incurred to fund a portion of the purchase price for the acquisition.

The common shares issued pursuant to the equity offering are subject to a statutory hold period that extends until April 18, 2025, and all common shares issued in the United States are subject to a one-year hold period, subject to the ability to resell the common shares on the TSX Venture Exchange prior to one year in accordance with United States securities laws. Certain directors and officers of the company participated in the equity offering under the president's list for an aggregate subscription of 3,109,200 common shares, which is considered a related party transaction pursuant to Multilateral Instrument 61-101 -- 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 equity offering does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

The equity offering has been conditionally accepted by the TSX-V and remains subject to the final acceptance of the TSX-V.

About Logan Energy Corp.

Logan is a growth-oriented exploration, development and production company formed through the spinout of the early stage Montney assets of Spartan Delta Corp. Logan was 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, and has recently 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 record of generating excess returns in various business cycles.