Lower Montney Outperforming: More Wells to Come. A Look at Productivity Curves

Research evidence excerpt

Lower Montney Outperforming: More Wells to Come. A Look at Productivity Curves

Energy Producers - Junior & Intermediate

Logan Energy Corp.

TD SECURITIES INC. - CANADA EARNINGS UPDATE

May 13, 2026

Price: C$0.95 (05/12/2026) Lower Montney Outperforming: More Wells to

Price Target: C$1.25 Come. A Look at Productivity Curves

BUY (1)

ESG SCORE: N/A

Aaron Bilkoski^ THE TD COWEN INSIGHT

403 299 3294

Logan is still at the stage where individual well results have the potential to drive perceived LT

aaron.bilkoski@tdsecurities.com

value and share price movements. With Q1, we have only seen limited new data including early

Dustin Besaw, CFA^ results from the company's first Wilrich (NGL-rich gas) well. Logan's remaining 2026 program

403 292 2804 is heavily weighted to the Lower Montney oil targets at Simonette where further success will

dustin.besaw@tdsecurities.com

be a key catalyst.

Key Data

Symbol CNDX: LGN-V Impact: NEUTRAL

12-Month Div (Est.): C$0.00

Lower Montney Oil Wells Have Performed Well - Can This Continue? Logan's assets at

Beta: (0.05)

Simonette include significant liquids contribution across most of the land base; however,

12-Month Total

31.6% results in the southern portion of the acreage have, on average, shown significantly higher oilReturn:

52-Week Range: C$1.03-C$0.56 rates from Lower Montney targets. To date, LGN's Lower Montney wells have shown strong

Market Cap: C$709.2MM oil rates including an average (CDR) IP30 of ~630 bbl/d of oil and ~850 BOE/d (total liquids

Net Debt (MM): C$149.3 of ~75%). While the rest of LGN's Simonette acreage has also shown solid (albeit variable)

Dil. Shares Out (MM): 746.6 production results, the near-term driver of development success will be in this Lower Montney

Float Shares (mm): 582.6 oil window.