05:01 PM EDT, 09/12/2024 (MT Newswires) -- Logan Energy ( LOECF ) on Thursday said it is raising its capital budget for 2024 and assembled a land position in the prolific Duvernay field in Alberta, while adding new natural-gas infrastructure at another of the company's fields.

The company raised its 2024 capital budget to $140 million from $120 million and said it expects to spend $170 million in 2025, imcluded $47 million over this year and next on new gas-processing assets and pipeline at the its Pouce Coupe field.

Also, Logan arranged a bought-deal financing , selling an underwriting syndicated 41-million share priced at $0.73 to raise of $30 million.

Logan has assembled a 152 section position within the greater Kaybob Duvernay oil play, which is comprised of blocks located in North Simonette and Ante Creek.

The Duvernay land position, which represents a new play type comprised of highly economic drilling inventory, and the acceleration of full field development at Pouce Coupe, including the construction of a 40 mmcf/d gas plant and associated infrastructure, is moving forward on the commitment of new credit facilities in in the amount of $125 million through a commitment letter from National Bank of Canada.

The company's shares closed up $0.04 to $0.78 on the TSX Venture Exchange.