05:09 PM EDT, 05/22/2024 (MT Newswires) -- Logan Energy ( LOECF ) on Wednesday said its first-quarter loss narrowed on higher oil and gas production.

The company said it lost C$1.99 million, or nil per share, in the period, compared with a loss of C$30.63 million, or C$0.18, in the year-prior quarter.

Revenue rose 28% to C$24.43 million from C$19.02 million as oil and gas production rose by a third to 7,017 barrels of oil equivalent per day from 5,290 boepd, while its average price per barrel equivalent fell 4.2% to C$38.36.

Logan lowered its guidance for 2024 adjusted funds flow to C$55 million from C$64 million while raising its target for year-end debt to C$24 million from C$20 million.

The company's shares closed down C$0.01 to C$0.84 on the TSX Venture Exchange.