05:29 PM EDT, 08/21/2024 (MT Newswires) -- Logan Energy ( LOECF ) after trade Wednesday swung to a modest profit for the second quarter, boosted by a big increase in production

Logan reported a second-quarter profit of $416,000 compared to a loss of $3.856 million a year earlier.

Production averaged 7,277 barrels of oil equivalent per day in the quarter, up 45% from 5,015 boepd per day in the year-prior quarter Logan's adjusted funds flow increased by 178% to $8.7 million..

Effective immediately, the company's lender increased the authorized borrowing amount available under its revolving demand credit facility from $50.0 million to $75.0 million. The next scheduled borrowing base review is set to occur in May 2025. The terms of the credit facility are otherwise unchanged.

Brendan Paton, currently Vice President, Engineering and chief operating officer is being promoted to President and COO. Richard McHardy will continue as Chief Executive Officer and will continue to be involved in the execution of the company's strategic growth plans and the day-to-day operations.

Dylan Van Brunt, currently Manager, Engineering, has been promoted to Vice President, Engineering and Victoria Biersteker currently Manager, Geoscience, is being appointed Vice President, Geoscience.

Logan shares closed unchanged Wednesday at $0.89 on the TSX Venture Exchange.