10:24 AM EDT, 03/19/2024 (MT Newswires) -- Logan Energy Corp. ( LOECF ) , which fell 2.5% to near 52-week lows yesterday, overnight Monday reported fourth-quarter 2023 adjusted funds flow of $15.4 million, up 198% from the third quarter of 2023.

The company achieved production of 7,515 barrels of oil equivalent per day on average for the fourth quarter of 2023, up 39% from the previous quarter.

As of Dec. 31, 2023, Logan's proved developed producing (PDP) reserves are 9.9 million boe, total proved (TP) reserves are 43.3 million boe and total proved plus probable (TPP) reserves are 74.8 million boe.

The before-tax net present value (NPV) of reserves, discounted at 10% was about $51.3 million on a PDP basis, $192.6 million on a TP basis and $393.0 million on a TPP basis.

In addition, the company's lender increased the authorized borrowing amount available under the credit facility to $50.0 million from $15.0 million, effective March 18.

Logan at last look gained 6.5% in early Tuesday trading.

Logan's cash flow per share of $0.03 beat National Bank of Canada's forecast of $0.02 while its production also exceeded the bank's forecast of 6,609 boe/d.

National Bank noted that Logan's program continues to advance positively, with three recently drilled Pouce Coupe wells outperforming type-curve by 5%-10%.

"A strong year-end update from the company, indicative of the momentum and value creation of its program, which we expect should continue to yield outperformance and upside," National Bank said.

The bank gave Logan an outperform rating with a $1.50 price target.

Price: 0.82, Change: +0.05, Percent Change: +6.49