Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Logan Energy Corp. (LGN) Halal?

PASS

Logan Energy Corp. · TSX Venture: LGN · Energy

The short answer

Logan Energy Corp. (TSX Venture: LGN) is a PASS. The business gate passes: it is a growth-oriented upstream oil & gas producer — crude oil, condensate, NGLs, and natural gas from three Montney plays (Simonette, Pouce Coupe, Flatrock) plus the Kaybob Duvernay — with no prohibited segments. The debt gate passes: bank debt of C$77.8M (March 31, 2026) is about 9.7% of the ~C$802.3M market cap (691,619,000 shares × C$1.16, October 1, 2026), well under the ~33% ceiling (about 17.3% on the broader Q2 Net Debt of C$139.0M, also a pass). The income gate passes: the audited FY2025 MD&A shows nil interest income against oil and gas sales of C$171.8M, so non-compliant income is effectively 0%, well under the ~5% ceiling. Cash is effectively nil. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.

Gate 1 — Business activity: PASS

Logan is a growth-oriented exploration, development and production company formed through the June 2023 spin-out of the early-stage Montney assets of Spartan Delta Corp. It has three Montney assets — Simonette and Pouce Coupe in northwest Alberta, Flatrock in northeastern British Columbia — plus a position in the greater Kaybob Duvernay oil play (North Simonette, Ante Creek, Two Creeks). Q2 2026 production averaged a record 17,239 BOE/d (40% liquids: 5,262 bbls/d crude oil, 255 bbls/d condensate, 1,327 bbls/d NGLs, 62,371 mcf/d natural gas), up 44% year over year; 2026 guidance was raised on July 6, 2026 to 17,000–18,000 BOE/d average. All revenue is hydrocarbon sales plus processing income. There are no alcohol, gambling, weapons, tobacco, cannabis, conventional-lending/insurance, or pork segments. The business gate passes.

Gate 2 — Debt and cash: PASS

The latest directly disclosed bank debt is C$77.764M at March 31, 2026 (Q1 2026 condensed interim financial statements, filed May 12, 2026), drawn on the C$250M revolving credit facility (expanded March 2026; covenants in compliance). Against a market cap of ~C$802.3M (691,619,000 shares outstanding × C$1.16, October 1, 2026, TSX Venture), that is about 9.7% — well under the ~33% ceiling. The broader Q2 2026 Net Debt figure (bank debt plus the adjusted working-capital deficit) was C$139.0M at June 30, 2026 — about 17.3% of market cap, also comfortably a pass, so the result is robust to which debt definition is used. The company is a net borrower, not a lender. Cash was effectively nil (C$64k at March 31, 2026), about 0.01% of market cap. The debt and cash gates pass.

Gate 3 — Non-compliant income: PASS

The audited FY2025 MD&A (years ended December 31, 2025 and 2024) shows nil interest income for both years in its financing table; the Q1 2026 interim statements list only financing expenses (no interest-income line; cash was C$64k). Against oil and gas sales of C$171.8M in FY2025, non-compliant income is effectively 0% — well under the ~5% ceiling. The income gate passes.

Key figures used

Frequently asked questions

Is Logan Energy (LGN) halal?

Our October 2026 screen gives Logan Energy Corp. (TSX Venture: LGN) a PASS. The business gate passes (growth-oriented upstream oil & gas producer — crude oil, condensate, NGLs, and natural gas from three Montney plays plus the Kaybob Duvernay; no prohibited segments). The debt gate passes (bank debt of C$77.8M at March 31, 2026 is about 9.7% of the ~C$802.3M market cap, far under the ~33% ceiling — even the broader Q2 2026 Net Debt of C$139.0M is only about 17.3%). The income gate passes (the audited FY2025 MD&A shows nil interest income against oil and gas sales of C$171.8M, effectively 0%, well under the ~5% ceiling). Cash is effectively nil. No Zoya, Musaffa, or ShariaPortfolio coverage was found. This is a rules-based screen, not a religious ruling.

What does Logan Energy do?

Logan is a growth-oriented exploration, development and production company formed through the June 2023 spin-out of the early-stage Montney assets of Spartan Delta Corp. It has three Montney assets — Simonette and Pouce Coupe in northwest Alberta and Flatrock in northeastern British Columbia — plus a position in the greater Kaybob Duvernay oil play (North Simonette, Ante Creek, Two Creeks). Q2 2026 production averaged a record 17,239 BOE per day (40% liquids), up 44% year over year; 2026 full-year guidance was raised on July 6, 2026 to 17,000–18,000 BOE per day.

How much debt does Logan Energy have?

The latest directly disclosed bank debt is C$77.8M at March 31, 2026 (Q1 2026 condensed interim financial statements), drawn on a C$250M revolving credit facility (expanded March 2026, covenants in compliance). Against a market cap of ~C$802.3M (691,619,000 shares outstanding × C$1.16, October 1, 2026, TSX Venture), that is about 9.7% — well under the ~33% ceiling. The broader Q2 2026 Net Debt figure was C$139.0M at June 30, 2026, about 17.3% of market cap, so the gate passes under either debt definition. The company is a net borrower, not a lender.

Is Logan Energy’s income compliant?

Yes. The audited FY2025 MD&A (years ended December 31, 2025 and 2024) shows nil interest income for both years in its financing table; the Q1 2026 interim statements list only financing expenses, with no interest-income line. Against oil and gas sales of C$171.8M in FY2025, non-compliant income is effectively 0% — well under the ~5% ceiling. The income gate passes.

What do third-party Shariah screeners say about LGN?

No Zoya, Musaffa, or ShariaPortfolio rating was found for LGN in public search — none of the three named providers surfaced coverage, so no rating is claimed here.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.