Logan International Inc. (TSX:LII) ("Logan" or the "Company") today announced the results of its third quarter ended September 30, 2012. Revenue in the third quarter was $44.6 million as compared to $37.5 million in the prior year quarter. Net earnings from continuing operations were $15.5 million, $.46 per diluted share, in this year's third quarter as compared to $2.1 million, $.06 per diluted share, in last year's third quarter. This year's third quarter Modified EBITDA (a non-GAAP measure) increased to $10.7 million from $9.3 million in last year's third quarter. The increases in revenue, net earnings from continuing operations and in Modified EBITDA are attributable to the improved operating performance of Logan Oil Tools and to contributions from Kline Oilfield Equipment, Scope Production Development and Xtend Energy Services Inc., all of which were acquired after last year's third quarter. Further, in this year's third quarter, the Company recorded a gain of approximately $11 million, $.33 per diluted share, from the change in the fair value of the contingent consideration relating to the acquisition of Xtend Energy Services Inc.

Logan recorded year to date revenue of $125.7 million in 2012 as compared to $98.2 million in the corresponding period of last year and reported net earnings from continuing operations in the current year period of $20.7 million, $.61 per diluted share, as compared to $7.3 million, $.22 per diluted share, in the corresponding period last year. Current year-to-date Modified EBITDA was $27.6 million as compared to prior year-to-date Modified EBITDA of $22.4 million.

This year's third quarter report includes the operating results of Kline Oilfield Equipment ("Kline") and Scope Production Developments ("Scope"), which were both acquired in last year's fourth quarter, for the full quarter and year to date period and, in addition, includes the results of Xtend Energy Services ("Xtend") since March 1, 2012 (acquisition date). The prior year's reports do not include the operating results of these entities. Effective July 29, 2011, the Company completed the sale of substantially all of the assets and operations of its front-end seismic services business and has classified the corresponding operating results as discontinued operations.

Logan's Chief Executive Officer David Barr stated, "We are pleased to report a 15% increase in our quarterly Modified EBITDA, despite a 26% decline in active drill rigs operating in Canada and a 2% decline in drill rigs operating in the United States. Logan Oil Tools' operating results were strong throughout the quarter, as its order flow and backlog remained near all-time highs. However, both softened slightly during the quarter compared to the record levels achieved earlier in the year. Dennis Tool's sales lagged the prior year's sales due to a temporary slowdown in Canadian sales and service work, both of which have rebounded since the quarter end. Logan Completion continued to show progress in its recovery despite slower industry activity in Canada. The slowdown in Canadian drilling and completion activity caused a significant decrease in Logan Completion's revenue. During the quarter, Logan Completion successfully completed projects in New Mexico and Mexico and made inroads into China where we expect to record sales in the fourth quarter. Xtend Energy's quarterly financial performance was also negatively impacted by the weakness in Canada. However, on a positive note, our U.S. reach for the Xciter tool has now extended to the Eagle Ford, Bakken and Permian plays. These operations should recover in the fourth quarter of 2012 and first quarter of 2013 as U.S. acceptance increases. Kline Oilfield Equipment and Scope Production Development each reported solid and consistent operating results, which we believe will continue for the remainder of the year."

As previously announced, effective December 1, 2012, David Barr will resign as Logan International's President and Chief Executive Officer, but will remain as a director and assist in the transition and with certain other assignments. Gerald Hage, the current Chairman of the Board of Directors and former President and Chief Executive Officer, has been appointed to replace Mr. Barr. Paul McDermott, a current director of Logan International, has been appointed Chairman of the Board of Directors. In addition, David Jones will resign as the Company's Senior Vice President and Chief Operating Officer effective December 1, 2012.

Logan manufactures and sells a comprehensive line of quality fishing and intervention tools, including retrieving, surface, stroking and remedial tools for a variety of well workover, intervention, drilling, and completion activities (Logan Oil Tools, Inc.); manufactures and sells high-performance poly-crystalline diamond compact (PDC) cutters and bearings (Dennis Tool Company); manufactures and sells packers, bridge plugs, and other completion products (Kline Oilfield Equipment, Inc.); provides proprietary multi-zonal completion technology and conventional completion production products and services (Logan Completion Systems Inc.); provides proprietary and patented products and services that are focused on production optimization in sand-laden heavy oil wells (Scope Production Development Ltd.); and provides proprietary tools that enhance the effectiveness of horizontal drilling (Xtend Energy Services Inc.). Common shares of Logan are traded on the Toronto Stock Exchange (TSX) under the ticker symbol "LII".


Selected Consolidated Financial Information                                 
                                                                            
(in thousands of US dollars, except per share data)                         
                                                                            
                         Three month periods ended  Nine month periods ended
                                     September 30,             September 30,
                        ----------------------------------------------------
                                 2012         2011         2012         2011
                        ----------------------------------------------------
                                                                            
Revenue                  $     44,647 $     37,508 $    125,717 $     98,230
                                                                            
Net earnings from                                                           
 continuing operations         15,529        2,135       20,709        7,307
                                                                            
Earnings per share from                                                     
 continuing operations:                                                     
  Basic                  $       0.46 $       0.06 $       0.62 $       0.22
  Diluted                $       0.46 $       0.06 $       0.61 $       0.22
                                                                            
EBITDA (1)               $     21,313 $      6,528 $     35,282 $     18,606
Modified EBITDA (1)      $     10,747 $      9,335 $     27,562 $     22,423
                                                    ------------------------
                                                                            
                                                      September     December
                                                            30,          31,
                                                           2012         2011
                                                    ------------------------
Working Capital                                    $     65,571 $     40,188
Total Assets                                       $    276,168 $    213,557
Debt (2)                                           $     61,081 $     25,335
Shareholders' Equity                               $    167,136 $    143,625
                                                                            
Note: The purchase of Xtend Energy Services Inc. ("Xtend") was completed on 
March 1, 2012, and, accordingly, the Company's nine month period ended      
September 30, 2012 operating results included seven months of Xtend.        
                                                                            
(1) The Management's Discussion and Analysis ("MD&A") presents: (a) EBITDA  
    as earnings before net finance cost, taxes, depreciation and            
    amortization ("EBITDA"), and (b) Modified EBITDA as EBITDA before       
    acquisition accounting adjustments, transaction fees, share-based       
    compensation payments and severance costs. Neither of these measurements
    should be considered an alternative to, or more meaningful than, "net   
    earnings from continuing operations" or "cash flow from operating       
    activities" as determined in accordance with International Financial    
    Reporting Standards ("IFRS") as an indicator of the Company's financial 
    performance. EBITDA and Modified EBITDA do not have standardized        
    definitions as prescribed by IFRS; therefore, the Company's presentation
    of these measurements may not conform to similar presentations by other 
    companies. Management calculates EBITDA and Modified EBITDA each period 
    and evaluates the Company's operating performance based on these        
    measurements. Management believes that Modified EBITDA, which eliminates
    significant non-cash or non-recurring items of revenue or cost, more    
    accurately presents the results of the Company's ongoing operations and 
    its ability to generate the cash required to fund or finance future     
    growth, acquisitions and capital investments.                           
                                                                            
                                      Three month periods Nine month periods
                                                    ended              ended
                                            September 30,      September 30,
                                      --------------------------------------
                                            2012     2011      2012     2011
                                      --------------------------------------
                                                                            
Net earnings from continuing                                                
 operations                            $  15,529  $ 2,135 $  20,709  $ 7,307
Addbacks:                                                                   
    Depreciation and amortization          2,578    2,236     7,646    6,049
    Finance cost, net                        900      620     2,207    1,035
    Income tax expense                     2,306    1,537     4,720    4,215
                                      --------------------------------------
EBITDA                                    21,313    6,528    35,282   18,606
Adjustments:                                                                
  Contingent consideration expense -                                        
    Source Energy Tool Services                                             
     acquisition                               -    1,994         -    1,994
  Contingent consideration gain -                                           
    Xtend Energy Services acquisition    (11,064)       -   (11,064)       -
  Acquisition accounting adjustments           -        -       354        -
  Transaction fees                            63       75     1,272       75
  Share-based compensation payments          435      738     1,718    1,748
                                      --------------------------------------
Modified EBITDA                        $  10,747  $ 9,335 $  27,562  $22,423
                                      --------------------------------------
                                      --------------------------------------
                                                                            
EBITDA and Modified EBITDA are provided as measures of the Company's        
operating performance without regard to financing decisions, share-based    
compensation payments, age and cost of equipment used and income tax        
impacts, all of which are factors that are not controlled at the operating  
management level. The contingent consideration expense is earnout payments  
made to former shareholders of Source Energy Tool Services, which were      
contingent on continued employment with Logan International Inc. The        
contingent consideration gain is the change in fair value of expected       
earnout payments to the former owners of Xtend Energy Services based on     
expected post -closing operating results. The acquisition accounting        
adjustments reverse the effect related to the increase or step-up in cost   
basis of inventories acquired in a business combination. The transaction    
fees include the professional and other fees incurred in connection with the
acquisitions in 2011 and 2012. The share-based compensation payments relate 
to non-cash share-based compensation expense related to the Company's stock 
option and restricted share unit plans.                                     
                                                                            
(2) Includes bank and other borrowed debt and capital leases.               

Forward-Looking Statements

This press release contains forward-looking statements. These statements relate to future events or future performance of Logan. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan's Annual Information Form filed on http://www.sedar.comwww.sedar.com which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.

For more information about Logan International Inc., please visit our website at www.loganinternationalinc.com.

Contacts: Logan International Inc. David Barr Chief Executive Officer 281-617-5300 Houston Logan International Inc. Larry Keister Chief Financial Officer 832-386-2534 Houston www.loganinternationalinc.com