Tuesday, March 18, 2025
InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Full-year 2024 financial results. InPlay Oil reported full-year net income and earnings per share of C$9.5 million and C$0.10, respectively, below our estimates of approximately C$11.4 million and C$0.12. The variance was primarily due to lower-than-expected natural gas revenue driven by weaker AECO pricing. Production for the year averaged 8,712 barrels of oil equivalent per day (boe/d) compared to 9,025 boe/d in 2023. Consequently, revenue decreased to C$153.7 million compared to C$179.4 million in 2023. Adjusted funds flow in 2024 was C$68.5 million, down from C$91.8 million in 2023.
Updated 2025 estimates. Please note that our revised estimates assume the closing of the pending Pembina acquisition on April 15th, 2025. For 2025, our oil and gas revenue estimate is C$333.5 million compared to our prior estimate of C$159.4 million. We have raised our 2025 AFF and EPS estimates to C$161.6 million and C$0.27, respectively, from C$71.7 million and C$0.14. We forecast net income of C$40.9 million, up from our previous estimate of C$13.2 million. Our 2025 estimates are based on an average annual production of 15,879 boe/d compared to our prior forecast of 8,901 boe/d.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
