Tuesday, April 22, 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.
Share consolidation. As of April 21, 2025, InPlay Oil shares are trading on a post-consolidation basis, with 27,939,437 common shares outstanding. The terms of the share consolidation were one post-consolidation common share per six pre-consolidation common shares. Fractional shares resulting from the consolidation were rounded down to the nearest whole number.
Updating estimates and price target. We are updating our 2025 estimates to reflect fewer shares outstanding and lower crude oil price estimates. For 2025, we are lowering our oil and gas revenue and earnings per share estimates to C$318.7 million and C$1.34, from C$333.5 million and C$1.46, both adjusted for the share consolidation. Moreover, we have lowered our adjusted funds flow (AFF) to C$149.5 million from C$161.6 million. We are maintaining our production estimate of 18,750 barrels of oil equivalent per day (boe/d) post the Pembina acquisition, which averages 15,816 boe/d for the full-year 2025.
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*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.
