Friday, August 16, 2024
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.
Refer to the full report for the price target, fundamental analysis, and rating.
Second quarter financial results. InPlay Oil reported second quarter net income of C$5.4 million or C$0.06 per compared to C$4.3 million or C$0.05 per during the prior year period. We had forecast net income of C$3.6 million or C$0.04 per share. Average quarterly production increased 2.2% to 8,657 barrels of oil equivalent per day (boe/d) compared to 8,474 in the second quarter of 2023.
Corporate guidance. InPlay trimmed its 2024 production guidance to a range of 8,700 to 9,000 boe/d from 9,000 to 9,500, and lowered expectations for crude oil prices. Lower production reflects foregone production from a Glauconite well that was drilled but experienced casing failure, downtime, and a decision to bring wells on later in the year. Expense guidance is mostly unchanged on a dollar per barrel of oil equivalent basis. Adjusted funds flow is expected to be in the range of C$80 million to C$85 million compared to prior guidance of C$90 million to C$97 million.
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