Friday, November 15, 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.
Hans Baldau, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third quarter financial results. InPlay Oil generated third quarter net income of C$146 thousand or C$0.00 per share compared to C$9.2 million or C$0.08 per share during the prior year period. We had predicted net income in the amount of C$423 thousand or C$0.00 per share. Average quarterly production declined to 8,206 barrels of oil equivalents per day (boe/d) compared to 9,003 boe/d in the third quarter of 2023 and our estimate of 8,238 boe/d.
Corporate 2024 guidance. While InPlay has maintained its production guidance of 8,700 to 9,000 boe/d, commodity price expectations were lowered, and operating expenses are expected to be in the range of C$13.50 to C$15.50 per boe/d compared to prior guidance of C$13.00 to C$15.25 per boe/d. Capital expenditures are expected to total $63 million compared with prior guidance of C$64 million to C$67 million. Adjusted funds flow is expected to be in the range of C$70 million to C$73 million compared to previous expectations of C$80 million to C$85 million.
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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.