Tuesday, August 19, 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, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Second quarter financial results. InPlay Oil reported Q2 2025 revenue of C$91.6 million, above our estimate of C$87.9 million, driven by stronger-than-expected production of 20,401 boe/d compared to our forecast of 19,000 boe/d. The company recorded a net loss of C$3.2 million, versus net income of C$5.4 million in the prior-year period. On an adjusted basis, which excludes C$10.1 million in transaction and integration costs and reflects C$4.9 million in hedging gains, net income was C$2.0 million. Adjusted funds flow totaled C$40.1 million, or C$1.49 per share, ahead of our forecast of C$38.6 million, or C$1.38 per share.
2025 Guidance. Despite strong second-quarter production and AFF growth, management maintained full-year 2025 guidance across all metrics, noting that output is now expected to reach the upper end of the range. With oil prices still subdued, the company remains focused on maximizing free cash flow, materially reducing debt, and returning capital to shareholders, while benefiting from robust post-acquisition production levels.
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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.