Thursday, November 13, 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.
Third-quarter 2025 results. InPlay reported third-quarter results, with production averaging 18,970 barrels of oil equivalent per day (boe/d), up 7% from Q2 and 131% higher than Q3 2024. This was above our forecast of 18,695 boe/d, due to continued outperformance of wells drilled in the first quarter of 2025 and low decline base production. Revenue totaled C$79.3 million, below our forecast of C$86.8 million due to lower natural gas pricing. Adjusted funds flow (AFF) came in at C$26.8 million, or C$0.96 per share, modestly below our C$28.0 million, or $1.00 per share estimate, mainly due to the variance in revenue.
Market outlook. We think 2026 will offer a more favorable environment for InPlay. It will mark the first full year of results post-Pembina acquisition, unlocking the benefits of greater scale, infrastructure control, and an expanded drilling inventory. While near-term pricing remains soft, we expect stronger demand, slower supply growth, and potential for tighter oil and gas markets to support improved realizations and higher netbacks through 2026. With enhanced gas processing capacity and capital flexibility, InPlay remains well-positioned to capitalize on an improving macro backdrop.
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