CALGARY, AB, Aug. 7, 2025 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) announces that Delek Group Ltd. (“Delek“) has closed the previously announced acquisition of all 9,139,784 common shares in the capital of InPlay previously held by Obsidian Energy Ltd. (“Obsidian“) (the “Transaction“). Further details regarding the Transaction can be found in InPlay’s press release dated August 4, 2025.
In connection with closing of the Transaction, InPlay has appointed Ehud (Udi) Erez and Tamir Polikar to the Board of Directors of InPlay (the “Board“). Mr. Erez has served as the Chairman of the board of Delek since 2020 and has over 30 years of experience in the energy and real estate sectors. Mr. Polikar has served as the Chief Financial Officer of Delek since 2020 and has over 30 years of experience in the energy and real estate sectors.
InPlay also announces that with in connection with closing of the Transaction, Stephen Loukas and Peter Scott have stepped down from the Board. InPlay management and Board would like to thank Mr. Loukas and Mr. Scott for their contribution to InPlay’s Board and wish them, and Obsidian, continued success.
About InPlay Oil Corp.
InPlay Oil Corp. is a growth-oriented, sustainable oil and gas producer focused on long-term value creation for its shareholders. The Company’s operations are centered in the Western Canadian Sedimentary Basin, where InPlay holds a diverse portfolio of oil and natural gas assets. InPlay is committed to delivering strong per-share growth, maintaining a disciplined approach to capital investment, and providing consistent returns to shareholders.
About Delek Group
Delek is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including Leviathan (21.4 TCF) and Tamar (11.2 TCF no longer owned by Delek) and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has significant presence s in the North Sea, with its subsidiary, Ithaca Energy (LSE: ITH). Delek is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE: DLEKG) and are part of the TA 35 Index.
SOURCE InPlay Oil Corp.
For further information please contact: Doug Bartole, President and Chief Executive Officer, InPlay Oil Corp., Telephone: (587) 955-0632; Kevin Leonard, Vice President, Business & Corporate Development, InPlay Oil Corp., Telephone: (587) 893-6804
CALGARY, AB, Aug. 3, 2025 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) announces that Obsidian Energy Ltd. (“Obsidian“) has entered into a definitive agreement with Delek Group Ltd. (“Delek“) in respect of the sale of all 9,139,784 common shares (“Common Shares“) in the capital of InPlay currently held by Obsidian (the “Transaction“).
“We are thrilled to welcome the Delek Group to our organization as part of their impressive oil and gas portfolio,” said Doug Bartole, President and CEO of InPlay Oil Corp. “Delek holds a 45% working interest in the largest natural gas field in the Mediterranean, with an estimated 23 TCF of recoverable natural gas. They have also played a key role in the growth of Ithaca Energy plc, where they hold a 52% equity stake, increasing production from 30,000 boe/d to over 120,000 boe/d since their initial investment. We look forward to partnering with Delek to continue building InPlay into a long-term, sustainable, growth-oriented Canadian oil and gas producer, with a strong focus on per-share growth and consistent returns to shareholders.”
“Delek is excited to partner with InPlay as our investment in the Canadian energy sector,” said Ehud (Udi) Erez, Chairman of the Board of the Delek Group. “We identified Canada as a strong and stable jurisdiction for our oil and gas investment, and InPlay stood out with its dynamic team and deep expertise in the Canadian market. InPlay has built a formidable track record through strong operational performance and strategic, accretive acquisitions. We look forward to seeing InPlay’s continued growth and continued success.”
The Transaction is expected to occur in the first half of August 2025 and remains subject to customary conditions to closing.
In connection with the Transaction, InPlay has entered into a registration rights agreement with Delek (the “Registration Rights Agreement“) and an investor rights agreement (the “Investor Rights Agreement“) substantially in the forms entered into between InPlay and Obsidian. The Registration Rights Agreement and Investor Rights Agreement are conditional upon closing of the Transaction.
The Investor Rights Agreement provides that, conditional upon closing of the Transaction, InPlay will appoint two nominees of Delek to the Board of Directors of InPlay (the “Board“) immediately following closing of the Transaction. For so long as Delek holds 20% or more of the issued and outstanding Common Shares and the Board is comprised of eight (8) members, Delek will be entitled to maintain two (2) board nominees. Delek has agreed that, subject to certain conditions, in respect of the election of directors and the appointment of the auditor’s at InPlay’s annual general meeting to be held in 2026 and the appointment of the auditor’s at InPlay’s annual general meeting to be held in 2027, Delek will vote (or, at Delek’s discretion, abstain or cause to be abstained from voting) all Common Shares held by it in accordance with the recommendations of the Board or management of InPlay. Additionally, the Investor Rights Agreement provides Delek with certain pre-emptive and participation rights with respect to certain equity offerings undertaken by InPlay.
The Registration Rights Agreement and the Investor Rights Agreement will be filed on InPlay’s SEDAR+ profile at www.sedarplus.com in due course.
About InPlay Oil Corp.
InPlay is a growth-oriented, sustainable oil and gas producer focused on long-term value creation for its shareholders. The Company’s operations are centered in the Western Canadian Sedimentary Basin, where InPlay holds a diverse portfolio of oil and natural gas assets. InPlay is committed to delivering strong per-share growth, maintaining a disciplined approach to capital investment, and providing consistent returns to shareholders.
About Delek Group
Delek is an independent E&P and the pioneering visionary behind the development of the East Med. With major finds in the Levant Basin, including Leviathan (21.4 TCF) and Tamar (11.2 TCF no longer owned by Delek) and others, Delek is leading the region’s development into a major natural gas export hub. In addition, Delek has invested in the North Sea, with its subsidiary, Ithaca Energy. Delek is one of Israel’s largest and most prominent companies with a consistent track record of growth. Its shares are traded on the Tel Aviv Stock Exchange (TASE:DLEKG) and are part of the TA 35 Index.
SOURCE InPlay Oil Corp.
For further information please contact: Doug Bartole, President and Chief Executive Officer, InPlay Oil Corp., Telephone: (587) 955-0632; Kevin Leonard, Vice President, Business & Corporate Development, InPlay Oil Corp., Telephone: (587) 893-6804
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.
Company strategy. Despite the recent improvement in oil prices, InPlay is maintaining its 2025 production guidance at 16,000 to 16,800 boe/d. Management reiterated that the strategy remains centered on capital discipline, prioritizing debt reduction over production growth. The company’s approach is supported by fluctuating oil prices and the performance of assets acquired from Obsidian Energy, which have demonstrated low decline rates and continue to well-exceed type curve expectations. Recall that as part of the transaction, Obsidian Energy received InPlay shares as part of the consideration.
Non-binding offer. InPlay Oil announced that Obsidian Energy has entered into a non-binding agreement with a third party for the sale of its entire position in InPlay, totaling 9,139,784 common shares. The proposed transaction is expected to occur at a premium to InPlay’s share price as of July 15, 2025. While the parties remain in discussions, no binding agreement has been finalized at this time.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Oil prices held relatively steady on Wednesday, July 16, as competing forces in the global energy market kept prices from making strong moves in either direction. West Texas Intermediate (WTI) crude hovered near $66 per barrel after an earlier dip in the session.
The market saw downward pressure from an unexpected rise in crude inventories at Cushing, Oklahoma, a key storage and pricing hub. At the same time, distillate fuel demand, which includes diesel, showed signs of softening. These developments signaled a possible easing of near-term consumption, raising concerns about oversupply.
Despite those pressures, oil has shown strength over the past several weeks. Seasonal demand, particularly during summer months when travel activity peaks, has provided a degree of support. At the same time, the broader financial markets saw a boost after political tensions appeared to ease in Washington, improving investor sentiment across risk assets.
Globally, oil supply continues to rise as major producers ramp up output. The OPEC+ group has been reintroducing volumes that were previously held back, while production across North and South America has also grown. This increase in supply has raised the potential for a looser market in the months ahead, especially if demand growth slows.
Even so, signs of tightness remain in the short term. U.S. crude inventories fell by nearly 4 million barrels in the most recent report, and distillate stockpiles remain at their lowest seasonal level in decades. These conditions suggest that supply constraints are still present in certain segments of the market.
The structure of oil futures continues to indicate firm short-term demand. The price for immediate delivery remains higher than later-dated contracts, a pattern known as backwardation. This typically reflects a market that is undersupplied in the near term, even if concerns about oversupply persist further out.
Globally, oil stockpiles have been increasing in some regions, though the build-up has been concentrated in markets that do not heavily influence futures prices. This uneven distribution of supply has helped keep benchmark prices relatively supported, especially in Atlantic-based markets where Brent crude is priced.
As the oil market navigates seasonal trends, evolving supply dynamics, and shifts in global demand, prices are likely to remain rangebound in the near term. While inventory changes and geopolitical developments can trigger short-term fluctuations, the overall outlook continues to be shaped by a complex balance of economic and physical market factors.
Vancouver, British Columbia–(Newsfile Corp. – July 15, 2025) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to announce that its board of directors has approved the declaration of a special dividend to shareholders.
Special Dividend
Given the strong financial position and performance outlook of the Company, Hemisphere’s board of directors has approved the declaration of a special dividend of $0.03 per common share, in accordance with its dividend policy. The special dividend will be paid on August 15, 2025 to shareholders of record on July 31, 2025, and is designated as an eligible dividend for Canadian income tax purposes. It is in addition to the Company’s quarterly base dividend of $0.025 per common share and is the Company’s second special dividend payment in 2025.
Hemisphere remains committed to delivering value to its shareholders, having already returned a total of $12.2 million ($0.13 per common share) to date in 2025, including $4.5 million in share repurchases and cancellations under the Company’s normal course issuer bid, $4.8 million in quarterly dividend payments, and $2.9 million in special dividends. This return of capital is funded entirely by the Company’s free cash flow and is supported by Hemisphere’s high-margin enhanced oil recovery (“EOR”) assets, ultra-low production decline, and healthy balance sheet.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood EOR methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “potential”, “target” and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements including that a special dividend will be paid to shareholders on August 15, 2025 to shareholders of record on July 31, 2025 and the Company’s views of a strong performance outlook.
Forward‐looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the timing for payment of the special dividend; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; and the ability of Hemisphere to successfully market its oil and natural gas products.
The forward‐looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward‐looking statements including, without limitation: changes in project timelines and workstreams; changes in commodity prices; changes in the demand for or supply of Hemisphere’s products, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere’s properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time‐to‐time in Hemisphere’s public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere’s Annual Information Form).
The forward‐looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
All dollar amounts are in Canadian dollars unless otherwise specified.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Vancouver, British Columbia–(Newsfile Corp. – July 8, 2025) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to announce that the TSX Venture Exchange (the “TSXV”) has accepted the Company’s Notice of Intention to renew of its Normal Course Issuer Bid (the “NCIB”) to purchase for cancellation, from time to time, as Hemisphere considers advisable, up to 7,934,731 common shares (“Common Shares”) of the Company, representing approximately 10% of the current “public float” of the Common Shares.
Purchases of Common Shares will be made on the open market through the facilities of the TSXV. For any Common Shares purchased, Hemisphere will pay the prevailing market price of the Common Shares. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by the Company and dependent on market conditions.
The Company is commencing the NCIB because it believes that, from time to time, the market price of its Common Shares may not properly reflect the underlying, intrinsic value of the Company, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
The NCIB will commence on July 14, 2025 and will terminate on July 13, 2026 or at such earlier time as the NCIB is completed or terminated at the option of Hemisphere. The Company has retained Canaccord Genuity Corp. as its broker to conduct the NCIB on its behalf.
Under the Company’s previous normal course issuer bid, the Company sought and received approval of the TSXV to purchase 8,255,766 Common Shares for the period from July 14, 2024 to July 13, 2025. During that period, the Company purchased 3,624,700 Common Shares on the open market at a weighted-average price of $1.793 per Common Share.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
Note Regarding Forward-Looking Statements and Other Advisories
This document contains forward-looking information. This information relates to future events and the Company’s future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information. Such information represents the Company’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Hemisphere believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. This news release contains forward-looking information concerning, among other things, the timing of the NCIB, the anticipated advantages of the NCIB to Hemisphere’s shareholders and the Company’s business strategy, the price to be paid by Hemisphere for purchases of Common Shares under the NCIB and Hemisphere’s plans for maximizing value per share growth with the sustainable development of its high netback high netback, low decline conventional heavy oil assets through polymer flood enhanced recovery methods. The reader is cautioned that such information, although considered reasonable by the Company, may prove to be incorrect. A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this document including, but not limited to, the risk that the anticipated benefits of the NCIB may not be achieved and the risk that the Company may not be able to successfully execute its business strategy or growth plans. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this document are based upon assumptions which management of Hemisphere believes to be reasonable, Hemisphere cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Hemisphere has made assumptions regarding, among other things, the ability of Hemisphere to fund purchases of Common Shares under the NCIB and its business strategy. These forward-looking statements are made as of the date of this document and Hemisphere disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CALGARY, AB , June 25, 2025 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”) announced today the voting results for the election of directors at its annual meeting of shareholders held on June 25, 2025 (the “Meeting”). The following eight nominees were elected as directors of InPlay to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with common shares represented at the Meeting voting in favour of individual nominees as follows:
Director
Percentage Approval
Percentage Withheld
Douglas Bartole
99.73 %
0.27 %
Regan Davis
99.64 %
0.36 %
Joan Dunne
94.73 %
5.27 %
Craig Golinowski
99.70 %
0.30 %
Stephen Loukas
92.94 %
7.06 %
Stephen Nikiforuk
94.71 %
5.29 %
Peter Scott
99.86 %
0.14 %
Dale Shwed
99.66 %
0.34 %
In addition, all other resolutions presented at the Meeting were approved by InPlay’s shareholders, including the appointment of PriceWaterhouseCoopers LLP as auditors, InPlay’s restricted and performance award incentive plan and the settlement from treasury of incentive awards previously granted thereunder and the approval the unallocated options issuable under InPlay’s share option plan. For complete voting results, please see our Report of Voting Results which is available through SEDAR+ at www.sedarplus.ca.
InPlay is based in Calgary, Alberta and the common shares of InPlay are traded on the Toronto Stock Exchange under the trading symbol “IPO”. For further information about InPlay, please visit our website at www.inplayoil.com.
SOURCE InPlay Oil Corp.
For further information please contact: Doug Bartole, President and Chief Executive Officer InPlay Oil Corp., Telephone: (587) 955-0632; Darren Dittmer, Chief Financial Officer InPlay Oil Corp., Telephone: (587) 955-0634
Key Points: – Zeo to acquire Heliogen in an all-stock deal, expanding its clean energy reach. – Adds long-duration storage, targeting sectors like data centers and AI. – Boosts efficiency and financing for large-scale energy projects.
In a move that underscores the accelerating convergence of solar energy and long-duration storage solutions, Zeo Energy Corp. (Nasdaq: ZEO) has announced its acquisition of Heliogen, Inc. (OTCQX: HLGN) in an all-stock transaction valued at approximately $10 million. The deal aims to create a unified clean energy platform that serves residential, commercial, and utility-scale markets across the U.S. and beyond.
Zeo Energy, a Florida-based provider of residential solar and energy efficiency services, will integrate Heliogen’s advanced storage technologies to expand into commercial and industrial-scale clean energy applications. These include mission-critical sectors such as data centers, AI infrastructure, and cloud computing facilities—markets increasingly in need of reliable, scalable, and cost-effective energy solutions.
The acquisition represents the outcome of Heliogen’s comprehensive strategic alternatives review and is expected to close in the third quarter of 2025, pending regulatory and shareholder approvals. With the deal’s completion, Heliogen’s shareholders will receive Zeo Class A common stock and the combined entity will retain key technical personnel to drive innovation across new market segments.
This transaction marks a strategic pivot for Zeo, positioning it as a more vertically integrated energy provider with diversified revenue streams and operational reach. The company expects to streamline corporate overhead, broaden its market appeal, and strengthen its balance sheet with the addition of Heliogen’s intellectual property and cash reserves.
Zeo also plans to leverage its affiliated financing arm—responsible for over $44 million in clean energy tax equity financing to date—to support future utility-scale and long-duration projects. This added financing capacity may be particularly beneficial as demand surges for low-carbon infrastructure driven by policy incentives, energy cost volatility, and technological adoption.
For investors, the combined company represents a multi-faceted play on the growing shift toward decarbonization and distributed energy. While Zeo brings an established presence in high-growth residential markets, Heliogen offers utility-grade thermal storage and dispatchable energy systems that address one of the most critical gaps in the clean energy transition: 24/7 reliability.
Both boards have unanimously approved the transaction, and early support from a significant portion of Heliogen’s shareholders has added momentum to the closing process. Once finalized, the deal is expected to create a scalable clean energy company well-positioned to meet rising demand across a broad spectrum of energy users.
As the energy landscape continues to evolve, the Zeo–Heliogen merger reflects a broader industry trend toward integrated platforms capable of delivering end-to-end clean energy solutions—from rooftop solar panels to large-scale grid storage.
Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.
New Award. Yesterday, Graham announced that its Barber-Nichols subsidiary was awarded a $136.5 million follow-on contract to support the U.S. Navy’s Virginia Class Submarine program. This new award strengthens Graham’s position as a critical supplier to the U.S. Navy’s undersea programs.
Details. The contract period of performance extends from April 2025 through February 2034. Graham recognized approximately $50 million in backlog from the contract during the fourth quarter of the fiscal year ended March 31, 2025 to procure long-lead-time materials. As a reminder, the backlog at the end of the fiscal third quarter totaled $384.7 million, just below a record high.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
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.
First quarter financial results. Hemisphere generated first quarter oil and gas revenue of C$27.3 million, an increase of 30.4% year-over-year, and above our estimate of C$24.4 million. Net income amounted to C$8.9 million or C$0.09 per share compared to C$6.8 million or C$0.07 per share during the prior year period and our estimates of C$8.2 million or C$0.08 per share. The strong earnings were reflective of a 22.3% year-over-year increase in production to 3,833 barrels of oil equivalent per day (boe/d) from 3,133 boe/d, along with better-than-expected commodity pricing due to the company’s strategic hedging. Adjusted funds flow (AFF) amounted to C$12.7 million or C$0.13 per diluted share compared to C$10.1 million or C$0.10 per diluted share during the prior year period. We had forecasted AFF of C$11.2 million.
Updating estimates. Based on first quarter results and management’s production guidance of 3,800 boe/d for the second quarter, we are raising our 2025 revenue estimates to C$98.2 million from C$94.8 million. We have modestly increased our operating expense estimate to C$38.4 million from C$37.6 million. Additionally, we are raising our net income and earnings per share (EPS) estimates to C$31.3 million and C$0.30, from C$30.3 million and C$0.29. We expect full year 2025 AFF of C$44.7 million, up from our previous estimate of C$43.0 million.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Vancouver, British Columbia–(Newsfile Corp. – May 22, 2025) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) provides its financial and operating results for the first quarter ended March 31, 2025, declares a quarterly dividend payment to shareholders, renews credit facility, and provides operations update.
Q1 2025 Highlights
Attained record quarterly production of 3,833 boe/d (99% heavy oil), a 21% increase over the same period of last year.
Generated $27.3 million in revenue, a 30% increase over the first quarter of 2024.
Achieved total operating and transportation costs of $14.63/boe.
Delivered an operating netback1 of $17.0 million, or $49.27/boe.
Realized quarterly adjusted funds flow from operations (“AFF”)1 of $12.7 million, or $36.83/boe, a 26% increase over the first quarter of 2024.
Generated free funds flow1 of $11.5 million, or $0.12 per share.
Distributed $2.4 million, or $0.025 per share, in dividends to shareholders during the quarter.
Purchased and cancelled 709,700 shares for $1.3 million under the Company’s Normal Course Issuer Bid (“NCIB”).
Exited the first quarter with positive working capital1 of $14.1 million, compared to $4.2 million at the end of March 2024.
(1) Operating netback, adjusted funds flow from operations (AFF), free funds flow, capital expenditure, and working capital are non-IFRS measures, or when expressed on a per share or boe basis, non-IFRS ratio, that do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Non-IFRS financial measures and ratios are not standardized financial measures under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Refer to the section “Non-IFRS and Other Specified Financial Measures”.
Selected financial and operational highlights should be read in conjunction with Hemisphere’s unaudited condensed interim consolidated financial statements and related notes, and the Management’s Discussion and Analysis for the three months ended March 31, 2025 which are available on SEDAR+ at www.sedarplus.ca and on Hemisphere’s website at www.hemisphereenergy.ca. All amounts are expressed in Canadian dollars unless otherwise noted.
Quarterly Dividend
Hemisphere is pleased to announce that its Board of Directors has approved a quarterly cash dividend of $0.025 per common share in accordance with the Company’s dividend policy. The dividend will be paid on June 30, 2025 to shareholders of record as of the close of business on June 19, 2025. The dividend is designated as an eligible dividend for income tax purposes.
Including Hemisphere’s special dividend of $0.03 per common share paid in April and base quarterly dividends of $0.025 per common share in February and June, Hemisphere will have paid its shareholders $0.08 per common share in dividends during the first half of 2025.
Credit Facility
The Company has completed its annual bank review and renewed its $35.0 million two-year extendible credit facility with the same key terms, and the next annual review date set for May 31, 2026.
Operations Update
With the majority of Hemisphere’s 2025 capital spending scheduled for the latter half of the year, the Company generated $11.5 million in free funds flow during the first quarter. Current second quarter production of approximately 3,800 boe/d (99% heavy oil, field estimates between April 1 – May 15, 2025) is consistent with that of the first quarter, and represents an increase of 13% over fourth quarter production of 3,359 boe/d (99% heavy oil), due both to downtime in November and continued injection support from Hemisphere’s polymer floods at its Atlee Buffalo projects in southeast Alberta.
At Hemisphere’s Marsden pilot polymer flood project, injection continues to repressure the reservoir. Management anticipates that polymer response could take until late 2025, at which time the Company will determine economics of further development.
Management continues to closely monitor the volatility of the oil market and will adjust capital spending accordingly. With over $14 million in working capital and an undrawn credit line, Hemisphere will prioritize shareholder returns, share buybacks, and potential acquisition activity over accelerated capital spending.
Annual General and Special Meeting of Shareholders
Hemisphere’s Annual General and Special Meeting of Shareholders will be held at 10:00 am (Pacific Daylight Time) on June 2, 2025 in the Walker Room of the Terminal City Club located at 837 West Hastings Street, Vancouver, British Columbia.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, ultra-low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
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.
First quarter financial results. InPlay Oil reported a first quarter net loss of C$2.9 million or C$0.18 per share compared to net income of C$1.7 million or C$0.02 per share during the prior year period. This was below our net income estimate of C$4.2 million or C$0.15 per share, primarily due to an unrealized loss on derivative contracts of C$4.6 million and higher-than-expected expenses. Moreover, commodity prices declined slightly during the first quarter, leading to lower revenues of C$38.4 million compared to our estimate of C$40.4 million.
Corporate 2025 guidance. The company generated quarterly production of 9,076 barrels of oil equivalent per day (boe/d), a 5% increase year-over-year and above our expectations of 8,800 boe/d. The company is raising its estimated field production expectations to 21,500 boe/d, a marked increase from 18,750 boe/d, and expects 2025 full year production to be in the range of 16,000 to 16,800 boe/d. Revenue guidance has been adjusted downward to C$46.75 to C$51.75 boe/d from C$56.50 to C$61.50 boe/d. Adjusted funds flow is expected to be between C$124 million and C$133 million, down from $204 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.
CALGARY, AB, May 8, 2025 /CNW/ – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) announces its financial and operating results for the three months ended March 31, 2025 and an updated 2025 capital budget following the successful completion of the strategic acquisition of Cardium light oil focused assets (the “Acquired Assets“) in the Pembina area of Alberta (the “Acquisition“) from Obsidian Energy Ltd. And certain of its affiliates (collectively “Obsidian“). InPlay’s condensed unaudited interim financial statements and notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2025 will be available at “www.sedarplus.ca” and on our website at “www.inplayoil.com“. All figures presented herein reflect the Company’s six (6) to one (1) share consolidation, which was effective April 14, 2025. An updated corporate presentation will be available on our website shortly.
First Quarter 2025 Highlights
Achieved average quarterly production of 9,076 boe/d(1) (55% light crude oil and NGLs), a 5% increase over Q1 2024 and ahead of internal forecasts.
Generated strong quarterly Adjusted Funds Flow (“AFF”)(2) of $16.8 million ($1.10 per basic share(3)).
Returned $4.1 million to shareholders by way of monthly dividends, equating to a 16% yield relative to the current share price. Since November 2022 InPlay has distributed $44 million in dividends including dividends declared to date.
Maintained a strong operating income profit margin(3) of 54%.
Improved field operating netbacks(3) to $25.71/boe, an increase of 3% compared to Q4 2024.
First quarter results exceeded expectations, driven in part by the outperformance of newly drilled wells at Pembina Cardium Unit #7 (PCU#7). A two well pad delivered average initial production (“IP”) rates of 677 boe/d (75% light oil and NGLs) over the first 30 days and 492 boe/d (66% light oil and NGLs) over the first 60 days, both significantly above expectations. Over the initial two-month period, production from these wells was more than 100% above our type curve. These wells ranked in the top-ten for production rates for all Cardium wells in the basin for the month of March.
Complementing InPlay’s strong operational momentum, Obsidian drilled four (4.0 net) wells on the Acquired Assets in the first quarter. The first two (2.0 net) wells, which started production mid quarter, are outperforming our internal type curve by approximately 50% with average IP rates of 304 boe/d (91% light oil and NGLs) over the first 30 days and 295 boe/d (85% light oil and NGLs) over the first 60 days. The remaining two wells, brought online in the final days of the first quarter, are performing more than 350% above our internal type curve, with average IP rates per well of 887 boe/d (88% light oil and NGLs) over their initial 30 day period.
The Company is very excited about the highly accretive Pembina Acquisition announced February 19, 2025 and had anticipated strong results from the combined assets. The exceptional results from the first quarter drilling program, combined with the outperformance of base production, have driven current field estimated production to approximately 21,500 boe/d (64% light oil and NGLs) significantly exceeding what we had initially forecasted at the announcement of the Acquisition. Given the current volatility in commodity prices, this material outperformance provides the Company with significant flexibility to scale back our capital program, providing “more for less” while maintaining our production forecasts, allowing for more aggressive debt repayment even in a lower pricing environment.
2025 Capital Budget and Associated Guidance
Following the closing of the highly accretive Acquisition on April 7, 2025, InPlay is pleased to provide initial pro forma guidance inclusive of the Acquired Assets. This guidance reflects the exceptional operational performance across the Company’s expanded asset base, while taking into account the current volatile commodity price environment. It also underscores InPlay’s continued commitment to maximizing free cash flow to support ongoing debt reduction, while positioning the Company to support its return to shareholder strategy.
InPlay’s Board has approved an updated capital program of $53 – $60 million for 2025. InPlay plans to drill approximately 5.5 – 7.5 net Extended Reach Horizontal (“ERH”) Cardium wells over the remainder of the year. A significant portion of the remaining 2025 capital budget is expected to be directed toward the Acquired Assets, which (as outlined above) continue to materially outperform internally modelled type curves. Cost efficiencies realized through InPlay’s recent drilling program, combined with the application of InPlay’s drilling and completion techniques to the Acquired Assets, are expected to further enhance well economics. Capital will also be spent tying in certain InPlay assets into the newly acquired facilities, eliminating significant trucking costs, and marks the first step in our synergy cost savings strategy. Due to the outperformance of production across our asset base, InPlay has reduced total capital spending for the remainder of 2025 by approximately 30% (relative to initial expectations) without reducing production estimates.
Key highlights of the updated 2025 capital program include:
Production per Share Growth:
Forecasted average annual production of 16,000 – 16,800 boe/d(1) (60% – 62% light oil and NGLs), a 15% increase (based on mid-point) in production per weighted average share compared to 2024 despite 30% less capital spending than initially expected, driven by:
Lower corporate base decline rate of 24% due to the favorable decline profile of the Acquired Assets;
Improved corporate netbacks driven by the higher oil and liquids weighting of the Acquired Assets; and
Enhanced capital efficiencies from high graded drilling inventory of the pro forma assets.
FAFF Generation and Dividend Sustainability:
AFF(2) per weighted average share(4) of $5.00 – $5.35, a 13% increase (based on mid-point) compared to 2024.
Free adjusted funds flow (“FAFF”)(3) of $68 – $76 million equating to a 35% – 40% FAFF Yield(3), a 10x increase (based on mid-point) in FAFF per share compared to 2024 despite a 17% year over year reduction in forecasted WTI price.
Top Tier Returns:
Total return of 50% – 55% after combining FAFF Yield and production per share growth(4), which is expected to be at the high end of our peer group.
Debt Reduction:
Excess FAFF(3) is planned to be used to reduce debt.
Projected year-end Net Debt(2) of $213 – $221 million equating to a $31 – $39 million reduction from closing of the Acquisition.
Year-end Net Debt to Q4 2025 annualized EBITDA(3) ratio of 1.1x – 1.3x.
InPlay continues to monitor global trade and commodity dynamics, including United States tariffs on Canada. Capital spending will be weighted towards the back end of the year with drilling expected to resume again in August, providing ample time to finalize capital spending allocation depending on commodity pricing and continued asset performance. As a result of minimal capital spending in the second quarter, InPlay anticipates generating significant FAFF which will be directed to reducing debt. InPlay will remain flexible and will make decisions based on our core strategy of disciplined capital allocation, maintaining financial strength to ensure the long term sustainability of our strategy and return to shareholder program.
Updated 2025 Guidance Summary:
Following closing of the Acquisition, a significant hedging program was undertaken to help provide downside commodity price protection. As further detailed in the hedging summary section in this press release, InPlay has hedged approximately 75% of its net after royalty oil production and 67% of its net after royalty production on a BOE basis for the remainder of 2025. InPlay’s strong hedge book provides insulation to the current commodity price volatility which is highlighted in the sensitivity table below.
With low decline high netback assets, a flexible budget, a resilient balance sheet, and becoming a larger company, InPlay remains well positioned to sustainably navigate future commodity price cycles. Adhering to this disciplined strategy has allowed the Company to navigate previous commodity price cycles including the COVID-19 pandemic price environment.
Financial and Operating Results:
First Quarter 2025 Financial & Operations Overview:
The year has begun with strong momentum as production for the quarter exceeded internal forecasts, largely due to the outperformance of new ERH wells in PCU#7. Three (3.0 net) ERH wells were brought online at the end of February as part of a $13.9 million capital program, inclusive of $1.4 million invested in well optimization initiatives which continues to lower corporate declines. Production averaged 9,076 boe/d(1) (55% light crude oil and NGLs) in the quarter, a 5% increase from 8,605 boe/d(1) in the first quarter of 2024.
Notably, a two well pad drilled in PCU#7 exceeded expectations, delivering average IP rates of 677 boe/d (75% light oil and NGLs) and 492 boe/d (66% light oil and NGLs) per well over their first 30 and 60 days, respectively, which is over 100% above our internally modeled type curve for these wells.
Obsidian drilled four (4.0 net) wells on the Acquired Assets in the first quarter. The first two (2.0 net) wells, which came on production mid quarter, are outperforming the internal type curve with IP rates averaging 304 boe/d (91% light oil and NGLs) and 295 boe/d (85% light oil and NGLs) over the first 30 and 60 days, respectively (approximately 50% above our internally modelled type curve). The last two wells were brought online in the final days of the quarter and are performing significantly above internal forecasts with IP rates averaging 887 boe/d (88% light oil and NGLs) per well over their first 30 days (more than 350% above our type curve).
AFF for the quarter was $16.8 million. In addition, the Company returned $4.1 million ($0.09 per share) in base dividends to shareholders which equates to a yield of 16% based on the current share price. Net debt at quarter-end totaled $63 million, with a net debt to EBITDA ratio(3) of 0.8x, reflecting a healthy financial position.
On behalf of the entire InPlay team and the Board of Directors, we thank our shareholders for their continued support as we advance our strategy of disciplined growth, returns, and long-term value creation. We are excited to report our progress with respect to the strategic Acquisition.
For further information please contact:
Doug Bartole President and Chief Executive Officer InPlay Oil Corp. Telephone: (587) 955-0632
