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    IPO   CA45780T2065

INPLAY OIL CORP.

(IPO)
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Inplay Oil Corp. Provides Production Guidance for the Second Quarter and Full Year of 2021

07/06/2021 | 07:55am EDT

InPlay Oil Corp. provided an operations update. InPlay’s average production in the second quarter of 2021 is forecast to be approximately 5,325 boe/d(1) (70% light oil & NGLs) based on field estimates, representing a record quarterly production rate for the Company. Production is ahead of forecast as a result of the continued outperformance of six 100% Cardium wells drilled in Pembina, three of which were brought on production in the fourth quarter of 2019 and three direct offsets that were brought on production in the first quarter of 2020. Production rates are also supported by the exceptionally strong results of the three 100% Pembina Cardium 1.5 mile wells drilled on recently acquired lands which were brought on production at the end of the first quarter of 2021. These wells have produced an average of approximately 42,240 boe(1) per well (76% light oil and NGLs) in the first ninety days of production, which is 45% above the forecast and 100% above proved undeveloped booked reserves in December 31, 2020 independent reserve evaluation. The Company estimates, based on current performance, that these wells will pay out in six months at a West Texas Intermediate (“WTI”) price of approximately USD 60.00/bbl and an even shorter time frame at current WTI pricing of approximately USD 76.00/bbl. With these tremendous results, InPlay has redirected drilling capital to wells on recently acquired Pembina asset, as disclosed in May 6, 2021 press release. The Company started drilling another three well pad directly offsetting the three wells drilled in the first quarter of 2021 and is currently drilling the third well on this pad. These wells are expected to be on production by the end of July. At this time, InPlay reiterates its 2021 estimated annual average production guidance of 5,100 to 5,400 boe/d (69% light oil & NGLs) and currently expects to be at the high end of the production range. The Company is scheduled to release its second quarter financial and operational results on August 11, 2021 and will provide updated 2021 average annual production guidance at this time as additional production data from the three wells currently being drilled will be available. This update is also expected to include revised commodity price estimates, as current forward strip WTI oil prices for the second half of 2021 are approximately USD 14.00/bbl higher than the last price forecast published in May 2021. InPlay implemented a successful and comprehensive hedging program in 2020 to protect the Company’s balance sheet during a period of extreme commodity price volatility. The program provided InPlay with the cost certainty to restart capital program in the fourth quarter of 2020 and has allowed the Company to quickly surpass pre-COVID 2019 production levels. The majority of these hedges implemented in 2020 expired on June 30, 2021, with the Company’s hedging position for the second half of the year being primarily collars at much more favorable pricing levels. Current 2021 guidance is expected to result in continued record production for the remainder of the year. These production levels combined with strong forward strip commodity prices and increased operating income profit margins(2) from operational efficiencies are expected to result in a significant and record Adjusted Funds Flow (“AFF”) for InPlay.


ę S&P Capital IQ 2021
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Financials
Sales 2021 94,3 M 74,4 M 74,4 M
Net income 2021 60,5 M 47,8 M 47,8 M
Net Debt 2021 55,9 M 44,2 M 44,2 M
P/E ratio 2021 1,48x
Yield 2021 -
Capitalization 88,8 M 69,9 M 70,1 M
EV / Sales 2021 1,53x
EV / Sales 2022 0,97x
Nbr of Employees 26
Free-Float 68,4%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 1,30 CAD
Average target price 2,40 CAD
Spread / Average Target 84,6%
EPS Revisions
Managers and Directors
Douglas J. Bartole President, Chief Executive Officer & Director
Darren Dittmer Chief Financial Officer
Craig Golinowski Chairman
Thane A. E. Jensen Vice President-Operations
Dennis Leroy Nerland Independent Director
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