Tuesday, August 17, 2021
InPlay Oil (IPOOF)(IPO:CA)
Estimates and Price Objective Raised After Outstanding Quarter
As of April 24, 2020, Noble Capital Markets research on InPlay Oil is published under ticker symbols (IPOOF and IPO:CA). The price target is in USD and based on ticker symbol IPOOF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target. 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 OTCQZ Exchange under the symbol IPOOF.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
On August 11, InPlay reported impressive operating and financial results on the heels of favorable recent drilling. In our note dated August 12, we discussed the success of three recent wells in the Pembina Basin that have led management to raise production and cash flow projections. The company raised projections by approximately 10%, the second time they have raised guidance this year. In addition, they redirected drilling towards the Pembina basin and predicted that they will lower debt even as they increase capital expenditures.
More production and high energy prices means higher earnings and cash flow. We are raising our 2021 production rate to 5,625 boe/d which puts us in the middle of the latest guidance range of 5,500-5,750 boe/d. Should future drilling in Pembina prove as successful as recent drilling, we would not be surprised to see management raise guidance again. We are also raising our WTI 2021 forecast to $65 …
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.
