Wednesday, February 25, 2026
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.
2026 guidance. InPlay approved a C$66 to C$74 million capital program targeting average production of 18,600 to 19,200 boe/d (~61% light oil and NGLs), representing approximately 11% growth over the estimated 2025 production of ~17,000 boe/d. Management forecasts adjusted funds flow (AFF) of C$122 to C$129 million and free adjusted funds flow (FAFF) of C$48 to C$63 million, implying an 11% to 15% FAFF yield. Year-end net debt is guided to C$199 to C$206 million, reflecting continued deleveraging.
Estimate revisions. We have adjusted our 2026 estimates to average production of 18,900 boe/d, revenue of C$338.3 million, and AFF of C$125.2 million, or C$4.45 per share. For Q1 2026, we have assumed production of 18,605 boe/d, revenue of C$79.0 million, and AFF of C$26.6 million, or C$0.95 per share. The first quarter carries heavier drilling activity, with five wells drilled and completed, most coming onstream late in the period, marking Q1 as the lightest production quarter of the year. We forecast 2026 capital expenditures of C$70 million.
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