InPlay Oil (IPOOF) – Rediscovering the Special Sauce

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Thursday, September 29, 2022

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.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Production surpassing expectations. InPlay announced production levels of 9,600 boe/d, a significant increase over 2022-2Q average of 9,063 BOE/d. Management now believes 2022 production will be at the upper half of a previously stated range of 9,150-9,400 BOE/d. so we are raising our production forecast to 9,400 BOE/d. In addition, two other wells will be brought to production in the next few days leading us to believe production will continue to grow into the fourth quarter.

Drilling success leads to more activity. The company is adding two Extended Reach Horizontal (ERH) wells in 2022. We suspect InPlay may be drilling ERH wells to forego building infrastructure. In addition to drilling longer well spurs, management announced that it is planning to move part of its 2023 drilling program into late 2022. InPlay is adding two horizontal wells in the Belly River where it has not drilled since 2016. Management believes utilizing the success it has found in the Cardium play (Pembina and Willesden Green) will translate into the Belly River.

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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. 


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