Friday, May 07, 2021
InPlay Oil (IPOOF)(IPO:CA)
2021-1Q Operating Results Leverage Drilling Success
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.
First quarter production results surpassed elevated expectations. Results were generally in line with our elevated expectations. Production levels rose to 4,965 BOE/day, up 17% q-t-q and above our 4,809 estimate. Wells drilled in the Pembina Basin last year are producing well above expectations leading management to shift drilling to that area (including 3 wells drilled this quarter) where the company made a recent tuck-in acquisition. The shift is making light oil a larger component of production at a time of high oil prices.
Realized prices were slightly below expectations. Realized oil prices were C$55.75/BBL, a sharp rise over previous quarters but below our C$60.49 estimate. Basin discounts were larger than expected and will need to improve in upcoming quarters to meet management’s guidance for the year. Natural gas and NGL prices were in line with expectations. No new hedges were added leaving more than half of …
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.
