Inplay Oil Corp · TSX:IPO
Inplay Oil — Investor Presentation (August 2026)
30 slides from Inplay Oil's investor presentation, August 2026
Slide 1: Corporate Presentation
Corporate Presentation August 2026 TSX : IPO OTCQX : IPOOF
Slide 2: Executing Our Corporate Strategy
Executing Our Corporate Strategy GROWTH THROUGH ORGANICALLY GROW HIGH DISCIPLINED M&A RATE OF RETURN ASSETS Asset Quality Top Decile Full Cycle FCF Accretive Economics Enhance Sustainability 15 Years of Runway BUILDING A MAINTAIN CONSERVATIVE FOCUSED ON GENERATING LEVERAGE RATIOS DISCIPLINED & STRON
Slide 3: Investment Highlights
Investment Highlights (Pro Forma Aug 2026 Belly River Acquisition) ✓ Increased Size & Sustainability • ~20,100 boe/d with oil production of >10,500 bbl/d; Largest Cardium oil producer • ~$165 million of AFF; ~$84 million of FAFF (20% FAFF yield) • PDP decline rate of 22%; PDP reserve life index (RLI
Slide 4: Transaction Overview
Transaction Overview Strategic Rationale – Belly River Acquisition Highly Complementary Land Position • Strategic tuck-in acquisition directly offsets InPlay’s existing operations, where the Company has extensive technical and operating expertise • Benefits from underutilized existing infrastructure
Slide 5: Attractive Acquisition Metrics Drive Strong Accretion
Attractive Acquisition Metrics Drive Strong Accretion 2.0x 27% $38,750 Net Operating FAFF(2) Per Producing Income Yield boe/d $11.38 $8.20 /boe 1P /boe 2P Reserves Reserves 18% 18% 12% 9% Free Adjusted Adjusted Funds Oil Production Per Funds Flow Funds Flow Flow Share Netback (annualized) (annualize
Slide 6: Q2 2026: Continued Strong Operating and Financial Performance
Q2 2026: Continued Strong Operating and Financial Performance • Production of 18,663 boe/d(1) (62% liquids) • Crude oil production of 9,382 bbl/d, 6% increase from Q1 2026 • Crude oil weighting improved 3% from Q1 2026 driving stronger per boe netbacks and returns • Operating income(2) of $68.4 mill
Slide 7: Corporate Overview
Corporate Overview Operating Summary 2026 Average Production(1) (boe/d) 18,900 – 19,400 2026 Light Oil & NGLs (%) 61% - 63% 2026 Drilling Plans (#) 17 net Reserves – Pro Forma (December 31, 2025) Proved Developed Producing (mboe) 49,605 Proved (mboe) 95,753 Proved and Probable (mboe) 126,558 Proved
Slide 8: Management and Directors
Management and Directors Management Team Douglas J. Bartole, ▪ Founder of InPlay; Founder, President and CEO of Vero Energy; VP Operations of True Energy; Management and Engineering roles at President, CEO & Husky Energy, Renaissance Energy and PanCanadian Petroleum Director ▪ Director of various pr
Slide 9: Asset Overview
Asset Overview Top Producer & Land Holder in Largest Light Oil Pool in Western Canada (Pembina Cardium; 11 Billion bbl OOIP) (Pembina Cardium boe/d) InPlay Land InPlay Wells Acquisition Land Acquisition Wells Industry Cardium & Belly River Wells PEMBINA IPO * Pembina Cardium Peers include: BNE, CVE,
Slide 10: Well Economics
Well Economics Inventory Summary Inventory Economics Tier 1 Inventory Economics US$65 WTI US$70 WTI US$75 WTI Capex ($mm) $3.40 EUR (mboe) 330 >450 IP90 (boe/d) 340 Locations in 225+ IP365 (boe/d) 205 Inventory Yr 1 Cap. Efficiency ($/boe/d) $16,585 IRR (%) 134% 178% 233% NPV BT10% ($mm) $4.0 $4.7 $
Slide 11: Free Funds Flow Optionality
Free Funds Flow Optionality Significant Adjusted Funds Flow (“AFF”) Provides for Accelerated Debt Reduction Capital Allocation Priorities 2026 Free Adjusted Funds Flow (1) ▪ Annual dividend of $1.08/share Base Dividend ▪ Annual base dividend represents ~$30mm in 2026 ▪ Low leverage ratio is a core f
Slide 12: Corporate Track Record
1 2 Corporate Track Record 10-year track record of production, cash flow and reserves growth per share with concurrent debt reduction Refer to Slide Notes and Reader Advisories 12
Slide 13: Pro Forma Reserves & Net Asset Value
Pro Forma Reserves & Net Asset Value Pro Forma Reserve Highlights NPV Net Asset Reserves Liquids BT 10 Value (mboe) (%) December 31, 2025 ($mm) ($/share) Proved Developed Producing 49,605 61% $672 $14.36 Total Proved 95,753 65% $1,153 $31.60 Total Proved and Probable 126,558 65% $1,603 $47.77 • NAVP
Slide 14: Debt De-leveraging and Maturity Profile
Debt De-leveraging and Maturity Profile Current Credit Facilities ▪ $190mm revolving credit facility (currently undrawn) Includes $54.3MM of • Facility matures on June 30, 2028 Acquisition Debt • Extendable annually at the request of InPlay • Borrowing base recently expanded by $60 million, total bo
Slide 15: 2025 Pembina Cardium Acquisition
2025 Pembina Cardium Acquisition Overview of Transformational Pembina Cardium Acquisition Land Position Closed ~$291 million strategic acquisition on April 7, 2025 Directly offsetting InPlay’s existing Pembina assets PEMBINA Edmonton Key Attributes of acquisition: • Highly accretive acquisition metr
Slide 16: History of Value-Add Acquisitions
History of Value-Add Acquisitions Pembina Acquisition (Q4 2020) Prairie Storm Acquisition (Q4 2021) ▪ Acquired in October 2020 ▪ Acquired Prairie Storm Energy in ▪ Grew production from 190 boe/d to >4,000 boe/d November 2021 for $40.5 million ▪ Grew 1P NAV from $23 million to $108 million ▪ Grew pro
Slide 17: 2026 Forecast
2026 Forecast Commodity Price Assumptions WTI oil price (US$/bbl) $80.50 Edmonton par (C$/bbl) $109.30 AECO gas price ($/GJ) $1.75 Operational Forecast Midpoint Average production (boe/d) 19,150 (% liquids)(1) (62%) Capital program ($mm) $81 Net drilled and completed wells 17 Operating netback ($/bo
Slide 18: Investment Summary
Investment Summary Strong Shareholder Returns • Base dividend of $1.08/share represents 6.8% dividend yield • High netback, low decline assets generate significant FAFF • Track record of delivering shareholder returns through various commodity price cycles Balance Sheet Strength • Low leverage ratio
Slide 19: Appendix
Appendix Refer to Slide Notes and Reader Advisories 19
Slide 20: Risk Management
Risk Management • InPlay layers on hedges through the cycle • In addition to commodity price hedges, InPlay has fully hedged its NIS / CAD FX exposure relating to its NIS denominated bonds. Refer to Slide Notes and Reader Advisories 20
Slide 21: Slide Notes
Slide Notes 1. See “Production Breakdown by Product Type” in the Reader Advisories 2. Non-GAAP measure or ratio. See “Non-GAAP and Other Financial Measures” in Reader Advisories 3. Capital management measure. See “Non-GAAP and Other Financial Measures” in Reader Advisories 4. Supplementary measure.
Slide 22: Slide Notes (continued)
Slide Notes (continued) Slide 10 1. See “Type Curves and Potential Recovery Estimates” under “Oil and Gas Advisories” in the Reader Advisories. 2. See “Drilling Locations” within “Oil and Gas Advisories” in the Reader Advisories. 3. Economics are based on: WTI/Edmonton Par light oil differential of
Slide 23: Reader Advisories
Reader Advisories Hedging Summary Commodity Hedges Q3/26 Q4/26 Q1/27 Q2/27 Q3/27 Q4/27 2028 Commodity Hedges 1. Fixed price swaps provide InPlay with a guaranteed price in lieu of realization of floating index prices. Natural Gas AECO Swap (mcf/d) 14,215 8,560 4,265 - - - - 2. Costless collars indic
Slide 24: Reader Advisories (continued)
Reader Advisories (continued) All amounts in this presentation are stated in Canadian dollars unless otherwise specified. Throughout this presentation, the terms Boe (barrels of oil equivalent) and Mmboe (millions of barrels of oil equivalent) are used. Such terms when used in isolation, may be misl
Slide 25: Reader Advisories (continued)
Reader Advisories (continued) Oil and Gas Advisories (cont’d) Estimated Ultimate Recovery – Estimated Ultimate Recovery (“EUR”) is an approximation of the quantity of oil or gas that is potentially recoverable or has already been recovered from a reserve or well. EUR is not a defined term within the
Slide 26: Reader Advisories (continued)
Reader Advisories (continued) Production Breakdown by Product Type Disclosure of production on a per boe basis in this document consists of the constituent product types as defined in NI 51-101 and their respective quantities disclosed in the table below: Light and Light and Conventional Conventiona
Slide 27: Reader Advisories (continued)
Reader Advisories (continued) Non-GAAP and Other Financial Measures (cont’d) Net Debt to EBITDA - Management considers Net Debt to EBITDA an important measure as it is a key metric to identify the Company’s ability to fund financing expenses, net debt reductions and other obligations. EBITDA is calc
Slide 28: Reader Advisories (continued)
Reader Advisories (continued) Forward Looking Information and Statements (cont’d) Forward-looking statements or information are based on a number of material factors, expectations or assumptions of InPlay which have been used to develop such statements and information, but which may prove to be inco
Slide 29: Reader Advisories (continued)
Reader Advisories (continued) Key Budget and Underlying Material Assumptions to FLI The key budget and underlying material assumptions used by the Company in the development of its 2026 guidance are as follows: Current Current Actuals Prior Guidance Actuals Prior Guidance Guidance Guidance FY 2025 F
Slide 30: Contact Us
Contact Us Doug Bartole Kevin Leonard President and CEO VP Business & Corporate Development 587.955.0632 587.955.0635 DougB@InPlayOil.com KevinL@InPlayOil.com #2000, 350 – 7th Avenue SW Calgary, AB T2P 3N9 www.inplayoil.com