Inplay Oil Corp · TSX:IPO
Inplay Oil — Investor Presentation (March 2026)
29 slides from Inplay Oil's investor presentation, March 2026
Slide 1: Corporate Presentation
Corporate Presentation March 2026 TSX : IPO OTCQX : IPOOF
Slide 2: Executing Our Corporate Strategy
Executing Our Corporate Strategy Refer to Slide Notes and Reader Advisories 2
Slide 3: Investment Highlights
Investment Highlights ✓ Increased Size & Sustainability • ~18,900 boe/d with oil production of >9,050 bbl/d; Largest Cardium oil producer • ~$126 million of AFF; ~$56 million of FAFF (13% FAFF yield) • PDP decline rate of 21%; PDP reserve life index (RLI) of 7.0 years; Proved RLI of 13.2 years • 190
Slide 4: 2025 Accomplishments
2025 Accomplishments • Closed transformational acquisition of Cardium-focused light oil assets in Pembina (April 7) • Completed an over-subscribed and upsized bought-deal offering of common shares of the Company for gross proceeds of $32.8 million in connection with the acquisition • Increased produ
Slide 5: Corporate Overview
Corporate Overview Operating Summary 2026 Average Production(1) (boe/d) 18,600 – 19,200 2026 Light Oil and & NGLs (%) 60% - 62% 2026 Drilling Plans (#) 12 - 14 net Reserves Proved Developed Producing (mboe) 48,002 Proved (mboe) 90,987 Proved and Probable (mboe) 119,937 Proved and Probable NPV BT 10%
Slide 6: 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 7: 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) CARDIUM InPlay Land Cardium Wells PEMBINA IPO * Pembina Cardium Peers include BNE, CVE, Mancal, OBE, Ricochet, SDE, SOIL, VRM, WCP; Data source: XI Ass
Slide 8: Cardium Well Economics
Cardium Well Economics Inventory Summary Inventory Economics Tier 1 Inventory Economics US$65 WTI US$70 WTI US$75 WTI Capex ($mm) $3.40 EUR (mboe) 330 >400 IP90 (boe/d) 340 Locations in IP365 (boe/d) 205 210+ Inventory Yr 1 Cap. Efficiency ($/boe/d) $16,585 IRR (%) 134% 178% 233% NPV BT10% ($mm) $4.
Slide 9: Free Funds Flow Optionality
Free Funds Flow Optionality Significant Adjusted Funds Flow Provides for Accelerated Debt Reduction Capital Allocation Priorities 2026 Free Adjusted Funds Flow (1) ▪ Annual dividend of $1.08/share + US$ 5 WTI Base Dividend ▪ Annual base dividend represents ~$30mm in 2026 + US$ 5 WTI ▪ Low leverage r
Slide 10: Corporate Track Record
1 0 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 10
Slide 11: Reserves & Net Asset Value
Reserves & Net Asset Value Reserve Highlights NPV Net Asset Reserves Liquids BT 10 Value (mboe) (%) December 31, 2025 ($mm) ($/share) Proved Developed Producing 48,002 60% $594 $14.69 Total Proved 90,987 64% $1,025 $30.16 Total Proved and Probable 119,937 64% $1,411 $44.02 • NAVPS underscores signif
Slide 12: Debt De-leveraging and Maturity Profile
Debt De-leveraging and Maturity Profile Current Credit Facilities ▪ $190mm revolving credit facility (currently undrawn) • Facility matures on June 30, 2027 • Extendable annually at the request of InPlay ▪ NIS $550mm senior unsecured bond (CAD $242 million) • Due December 15, 2030 • 6.23% interest p
Slide 13: Recent Pembina Cardium Acquisition
Recent Pembina Cardium Acquisition Overview of 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 metrics (40% on AFF
Slide 14: 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 $108 million ▪ Grew pro
Slide 15: 2026 Forecast
2026 Forecast Commodity Price Assumptions WTI oil price (US$/bbl) $63.00 Edmonton par (C$/bbl) $82.55 AECO gas price ($/GJ) $2.35 Operational Forecast Midpoint Average production (boe/d) 18,900 (% liquids)(1) (61%) Capital program ($mm) $70 Net drilled and completed wells 13 Operating netback ($/boe
Slide 16: 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 17: Appendix
Appendix Refer to Slide Notes and Reader Advisories 17
Slide 18: East Basin Duvernay Shale
East Basin Duvernay Shale 8,615 acres (100% WI) of predominantly Crown land in the Huxley Area – InPlay lands derisked via extensive industry activity directly offsetting • Long land tenure allows InPlay a measured pace of development • Large, contiguous NW land block falls within higher maturity wi
Slide 19: Risk Management
Risk Management • InPlay targets ~50% hedged for the next 12 months and 25% to 50% for months 13 - 18 • InPlay layers on hedges through the cycle (not a programmed hedging policy) • In addition to commodity price hedges, InPlay has fully hedged its NIS / CAD FX exposure relating to its NIS denominat
Slide 20: 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 21: Slide Notes (continued)
Slide Notes (continued) Slide 13 1. Purchase price includes the inclusion of InPlay’s working interest in Willesden Green Unit 2, which has an estimated PDP NPV10 of approximately $4.4 million, as evaluated by Sproule Associates Limited, effective December 31, 2023 using 3 Consultant’s Average price
Slide 22: Reader Advisories
Reader Advisories Hedging Summary Commodity Hedges Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 Q2/27 Commodity Hedges 1. Fixed price swaps provide InPlay with a guaranteed price in lieu of realization of floating Natural Gas AECO Swap (mcf/d) 15,165 14,215 14,215 8,560 4,265 - index prices. Hedged price(1) ($AECO
Slide 23: 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 24: Reader Advisories (continued)
Reader Advisories (continued) Oil and Gas Advisories (cont’d) Net Present Value Estimates - It should not be assumed that the net present value of the estimated future net revenues of the reserves of InPlay included in this presentation represent the fair market value of the reserves. There is no as
Slide 25: 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 26: Reader Advisories (continued)
Reader Advisories (continued) Non-GAAP and Other Financial Measures (cont’d) Capital Management Measures Adjusted Funds Flow - Management considers adjusted funds flow to be an important measure of InPlay’s ability to generate the funds necessary to finance capital expenditures. Adjusted funds flow
Slide 27: 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 28: 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 2025 guidance are as follows: Actuals Guidance Guidance Actuals Guidance Guidance FY 2025 FY 2025(1) FY 2026(2) FY 2025
Slide 29: 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