Inplay Oil Corp · TSX:IPO
Inplay Oil — Investor Presentation (May 2025)
28 slides from Inplay Oil's investor presentation, May 2025
Slide 1: Corporate Presentation
Corporate Presentation May 2025 TSX : IPO OTCQX : IPOOF
Slide 2: Executing Our Corporate Strategy
Executing Our Corporate Strategy “Disciplined light oil Company developing high rate of return assets, focused on free adjusted funds flow growth with conservative leverage ratios while maximizing returns to shareholders” Increased Scale & Quality • >18,750 boe/d(1) with oil production of >9,300 b
Slide 3: Leading Operator in Cardium
Leading Operator in Cardium Top Producer & Land Holder in Largest Light Oil Pool in Western Canada (Pembina Cardium; 11 Billion bbl OOIP) (boe/d) CARDIUM 20,000 K I L J InPlay Land Acquisition Land JI J J J E L E J J E L J E J J E J E J I IS J J I E J I M Cardium Wells E L J IJ J D M L 15,000 I K S
Slide 4: Key Financial Metrics
Key Financial Metrics Acquisition Metrics 40% 65% 0.5x 2.2x AFF(3) per Share FAFF(2) per Share BTax PDP NPV10 2025E Operating Accretion Accretion Income(2) Significant Free Funds Flow Capabilities 2025 FAFF $89 million $80 million $67 million US $55 US $65 US $75 WTI/bbl Refer to Slide Notes and Rea
Slide 5: Significant Synergies
Significant Synergies Pembina Cardium Acquisition Offers Over $15 Million in Annual Synergies $6 million Capital Synergies • Drilling and completion program optimizations • Improved capital efficiencies from utilizing InPlay completion techniques $4 million Operating Synergies • Close proximity asse
Slide 6: Free Funds Flow Optionality
Free Funds Flow Optionality ~ $46 million Capital Allocation Priorities Balance • Low leverage ratio is a core focus Sheet • Provides financial and strategic $53 - $60 Strength flexibility million 2025 AFF(3) Base • Annual dividend of $1.08 per share $124 - $133 Dividend represents an attractive yie
Slide 7: Cardium Well Economics
Cardium Well Economics Tier 1 Inventory Economics (US$70 WTI) Capex ($mm) $3.40 Potential Recovery (mboe) 330 >400 210 IP90 (boe/d) 340 IP365 (boe/d) 205 Locations in Inventory Yr 1 Cap. Eff. (/ boe/d) $16,585 IRR (%) 251 NPV BT10% (mm) $5.2 Yr 1 Netback (CDN/boe) $57.38 Yr 1 Recycle Ratio (times) 5
Slide 8: Corporate Overview
Corporate Overview Operating Summary 2025 Average Production (boe/d) 16,000 – 16,800 2025 Light Oil and & NGLs (%) 60% - 62% 2025 Drilling Plans (#) 8.5 – 10.5 net Reserves (Pro forma) – March 31, 2025 Proved Developed Producing (mboe) 48,454 Proved (mboe) 91,671 Proved and Probable (mboe) 126,316 P
Slide 9: Management and Directors
Management and Directors Management Team Douglas J. Bartole, Founder of InPlay; Founder, President and CEO of Vero Energy; VP Operations of True Energy; Management and Engineering roles at President, CEO & Husky Energy, Renaissance Energy and PanCanadian Petroleum Director Director of various pr
Slide 10: Track Record of Execution
Track Record of Execution Track record of Per Share Production and Reserves Growth 18,000 Production(1) 700 Production/sh (boe/d/mm shares) Liquids (bbl) 16,000 Gas (boe) 600 • 2025 production per share growth of Production (boe/d) 14,000 Prod/mm shares 500 15% 12,000 10,000 400 • Maintaining capita
Slide 11: Track Record of Execution: Cash Flow Growth and Debt Reduction
Track Record of Execution Track record of Cash Flow Growth and Debt Reduction Adjusted Funds Flow(2) 140 10.00 Adjusted Funds Flow ($mm) Adjusted Funds Flow ($mm) 9.00 120 Adjusted Funds Flow / WA share 8.00 AFF / share ($/share) 100 7.00 • Strong AFF of >$125 mm and reduction 80 6.00 in capital dri
Slide 12: 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 $108 million Grew pro
Slide 13: Pro Forma Reserves & Net Asset Value
Pro Forma Reserves & Net Asset Value Reserve Highlights NPV NAV Reserves RLI BT10% BT10% (Mboe) (yrs) ($mm) ($/share) Proved Developed Producing (“PDP”) 48,454 $666 $17.24 7.1 Total Proved (“TP”) 91,671 $1,021 $29.96 13.4 Total Proved and Probable (“TPP”) 126,316 $1,408 $43.84 18.5 • PDP NAV/share o
Slide 14: 2025 Forecast
2025 Forecast Commodity Price Assumptions WTI oil price (US$/bbl) $63.10 Edmonton par (C$/bbl) $84.80 AECO gas price ($/GJ) $2.30 Operational Forecast Midpoint Average production (boe/d) 16,000 – 16,800 (% liquids)(1) (60% - 62%) Capital program ($mm) $53 - $60 Net drilled and completed wells 8.5 –
Slide 15: Investment Summary
Investment Summary Strong Shareholder Returns • Base dividend of $1.08/share represents 14.4% dividend yield • High netback, low decline assets generate significant FAFF • Track record of delivering shareholder returns through various commodity price cycles Balance Sheet Strength • Low leverage rati
Slide 16: Appendix
Appendix Refer to Slide Notes and Reader Advisories 16
Slide 17: East Basin Duvernay Shale
East Basin Duvernay Shale Huxley Duvernay Tmax Map (°C) 12,367 acres (100% WI) of Predominantly Crown Land in the Huxley Area – InPlay lands derisked via extensive industry activity directly offsetting • Long land tenure allows InPlay a measured pace of development • Large, contiguous land block fal
Slide 18: Risk Management
Risk Management Q2/26 – Q2/25 Q3/25 Q4/25 Q1/26 Q1/27 Q4/26 Natural Gas AECO Swap (mcf/d) 14,215 14,215 12,960 12,320 7,900 2,845 Hedged price ($AECO/mcf) $2.19 $2.19 $2.61 $2.82 $2.90 $3.64 Natural Gas AECO Costless Collar (mcf/d) 9,830 13,270 12,640 12,320 11,795 13,270 Hedged price ($AECO/mcf) $2
Slide 19: 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 20: Slide Notes (continued)
Slide Notes (continued) Slide 11 1. 2025 forecasted AFF, AFF/share, Net debt / EBITDA and growth rates are based on forecasted assumptions as outlined in the “Forward Looking Information and Statements” section in the Reader Advisories. Slide 12 1. The aggregate consideration ascribed to the Acquisi
Slide 21: Reader Advisories
Reader Advisories 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 misleading. In a
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 updated 2025 guidance are as follows: Updated Previous Previous Pro Forma Actuals Guidance Guidance Estimate FY 2024 FY
Slide 27: Reader Advisories (continued)
Reader Advisories (continued) Updated Previous Previous Pro Forma Actuals Guidance Guidance Estimate FY 2024 FY 2025 FY 2025(1) FY 2025(2)(3) Adjusted Funds Flow $ millions $68.5 $146 – $164(4) $69 – $75 $204 Interest $/boe 2.19 3.05 – 3.65(4) 1.30 – 1.90 2.20 – 2.80 EBITDA $ millions $76 $168 – $18
Slide 28: Contact Us
Contact Us Doug Bartole President and CEO 587.955.0632 DougB@InPlayOil.com #2000, 350 – 7th Avenue SW Calgary, AB T2P 3N9 www.inplayoil.com