Slide 1: Corporate Presentation
Corporate Presentation August 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: Q2 2025 Highlights
Q2 2025 Highlights • Closed synergistic and highly accretive acquisition of Pembina Cardium Assets • Production of 20,401 boe/d(1) (62% light crude oil and NGLs) • 1,000 boe/d ahead of our forecasts • 125% increase from Q1 2025 • 35% increase in light oil weighting from Q1 2025 • Guided towards achi
Slide 4: 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 L I InPlay Land Acquisition Land J J I J J E E J E L J L JE J J J E E J I I J S J I Cardium Wells I E JE M J JI J L D 15,000 M I L K S E
Slide 5: Pembina Acquisition Metrics
Key Financial Metrics of Acquisition Pembina 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) Acquisition Significant Free Funds Flow Capabilities 2025 FAFF $89 million $80 million $67 million US $55 US $65 US $75 W
Slide 6: 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 7: Capital Allocation Priorities
Free Funds Flow Optionality ~ $46 million Capital Allocation Priorities Balance • Low leverage ratio is a core focus Sheet • Provides financial and strategic $26 - $27 Strength flexibility million 2025 $53 - $60 AFF(3) million Base • Annual dividend of $1.08 per share $124 - $133 Dividend represents
Slide 8: 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) $57.38 Yr 1 Recycle Ratio (times) 5
Slide 9: InPlay Well Design Advantage
InPlay Well Design Advantage InPlay’s Modern Completion Style Expected to Further Enhance Drilling Results Overview Map Cardium has been core focus for management for >20 years Acquired assets located in the core of the Pembina Cardium play with some of the highest quality reservoir characterist
Slide 10: Corporate Overview
Corporate Overview Operating Summary 2025 Average Production (boe/d) 16,000 – 16,800 2025 Light Oil and & NGLs (%) 60% - 62% 2025 Drilling Plans (#) 8.0 – 8.5 net Reserves (Pro forma) – March 31, 2025 Proved Developed Producing (mboe) 48,454 Proved (mboe) 91,671 Proved and Probable (mboe) 126,316 Pr
Slide 11: Management and Directors
Management and Directors Management Team Douglas J. Bartole, Founder of InPlay; Founder, President and CEO of Vero Energy; VP Operations of True Energy; Management and Engineering roles at President, CEO & Husky Energy, Renaissance Energy and PanCanadian Petroleum Director Director of various pr
Slide 12: Track Record of Execution
Track Record of Execution Track Record of Per Share Production and Reserves Growth 18,000 Production(1) 700 Production/sh (boe/d/mm shares) Liquids (bbl) 16,000 Gas (boe) 600 • 2025 production per share growth of Production (boe/d) 14,000 Prod/mm shares 500 15% 12,000 10,000 400 • Maintaining capita
Slide 13: Track Record of Execution: Cash Flow Growth and Debt Reduction
Track Record of Execution Track record of Cash Flow Growth and Debt Reduction Adjusted Funds Flow(2) 140 10.00 Adjusted Funds Flow ($mm) 9.00 Adjusted Funds Flow ($mm) 120 Adjusted Funds Flow / WA share 8.00 AFF / share ($/share) 100 7.00 • Strong AFF of >$125 mm and reduction 80 6.00 in capital dri
Slide 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 $108 million Grew pro
Slide 15: Pro Forma Reserves & Net Asset Value
Pro Forma Reserves & Net Asset Value Reserve Highlights NPV NAV Reserves RLI BT10% BT10% (Mboe) (yrs) ($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 $43.84 18.5 • PDP NAV/share o
Slide 16: 2025 Forecast
2025 Forecast Commodity Price Assumptions WTI oil price (US$/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 8.0 -
Slide 17: Investment Summary
Investment Summary Strong Shareholder Returns • Base dividend of $1.08/share represents 9.8% dividend yield • High netback, low decline assets generate significant FAFF • Track record of delivering shareholder returns through various commodity price cycles Balance Sheet Strength • Low leverage ratio
Slide 18: Appendix
Appendix Refer to Slide Notes and Reader Advisories 18
Slide 19: East Basin Duvernay Shale
East Basin Duvernay Shale Huxley Duvernay Tmax Map (°C) 12,367 acres (100% WI) of Predominantly Crown Land in the Huxley Area – InPlay lands derisked via extensive industry activity directly offsetting • Long land tenure allows InPlay a measured pace of development • Large, contiguous land block fal
Slide 20: Risk Management
Risk Management Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Q4/26 Q1/27 Natural Gas AECO Swap (mcf/d) 17,060 15,800 15,165 14,215 14,215 8,560 4,265 Hedged price ($AECO/mcf) $2.30 $2.65 $2.85 $3.00 $3.00 $3.05 $3.65 Natural Gas AECO Costless Collar 13,270 12,640 12,320 11,375 11,375 16,400 18,950 (mcf/d) Hedged p
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 13 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 14 1. The aggregate consideration ascribed to the Acquisi
Slide 23: 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 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: Key Budget and Underlying Material Assumptions
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 Actuals Guidance FY 2024 FY 2025(1) FY 2024 FY 2025(1) WTI US$/bbl $75.7
Slide 29: 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