InPlay Oil (IPO) investor relations material

Strategic direction and growth

• Focus on disciplined M&A and organic growth of high-return assets, targeting 10–14% CAGR in production and reserves per share over the past decade.

• Conservative leverage maintained, with a long-term target of 0.75x net debt/EBITDA and current leverage at 1.2–1.3x.

• Emphasis on maximizing shareholder returns, including a 7.2% dividend yield and 28% total return forecast for FY2025.

• Strong free adjusted funds flow (FAFF) generation, with $62 million projected for FY2025 and $84 million for FY2026.

Asset base and acquisitions

• Production of ~20,100 boe/d post-acquisition, with over 10,500 bbl/d oil, making it the largest Cardium oil producer.

• Recent Belly River acquisition adds 2,000 boe/d, 50 net drilling locations, and 15 years of inventory, with 75% Tier 1 locations.

• Pembina Cardium acquisition in 2025 was highly accretive, increasing production and reserves, and delivering $22 million in annual synergies.

• Six strategic transactions in the past decade have grown production 11x and TPP reserves 14x.

Financial strength and capital allocation

• Undrawn $190 million revolving credit facility and $16 million cash as of March 31, 2026; total borrowing base of $250 million.

• Senior unsecured bond of $242 million at 6.23% due 2030, with a strong de-leveraging track record.

• Capital allocation prioritizes debt reduction, base dividend (~$30 million/year), organic growth, acquisitions, and share repurchases.

• FAFF yield of 20% and dividend coverage of 2.8x for 2026.