InPlay Oil (IPO) Q3 2025 earnings summary

Executive summary

• Achieved Q3 2025 average production of 18,970 boe/d (60% light oil and NGLs), up 131% year-over-year, driven by the Cardium asset acquisition and strong drilling results.

• Increased 2025 average annual production guidance to 16,900–17,100 boe/d, a 4% rise from prior guidance.

• Completed the most active capital program of the year, drilling 8.2 net wells and expanding high-quality inventory.

• Returned $7.5 million to shareholders in Q3 via dividends, totaling $19.5 million YTD.

Financial highlights

• Q3 2025 oil and natural gas sales reached $79.3 million, up from $34.2 million in Q3 2024.

• Adjusted funds flow (AFF) was $26.8 million ($0.96/share), a 104% increase year-over-year.

• Operating income rose 112% to $34.7 million, with an operating netback of $19.86/boe.

• Comprehensive loss of $4.8 million in Q3 2025, compared to a $0.1 million gain in Q3 2024.

• Net debt at quarter-end was $228.4 million, up from $68.0 million a year earlier, reflecting acquisition activity.

Outlook and guidance

• 2025 production guidance raised to 16,900–17,100 boe/d (60–62% light oil and NGLs).

• 2025 capital expenditures forecasted at $53 million, at the low end of prior guidance.

• AFF for 2025 guided at $119–$122 million, with free adjusted funds flow (FAFF) of $53 million.

• FAFF yield expected at 19–21% for 2025.

• Royalty rates expected to decrease in Q4 as new wells benefit from Crown royalty holidays.