InPlay Oil Corp. Announces Second Quarter 2023 Financial and Operating Results -… – Press Release

CALGARY, AB, Aug. 14, 2023 /CNW/ – InPlay Oil Corp. IPO IPOOF (“InPlay” or the “Company”) announces its financial and operating results for the three and six month’s ended June 30, 2023. InPlay’s condensed unaudited interim financial statements and notes, as well as Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2023 will be available at “www.sedar.com” and our website at “www.inplayoil.com”. Our corporate presentation will soon be available on our website.  

Second Quarter 2023 Financial & Operating Highlights

• Realized average quarterly production of 8,474 boe/d⁽¹⁾ (57% light crude oil and NGLs) in light of  significant production restrictions with shut ins due to the Alberta Wildfires and third party facility restrictions which also temporarily reduced the Company’s liquids yield in the quarter.
• Generated strong quarterly adjusted funds flow (“AFF”)⁽²⁾ of $21.8 million ($0.25 per basic share⁽³⁾), an increase of 2% from the first quarter of 2023 despite a decrease in production.
• Generated free adjusted funds flow (“FAFF”)⁽³⁾ of $9.0 million resulting in a 9% reduction to net debt from March 31, 2023.  
• Maintained balance sheet strength with a low net debt⁽²⁾ to earnings before interest, taxes and depletion (“EBITDA”)⁽³⁾ ratio of 0.4 on a trailing twelve month basis, down from 0.5 in the second quarter of 2022, providing the financial capability to deliver consistent returns to shareholders with the dividend sustainable through to the end of 2025 in a stress test price environment of US $55/bbl WTI.
• Returned $4.0 million ($8.0 million in the first six months of 2023) directly to shareholders through our monthly base dividend.
• Achieved net income of $4.3 million ($0.05 per basic share; $0.05 per diluted share).
• Renewed the Company’s fully conforming revolving Senior Credit Facility at $110 million.

Financial and Operating Results: