InPlay Oil (IPOOF) Valuation Update - May 14

[dan_s]

I have updated my forecast/valuation model for InPlay Oil's strong Q1 results and updated guidance.
My valuation for InPlay (IPOOF) is increased by $0.35US to $6.10US.

It closed at $1.80US, so lots of upside for us on this rapidly growing Canadian Junior.

InPlay beat my Q1 forecast.
> Q2 production will be up slightly, but production should move a lot higher in 2H 2023 (after weather related problems, midstream bottlenecks and the fires in Alberta are resolved) to an exit rate of over 11,500 Boepd.
> My forecast is based on the midpoint of their 2023 guidance of ~10,000 Boepd (~44% crude oil and ~16% NGLs)
> InPlay is free cash flow positive and pays a monthly dividend.
> It has a lot of "running room"; hundreds of low-risk / high-return development drilling locations.
> Balance Sheet is strong and will be virtually debt free sometime in Q3 2023.