InPlay Oil (IPOOF) Update - Sept 7

[dan_s]

InPlay has updated their presentation slides. Here is the direct link.
Note on slide 20 that none of their oil is hedged.

https://www.inplayoil.com/sites/2/files/presentations/inplay_september_2023_presentation_website.pdf

I talked to their IR manager this morning. InPlay is going on a promotional road trip soon and they will be hosting a webinar for us in early October.

To reach the mid-point of their updated production guidance, InPlay will be reporting big production increases for Q3 and Q4, with a 2023 exit rate near 11,000 Boepd, which compares to actual production of 8,474 Boepd in Q2.

My WAG is that InPlay's PV10 Net Asset Value of just proved reserves will be over $8.00Cdn per share as of December 31, 2023. < For those of you that are new to EPG, the Canadian rules for estimating PV10 NAV are more conservative than the GAAP rules in the U.S.

My current valuation of IPO is $8.11Cdn per share ($6.00US).

Also, take a hard look at slide 19: InPlay has a large leasehold position in the East Basin Duvernay Shale play. There is nothing in my valuation for what is now a valuable acreage position in one of Canada's top oil plays.