Energy Prospectus

We moved it up one day. It will start at 1:30pm CT.

Joining me today will be Doug Bartole, President and CEO of InPlay Oil.

InPlay Oil is a Canadian Junior upstream oil & gas company that I have been following closely for over twelve years. One of the things I like about InPlay is their production mix of approximately 43% crude oil, 42% natural gas and 15% NGLs.
> InPlay’s realized natural gas price has been down from an average of $3.45Cdn/mcf in 2023 to $1.81Cdn/mcf in the first nine months of 2024.
> U.S natural gas prices are now back over $3.00US/mcf. I expect gas prices in Western Canada to rebound to over $3.00Cdn/mcf soon.
> In 2022, InPlay's realized natural gas price was $5.37Cdn/mcf.

If InPlay's realized natural gas does average $3.00Cdn/mcf in 2025 their operating cash flow should increase by $15 to $20 million year-over-year.

My forecast for InPlay is based on a significant increase in production from Q3 to Q4. Here is why:

From 11/14/2024 press release:
"InPlay has resumed operations and development in Pembina Cardium Unit 7 (“PCU7”) and is excited to return
to this area with strong initial results from our first wells drilled in the area since May 2022. Development of
this area is no longer facility constrained after InPlay entered into a long-term gas handling agreement providing
guaranteed access to natural gas processing capacity. Four (4.0 net) extended reach horizontal (“ERH”) wells
were drilled in PCU7 during the third quarter, with one well on production in September and a three-well pad
coming on production in October. The three-well pad has outperformed internal expectations with average initial
production (“IP”) rates per well of 480 boe/d (66% light crude oil and NGLs) over the first 22 days.

480 boepd PER WELL = 1,920 boepd. My Q4 production forecast is 9,500 Boepd, 1,294 Boepd higher than Q3 with oil production up 806 bpd.