My Notes from the InPlay Webinar - Nov 26

[dan_s]

> InPlay last four wells and it 2025 drilling program will focus on Pembina Unit 7, which has the highest flow rates in the company.
> Initial flow rates are 450 to 500 Boepd, with ~65% oil and low decline rates.
> InPlay only need to complete 8 to 9 wells in Unit 7 in 2025 to maintain production at ~9,500 Boepd next year.
> 2024 operating cash flow covered InPlay's capex program, but not all of the dividends.
> At current oil & gas prices, InPlay will have a lot more free cash flow in 2025.

> InPlay spent a lot of facilities in 2024 that will increase future production. The upgrades reduce the risk of wells being shut-in.
> Most of their 2025 capex will be D&C on new wells, 70% in Pembina.
> InPlay has ~300 low-risk / high-return horizontal drilling locations in Pembina and Willesden Green

> More than enough free cash flow to cover current dividends through 2025, 10% annual yield.
> InPlay's production mix 43% oil, 42% natural gas and 15% NGLs insulates it from lower for longer oil prices. Gas prices are rising in Canada.

> Balance sheet is in good shape, no near-term debt issues.

> Key point made today is that rising natural gas prices will give InPlay an big revenue boost.

The replay of the webinar will be posted to the EPG website later today.