InPlay Oil (IPO.TO and IPOOF) Update - March 4

[dan_s]

I've gotten some feedback on my forecast model for InPlay, including their forecast of how much of their production will be subject to the 10% U.S. tariff (~40% proforma for the recently announced Pembina Acquisition). Below is some public news.

February 27, 2025 - Calgary Alberta – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the
“Company”) is pleased to announce the closing of its previously announced bought deal offering (the
“Offering”) of subscription receipts (“Subscription Receipts”) that was led by ATB Securities Inc., National
Bank Financial Inc. and RBC Capital Markets (collectively, the “Lead Underwriters”) on behalf of a
syndicate of underwriters comprised of Canaccord Genuity Corp., Stifel Nicolaus Canada Inc. and Acumen
Capital Finance Partners (collectively with the Lead Underwriters, the “Underwriters”). Pursuant to the
Offering, InPlay issued a total of 21,145,625 Subscription Receipts, including 2,758,125 Subscription Receipts
issued pursuant to the exercise in full by the Underwriters of their over-allotment option. The Subscription
Receipts were issued at an offering price of $1.55 per Subscription Receipt for total gross proceeds of
approximately $32.8 million.

The gross proceeds from the Offering will be held in escrow and will be used by InPlay to fund a portion for
the purchase price of InPlay’s previously announced acquisition of Pembina Cardium assets for a total purchase
price of $309.9 million, prior to adjustments (the “Transaction”).

While the Subscription Receipts remain outstanding, such receipts will notionally be credited an amount per
Subscription Receipt equal to the per common share (“Common Share”) cash dividend, if any, actually paid
or payable to holders of Common Shares in respect of all record dates for such dividends occurring from the
closing date of the Offering to, but excluding, the date that the conditions to completion of the Transaction are
satisfied or waived (but for payment of the purchase price and the satisfaction of conditions that can only be
satisfied at closing of the Transaction (the “Release Time”)). Such amounts will only be paid and payable if
the Release Time occurs (any such payment, a “Dividend Equivalent Payment”). Any Dividend Equivalent
Payments will be made net of any applicable withholding taxes. All Dividend Equivalent Payments will be
made to the holders of record of the Subscription Receipts as of the Release Time.

If the Transaction closes prior to April 15, 2025, and the Board approves InPlay's monthly dividend,
holders of Subscription Receipts as of the Release Time will receive a Dividend Equivalent Payment with
respect to the dividend to be paid to holders of record of Common Shares on March 31, 2025.

If the Transaction is not completed on or before 5:00 p.m. (Calgary time) on May 30, 2025, then the holders
of the Subscription Receipts will be entitled to receive, in addition to the full subscription price of such holder's
Subscription Receipts, such holder's pro rata share of any interest earned or income generated on the net
proceeds held in escrow (less applicable taxes) and will not be entitled to any Dividend Equivalent Payment.
It is anticipated that the Subscription Receipts will be listed and posted for trading on the Toronto Stock
Exchange (the “TSX”) under the symbol “IPO.R”. Subscription Receipt holders are encouraged to refer to the
Subscription Receipt Agreement posted on the Company's profile on SEDAR+ for the complete terms of the
Subscription Receipts.

[dan_s]

InPlay is expected to continue paying monthly dividends of this amount. Based on my current forecast, InPlay should generate over $50Cdn million of free cash flow from operations in 2025, which is more than enough to cover the dividend payments.

March 3, 2025 - Calgary Alberta – InPlay Oil Corp. (TSX: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company”)
is pleased to confirm that its Board of Directors has declared a monthly cash dividend of $0.015 per common
share payable on March 31, 2025, to shareholders of record at the close of business on March 14, 2025. The
monthly cash dividend is expected to be designated as an “eligible dividend” for Canadian federal and provincial
income tax purposes.

About InPlay Oil Corp.
InPlay is a junior oil and gas exploration and production company with operations in Alberta focused on light
oil production. The company operates long-lived, low-decline properties with drilling development and
enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares
of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the
symbol IPOOF.